Plastic surgery: it's rife among credit cards
Once upon a time, credit cards were a rather bland affair. Consisting of nothing more than a generic piece of plastic and a linked account, they left little to the imagination. Fortunately, the face of the credit card market has changed, and in recent years has undergone a creative revolution of sorts.
Cards now come in all manner of shapes, sizes and colours. Some even allow you to transpose a photo of your wonderful self onto the card - what more could a shopaholic ask for than to become one with the plastic! In fact, there are so many different variations of credit cards that collecting them has become a pastime for some people. And while we would not endorse that kind of behaviour (one card is usually more than enough temptation for most people), it does serve to illustrate the increasingly creative ways in which cards are marketed.
VISA pre-paid cards are a relatively new type of credit card which is in fact not a credit card at all! The owner of such a card can use it at almost any location that accepts VISA, up to the amount that has already been paid for by the purchaser. ANZ now operates a dedicated online pre-paid VISA card store at www.prepaidshop.com.au where you can design and customize a card to your requirements.
Retailers are even getting in on the act, with Myer launching their own Visa card this month to considerable fanfare. The Myer Visa Card offers something a little bit different to the usual (and often complicated) reward programs offered by the banks. Every dollar spent on the card (anywhere, not just at Myer) earns you one Myer shopping credit. Every 2,000 credits you earn is automatically redeemed for a $20 Myer gift card. With a limit of 2,000 points earned outside of Myer stores per month, assuming you spend that much, you would end up with $240 worth of Myer gift cards by the end of the first year. With an annual fee of $39 waived for the first year, it's not a bad deal.
Another card that is a little different to most is the Citibank Cash Back Visa. Living up to its namesake, this card credits your account with a percentage of the balance on your monthly statement. Spendings under $1,999 earn 0.5% cash back, and it goes all the way up to 4% credited for balances over $6,000 for the month.
At the end of the day, these cards all offer the same thing - an incentive to use the card exclusively by way of a small reward of some kind. And while some do it better than others, your mileage may vary depending on your individual spending habits.
How do I compare credit cards?RateCity is the best website to shop around on for all credit cards, as well as most other financial products. At RateCity, you can use expert comparative data from CANNEX, Australia's leading financial research and ratings firm. CANNEX has analysed and evaluated hundreds of financial products to award five stars to only the very best. The CANNEX star ratings go much further than just looking at interest rates. They also take into account important features so you can be confident you are getting the best product.
Use our easy search tools to compare credit cards at RateCity.
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