Apr21
Popular Credit Cards in Australia
Australian consumers today want credit cards with the lot: interest-free days, competitive interest rates, a good balance transfer rate and low annual fees. With the economy now slowing down, many are reconsidering their current credit cards and preferring those are great value for their money. If you’re thinking about switching to another credit card or are applying for the first time, compare credit cards that on offer before taking the plunge.
What are the most popular credit cards in Australia?
Low Rate Credit Cards
If a low rate card is what you’re after, then BankWest Lite MasterCard with its low interest rate of 10.75% might be what you’re after. Compare credit cards to see what else is available because there are other features like annual fees that you need to consider as well. BankWest Lite has an annual fee of $59, so other cards like NAB Low Rate with an annual fee of $49 and a low rate at 10.99% might also be an alternative.
0% balance transfer Credit Cards
Thinking of making the switch? Then keep your eyes peeled for 0% balance transfer credit cards like the St George Vertigo that offers 0% balance transfer rate for 6 months before switching back to a low rate of 11.39%. ANZ Low Rate cards also offer zero balance transfer rate for 6 months and then jump to a low rate of 11.99%. Compare credit cards and make sure you know what the interest rate will be when the balance transfer rate ends.
Long balance Transfer Credit Cards If you need a longer period to pay off your balance after switching credit cards, then long balance transfer credit cards might be an option. These cards offer low interest rates for longer periods of time so compare credit cards before jumping in. For example, the ANZ Frequent Flyer gives you a low rate of 2.90% for 12 months before it climbs to 17.99%, but only if applied through Mozo. It’s always a rewards card, so you can accumulate frequent flyer points as you spend. The Aussie MasterCard is another popular option with balance transfer rate of 5.99% for 12 months before it reverts back to 11.74%. It also has a special offer of 9.99% on purchases for the first year.
Low Annual Fee Credit Cards
Low annual fees are great for the consumer who needs a basic credit card for bill, groceries and the occasional retail therapy. There’s no need to pay for what you don’t need so choose a card like the NAB Mini with the low annual fee of $24 or ANZ First which has a fee of $30. Most cards with low annual fees have higher interest rates, but couple that with interest free days and you’ll avoid getting stung by the higher rates. Always compare credit cards across a range of banks for a better idea of what you’re paying.
Interest free days Credit Cards
Buy yourself some time to repay your credit card bills by opting for a card with interest-free days. In order for this feature to apply however, remember to pay your bill back in full. The Bankwest Lite has 55 interest free days, so does ANZ Balance which rewards you for reducing your balance. However, interest rates and annual fees vary, so compare credit cards to find out what’s best for you.
Where can I compare credit cards?
The easiest and fastest option to compare credit cards is to head to financial comparison websites like mozo.com.au. Here you can narrow down your search according to features like low annual fees, low rate, zero balance transfer or interest free days and compare credit cards from a wide range of banks.
This article was brought to you by mozo.com.au – Popular credit cards in Australia