Sifting through credit card deals can feel akin to deciphering morse code. Having plenty of credit card options creates healthy competition but when it comes to narrowing down your search, it can be hard to get to the bottom of what they are really offering.
Let’s take a look at the main features you should consider when choosing an Australian credit card.
Low annual fee
Low rates and fees are typical of cards that don't offer reward programs. Study your spending patterns and behaviour to determine whether a low interest rate or rewards would be better suited to you.
55 interest free days
Many companies offer you 55 days before interest starts being charged. Take advantage of this Interest free period but still be mindful of your spending.
Low introductory rate
If a company is offering a low rate for new customers, make sure you qualify for it before you apply. Also, determine what the Internet rates are after the introductory period has expired. You don't want to be surprised with over-inflated Interest rates in the long term.
0% on balance transfers
When you transfer your existing credit card debt to your new card, you'll usually be given a low rate for the switch. Just make sure you read the conditions to prevent the rate skyrocketing the next week. This option is particularly beneficial if you want to consolidate your debt on one or more credit cards and are 100% committed to paying off your debts within the introductory period.
RateCity can help you read between the lines with it's handy credit card comparison tool.