FEATURES SUMMARY

 

 

• Annual fee: Low annual fee
• Purchase rate: Low p.a. purchase rate
• Cash Advance rate: Low p.a. cash advance rate
• Balance Transfer rate: Low p.a. blance transfer rate
• Interest-free days: Up to 55 days
• Extras:
  • Phone/Internet banking

• Cash back
• Travel Plus
• Gold Awards
• MasterCard Moments
• Extended Warranty
• Purchase protection
• International Travel insurance
• Commission-free travelers cheques

The Commonwealth Gold credit card is the next step up from the Commonwealth Awards credit card. As the name suggests, the card is based purely around the awards program. But with the Gold credit card you get so much more.

With the inclusion of insurance and travel benefits you’re pretty much covered for anything. The Gold card gets you international commission-free travelers cheques, travel insurance for you and your immediate family (partner and children) for up to three months worth of travel, purchase security and extended warranties (over and above the standard warranty from the manufacturer) to name just a few.

What is impressive about these insurance benefits is that quite a few features are included in the standard benefits which at some banks are usually reserved for platinum cards. This includes such features as rental vehicle excess and travel delay cover.

In terms of benefits, with the current pricing for this credit card’s annual fee (see below), the Commonwealth Gold credit card is pretty well priced (especially when you compare it to the standard Awards credit card). That card gets you access to just the Commonwealth awards program. Then you get an upgrade to a Gold awards program and international travel benefits.

So when you think about it, you’re getting the majority of the international travel insurance benefits that you may need while travelling for less than $60. If you were to go to an insurance company you’d be lucky to find anything as cheap as this for just the travel insurance!

Like the rest of Commonwealth’s rewards credit cards, interest on purchases is p.a. and cash advances accumulate p.a. interest. Balance transfers  interest for the first 5 months, after which it increases to p.a.

You’ll also get 1 point for every $1 spent with the gold card with the ability to redeem your points for cash back (credited to your account), frequent flyer points with Qantas or Virgin Blue, entertainment, shopping and a wide range of other merchandise from Commonwealth’s bonus partners.

In short, if you can pay off your bill each month then this card is great value for money. Commonwealth has stepped up to the plate and created a very competitive Gold credit card with rewards and benefits that would suit a wide range of people, from regular travelers to holidaying families. So it is clear to see why it takes out the #3 spot in the Editor’s Choice Gold Credit Cards category.

Current Annual Fee Pricing Scheme:

The card’s annual fee, but if you happen to be applying for (or already have) a Commonwealth Bank home loan or bank account then the annual fee of your credit card will be waived. Or, if you are an existing Commonwealth credit card customer then (depending on which credit card you have) your annual fee will be either waived or reduced.

Bank account or home loan – Annual fee is waived
Awards Card – Annual fee is reduced
Gold Card – Annual fee is reduced
Platinum Card – Annual fee is reduced
Low Rate – Annual fee is reduced
Low Rate Gold – Annual fee is reduced
Low Fee – Waived when you spend $1000 or more per year on your credit card
Low Fee Gold – Waived when you spend $10,000 or more per year on your credit card

See our top credit card picks in the Editor’s Choice category

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The Bendigo Gold credit card is a bit of a trick. It appears to have the characteristics of regular Gold credit cards, but really it’s just the Bendigo Red credit card in disguise!

The annual fee on the Gold credit card is almost double that of the Red credit card. But what do you get for that? Well, the interest rate is a little more reasonable on a Gold credit card at for both cash advances and purchases, along with up to 55 days interest free on purchases, which is a nice change.

Rewards points have a marginally better earn rate at 1.5 points per dollar spent, but the reward redemption rate is of course exactly the same. So to get a $100 reward you need to spend just under $24,500 which is still a truck load of money for that kind of reward value.

Rewards available under the Bendigo Rewards program include gift vouchers, discounts, movie tickets, cash back, magazine subscriptions, travel and accommodation. Speaking of travel, this credit card does actually offer two benefits for Gold credit card holders who are planning on travelling – commission-free traveler’s cheques and travel assistance.

Travel assistance at Bendigo gets you emergency ticket replacement, legal and medical assistance, lost luggage assistance, and emergency transport assistance. This is available for you, your spouse and any dependent children under the age of 22 when they are travelling with you. While it’s good to see on the Gold credit card it’s not up to the standard of other gold credit cards, so is no reason to be singing from the roof tops, that’s for sure.

If after all that you’re still hell-bent on getting a Bendigo credit card then we think the Basic Black is probably your best bet in terms of price. Otherwise we’d recommend looking to another bank, plain and simple.

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If you don’t know much about credit cards you could be easily fooled by a card like HSBC’s American Express Gold. The website talks so much about how much ‘freedom’ and ‘choice’ you’ll have when you get this credit card, but when it comes down to it, it’s just way too expensive for what you actually get.

Initially, The annual fee seems cheap for an American Express credit card with rewards, especially with it being waived in the first year (and every year after in which you spend $9,500 or more). But this is not the only fee you’ll have to pay each year.

Balance transfers are available, but at what HSBC calls a ‘special low rate’. To make matters worse, this rate is only for the first six months, after which it increases. Saying it’s laughable is putting it nicely!

Interest is charged p.a. on purchases and  p.a. on cash advances. This would be considered just a tad high on any other card with a rewards program. However this card’s rewards program is a little different to the rest (and not in a good way!).

Unfortunately membership with the HSBC American Express Gold’s rewards program is not free. But when you do join you get the choice of two different credit card rewards options – Choices and Ascent. With the Choices option you get can redeem your points for gifts, vouchers, and great discounts and special offers when you book your travel through Travelscene American Express. This program has a membership fee of $40 per year. The Ascent rewards program however, is a little different.

As well as all the features of the Choices program, people who join the Ascent program will also be able to redeem Ascent points for Frequent Flyer points with American Express’ frequent flyer partner programs. This program is double the price of the Choices program. Both options earn you one point for every dollar spent and every 10,000 points earned gets you $100 to redeem on the reward of your choice. Therefore, while we can say that the earn rate is ok, the cost of redeeming your points is quite high.

So no matter which way you look at it, HSBC’s American Express Gold credit card is overpriced. With the annual fee, rewards program fee and through-the-roof interest rates, this card is not at all suitable for anyone who is looking to make any kind if savings on any aspect of their American Express Gold credit card.

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The Citibank Gold credit card has a variety of features that you would expect from a gold credit card which makes it far more balanced and appealing than the Citibank Silver credit card.

Benefits of this card include a complimentary rewards program with the option of cash back, international travel insurance, purchase protection insurance and the availability of either Visa or MasterCard.

An interesting feature that is also available is it that it gives extra protection from fraud through the use of a digital signature and a photo card which is not often seen on a credit card.

As a premium credit card that sits in the middle of the range, the Citibank Gold card’s features are somewhat standard as they are matched with high rates and fees. Like the Silver credit card, the interest rate on purchases and cash advances, however you’ll get  for the first 12 months on balance transfers. This also comes with up to 55 days interest free.

Overall, the Citibank Gold credit card is a much better option than the Citibank Silver card as there are many more features that give it more value for money.

But in terms of premium credit cards, if you don’t always pay your monthly balance in full then there are many other better value options out there so it would pay to have a look around. Your wallet will thank you for it.

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The Bankwest Lite Gold MasterCard is yet another one of Bankwest’s credit cards showing great potential in The Credit Card Guide’s credit card categories rankings.

This card’s annual fee is higher than that of its standard counterpart; however this is ridiculously cheap for a gold card, and the extra cash pays for the additional ‘built in’ services you receive as a Gold cardholder.

These include up to 12 months extended warranty (on top of the manufacturer’s warranty)and purchase protection on purchases made with your Gold credit card. You’ll also be entitled to worldwide travel and accident insurance which is a great benefit for all you travel bugs out there.

As a Gold card, MasterCard Moments also applies to this credit card so you’ll have exclusive access to more luxurious benefits than most, including learning to fly a helicopter, beachfront-living getaways and international exploration holidays.

A noticeable difference in this gold card (compared to other gold credit cards) is that there is no rewards program. At Bankwest this is reserved for the More MasterCards. So if you are looking for rewards points and are willing to sacrifice the low interest rate then the More MasterCards would be more in line with your needs.

This is a credit card with a very low balance transfer (it came very close to being in the top 3 for the low balance transfer category) and interest rate on purchases, and seems as if it was created with the traveler in mind.

However if all you’re looking for is a low ongoing interest rate (no matter how big or small your balance is) then the Bankwest Lite Gold credit card is a good credit card option for you.

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Like its siblings, the Bankwest More Gold MasterCard is a bit of a wild goose chase when it comes to getting down to the nitty gritty and finding all the right information. With interest rates usually being the first thing that people look for when assessing a credit card, it was strange to see that these weren’t included on the credit card’s information page.

But seeing as we’ve got the information, how about we share it with you?

A number of the core features on the More Gold MasterCard are exactly the same as the standard More MasterCard. There’s the interest free period which is up to 55 days, the interest rates (on purchases and balance transfers, and for cash advances) and also the points earning rate of 1.5 points per dollar spent on the More Gold MasterCard.

But that’s where the similarities end and the advantages of having the Gold card over the standard More MasterCard shine through. For  more in annual fees, the BankWest More Gold MasterCard has everything that the standard More MasterCard was missing. For starters, you get 10,000 bonus points from Bankwest when you activate your credit card and the maximum points you can earn is capped at 200,000 (as opposed to 150,00 on the standard credit card).

You’ll also get purchase protection which will cover you if items that you have bought on your credit card are lost, stolen or damaged within three months from the purchase date. Extended warranty on these goods means you’re also covered for an extended warranty period that matches that of the manufacturer’s warranty.

Transit accident insurance is also included, along with the big kahuna of credit card benefits….travel insurance, which is available for trips up to 3 months in length. As an added benefit, you’ll also get great discounts and offers from MasterCard Moments, purely for having a Gold MasterCard.

Overall, the Bankwest More Gold MasterCard is evidence of yet another Gold credit card that is by far better than the standard option, and possibly better value than the Platinum option. The interest rates are fairly run of the mill for a Gold credit card, but the rewards program in combination with the interest free days, travel and insurance benefits make it a worthwhile rewards credit card to consider.

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FEATURES SUMMARY

 

 

• Annual fee: Low annual fee
• Purchase rate: Low p.a. purchase rate
• Cash Advance rate: Low p.a. cash advance rate
• Balance Transfer rate:  Low p.a. balance transfer rate
• Interest-free days: Up to 55 days

• Extras:
  • Phone internet banking
  • Up to 9 additional cardholders
  • Visa Entertainment benefits
  • Worldwide emergency card replacement

The ANZ Gold Credit Card offers much the same benefits as the ANZ Frequent Flyer Platinum credit card without the huge price tag, enabling it to come in second in the Editor’s Choice – Gold credit cards category. With a low annual fee a year it is even cheaper than the standard ANZ Frequent Flyer card.

While it is not the cheapest credit card on offer from ANZ in terms of its interest rate  it has a number of features that make it stand out from the rest, and also give it the title of #1 Editor’s Choice in the Gold Credit Cards Category. One  example of why it is the leader in this category is a great introductory offer on balance transfers.

With a low balance transfer rate, a small balance transfer could be paid off at a much cheaper rate than what you would normally be paying for that balance on a different credit card. The only catch is that you have to apply for your transfer at the same time as you apply for the Gold credit card.

The ANZ Gold card also includes the following travel insurance benefits:

- 90-day purchase security (after the expiry of the product warranty)*
- Overseas medical and travel insurance*
- Commission free travelers cheques*

This card sits on the middle of the scale in terms of price, but makes up for any price-related concerns you may have by having very reasonable rates for pretty much all of its features, rather than just focusing on one, like a lot of other credit cards tend to do.

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FEATURES SUMMARY

 

 

• Annual fee: Low annual fee
• Purchase rate: Low p.a. purchase rate
• Cash Advance rate: Low p.a. cash advance rate
• Balance Transfer rate: Low p.a. balance transfer rate
• Interest-free days: Up to 55 days
  • Extras:

• Phone/Internet banking
• Purchase Security Insurance
• Commission-free travellers cheques
• Worldwide emergency credit card replacement
• American Express/Visa Entertainment benefits

Like the standard ANZ Frequent Flyer card, the ANZ Frequent Flyer Gold credit card gives you two choices of cards to use when making purchases, and therefore more opportunities to build up your Qantas frequent flyer points.

The majority of the features of this card are the same as the standard ANZ Frequent Flyer credit card, such as the interest rate and interest free days. But according to the ANZ website you ‘go further with the Frequent Flyer Gold’ card.

What exactly does this mean?

Well it starts with paying a bit more in your annual fee. After reading the fine print, it was found that the fee for joining the Qantas Frequent Flyer program is not actually included in the card’s annual fee. The good news is that this Qantas fee is a once off payment rather than an annual fee.

Another shortcoming of this travel credit is the difference in points-earning potential between the standard and gold frequent flyer credit cards is marginal. The gold credit card offers just 1.25 points for every dollar spent on the American Express card, and is the same as the standard card’s points rate on the Visa ($2 = 1 point)*.

These points are capped at 10,000 points per month which is 5,000 more than the standard card, so it is quite obvious that this card is aimed at those who will be spending quite a bit more than those with the standard card and will of course be able to reap the benefits.

This credit card takes out the #2 spot in the Frequent Flyer credit cards category, so if you’re already a member of the Qantas Frequent Flyers program or plan on doing a fair bit of travelling over the next few years, then this card will be highly beneficial for you. Otherwise, it would be wise to cover all your bases to make sure you’re getting the best airline rewards credit card on offer.

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FEATURES SUMMARY

 

 

• Annual fee: Low annual fee
• Purchase rate: Low p.a. purchase rate
• Cash Advance rate: Low p.a. cash advance rate
• Balance Transfer rate: Low p.a. balance transfere rate
• Interest-free days: Up to 44 days

• Extras:
  • Rewards
  • Phone/Internet banking
  • Visa Entertainment benefits
  • Worldwide emergency credit card replacement

The ANZ Rewards Visa Gold is the next step up from the standard ANZ Rewards Visa, so the majority of its features are exactly the same.

Like the ANZ Rewards Visa, you get 1 point for ever $1.50 you spend and these points are valid for 36 months. Interest rates are also the same on purchases* and balance transfers (after the 6 month introductory period).

But here’s where you the benefits of the ‘Gold’ rewards come into play…

You’ll get all the perks of a premium credit card and more, such as a higher credit limit, commission free traveler’s cheques, ANZ Falcon credit card security, and your maximum spend for earning points is double that of the standard card at $100,000. You’ll also get up to 55 days interest free on purchases* as opposed to just 44 on the standard rewards card.

These features enable this card to take out the #1 spot in the Editor’s Choice category for cash back credit cards category.

The annual fee on this card is a reasonable. So if you’re a reasonably big spender looking for a rewards program to accompany your spending habits then the ANZ Rewards Visa Gold is a good match.

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NAB’s Velocity Gold is a really valuable credit card to have when it comes to rewards and benefits.

Like NAB’s standard Velocity credit card it allows customers to earn Velocity points towards international and domestic flights, on Virgin Blue as well as a whole range of other rewards available in the online Velocity rewards store.

But here’s where it gets good…

As a Gold card the annual fee is at the higher end of the scale but add in one of the best airline rewards programs available on a credit card and you’re getting a whole lot more bang for your buck.

Interest for the Velocity Gold card, and includes added insurance benefits (including 90 days purchase protection, Gold overseas travel insurance and extended warranty insurance) so is a LOT more reasonable than the standard Velocity credit card.

Interest free days stand at up to 44, which again is lower than most but still ok. Like the standard card it comes with both an American Express and a Visa credit card which ups the ante on your points-earning potential – two points for every $2 spent on the American Express and one point for every $2 on the Visa.

Even if you’re not looking to travel but still want a rewards program then this is one of a number of reasonably priced choices that may still suit your needs. With awesome rewards opportunities and all the included insurance benefits this is most definitely a card that is nipping at the heels of the top 3 cards in the rewards category, so would be great for all those travel bugs out there.

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