Credit Cards - Low Rate
Credit Cards with a low interest rate are maximised if you; have outstanding monthly balances and/or you do not spend enough on the card annually to justify the annual fees associated with a reward program credit card. This figure as a guide is $10,000 spend annually
Credit Cards - Low Balance Transfer
Credit Cards with a balance transfer offer generally offer 0% on balances transferred over from another card. Special rate generally lasts for 6 months from date card is approved. Used correctly these credit cards can result in an interest saving.
Credit Cards with interest free days
Credit Cards with interest free days on purchases are fairly standard accross all card offering. Interest free preiods range from 44 -55 days and the start date ranges to purchase date to statement date.
Gold& Platinum Cards
Gold & Platinum credit cards are really for people who pay their monthly account balance off each month and who's spend is greater than around $8000 p.a. Perfect cards when used for convenience purposes instead of cash.
Reward Program Cards
Credit Cards that offer a Reward Program are really for people who pay their monthly account balance off each month and who's spend is greater than around $8000 p.a. Perfect credit cards when used for convenience purposes instead of cash.
Best Credit Card Offers
Finding the best credit card is more than just looking at the offer with the lowest interest rate. Before you decide to apply online for any card you should ask yourself a couple of questions;
- 1. How much do I expect to purchase on the credit card within the year
- 2. Will I pay my balance off each month or will I carry balance forward from month to month
If you dont intend to spend more than 10K per year and if you believe that you will carry balances forward each month you might be better off with a low interest card. The reason being that around every 10K you spend on a rewards card will generate around $100 worth of reward points.
The first 10K spend is required to cover the annual fees of the product. Reward Credit Cards also come with higher higher interest charges ( can be as much as 8%) so if you carry balance forward each month any reward benefits could well be soaked up with higher interest charges.
|