Finding The Best Credit Cards

Thursday April 9, 2009

With so many options out there, it's not easy to find the best credit cards in Australia. Everyone has different needs and individual situations that must be considered when choosing the best credit card.

To make life a little easier, we have spent time researching a large variety of credit cards on the Australian market to find out who is offering real value. Better yet, we've organised our findings into a few easy-to-understand profiles, so you can find the right credit card for you.

Don't waste any more time pawing through the painful world of credit card small print only to leave confused and irritated. Take a shortcut to best credit cards online with onlinecreditcards.com.au.

All details are correct at time of writing, but rates, fees and charges are all subject to change. Make sure you check all details with your chosen financial institution before making any financial commitments.

Best Low Interest Credit Cards
This is one of the biggest and most competitive areas of the credit card market. People know that low interest rates can save them money, so it's natural to want the best low interest credit card on offer.

Of course, there are a few other factors to consider, so we've provided this short review to help you decide. Here's our pick for the best low interest credit card:

Bankwest Lite MasterCard Credit Card
Interest Rate - 10.75%
Annual Fee - $59
Interest Free Days - 55

Continuing its theme of 'Happy Banking' while defying the mainstream market's credit card expectations, the Bankwest Lite MasterCard offers Bankwest customers a real chance to save money on this low rate credit card. At the time of writing, this was one of the lowest rate credit cards on the mainstream market.

However, low rates alone don't make a great credit card. To be the best credit card, you also need a top value annual fee and interest free days to potentially avoid any interest on purchases at all. Bankwest Lite does all this and more.

Best Low Annual Fee Credit Cards
Many people look at the interest rates on credit cards, but for those who only need a credit card occasionally or for emergency use, you may be surprised at how much you can save with a low annual fee credit card. A low annual fee, or even no annual fee, can save you more than even the lowest interest credit card.

With this in mind, we decided to research no annual fee credit cards to find the best out there.

Bankwest Zero MasterCard Credit Card
Interest Rate - 15.99%
Annual Fee - $0
Interest Free Days - 55

Bankwest comes up with the goods again in this category with its Zero MasterCard. There are no surprises with this card, and even the 15.99% interest rate is fantastic value for this type of credit card. With 55 days interest free, you should be able to avoid paying any interest at all if you use this card to its advantage.

Surprisingly, even cash advances are charged at the lower rate of 15.99%, which is a nice change. Typically, cash advances are charged at a much higher rate. Naturally, you can apply for both Bankwest cards online.

Best Rewards Credit Cards
There are numerous different types of credit card rewards programs, and in many cases, you will have to choose a card that delivers the rewards you want. That could include frequent flyer miles or points at your local Woolworths store.

However, for our purposes, we wanted to look at who was providing outstanding value across a large range of rewards. Of course, you still want a great value credit card, or you will only be wasting gains on expensive fees. With this in mind, we've decided upon the best rewards program credit card. For more information on rewards credit cards, check out creditcardrewardprograms.com.au.

Westpac Altitude Rewards Program
Points Distribution
Altitude MasterCard or Visa - $1 Spent = 1 point
Altitude American Express - $1 Spent = 2 points
Minimum Spend to Earn a Reward*
$1700 (using Amex credit card)
Maximum Points*
Unlimited

*Not including bonus points/special offers. Points are calculated per annum unless otherwise stated.

This credit card rewards program comes with multiple credit cards so you and your family can maximise your points-earning potential. While the interest rate of 17.99% is a lot higher than a low rate credit card, it should not matter if you are using this card to its purpose. You should also be taking advantage of the 45 days interest free on purchases and paying off debt quickly.

A $100 annual fee is charged for this card, which is higher than some other rewards program cards, but the rewards catalogue makes up for this. You can choose from a large range of rewards, and with the aggressive points structure, you will be walking away with free merchandise a lot sooner.

Best Platinum Credit Cards
Traditionally, gold and platinum credit cards are known for the prestige benefits they offer. There are a large number of gold and platinum cards available, and these days, the range of benefits you receive can vary.

If you need extra benefits such as travel insurance, purchase insurance or access to larger amounts of credit, a gold or platinum credit card may be the best credit card for you. We've included our pick for the best platinum credit card here, and it beats many of the gold credit cards on the market for its value (rated according to its purpose).

Citibank Clear Platinum Credit Card
Interest Rate - 11.99%
Annual Fee - $85
Interest Free Days - 55

For a platinum credit card, the Citibank Clear Platinum offers outstanding value. It has a low purchase interest rate, low annual fee and all the benefits you would expect from a platinum card. This includes travel insurance, a personal concierge service and premium access options.

With a minimum income requirement of $50,000, it's also a lot more accessible than many cards in this category. There's no doubt the Citibank Platinum is a smart choice.

Choose Wisely
We hope these picks for some of Australia's best credit cards help you to save money and uncover some great deals. At the end of the day, these choices represent our personal opinion and may not take into account details specific to your situation, so make certain you take any relevant details into account.

The best credit card will be the one that suits your needs, so choose wisely and take advantage of Australia's best credit cards.

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