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Money Magazine 2010 Cheapest & Best Credit Cards

Posted January 15th, 2010 and last modified June 23rd, 2010
Westpac Altitude Platinum Cards Offer

Featured Money Magazine Rewards Credit Card

The Westpac Altitude Platinum Credit Card shines amongst it’s rivals when it comes to earning the maximum amount of frequent flyer points. You can earn up to 3 Altitude points for every $1 you spend on your credit card. There is also no points capping or expiry so you can see your points grow each month.

  • $295 annual fee
  • 19.64% p.a. on purchases
  • 1.99% p.a. for 9 months on balance transfers
  • Cash Advance Rate of 21.24%
  • Winner of Money Magazine 2010 Best Reward Credit Card and Best Frequent Flyer Program

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 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 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% p.a. for 6 months 6 months 11.99% $49.00 $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



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HSBC Visa Balance Transfer Credit Card

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
HSBC Credit Card
Balance Transfer & No Annual FeeEditor'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$055 Apply Now For The HSBC Credit Card
Read More About The HSBC Credit Card
Suncorp Clear Options Standard Visa Card
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$390 Apply Now For The Suncorp Clear Options Standard Visa Card
Read More About The Suncorp Clear Options Standard Visa Card

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