The GE Money Clear Advantage MasterCard is a very basic credit card supplied by GE Money through Wizard Home Loans.

It has no annual fee which is great, however the interest rate compensates for this a bit at 18.49% p.a. for both purchases and cash advances. While this is pretty high for purchases its one of the lowest we’ve seen for cash advances. It also comes with up to 55 days interest free and a 4.9% p.a. balance transfer rate for the first 6 months.

As banks have their own ATM’S to make withdrawals from it might seem like a bit of a disadvantage getting the GE Money Clear Advantage credit card because of the withdrawal fees you’d get using other banks’ ATM’s. But there’s no need to worry.

GE Money and Wizard have teamed up with Westpac to allow people with this credit card unlimited access to Westpac ATM’s free of charge. So if you go with this card you can use Westpac ATM’s for all your withdrawals without the hassle of ATM fees.

GE Money has had a fair crack at providing a good low annual fee credit card so hats off to them. But when it comes down to it, there are better options out there. Sure there’s no annual fee, but other cards that offer better interest rates will cost you less in the long run despite (in some cases) having to pay a small annual fee.

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

This GE Money eco MasterCard is quite vague when it comes to getting all the little details and interest rates.

Instead it prefers to hide behind the main selling point of the card which is a charity-based credit card rewards program that focuses on offsetting carbon emissions and ‘creating a healthier planet’.

While this is a worthwhile and important cause to get behind, they would do well to make the details of the card clearer and easier to find, as we would predict that the people who are concerned enough about their carbon emissions to get this card would be unlikely to be too worried about the cost.

The good news is that we can give you the details without any fuss.

The purchase rate for this card is 18.49% p.a. and the cash advance rate is 19.99% p.a. Balance transfers are available at a very low 0% for the first 6 months, after which it increases to 18.49% p.a. You also get up to 55 days interest free (which only apply if you pay your monthly balance in full), all for the annual fee of $49.

Now for the rewards program…

GE Money has obviously cottoned on to the issues of today’s society and realized that more and more people are becoming concerned about the environment, so would be willing to forfeit material rewards for something that is more beneficial in the long-run.

So, they now offer a rewards program where on Earth Day (April 22nd) each year, GE Money uses 1% of your credit card expenses to purchase carbon offsets on your behalf from the Origin Energy Carbon Reduction Scheme. This reduces greenhouse gas emissions and in turn reduces your carbon footprint.

For example, if you spend $200 on the GE Money eco MasterCard, your rewards will offset 500km’s of car travel. Spending $700 on the credit card per month (for a year) you’ll offset the carbon emissions produced from the household energy consumption and card usage of one average Australian.

Alternatively, you can choose to allocate half of the 1% to carbon offset rewards and take the other half as a cash back reward which would be credited back to your monthly statement annually (after Earth Day).

If you are looking for a card that saves you money then this is most definitely not for you. The annual fee of this card is relatively inexpensive for a rewards card; however the interest rates are quite high. But in terms of rewards programs, it is a very valuable card where rewards are accumulated much quicker and are a lot more valuable than most.

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

FEATURES SUMMARY

• Annual fee: $250/$280
• Purchase rate:
• Cash Advance rate:
• Balance Transfer rate: 5.99% p.a. first 5 months (21.49% p.a.)
• Interest-free days: Up to 55 days
• Extras:
  • Apply online
  • Cash back

• Airfare Deals
• Extended Warranty
• Purchase Security
• MasterCard Moments
• MasterCard Applause
• Transit Accident Insurance
• Platinum 24/7 Concierge Service

For a platinum credit card this one from Commonwealth is pretty standard in most areas, but it does have a wide range of features in order to cater well for a wider range of people.

It comes with all the same benefits as the gold card but with longer time periods and greater values (International travel insurance for trips up to 12 months, extended warranty for up to a year longer than the manufacturer’s warranty, purchase security for up to 90 days and transit accident insurance), plus a few other features just to set it apart.

The card’s annual fee is $280, 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 (to $250).

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

This includes a 24/7 platinum concierge service*, a comprehensive annual summary* (which will help at tax time) and a guaranteed pricing scheme*, so if you a find a product you’ve bought for a cheaper price (in print) than what you paid, Commonwealth will pay you the difference.

And now for the Awards program – with every dollar you spend on your Commonwealth platinum card you’ll get one Awards point. You can also get extra points by using the Commonwealth Travel Plus service, or by shopping at selected Bonus Partners.

These points can be redeemed for all sorts of goodies including cash back (which is credited back to your account), entertainment, shopping, merchandise and also travel. You can choose to have your awards points converted to frequent flyer points for your choice of Virgin Blue or Qantas airlines (you must be a member of your airline of choice’s frequent flyer program). Also, if you happen to be flying business or first class on a flight you’ve bought with your platinum credit card with Air Tahiti Nui, Japan Airlines or Air Pacific you’ll be eligible for companion airfare deals.

While this is probably a good deal, we thought there might be some kind of other benefit to really set it apart from the Gold and standard credit cards (not to mention other platinum rewards credit cards). But for an annual fee of $200 we still think it’s a really good deal, which is why it takes out the #3 spot in the Platinum credit card category and #2 in the Frequent Flyer credit card category. Adding to this cards prestige (in our eyes) is the fact that we also named it the #3 place getter in the Editor’s Choice – Rewards Credit Cards category.

The interest rate offered is more reasonable on the platinum credit card than on its lower value counterparts with the same rate, at * on purchases and p.a.* on cash advances, along with up to 55 days interest free*. If you have a credit card balance that you need to transfer to a lower interest rate then you can transfer it onto this card for just 5.99% p.a.* for the first 5 months. After this time any balance remaining from your transfer will be charged * interest.

But to sum up, the Commonwealth Platinum credit card definitely holds its own in the platinum credit card market with its variety of features and it’s standard pricing. It would be ideal for those who fly regularly with Virgin or Qantas and plan on using their rewards credit card regularly for retail payments each month.

See all our top picks in the Editors Choice category