Almost one million Australians ditched their credit card in the 12 months to September, the Reserve Bank reported this week. 594, 289 credit card accounts were closed during September alone. “The Australian credit card market is under intense pressure from transaction bank accounts with great Mastercard and Visa debit cards, Apple Pay, Google Pay as well as Buy Now, Pay Later schemes,” said Jason Bryce, researcher and journalist at financial comparison website InfoChoice.com.au. “Credit cards have been a great money spinner for banks for many years and now they are hitting back with some amazing deals to entice customers.” Credit meltdown Thousands of Australians are turning their backs on the big banks and cutting up their credit cards. But in the lead up to Christmas, the banks are pulling out all stops – trying to win back customers who have found new ways to pay.www.7NEWS.com.au#7NEWS Posted by 7NEWS Melbourne on Thursday, 14 November 2019 “Credit cards have been a great money spinner for banks for many years and now they are hitting back.” Market-leading incredible credit card promotions in November Right now, there are credit cards offering 100,000 QFF or other rewards scheme points, free global WiFi access, no international transaction fees, cash back on purchases, price drop guarantees, free insurances and up to three years of no interest on balances transferred. The Emirates Citi World Mastercard is one card that is leading the way with incredible offers and promotions right now, including a free chauffeur-driven return trip from your home to the airport. This card also has a range of other offers now running, including free wine through Citi’s Dining program and free insurances. But the most eye-popping promotions now on offer in the credit card market are the 0% interest rates on purchases from a growing number of cards. You may have heard of 0% balance transfer deals, but a 0% purchase rate is relatively new in the Australian credit card market. “Commonwealth Bank, Suncorp and Virgin are all promoting offers of no interest on credit card purchases,” said Jason Bryce. “These deals demonstrate how competitive the market is right now. “By comparing cards, you can find products with amazing deals as the banks and other card issuers fight for market share.” Three credit cards that charge zero per cent on purchases Suncorp’s Clear Options Platinum Visa credit card is promoting a special offer of 14 months interest-free on purchases and 14 months interest-free on balances transferred. The Suncorp Clear Options Visa card has a purchase rate (after the promotion ends) of 20.74 per cent pa, a cash advance rate of 21.99 per cent pa and up to 55 days interest-free. The Suncorp Clear Options Visa card has a discounted annual fee in the first year of $49, reverting to $129 in the second year. Virgin Money’s Velocity Flyer Visa lets cardholders choose from three major promotional offers – a 70,000 Velocity points offer, a 22-month zero interest balance transfer deal or a 14-month zero interest on purchases deal. The 14-month interest-free on purchases deal comes with a discounted annual fee in the first year. The Virgin Velocity Flyer Visa credit card has a purchase rate of 20.74 per cent pa, a cash advance rate of 20.99 per cent pa with up to 44 days interest-free. New card holders who select the 14-month interest-free on purchases also can get 6 months of no interest on balances transferred (conditions apply). The biggest bank, the Commonwealth Bank, is currently promoting a 15-month zero purchase rate on its Low Rate Gold Mastercard credit card. The Commonwealth Bank Low Rate Gold Mastercard credit card has a purchase rate, after the promotion ends, of 13.24 per cent pa, a cash advance rate of 21.24 per cent pa, up to 55 days interest-free and an annual fee of $89. This card also offers a balance transfer rate of 5.99 per cent pa for the first 5 months. These cards are just a small selection of the many great credit card offers now in the market. There is no reason why you need to be using a card that you are not happy with or doesn’t deliver the benefits that you want. Compare credit cards today at InfoChoice. The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible. The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.