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 balance transfer rate
• Interest-free days: Up to 55 days

• Extras:
  • 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 a Low interest rate  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 a low p.a. for the first 18 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 a low annual fee 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.

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This credit card boosts the amount of Frequent Flyer points earned by ANZ customers, especially when booking flights with the Frequent Flyer card through Qantas.

The ANZ Frequent Flyer credit card is very similar to the ANZ Rewards Visa, however, the Frequent Flyer’s rewards program is focused solely on air points and travel bonuses for all those regular air-travelers out there.

One downside that you will find is that while it has a rewards program based on travel, there are no insurance benefits to go with it. Also, you are not automatically signed up to the Qantas Frequent Flyer program, which incurs a separate joining fee.

Frequent Flyer points are earned by making purchases on your ANZ Frequent Flyer credit card. So for your first $1500 you spend you’ll earn 1500 Qantas Frequent Flyer points. After that you’ll earn one point for every two dollar spent on your card*. These points are capped at 5,000 per month.

Another way to maximize your points is to make use of both the cards you receive under the Frequent Flyer program (American Express and Visa). Use the Frequent Flyer American express card where accepted and you’ll earn 1 point for every $1 spent, and when you use your Frequent Flyer Visa you’ll earn one point for every $2 spent.

While the benefits are there, it is important to use the card wisely and monitor your balance, as the interest rates are relatively high and there is just the one credit limit for both of the cards so there is potential to max it out if you’re not careful.

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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 p.a.* is teamed up with a cash advance rate 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, 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.

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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

• • 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.

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 p.a.*, up to 55 days interest free* and p.a. on balance transfers for the first 6 months*, the savings available are surprisingly good.

At 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.

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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

• Extras:
  • Fraud Protection
  • Phone/internet banking

The St George Vertigo MasterCard is one of The Credit Card Guide’s most highly recommended credit cards as it takes out top 3 spots in five different categories, including 2nd place in the Editor’s Choice category – Overall.

Another card with a low p.a.* on purchases, the St George Vertigo MasterCard is cracking the whip on some of the other big name banks. It does however have a cash advance rate  p.a.*, but that can be avoided if it’s a real issue.

It comes with up to 55 days interest free* on purchases and a balance transfer rate  p.a. for the first 6 months. The annual fee is fairly average for this kind of card so is not really a deciding factor.

While this low interest credit card would be beneficial for pretty much everyone, it would be most beneficial for those in NSW and South Australia as there are more branches and ATM’s (including Bank SA’s which are owned by St George), so you’d be less likely to be stuck using another bank’s ATM.

The current cash advance rate is p.a. variable. The balance transfer rate remains p.a. for the first 6 months.

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This card is on the cusp of being a standard interest credit card, only just making the cut with a purchase rate. This is further reinforced by the cash advance rate.

Balance transfers however, are available for the first 6 months and as a refreshing change, this rate only increases to the purchase rate rather than the cash advance rate (as most other credit card rates do after the introductory period is over).

Benefits of this card include price protection cover and purchase protection. So if you have made a purchase on your credit card and you see the same product offered cheaper a week later, you’ll get paid the difference by GE. Or if your credit card purchase is accidentally lost, broken or gets stolen then you’ll be covered for that too.

It is a card that sits in the middle of the range in terms of its annual fees. It includes up to 55 interest free days on purchases, however it should be noted that these do not come into effect until all balance transfers have been paid.

While this is a good credit card overall, and the lowest interest rates of all the GE Money credit cards, it’s not quite good enough to compete with all the other cheaper, low interest rate credit cards out there.

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If you’re looking for a simple and easy to manage credit card then take a look at the Commonwealth Low Rate credit card.

As a low rate credit card it maintains its reputation as an affordable credit card without compromising other important features.

Purchases on this credit card incur a flat interest rate. which is on par with both the Westpac and ANZ low interest rate credit cards. These cards also have a similar cash advance rate to the Commonwealth Low Rate MasterCard.

For a card that is meant to save you money on interest this may seem a bit steep to most people, but when compared to other similar cards, you’ll find that it’s pretty standard.

Balance transfers on this card are also very affordable with an introductory period of five months where the interest charged. This isn’t the lowest interest rate out there, but the length of time that this rate is available is three months longer than most cards in the low interest credit card category.

Paying your monthly balance in full and avoiding cash advances on this card can mean some great savings on a good all round card. Also, with a potential annual fee of (see pricing schedule below) and up to 55 days interest free this card would work well for those on a budget such as students or people who just want to save money!

However with no real stand out features from other cards that are classified as having low credit card interest, making a decision could be a tough one.

Current Annual Fee Pricing Schedule:

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

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For comparison purposes the RSPCA Rescue credit card was called a rewards credit card, however the Bendigo RSPCA Rescue Rewards credit card is the real deal. It is very similar to the RSPCA Rescue card, but with a number of notable differences.

The most noticeable is of course the rewards program. With one point for every dollar spent it at first seems like a good program, however you need to spend over $35,000 just to get a $100 voucher. So, if you don’t want to spend that much money just to get a reward, you can just turn whatever points you have into donations to the RSPCA.

This donation on top of your monthly donation made by Bendigo Bank adds up to a generous amount over a year, which you may not have otherwise made.

Another few differences are the jump in interest free days from up to 40, to up to 55, and the interest rate hike. Like the RSPCA Rescue credit card the annual fee is low and there is an introductory interest rate. However after this period the interest rate is fairly high across the board.

By and large, the RSPCA Rescue Rewards credit card is not a spectacular option for any of the categories that it fits into, and is by far outshone by the RSPCA Rescue credit card in all areas. Other than the increase in interest free days (which is relatively common anyway), there would be no other reason to recommend it over another credit card.

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Bank of Queensland’s Low Rate Visa credit card sits at the more expensive end of the low interest rate scale, but at the same time has some great rates across the board that actually makes it sit higher in the overall ranks.

While the interest rate is low on this credit card, it is at the higher end of the ‘low interest rate’ scale  but is teamed up with up to 55 days interest free. We are also pleased to say that this is made up for by a cash advance rate that defies the ‘norm’  which is one of the lowest cash advance rates around.

Balance transfers are low for the life of your transfer, which is a very attractive feature as most credit cards only offer such a low rate for a limited period of time.

There are unfortunately some eligibility requirements for this credit card, including a minimum income per year of $20,000 and an age limit of 18 years or older. The annual fee is average for this type of card which allows you the choice of four different card designs, and up to four additional cardholders absolutely free of charge.

One feature that stood out from Bank of Queensland was the ability to set up automatic credit card repayments each month from a non-Bank of Queensland bank account. This helps with keeping your bills under control and means that you’re are not forced to open a Bank of Queensland bank account if you don’t want to.

Overall this card is very attractive as it covers a lot of areas in terms of affordability, and would suit people who use their credit card quite a lot and are looking for a much cheaper alternative over all, including cash advances and balance transfers.

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As a mid range credit card, the Citibank Clear credit card offers up to 55 days interest free and a low interest rate on purchases, however this low rate is let down by the cash advance rate.

What is most bizarre though, is that the purchase interest rate is higher than that of the Citibank Clear Platinum card….a premium card with a lower interest rate that the basic card? Weird.

But back to the task at hand…

The cash advance rate on this credit card is also the default rate for balance transfers. So while the initial rate is great and all payments go towards paying off balance transfers first, the rate is only for 6 months. If you’re not vigilant with payments while the rate is in effect then the 6 months will most likely come and go before you know it.

The rewards program on this card is a definite advantage if you happen to do a lot of traveling. As Citibank is worldwide company, there are over 40,000 restaurants, shops, hotels and other services around the world in which you can get discounts and other benefits from.

All of this comes with an annual fee. Worth it? Maybe. But if you are willing to pay just a little bit more in annual fees then it could be worthwhile looking at the Citibank Clear Platinum card.

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