Money Magazine 2010 Cheapest & Best Credit Cards
Posted January 15th, 2010
and last modified March 4th, 2010Money 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 upwith 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 Transactor Credit Card for 2010
With the HSBC Credit Card you can benefit from the option of a balance transfer. This means you now have a chance to pay off your existing credit card debt by transferring your balance over to the new HSBC Credit Card, and also without ever having to pay an annual fee!
- $0 annual fee
- 16.99% p.a. on purchases
- 19.99% p.a. on cash advances
- 5.99% p.a. for 6 months on balance transfers
- Access to the Home & Away Privilege Program which gives you instant discounts on shopping, travel, accommodation and plenty more!
Cheapest Credit Card and Cheapest Balance Transfer Credit Card
With the Bankwest Lite Mastercard you can benefit from a low interest balance transfer, with a guaranteed low interest purchase rate to help you manage your credit card debt. Reduce stress with a guaranteed low rate credit card.
- $59 annual fee
- 10.75% p.a. on purchases
- 21.49% p.a. on cash advances
- 1.99% p.a. for 9 months on balance transfers
- Benefit from 24/7 account access via Bankwest Online Banking as well as being able to use your Bankwest Lite MasterCard at over 27 million outlets worldwide.
Best Transactor Credit Card
The Bankwest Zero Platinum Credit Card was awarded the Best Transactor Credit Card by Money magazine for 2010, featuring no annual fee, ever! and an amazingly low balance transfer rate
- $0 annual fee
- 16.99% p.a. on purchases
- 16.99% p.a. on cash advances
- 1.99% p.a. for 9 months on balance transfers
- Complimentary travel insurance & 24/7 Concierge service
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:
| Rank
|
Institution
|
Product
|
Credit Card
|
Int Rate
|
Annual Fee
|
Rewd Rtn After Fees
|
| 1 | Westpac | Altitude Platinum Rewards Amex | Altitude Platinum Amex | 18.09% | $295 | $320.81 |
| 2 | Westpac | Altitude Rewards Amex | Altitude Amex | 18.09% | $100 | $310.54 |
| 3 | Westpac | Altitude Gold Rewards Amex | Altitude Gold Amex | 18.09% | $150 | $260.54 |
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.
| 1 | American Express | Membership Rewards Blue Sky | Blue Sky | 19.99% | none | $211.08 |
| 2 | Credit Unions | Silver Rewards | Silver MC | 17.99% | $45 | $116.18 |
| 3 | American Express | Membership Rewards Choices | Gold Choice | 19.99% | $49 | $101.08 |
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:
| Rank | Institution | Card | Rate | Annual Fee
|
Interest free days | Total Spend
|
| 1 | Westpac | Altitude Platinum | 18.09% | $295 | 45 | $228,933 |
| 2 | Earth | Earth-Qantas Amex | 18.09% | $85 | 45 | $234,667 |
| 3 | NAB | Qantas Platinum Amex | 17.99% | $290 | 44 | $234,667 |
Non-bank cards:
| 1 | American Express | Ascent Platinum | 19.99% | $395 | 55 | $206,400 |
| 2 | American Express | Qantas Amex Ultimate | 19.99% | $450 | 44 | $234,667 |
| 3 | American Express | Qantas Amex Premium | 19.99% | $249 | 44 | $281,600 |
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:
| Rank
|
Institution
|
Product
|
International Rate
|
Annual Fee
|
Interest-Free Days
|
| 1 | Bankwest | Zero MasterCard | 15.99% | none | 55 |
| 1 | HSBC | Credit Card | 15.99% | none | 55 |
| 2 | NAB | Low Rate Visa Card | 10.99% | $49 | 55 |
| 3 | Westpac | Low Rate Visa/MC | 11.99% | $45 | 55 |
Non-bank cards:
| 1 | GE Money | Coles Group Source MC | 18.99% | none | 62 |
| 2 | Savings &LNS CU | Visa Care Card | 15.95% | $24 | 62 |
| 3 | GE Money | Myer Visa/Gold Card | 19.49% | $39 | 62 |
Cheapest Credit Cards
If you struggle to pay off your credit card in full each month, despite your best efforts, then this category is the one you should check out more. A low interest rate is key when picking one of these cards but contrary to popular belief you don’t have to worry about the annual card fee as is clearly shown in the tables below.
How the winners were ranked:
Winners were ranked on the total of revolving a $3,000 debt over 12 months, including interest and annual fee.
Best ranking bank credit cards:
| Rank
|
Institution
|
Product
|
Int’Rate
|
Ann’Fee
|
Bal’Transfer
|
Int-Free Days
|
Rew’Progr
|
Annual Cost
|
| 1 | Bankwest | Lite MasterCard | 9.99% | $59 | Yes | 55 | Yes | $358.70 |
| 2 | ME Bank | MasterCard | 10.99% | $39 | Yes | 44 | No | $368.70 |
| 3 | Bendigo Bank | Basic Black | 10.99% | $45 | No | 44 | No | $386.70 |
Best non-banking cards:
| 1 | Satisfac CU | Visa S10 | 10.24% | $10 | Yes | 55 | No | $317.20 |
| 2 | Heritage BS | Visa Gold NF | 10.75% | none | No | 0 | No | $322.50 |
| 3 | Police CU SA | Extralite | 10.99% | none | Yes | 44 | No | $329.70 |
Cheapest Balance Transfer Credit Cards
Balance transfer cards are great tools to pay off credit card faster than with a traditional credit card. However, some of these cards are traps because of the way they work. You want the cheapest your money can buy and the list below is going to help you find the winner.
How the winners were ranked:
The winning cards were ranked by the total cost of paying off a debt of $3,000 over three years.
Best bank credit cards:
| Rank
|
Institution
|
Product
|
Transfer Rate
|
Intro Period
|
STD’D ‘Rate
|
Annual Fee
|
Total Repaid
|
| 1 | Bankwest | Lite MasterCard | 4.99% | 15 months | 9.99% | $59 | $3502 |
| 2 | Macquarie Bank | Jetstar MasterCard | 0% | 6 months | 10.99% | $49 | $3515 |
| 3 | Bankwest | Zero MasterCard | 4.99% | 9 months | 15.99% | none | $3536 |
Best non-bank cards:
| 1 | Credit Unions | Silver MC | 4.90% | Life | 17.99% | $45 | $3371 |
| 2 | Satisfac Credit Union | Visa S10 | 4.99% | 6 months | 10.24% | $10 | $3445 |
| 3 | Credit Unions | Gold MC STD | 4.90% | Life | 17.99% | $85 | $3463 |
Related posts:
- 10 Ways To Save More Money In 2010
- Bankwest Lite MasterCard – Australia’s Cheapest Credit Card
- Cheapest Credit Cards Revealed
- Westpac Altitude Credit Card Information
- Fuel Prices – Search For The Cheapest Fuel And Save Money On Fuel Purchases
Show Comment Form
Editor's Choice: Our Top Credit Cards
Bankwest Lite MasterCard
Cheapest Credit Card
The lowest stress mastercard, with Australia's lowest MasterCard purchase rate of just 10.75% p.a.
St George Vertigo
Best Bank
Low 2.99% for 6 months (reverts to 11.99%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.
Coles Group Source MasterCard
Citi Clear Platinum Visa
Low Interest
An excellent low interest credit card offer with 11.49%interest on purchases and 0.99% for 6 months on balance transfers .
Bankwest Zero Platinum MasterCard
No Annual Fee
Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 9 months on balance transfers