First Credit Card
If you are in the market for your first credit card then you’ve stumbled on the right place to search, compare and apply for one. RateCity knows credit cards and has a handy Australian credit card comparison table to help you find your first credit card.
Learning the ins and outs of credit cards and money borrowing can feel like trying to learn another language, so before we start talking credit cards let’s start learning the finance lingo.
Once you understand the basic credit card lingo and financial terms you can start carrying out your own credit card comparison with the confidence that you will be able to spot a great deal and avoid paying more than you should.
Purchase interest rate
This is pretty straight forward, this is the amount you will be charged in interest when you make a purchase on your credit card.
Cash advance interest rate
This is the amount of interest a financial institution will charge you for making cash withdrawals. Be aware that there is usually no interest-free periods. This means you could be charged interest from the moment you withdraw money.
Annual fees are an administration fee that will be automatically direct debited from your credit card account. If you keep an eye out you could find a card that offers no, or low, annual fees.
Interest free period
The interest free period is the period of time where you do not pay interest on your purchases and the best time to repay your debt. The most common period is usually 55 days.
Your credit card limit is the total spend limit set on your card. While it’s tempting to aim for a higher credit limit, for your first card it would be better to opt for a lower limit, somewhere in the region of $2000, until you get a handle on making repayments and paying interest.
Begin the search for your first credit card by comparing some of Australia’s top credit card deals below.
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