Looking for a new credit card? Here's a guide on how to compare credit cards to find the best one for you.
A recent report on credit and card charges from the Reserve Bank of Australia reveals that at present we collectively owe around $49.3 billion on our cards – that's a drop of $1.25 billion over the last 12 months compared to $50.6 billion in June 2012. Research shows the average Australian has more than one credit card and combined we pay an estimated $500 million each month in interest alone.
RateCity data shows ongoing credit card rates range from 9.25 percent up to 22.99 percent, while 136 cards offer balance transfer deals from 0 percent for up to nine months.
What to look for in a credit card
For most Australians, credit cards are used to make our lives easier by providing access to funds which aren't necessarily available. They allow us to acquire goods and services or cash advances to a pre-arranged limit.
If you do tend to have a large balance on your card and especially if you have a card with a high interest rate then it is a good idea to compare credit cards to find the one that suits your spending habits. Look out for features such as:
- Low interest rate
- Interest free days
- 0% balance transfer
- Annual fees
- Canstar star ratings
- Rewards programs
- Frequent flyer miles
- Internet banking
- 24 hour emergency services
- Insurance services
- Online applications
- Additional cardholder
RateCity's credit card comparison search includes almost every major credit card in Australia. You can compare credit cards from institutions such as, Bankwest, St.George and covers MasterCard, VISA card and American Express cards.
To make things easier we've put together a table of credit cards which ranks credit card products by interest rate. Search RateCity.com.au to compare credit cards or to find more information on low interest rate credit cards.