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:
  • MasterCard Paypass
  • MasterCard Applause
  • Your choice of card colour
  • One free additional cardholder

The Woolworths Everyday Money MasterCard credit card is the newest of all the credit cards we have reviewed and quite impressively takes out the title of #3 in the Editor’s Choice category for Low Annual Fee credit cards.

The main feature on this credit card is the rewards program. Points are earned at a rate of 3 points per dollar spent on Woolworths Select products at Woolworths and Safeway supermarkets (this doesn’t include online purchases).

All other products purchased at Woolworths and Safeway and partner outlets (which includes Caltex Woolworths/Safeway, Big W, epump, Dan Murphys, Woolworths/Safeway Liquor, Thomas Dux, participating Tandy and Dick Smith stores, and last but not least, BWS) earn 2 points per dollar spent.

All other purchases made on your Woolworths Everyday Money credit card earn one point per dollar spent.

Rewards come in the form of shopping cards and start at $20 (which requires 3,448 points). Shopping cards are sent to Everyday Money credit card holders 3 times per year (in March, July and November, or just in November if you have chosen to receive your rewards once a year).

These shopping cards increase in values of $5 (which equates to 862 points), so whatever your points balance is at the time, the nearest corresponding card value (below your rewards points total) will be sent out and any remaining points will be carried over to the next card that is issued to you. All this contributes to the Woolworths Everyday Money Credit Card taking out the top spot for the Editor’s Choice – Rewards Credit Cards category and the #2 spot in the Low Annual Fee category.

You can make balance transfers onto this credit card, at an interest rate p.a. for the first 6 months. After this time the interest rate rises p.a. The downside to this feature is that this Woolworths credit card is issued by HSBC so you won’t be able to transfer a balance from an HSBC credit card.

A great feature of this credit card is that you can use the epump facility at participating petrol stations. Instead of lining up at the counter to pay for your fuel, you pay at the pump instead which means you can get in and out of the petrol station much faster!

There isn’t a frequent flyer program on the Everyday Money credit card, but if you do get this credit card then it’s more than likely you will have a Woolworths/Safeway Everyday Rewards card as well, which you can use to earn frequent flyer points when you make purchases of $30 or more.

A handy hint to know is that your Everyday Rewards credit card acts as a more convenient way to store your fuel discounts. So when you link your Everyday Rewards card to your Everyday Money credit card then you use your credit card at the epumps, the vouchers stored on your rewards card will automatically apply to your purchase.

No more hunting for supermarket receipts!

To ensure your security when making purchases this credit card includes a wee microchip that is embedded within the credit card. This enhances your security by increasing your tracking capabilities and as a result, your protection against credit card fraud.

You’ll also get to take advantage of the MasterCard Paypass facility. For those who aren’t in the know, for any purchase of $35 or less you can just ‘tap and go’ at the checkout instead of having to sign or put in a PIN.

With the interest rates that are attached to this credit card, it’s safe to say that this card would only be recommended over another cheaper card if you used Woolworths and its partner businesses very regularly. If this is the case then there can be some great savings to be made and HIGHLY RECOMMENDED.

Bonus $50 shopping card if you apply by April 30th 2010, and make 3 purchases on your new card by 31 May 2010.

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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 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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With the introduction of the debit MasterCard in Australia just a few years ago (2005), there are only three credit card providers in Australia that offer a debit card through MasterCard’s credit facilities. Westpac just happens to be one of them.

For a standard debit card, the Westpac Debit MasterCard has a trifecta of security measures in place in order to protect its cardholder’s from credit fraud and theft. For starters, when you use your debit card you’ll have the option of signing the receipt or using a PIN for your purchase.

Secondly, Westpac uses the Falcon system which detects unusual purchase activity on your card. So if you’ve made some purchases outside of the usual purchases you make, you’ll get a call from Westpac just to check that it’s you using your card and not someone who shouldn’t be.

Last but not least, the Westpac debit card is covered by MasterCard’s Zero Liability policy. So if someone has been racking up purchases on your debit card, you won’t be liable for them.

There are 7 different everyday banking accounts and six different loan accounts that you can link a Westpac debit card to, and your monthly fee will only be that of the account that you choose to link it to. With so many account options with a variety of features available, Westpac has most definitely catered for the needs of a wide range of people.

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The St George No Annual Fee credit card is yet another card that totally misses the point in terms of what people want and need in a credit card.

Ok, we don’t live in a perfect world so we’re never going to get a cheap as chips annual fee AND a really good interest rate. But we thought more banks would be willing to take a risk in this area. This card has no annual fee, so in turn offers an interest rate p.a. for cash advances and purchases with no interest free days.

This could seem like a good deal compared to credit cards that have a mid range annual fee of say, $60 or more, but in most cases you’ll end up paying more because of the higher interest rate than you would if you just got a credit card with an annual fee.

In all fairness, it is a bonus that the cash advance rate is lower than most, but with no other features like purchase security or travel insurance to boost the value of the card then it seems a bit unjust paying this rate for both cash advances and purchase.

There is also no option for balance transfers onto this card, so if you are looking to merge any existing credit card debt then this is not the credit card for you. As with all St George credit cards, the No Annual Fee card includes free membership to the St George Instant Benefits program. This gives you access to instant discounts when shopping, amongst other special offers.

When it comes down to it there’s not much else we can say about this card except that we would not recommend it. Blunt, but fair.

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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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GE Money’s GO MasterCard is a little different to most other credit cards out there as it’s aimed primarily at financing purchases for around the home. This includes such purchases as furniture, electronics, and white goods at GE Money’s retail partners, Domayne, Harvey Norman and Joyce Mayne.

You can apply for this card online on the GE Money website or at any of GE Money’s participating retailers (listed above). Interest is charged at  p.a. on purchases and a through-the-roof rate of p.a. for cash advances, which can be avoided with up to 62 days interest free on purchases (as long as you pay your monthly balance in full).

For purchases made with the GE Money GO MasterCard at the participating retailers (as listed above), there are two special deferred payment options. The first of these is the ‘Buy Now, Pay Later’ option. Let’s say you buy a plasma TV from Harvey Norman with 24 months interest free. You’ll get take it home that day and won’t have to make any payments until your interest free period of 24 months is over.

If you can save money during that time to pay off your TV in full before it 24 months is up then this is a smart option for you as you won’t end up paying any interest whatsoever, and you will have had your television the entire time that you were ‘saving’ for it. If this isn’t the case then it probably best to avoid it otherwise you’ll get stung by a very high interest rate as soon as the interest free period is over.

The other payment option available is the ‘Interest Free’ option. This alternative differs from the ‘Buy Now, Pay Later option as you have to make a minimum payment each month throughout your interest free period. This will be whichever is highest of  your monthly bill. As this is the ‘minimum’ amount required you will need to make larger payments in order to avoid paying interest charges at the end of your interest free period.

Despite there being no annual fee, there are a few other fees that should be taken into account. First is the one off set up fee and the other is the  monthly service fee. The monthly fee is only charged if your monthly bill includes cash advances (so does not apply to purchases alone).

There are also GO Rewards available, with 1.25 reward points earned for every dollar spent with your GO MasterCard at Domayne, Harvey Norman, or Joyce Mayne, and 1 point for every dollar spend at any other retailer. While this is an ok earn rate the redemption rate is pretty lame, with something as simple as a hammock (while it is pretty cool) requires 6,870 points in order to get it! That’s a spend of nearly $5,500! For a hammock!

This card is great if you need finance for your household items as it has a huge interest free period and no annual fee, however you will need to be very disciplined with your payments and other expenses. If you can manage it, get another cheaper credit card for other purchases and cash advances so then you can get 100% interest free on major household items while still getting a cheap rate on another card for other purchases.

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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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