RateCity
Compare Credit Cards
Looking for a new credit card? Here's a guide on how to compare credit cards to find the best one for you.
A report released by the Reserve Bank of Australia in September 2007 highlighted that there were a total of 13.5 million credit cards owned in Australia, with a collective $41 billion that still need to be paid off. This is the equivalent of a debt of approximately $3,000 on each credit card currently issued.
The average credit card rate in Australia is 15.62%. Interest rates at the lower end start from 7.97%, stretching all the way to 19.65% at the top end. If we take this 15.62% interest rate and apply it to the average outstanding balance, we see that each card is costing approximately $468.60 in interest every year.
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:
If you're looking for a credit card with a low interest rate and rewards attached check out the new Woolworths Everyday Money credit card. It comes with a 0% interest rate till Feb 2008 and you can earn rewards points everytime you spend, and recieve bonus points at Big W, Woolworths, Safeway and Caltex outlets.
To make things easier we've put together a table of credit cards with rates below 12%. Search RateCity.com.au to compare credit cards or to find more information on low interest rate credit cards.
A report released by the Reserve Bank of Australia in September 2007 highlighted that there were a total of 13.5 million credit cards owned in Australia, with a collective $41 billion that still need to be paid off. This is the equivalent of a debt of approximately $3,000 on each credit card currently issued.
The average credit card rate in Australia is 15.62%. Interest rates at the lower end start from 7.97%, stretching all the way to 19.65% at the top end. If we take this 15.62% interest rate and apply it to the average outstanding balance, we see that each card is costing approximately $468.60 in interest every year.
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
- CANNEX Star ratings
- Rewards programs
- Frequent flyer miles
- Internet banking
- 24 hour emergency services
- Insurance services
- Online applications
- Additional cardholder
If you're looking for a credit card with a low interest rate and rewards attached check out the new Woolworths Everyday Money credit card. It comes with a 0% interest rate till Feb 2008 and you can earn rewards points everytime you spend, and recieve bonus points at Big W, Woolworths, Safeway and Caltex outlets.
To make things easier we've put together a table of credit cards with rates below 12%. Search RateCity.com.au to compare credit cards or to find more information on low interest rate credit cards.
