What to look for in a credit card

Are you shopping for a new credit card? Do you know what you want? Knowing what you want in a credit card is the first step to finding the right credit card for your needs.

There are hundreds of credit cards on the Australian market. You need to narrow your search and focus on the features you want in order to find the credit card that’s right for you.

More than one recent Australian survey has found that Aussies are looking for the following features in a credit card:

1) Low fees: Most Australians say they want a credit card with no annual fee, or a very low annual fee. This is the number one feature in a good credit card, according to the majority of Aussies. To compare low fee credit cards, open the full Infochoice credit card comparison table. To compare annual fees, click on the “Annual Fee” column header to sort cards by their annual fee.

To research the other fees associated with a credit card, click on the “Other fees” tab near the top left of the Infochoice credit card comparison table.

2) A zero rate balance transfer deal: Zero rate balance transfer credit cards are great for repaying a ballooning credit card or other consumer debt. Balance transfer credit cards are now enormously popular in Australia and are key battleground in the credit card market. There are more than 100 credit cards now offering a low or zero rate on balance transfers for up to 2 years.

To compare balance transfer deals from all the significant Australian banks and credit unions, open the Infochoice Balance Transfer Credit Cards comparison table.

3) Low credit card purchase interest rate: A low interest rate is the third most popular feature on a credit card, as rated by Aussies. There are 162 credit cards now offering a low purchase rate, so you don’t need to be paying 20 per cent or more for credit card purchases. To compare 162 low rate credit cards from all of Australia’s significant banks and credit unions, open the Infochoice Low Rate Credit Card Comparison tables.

4) Rewards: Would you like a credit card that gives you points for free flights, cash back or other rewards? There are 70 rewards credit cards now competing for your business. Rewards cards are best for people who use their credit cards often for spending but always pay off the debt monthly. To compare rewards credit cards, open the Infochoice Cashback & Rewards Credit Card comparison table.

5) Gold or Platinum credit cards: Perhaps you appreciate the extra benefits and status that comes with a gold or platinum level credit card. Free insurances, concierge service plus rewards points are what people look for in a gold or platinum level card. There are 69 platinum or gold credit cards to choose from in Australia. To compare them all, open the Infochoice Platinum & Gold Credit Cards comparison table.

You can research, compare, browse and select from hundreds of Australian credit cards at Infochoice. Our full credit card comparison table is here.

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