Credit Card Comparison

Compare Credit Cards Online

Any time that you consider applying for a new credit card, you should always compare the different options available.

	Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
St George Vertigo	13.24%	0.99% for 12 months	$55	21.49%
Citibank Clear Platinum Card	0% for 6 months (reverts to 11.99% )	0% for 6 months	$99	0% for 6 months thereafter reverts to 21.74%
Virgin Flyer Credit Card	20.99%	1.9% for 12 months	$99	20.99%
Westpac 55 Day Credit Card	0% for 5 months (reverts to 19.59% )	3.99% for 6 months	$0	21.49%
ANZ Frequent Flyer	19.74%		$95	20.99%
Suncorp Clear Options Standard Visa Card	12.74%		$27 (Usually $55)	21.99%
Citibank Emirates Platinum Card	20.99%	0.9% for 9 months	$0 annual fee for the first year ( $229 thereafter)	21.24%
BoQ Platinum Visa Card	20.74%	1.9% for 6 months	$99 (half annual fee for the life of the card)	21.74%

You should never just apply for the first card that you see. Getting a new credit card is a big decision. It can negatively affect your finances if you don’t use it wisely.

You could also end up in trouble if you do not know what you are getting yourself in for. The trouble is, more than 50% of Australians have been found to apply to their own banks for a credit card instead of shopping around. Out of the 50% only 6% did compare the different options available.

When you compare credit cards it enables you to find out everything that you need to know about each card. You will be able to see which ones best suit your needs and which ones have the best interest rates. There are literally hundreds of credit cards to choose from. Therefore it makes sense to compare as many different cards as possible before you make your choice.

If you are currently using a credit card that you have had for quite a while now then it may also be time to check out other options. Newer credit cards are constantly introduced onto the market with lower interest rates. You could potentially save a lot of money by shopping around.

What You Should Look For

When you do start to compare credit card options, there are various things that you should look out for.

Most credit cards will come with some kind of promotional offer. This is typically a low interest rate for a specific amount of time. You could get a 0% balance transfer deal for example.

This is ideal if you are looking to pay off your existing credit card debts. Balance transfer deals can last anything from 3 to 12 months. There are even some credit cards in Australia which provide you with lifetime 0% balance transfer deals. These are extremely rare but it may still be worth looking to see if you qualify for them.

With balance transfer credit cards you will get interest free periods for the set time limit. This means lower monthly repayments. You need to think about how long it will realistically take you to pay off the debt once it has been transferred. Many balance transfer cards will revert to a higher than standard interest rate once the initial offer has expired. Therefore this is something that you need to consider when you use credit card comparison.

The standard interest rate is also something that you should look out for. Try and find out what the average interest rate is. That way you will know if an offer that you come across is good value or not. The standard interest rate is what you will pay on all of your purchases that you make on the card. This is potentially the most important thing to look at when you compare credit cards.

If you are applying for a balance transfer card, you will need to know what the promotional period includes. Typically it will only apply to the balance that you transfer. Any new purchases will be charged interest at the standard rate. You will also need to know whether there is a time limit on when you need to transfer the money.

You will usually only have a certain amount of time to make the balance transfer to your new card. Remember that if you plan to pay your full balance off each month, you may not need a credit card with a grace period. Cards that don’t have a grace period sometimes benefit from a lower annual interest rate. Therefore this is something that you may want to consider.

Finally the last thing that you really need to be aware of is the fees involved. Each credit card will have different fees. Some will include fees for late repayments. Others will charge an annual fee for using the credit card. Always make sure that when you take part in credit card comparison that you look at all of the fees associated with each credit card.

Think about what you need in a credit card. Will you be using it frequently? If so it may be worth looking into reward credit cards. These offer reward points for every $1 that you spend. Once you have saved up enough points, you can start to redeem them for various rewards. Some credit cards are designed to give you air miles as rewards. These will help you to pay for flights to practically any destination in the world.

If you have bad credit then this is something that will affect your credit card applications. You will need to make sure that the cards that you are comparing accept bad credit applicants. There are some credit cards which won’t accept you. If you were to apply to them without first reading their criteria, you could end up negatively affecting your credit history.

If you are turned down for a number of credit cards in a short period of time, it will typically be added onto your credit report.

One option which you may have if you have bad credit is a secured credit card. These are not very common but you may be able to find them. You basically need to pay a deposit to receive the credit card. If on the other hand you have excellent credit and you earn quite a decent salary, you may want to look into premium credit cards. These are typically gold or platinum and they have better rewards than standard cards.

The limit that you receive on the car will vary depending upon your circumstances. You should never apply for a card which has a much higher limit than you need. Opt for the lowest limit possible as that way you will not be tempted to get into too much debt.

Things to Remember

As you can see from the current offers above, there are different types of credit cards to suit different consumer needs. If you mainly plan on using the credit card for everyday purchases then you should look for one which as a low interest rate.

That should be your primary concern. If on the other hand you are looking for a credit card to transfer your balance onto, you should look for the best balance transfer rate.

When you are shopping for rewards credit cards, take into account all of the fees. You will never usually receive something for nothing. You may be getting rewards for every $1 that you spend, but are there any hidden fees included? What is the annual fee for owning the card? Also look at how the points can be redeemed.

Do you actually need or want any of the rewards that come with the card. Or will you just be applying for the sake of it? You should always choose a card which best represents your needs. There may also be a limit on how long you can build the points up for. After a while they may expire. This is definitely something that you should look into.

Finally when choosing no annual fee credit cards, you need to be sure that they are what they seem. Does the annual fee kick in after a set time period? For example, some credit cards have a no annual fee grace period for up to 12 months and then they start to charge you one. You should also check that you get interest free days. Most credit cards offer up to 55 days interest free.

These are just some of the things that you should think about. Just try and read the terms and conditions for every credit card that you are interested in.

It is so important to find the right credit card to suit your needs. By following the tips above you should be able to find the best credit card. You just need to compare credit cards in order to see what is available.

Your bank may offer you a great interest rate, but how do you know if it is the best one without even looking? Compare all of your options and you may be able to save literally hundreds of dollars.

There are new credit cards being introduced all of the time. Use a credit card comparison website to compare hundreds of different cards in just a matter of minutes. Why pay more when you really don’t have to?

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Editors Choice: Featured Credit Card Deals

	Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
ANZ Platinum Credit Card	0% for 6 months (reverts to 19.24% )	0% for 6 months	$0 annual fee for the first year ($87 thereafter)	20.99%
St George Vertigo	13.24%	0.99% for 12 months	$55	21.49%
Citibank Clear Platinum Card	0% for 6 months (reverts to 11.99% )	0% for 6 months	$99	0% for 6 months thereafter reverts to 21.74%
Bank of Melbourne Vertigo Credit Card	13.24%	0.99% for 12 months	$55	21.49%

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Disclaimer

Best Credit Cards is a financial comparison website, it has no affiliation with Australian Banks. We make an effort to keep up to date with all materials posted on this website, however there can be a delay between us and the banks. Best Credit Cards only represents a limited group of credit cards that are currently accessible by the Australian Market. The term 'best' is by no means a representation of the best card in the australian credit card market. It may not represent the best choice for your individual circumstances. It is always advised that you seek consultation from your own financial advisor before making a decision.