Credit Card Rate Comparison

When choosing a credit card, there are many things you need to consider. If the credit card rate is important to you, then you will be looking for a different deal to someone that is more interested in how many interest free days there are. Working out your personal financial situation will enable you to make the right decision.

Best Balance Transfer Credit Card

The Bankwest Lite MasterCard has the lowest MasterCard purchase rate in Australia combined with a long balance transfer period making it the best credit card to apply for

• $59 annual fee
• 10.75% p.a. on purchases
• 1.99% p.a. for 9 months on balance transfers
• Cash Advance Rate of 21.74%

Click here to read the Bankwest Lite MasterCard terms and conditions

What type of credit card user you are will strongly determine which type of card you need. There are many different cards available on the market, so how do you know which one will suit you best? First you need to figure out what type of credit card user you are.

The Minimum Payment Type

This is somebody who tends to spend on their credit card, but does not pay the balance in full at the end of the month, thus accruing interest.  For this type of person, looking at the credit card rate of interest is going to be the most important factor. Some credit cards have a low interest rate of 10% on purchases, whereas other cards will charge a higher rate of interest, say 19%, but may have other benefits such as low annual fee.

For somebody who only makes the minimum payment each month, the higher the interest rate is, the bigger your debt will become and it will take longer for you to pay off it off.

If you are a slow payer then a low credit card rate is much more important to you than other benefits or bonuses you may receive with other cards.

The Casual User

This is the type of user who doesn’t spend a massive amounts on the card, and nearly always pays the balance in full at the end of the month. This person can afford to look at cards with a higher interest rate, but other benefits, for example long interest free periods, or no annual fee. This is because as someone who pays their balance in full each month, they will not incur any interest on the debt. Therefore for them, credit card rate of interest is less important.

The Heavy Spender But Quick Payer

Like our last user, this person always pays their balance in full each month, however they tend to spend a high amount on the card each month too. As long as this person is confident that they will always make the monthly payment, then again the interest rate is not so much a concern to them. This person however will benefit from a credit card that offers rewards or cash back for money spent.

As you can see there is no one size fits all when it comes to credit cards. Know your budget and understand what you can pay back each month before taking the plunge, to ensure you get the card that suits you best.

• Comparison of Top 10 Credit Card Offers

Editor's Choice: Our Top Credit Cards

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
HSBC Credit Card	Editor's Choice: 0% for 6 months Balance Transfer & No Annual Fee Featuring a $0 annual fee for life, and 0% p.a. balance transfer for 6 months, the HSBC Credit Card was voted the Best Transactor Credit Card for 2010.	16.99%	20.75%	0% for 6 months	$0	55
Suncorp Clear Options Standard Visa Card	A great 12 month balance transfer offer, combined with a low annual fee and a good interest rate on purchases.	12.24%	17.99%	1.9% for 12 months	$39	0