Is it Time to Change Credit Cards?

Best Low Interest Credit Card

The St.George Vertigo is the credit card made for people who love shopping as it features an introductory offer on purchases for the first 6 months and up to 55 days interest free. It also has an amazingly low offer on balance transfers for the first 6 months and a low annual fee

• $55 annual fee
• 13.24% p.a. on purchases
• 0.99% p.a. for 12 months on balance transfers
• Cash Advance Rate of 21.49% p.a.
• 55 days interest free
• Minimum Income Requirement of $15,000 p.a.
• Access to St.George Instant Benefits program which includes instant discounts and added extras

Read the St George Vertigo terms and conditions.

Occasionally we find ourselves dealing with the wrong sort of product – one which we continue to use even though it’s costing us more than an alternative would.

Credit cards are no exception – whether it’s a hasty decision or simply ill-informed, even one of the best credit cards can become an expensive hassle if it’s not suitable for your lifestyle. You know it’s time to change credit cards when:

Low Interest Card Owners:

You’ve received your $75 annual fee for the 2nd time, and realise you’ve only used your credit card no more than a few times in the past 15 months. In theory, it’s cost you $50 everytime you’ve used your credit card. Unless your content paying at this rate, it’s time to change cards.

The Solution:

• Since you’ve only used your cards sparingly and for emergencies, it’s best to go for a no annual fee credit card that won’t cost you for laying around un-used.

Click here to compare the best of Australian no annual fee credit cards.

No Annual Fee Card Owners

This situation is practically the polar opposite of the former; You have a no annual fee credit card but find yourself using it more than you planned. Most no annual fee credit cards come with 0 interest free days (those which do are typically only ‘first year no annual fee’ offers.)

As interest accumulates from the date of the purchase, there is no grace period for no interest repayment. Not only this, but no annual fee credit cards have relatively high interest rates.

The Solution:

• Since you use your no annual fee card more than it was designed for, you would benefit much more from a straight-up low interest rate card. While the annual fee will be $40-60, the interest rate will be up to 8% lower than a typical no annual fee credit card. If you accrue more than $80 of interest per annum on your no annual fee credit card, it’s time to consider a low interest card instead.

Click here to compare the best of Australian low interest credit cards.

Reward Card Owners

Reward credit cards require a special breed of discipline to manage and benefit from. Reward points are expensive – you’ll be paying up to $150 per “$1 value of reward points” for some cards. read our reward credit card guide to become familiar with the concept of ‘point currency’.

If you own a reward credit card and either:

• Regularly pay interest on your purchases/cash advances
• Don’t spend enough on your credit card per year to offset the annual fee (which works out to be $8000+ in many instances).

The Solution:

• Everybody loves to be rewarded for spending. You’ll either have to steady up on your repayments and/or start using your card more, or consider a different sort of credit card.

You have many options available to you. Compare the offers which suit you most, for instance a low fee card if you sparingly use your card.

Gold and Platinum Card Owners

Just like everyone loving rewards, everyone loves that extra bit of status associated with gold or platinum ownership. However, you’re going to have to ask yourself just how worth the prestige is for fees and interest your paying.

The Solution:

• If you utilize your Gold/Platinum card to it’s maximum, it does become a useful tool for automated travel, security and insurance benefits.
• Gold and Platinum credit cards average an annual fee of $150-$250. Do you use your card luxuries enough to offset this cost?

If your after the prestige of one of these cards without the hefty price – consider the St.George Gold Cad and Platinum Card. The St.George Gold Card has a $79 annual fee, and the St.George Platinum has a $89 annual fee.

The Cash Advancer

From time to time, many of us are in need of some emergency cash in hand. Unfortunately, 95% of credit cards aren’t very generous when it comes to cash advances. You’ll be hard pressed to find a credit card that offers below 17% on cash advances, and impossible to find one with interest-free days. Although difficult, some lower cash rates are available. View the best cash advance credit cards here.

Related Article

How to manage your credit cards – Fido

Check out today's featured offers:

Westpac Low Rate	Citibank Clear Platinum	Qantas AMEX Discovery	ANZ Platinum
0% p.a. for 6 months on purchases & balance transfers	2.9% p.a. for 12 months on balance transfers	$0 annual fee Up to 10,000 Bonus QFF Points	0% p.a. for 6 months on purchases & balance transfers

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Popular Credit Card Offers

			Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
	Westpac Low Rate Card - 0% Offer	A credit card with a low rate offer on both balance transfers and purchases, plus a low annual fee.	0% for 6 months (reverts to 13.49% )	0% for 6 months	$45	21.49%
	Citibank Clear Platinum Card	Competitive interest rate on purchases and balance transfers offer.	11.99%	2.9% for 12 months	$99	21.74%
	St George Vertigo	Take advantage of this great offer from St.George with a low rate on purchases and a low balance transfer offer.	13.24%	0.99% for 12 months	$55	21.49%
	ANZ Platinum Credit Card	An introductory interest rate offer on balance transfers and purchases, plus a $0 first year annual fee.	0% for 6 months (reverts to 19.24% )	0% for 6 months	$0 annual fee for the first year( $87 thereafter)	20.99%