Can you find Australia's cheapest credit cards?

With so many credit cards on the market, finding Australia’s cheapest credit cards can be a daunting task. The best way to tackle it is through research and comparison, and by asking yourself some relevant questions.

  • Low Interest or Low Fees?

When you’re hunting for Australia’s cheapest credit cards, what should be of more concern – the interest rate you’ll be slugged with, or the fees you’ll have to fork out for? Well, it depends on how you use your credit card. If you only want a credit card for the convenience and you plan on paying it in full each month, the lowest annual fee – or better yet, no annual fee – is the best option for you. But if you will use your card often and perhaps not pay it in full each month, you should be looking for the lowest interest rate.

  • Are rewards rewarding?

This is another good question to consider in your search for Australia’s cheapest credit cards. Cheap credit cards tend to be quite basic, but you can still find reasonably priced cards with rewards if that suits your needs. If you use your card a lot and shop often with particular shops or companies, credit card rewards can end up saving you money in the long run. However, keep in mind that these cards carry a higher interest rate, so you should pay off the balance in full each month or the cost will outweigh the benefits.

  • How about a low introductory interest rate?

If you have a large credit card debt, a low introductory interest rate with a balance transfer credit card can ease the burden and help you pay it off faster – and save you money. You can take advantage of low introductory rates by transferring your credit card balance from your higher interest rate card. However, you must keep in mind that once the “honeymoon” period is over, the interest rate will revert to a higher rate. To take advantage of the low rate, you must pay off your credit card debt within the “honeymoon” period.

Don't waste your time going into banks or stores, begin your credit card search online now. RateCity compare's over 200 Australian credit cards using its handy comparison tool.

This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about products from multiple financial institutions. We will try to show you a range of products in response to your request for information. The search results do not include all providers and may not compare all features relevant to you, for further details refer to our FSCG. The rating shown is only one factor to take into account when considering these products. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a product, you will deal directly with a financial institution, and not with RateCity. Rates and product information should be confirmed with the relevant financial institution, and you should review the PDS before you decide to purchase. See our terms of use for further details. This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.