FEATURES SUMMARY

• Annual fee: $79
• Purchase rate: 14.24% p.a.
• Cash Advance rate: 21.49% p.a.
• Balance Transfer rate: 0% p.a. for first 6 months
• Interest-free days: Up to 55 days

• Extras:
  • Apply online
  • Rewards
  • Design your own card
  • Visa Entertainment
  • Phone/Internet banking

There are two features of the ANZ Balance Visa which make it an affordable and worthwhile card – the rewards program and the low interest rate.

Purchases made on your ANZ Balance Visa will incur an interest rate of just 14.24% p.a.*, and when it comes time to make your repayment, you’ll be rewarded with one rewards point for every dollar you repay. This includes both fees and interest paid on your account. It receives the title of #3 in the Editor’s Choice – Balance Transfer category with just 0% p.a. for the first 6 months on all balances transferred.

Points can be redeemed for a number of rewards, such as gift vouchers, shopping vouchers and even cash back. All rewards are available in values of $100, $50 and $20, with cash back rewards credited straight back into your account and the total reward amount being deducted from your credit card’s balance.

There is, however, one downside to this rewards system which is that you need to spend quite a significant amount of money in order to be able to redeem your points. For example, the lowest redemption amount is 4,000 points (which gets you a $20 voucher) and the highest being 22,000 points, which gets you a $100 Caltex voucher. This can be counteracted by the fact that points earned on repayments includes purchases, fees, interest, cash advances and repayments on balances transferred*.

When divided weekly this just over $420 a week, but this would have to be a regular expenditure which, if you are not careful, could result in some huge bills. So spending $22,000 just to get a $100 voucher? Not really the greatest rewards deal out there, but is more realistic with the points earn rate that’s on offer.

With an annual fee of $79 you are paying a bit more than most low interest credit cards but if you are looking for an affordable monthly interest rate with rewards then it is relatively cheap.

Especially seeing as these two features work in tandem as the main draw cards of the Balance Visa; rewards points for repayments act as an incentive to pay back the lower interest on your credit card bill, faster.

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

St George’s Gold Low Rate credit card is a stepping stone between the banks standard card and its platinum card. Understandably it is very similar to the platinum card with all the same benefits except the personal concierge service.

But the most obvious and significant difference between this and the St George Platinum card is that balance transfers aren’t available on this credit card. While it’s not an essential feature for everybody, it could be considered a major downfall by many.

Despite this, it does have its merits.

The credit cards low interest rate of 14.99% p.a.* is teamed up with a cash advance rate of 18.99% p.a.*, which is lower than that of the platinum card (and many other non-premium credit cards). It also has up to 55 days interest free*, an annual fee of $79, and free membership with St George’s Instant Benefits rewards program.

This instant credit card rewards program allows you to get discounts, exclusive deals and more at a wide range of retailers across Australia. So instead of accumulating points you get the rewards straight away when you use your St George credit card.

So if you have no need for a balance transfer then this card is a great option as you will get a low interest card with a lot of benefits. If you do, on the other hand, need the balance transfer feature then the platinum card is a much better value for money for only a small increase in price.

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

FEATURES SUMMARY

• Annual Fee: $89
• Purchase rate: 15.74% p.a.
• Cash Advance rate: 21.24% p.a.
• Balance Transfer rate: 3.99% p.a. first 6 months
• Interest-free days: Up to 55 days
• Extras:
  • Apply online
  • Phone/internet banking

• • St George Instant Benefits
  • Minimum credit limit $8,000
  • Personal concierge service
  • Complimentary travel insurance
  • Purchase protection insurance
  • Transit accident insurance
  • Extended warranty insurance

While at the higher end of the scale, this card outshines a lot of other credit cards due to the fact that it comes with all the usual benefits of a platinum card all the while maintaining a low interest rate.

These standard platinum credit card benefits include purchase protection, international travel, transit accident and extended warranty insurance, so you’re covered for pretty much anything you might use your card for.

But on top of that you’ll also get access to St George’s Instant Benefits program. This program tops a lot of other rewards programs as its rewards are instant in a wide variety of retailers throughout Australia so you don’t have to spend thousands and thousands of dollars just to get a voucher once a year.

Usually with platinum cards you’re stung with higher fees to compensate for all the benefits you receive, but this is not the case with this credit card. With a low purchase rate of 15.74% p.a.*, up to 55 days interest free* and 3.99% p.a. on balance transfers for the first 6 months*, the savings available are surprisingly good.

At $89 its annual fee is one of the best around for a platinum card, and is only $10 more expensive than that of the ANZ Balance Visa which has only a rewards program to make it comparable to the St George Platinum credit card.

The range of benefits and affordability of this platinum credit card means that so many more people have access to a high end credit card with great benefits, without being stung by huge fees and credit card rates. For these reasons and it’s many features, it receives the #2 spot in the Editor’s Choice – Platinum Credit Cards category.

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