Money Magazine 2010 Cheapest & Best Credit Cards

Money magazine is considered one of the best financial resources on the market. The magazine rates credit cards based on their performance – among some of the things they rate – and once again they have come up with their latest classification about Australia’s best credit cards.

In order to help you stay informed about their highest rated cards for this year we have compiled a longish article. Now finding and applying for the perfect card in each category should be child’s play for even the most under-informed credit card consumer. Credit Card Finder® is an independently owned website dedicated to bringing you unbiased information and reviews.

Australia’s top credit cards for 2010:

If you are in the market for a new credit card, or one that is cheaper than the one you currently own, the following information is going to help you sort the wheat from the chaff, or help you select useful and valuable credit cards and reject those that are useless or worthless.

Best Reward Credit Cards

In the rewards cards stakes Westpac has once again taken all the claim to fame with not just one, but three spots in the top three bank rewards credit cards. Their sets of Altitude Rewards Amex Cards are ranked as the top rewards credit cards in the banking credit card category market right now. See how much they cost.

The winning cards were ranked based on the amount of money required to spend in order to redeem three domestic and three international flights, then on annual fees and lastly on interest rates.

How winners were ranked:

Winners were ranked based on their average rewards return after spending $2,000 per month on several categories.

Top rated bank credit cards:

Top rated non-bank cards:

As the non-bank rewards credit cards, the one standing out the most for its features was the American Express Blue Sky card because of the no annual fee which is very impressive for a reward card by itself.

When you look at the rewards return after fees have been paid it quickly becomes obvious that this card is a great choice.

Best Frequent Flyer Products

If you want a top rated frequent flyer credit card then choosing from the following winners becomes a breeze. Simply check them out for their costs, features and the value you’ll be getting from each card.

This category was rated based on the money you need to spend in order to earn three domestic flights and three international flights within a calendar year. As you can see below, unless you’ve got the income to burn you can hardly take advantage of these cards.

How winners were picked:

Top rated bank credit cards:

Non-bank cards:

Best Transactor Credit Cards

If you pay off your credit card debt in full each month then these cards are perfect for you. One of the most important things you need to consider is the number of interest-free days, the more interest-free days you get, the more time you have to pay off your debt.

The non-bank cards came up trumps for this category since they offer a maximum of 62 interest-free days.

The next important aspect for credit card holders who pay off their balance in full each month is the annual fee. The less you pay for your card annually, the more money you end up saving.

The best part about both bank winners Bankwest and HSBC, and non-bank winner GE Money’s Coles Group Source MasterCard, is the lack of annual fees. If you’re paying off your debt in full each month and there’s no annual fee, it costs you absolutely nothing to have the credit card.

How the winning cards were picked and ranked:

The winners were ranked by interest-free days, then by a score for annual fee and then rate.

Winning bank issued credit cards:

Non-bank cards: