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Balance Transfer Credit Cards

Company	Rate/ Period	Product	Apply
	0% / 6 mths	Clear Platinum Visa
	1.9% / 12 mths	Clear Options Standard Card
	1.99% / 9 mths	55 Day Platinum Visa
	2.9% / 12 mths	Balance Visa
	2.9% / 6 mths	Virgin No Annual Fee Credit Card

Selected cards with the lowest ongoing or initial purchase rate for balance transfers.

Lowest Credit Card Rates

Company	Product	Rate %	Apply
	Low Rate Visa CreditCard	10.49
	McGrath Pink Visa Card	10.99
	Clear Platinum Visa	11.49
	Clear Options Standard Card	12.24
	MasterCard	12.99

Selected cards with the lowest ongoing or initial purchase rate for a minimum 12 months term.

This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about credit cards from multiple financial institutions. We will try to show you a range of products in response to your request for information. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a credit card, you will deal directly with a financial institution, and not with RateCity.

Types of Credit Card Rewards programs

Credit card rewards programs are just that. They reward people for being loyal to their card and using the card as their preferred payment option. There are several different types of rewards programs but they all work on the same premise that the more you use the card the greater the rewards.

There are 4 common types of rewards programs:

Frequent Flyer Rewards: Card user earns points towards their preferred airline frequent flyer program based on how much they spend on their card. Frequent Flyer rewards can also include travel insurance, concierge services etc.

General Rewards: Points are awarded per spend and can be redeemed on products provided by the general reward partners. On offer could be appliances, shopping vouchers, hot air balloon rides, magazine subscriptions, the list is endless.

Cash-Back Rewards: Card user receives a credit to their card based on a percentage of the amount spent on the card.

Instant Rewards: Mostly there are no points needed for an instant reward. The card user receives instant benefits for using the card at participating merchants. This could mean an automatic discount, a 2-for-1 offer, buy 4 items and get the 5th free etc.

Choosing a credit card reward program

When choosing a rewards program, it is important that you find a program that complements your credit card usage behaviour. 

If you use your credit card frequently and pay off your entire bill each month a traditional or points-based rewards program might be worth looking at.

Make sure to identify the types of rewards you are interested in (such as flights, toasters, shopping vouchers) then use Ratecity to find the program that offers the best return for what you spend each year.

Important questions to ask before joining a credit card rewards program

Ask yourself the following:

If you are unable to pay off your entire balance for more than 2 months each year then a cash-back or instant rewards program might be more suitable for you.  For each month that you can't pay off your balance you will incur interest charges which reduce the value you could gain from having a points-based rewards program.

Point currency and reward return

A reward program is only valuable if it returns a greater value to you than it cost you to be a member.  When deciding about a rewards program, you should always try to establish if you will be able to extract value from the program.

CANSTAR CANNEX has introduced two concepts to compare rewards programs. You can use these concepts to quickly compare the value of the rewards programs you are interested in.  These concepts are POINT CURRENCY and REWARD RETURN.

Point Currency

POINT CURRENCY captures the spending value of your reward points.  POINT CURRENCY is simply how many points you need to convert to get $1 of a reward.  This allows you to compare rewards programs at the lowest common denominator.

For example, if you need 7,000 points to redeem a $50 gift card, the POINT CURRENCY is 140 points for each $1.  The POINT CURRENCY is like a conversion rate so when comparing point currencies the lower the number the better.   

Important: conversion rates for rewards points varies from one reward to the next so if you're interested in another reward, you should recalculate the point currency.  You can also use the point currency to determine which reward is giving you a better deal.
 

Reward Return

REWARD RETURN tells you the return you should get from a rewards program based on your annual credit card spend.  REWARD RETURN simply tells you that if you earn X points each year you can expect $Y worth of a particular reward.  You can then compare this amount against the cost of the rewards program to see if you're paying too much for your rewards program.

For example, if you spend $14,000 a year and earn a point for every dollar, the sum is 14,000 points. The POINT CURRENCY, already established above, gives you 140 points for every $1 spent. A simple division shows your REWARD RETURN equals $100. 

 








Remember: You can subtract the cost of the rewards program membership to see if a rewards program will provide a positive return.