Cheapest Credit Cards Revealed
Posted October 11th, 2008
and last modified December 18th, 2009No single person has the same lifestyle and spending habits. That’s why there is no ’single’ cheapest credit card that will suit everyone, it’s completely subjective.
I know I will be able to pay off my purchases as soon as possible
If this is the case, then your best choice is any credit card with 55 days interest free.
With the Commonwealth Bank Low Fee MasterCard, you can pay either $24 for an annual fee or $0 if you’re a Commonwealth customer who spends more than $1000 on their card per year.
Therefore if you pay off all your purchases on time, it’s possible to pay a grand total of zero dollars on your yearly repayments with responsible use. The Low Fee MasterCard does have high interest rates, so if you miss the grace periods for interest free, you’ll be hit with some relatively nasty interest repayments.
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I’ll be occasionally need time to repay my balance
If you’re worried you might need more than 55 days to pay off your purchases occasionally, you’re best to go with one of the credit cards with a slightly higher annual fee, but much lower interest rate.
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The Cheapest Low Interest 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) |
||
|---|---|---|---|---|---|---|---|---|
|
Currently the lowest standard rate of purchases from the big banks (BankWest being a subsidiary of Commonwealth Bank). | 9.99% | 20.49% | 1.99 p.a. for 12 months | $59 | 55 | N/A | |
 St George Vertigo |
St George’s leading low interest card. The Vertigo MasterCard has won many awards over year from financial institutions such as Cannex and Money. |
11.49% | 19.99% | 2.99% p.a. for 6 months | $55 | 55 |   |
|
 Aussie MasterCard |
2.99% p.a on balance transfers for the 1st 6 months + 2.99% p.a. on purchases for the 1st 6 months. Reverts to just 12.29% p.a. |
2.99% for 6 months (reverts to 12.29% after 6 months) | 18.79% | 2.99% p.a. for 6 months | $49 | 55 | |
|
 ANZ Low Rate MasterCard |
ANZ’s leading low interest card. ANZ have been providing competitive credit card offers for years. |
12.49% | 20.74% | 0% for 6 months | $58 | 55 | |
I want a cheap credit card, but still want to benefit from a reward’s program
Typically this will mean that the only cost of your credit card will be the rewards program (which ranges from $50 up to $350). Since practically all cards come with interest free days, what it boils down to is finding the card with the most appropriate rewards for your lifestyle.
Simply put, the cheapest credit cards for you with a rewards program will cost you $0 on your repayments, and $50-$350 for your rewards program (depending on how prestigious your service and card is). The cards below all have annual fees below $70.
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The Cheapest Reward 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)
|
|
|---|---|---|---|---|---|---|---|
 Citibank Silver Card |
1 reward point for every $1 spent, with Citibank ‘Automatic Benefits’. No point expiry. Free purchase cover. FraudShield protection.
Cannex 5 star rating.
|
19.99% | 19.99% | 2.9% p.a. for up to 12 months. | $69 | 55 | |
 Commonwealth Bank Awards Card |
Earn 1.5 Awards points for every $1 spent with a Commonwealth Bank American Express® Card Enjoy worldwide acceptance at over 29 million places with MasterCard®. Online security guarantee. |
18.99% | 19.99% | 5.99% p.a. for 5 months. | $89 (or $59 for qualifying customers) |
55 | |
 Woolworths Everyday Money Card |
Gain most rewards while grocery shopping.
*$0 annual fee first year. Reverts to $49 after. |
17.99% | 20.99% | 5.99% p.a. for 6 months | $0* | 55 | |
 American Express Gold Ascent Card |
No annual fee. Earn 1 Membership Reward point for every $2 spent. | 19.99% | 19.99% | N/A | $0 | 44 | |
Related posts:
- Money Magazine 2010 Cheapest & Best Credit Cards
- Cheap Visa Credit Cards – Compare the cheapest Visa low interest cards
- How to Find the Cheapest Interest Rate Credit Card?
- Bankwest Lite MasterCard – Australia’s Cheapest Credit Card
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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 9.99% p.a.
St George Vertigo
Best Bank
Low 2.99% for 6 months (reverts to 11.74%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.
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 .
ANZ Low Rate MasterCard
Balance Transfer
A very popular card choice with a low rate, annual fee and attractive 0% for 6 monthsbalance transfer offer.
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 12 months on balance transfers