Credit card companies have ramped up efforts to lure in new business in time for Christmas, offering raft of sweeteners from cash backs and fee waivers to reduced Uber rides and smartphone screen insurance.

New research by comparison site RateCity.com.au has today revealed there are now 54 cards on the market offering spring deals to make a grab for the consumer shopping dollar ahead of the profitable Christmas season.

Company	Product	Special deal	Rate	Annual fee
American Express	Explorer Credit Card	Receive 100,000 bonus points when you apply online and spend $1,500 in the first 3 months.	20.74%	$395
ANZ	Rewards Black	Receive 75,000 reward points when you spend $2,500 on eligible purchases within three months. $0 annual fee for the first year.	18.79%	$375*
Coles	Coles Rewards Mastercard	Collect 30,000 bonus points if you apply and spend $3,000 on eligible purchases in the first 90 days.	19.99%	$99
NAB	Qantas Rewards Signature Card	Earn 90,000 bonus Qantas points when you spend $4,000 within 60 days.	19.99%	$395
Bank of Melbourne / St.George Bank	Amplify Signature	Earn up to 90,000 bonus Qantas or Amplify points when you spend $3000 within 90 days and pay the annual card fee.	19.49%	$279
Westpac	Altitude Black	Earn 80,000 bonus Qantas or Altitude points when you spend $5,000 on eligible purchases within 90 days of card approval. $200 off the annual fee in the first year.	19.84%	$395**
Westpac	Altitude	Get up to $20 off every 3rd Uber ride on your new Altitude credit card (total redeemable value of $250 during Offer Period).	19.84%	$90*
Woolworths	Everyday platinum card	$100 e-gift card on sign up, 10% off your first shop every month and no annual fee for the first year.	19.99%	49*

* Annual fee waived in the first year / **$200 off annual fee in first year

Spring credit card deals

RateCity money editor Sally Tindall said now is a good time to update your card, but make sure you read the fine print.

“The average Australian spends almost $19,000 per card every year on plastic, so it’s little wonder credit companies are offering attractive deals to bring in new customers.

“Today’s marketing savvy offers include everything from access to exclusive lounges to extra travel insurance and even free bottles of wine.

“However, as always read the fine print. If a deal sounds too good to be true it probably is. The most common trap people fall into is forgetting to check the interest rate on the card which can be as high at 24.99%,” she said.

The other common way consumers are stung is by signing up to a card with an extremely high annual fee, which can be as much as $1200 per year.

“Cards offering bonus rewards and a raft of sweetners often have a high annual fee attached; that’s how they make their money,” she said.

“Annual fees are on average $130 per annum, but can go as high as $1200. There are 31 cards on the market with no annual fee attached at all, so make sure you shop around before signing on the dotted line.

“While credit cards are great for convenience and give you extra time to pay off your purchases, they can be fraught with danger. Don’t be fooled by clever marketing tricks. If you’re paying an exorbitant interest rate and annual fee, make sure you seriously weight up the value of the rewards on offer,” said Ms Tindall.

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