You can find a low rate credit card
Credit card users are paying up to 23.49 per cent in interest on their purchases and up to $700 in annual fees. Credit card debt and interest costs are often cited by people facing bankruptcy or personal insolvency as a reason for their financial troubles.
While credit cards are a convenient way to shop and a great emergency fund to have in the wallet, mismanaging a credit card can lead to financial problems. Credit card users need to find a card that suits their way of spending and their budget. Holding a debt on a high interest credit card is a sure way to run up big interest bills that must be repaid.
There are 47 credit cards now on offer in Australia that charge 20 per cent or more in purchase interest rates. There are 44 credit cards in Australia that charge more than $100 in annual fees. Some of these credit cards are among the most popular products from the some of the biggest credit card issuers in Australia, including the big four banks.
However that is not the whole story ….
There are plenty of good, cheap credit cards in Australia
Did you know that there are 31 Australian credit cards with purchase interest rates under 12 per cent? That includes nine low rate credit cards that are currently charging purchase interest rates under 10 per cent!
For example the Coles Low Rate MasterCard credit card has a purchase interest rate of 9.99 per cent and up to 62 interest free days with an annual fee of $49.
The Bankwest Breeze MasterCard credit card has a purchase rate of 8.99 per cent, up to 55 days interest free and an annual fee of $89.
The Community First Low Rate Visa Credit Card has a purchase rate of 8.99 per cent, up to 55 days interest free and an annual fee of $40.
Credit cards with no annual fee
Do you hate paying fees to banks for using a card? Do you pay off your purchases within the interest free days provided? Maybe the interest rate is less important to you than a low or zero dollar annual fee.
InfoChoice currently lists 28 credit cards with a $0 annual fee. For example, the St George Bank No Annual Fee Visa credit card has no annual fee, up to 55 days interest free and a purchase interest rate of 20.49 per cent.
The Commonwealth Bank Student Credit Card has no annual fee, up to 55 days interest free and a purchase rate of 19.74 per cent.
Heritage Bank’s Visa Gold Low Rate credit card has no annual fee, no interest free days and a purchase interest rate of 11.80 per cent.
You can compare all of the 161 low rate credit cards now listed on InfoChoice here.
You can research and compare every credit card from all the significant banks, credit unions and other credit card issuers in Australia here.