Looking for a new credit card deal?
With all of the financial uncertainty caused by covid-19 still having an impact, many Australians are reviewing their financial products to make sure they’re getting the best possible deals.
If you’ve had the same credit card for a while, you might have got a bit too comfortable with it and not realised that there are lots of other, possibly cheaper products out there. Alternatively, you might be actively looking for a balance transfer card, or for a more basic, no–frills card to help you to manage your money.
Whatever your reason for looking at what the credit card market has to offer, you should always head straight to a reliable comparison site to have a look at your options. New products and offers come onto the market regularly and so it’s a good idea to “sweep” the scene once a month or so.
InfoChoice, in its infinite generosity, can often do the work for you by reviewing lots of credit card deals and picking out the very best ones. If you’re wondering what July has in store for you when it comes to good credit card deals, then read on to find out.
July’s popular rewards credit card
The Citi Rewards credit card is the card for all seasons. It offers borrowers one point per dollar spend on its rewards programme (up to $10,000 per statement period domestically and uncapped internationally), as well as insurance cover for purchases, automatic travel insurance and overseas ATM access.
If you’re looking for a balance transfer card then this product can offer you 26 months at zero per cent; this offer lasts until August 31. The BT fee is 1.5 per cent of the balance you’re moving and the revert rate is 22.24 per cent p.a. once the 26 months is up. The annual fee is waived for the first year and it’s $199 a year thereafter.
You’ll need to have a minimum annual income of $35,000 to apply for this card.
July’s popular no–frills credit card
You might be looking for a card that offers you a credit facility but doesn’t have the whistles and bells – or the relatively high interest rate – of many of the other cards on the market. You have access to credit when you need it, but you only need a very basic product with rates that you’re more comfortable with. The Heritage Visa Low Rate card fits the bill with its 10.80 per cent p.a. purchase rate and cash rate.
This is an attractive rate, but there’s no reward programme, no automatic travel insurance, no insurance cover for purchases and no overseas ATM access. There’s also no interest–free period on new purchases, so this card is ideal for new borrowers or for people looking to control their spending.
July’s popular low–rate credit card
While no–frills cards can be ideal for beginners or borrowers looking to rein in their credit balances, there are some low–rate cards that offer a few perks. The CUA Low Rate credit card offers an interest rate of 11.99 per cent p.a. on purchases, as well as an interest–free period of up to 55 days.
This card also offers people transferring a balance 13 months at zero per cent p.a. after which it reverts to a 21.74 per cent p.a. cash advance rate. There’s a $49 annual fee, although it’s waived for the first year and this card also offers overseas ATM access.
July’s popular balance transfer credit card
When you’re looking at a balance transfer card, the longer the zero–interest period is, the better. The Citi Rewards card does it again here, with its 26–month zero–interest period and relatively low BT fee of 1.5 per cent of the balance. Once the zero period ends, the card reverts to its cash advance rate of 22.24 per cent p.a. so it’s important that you pay down as much of the balance as you can before this happens.
Don’t forget, this BT offer lasts until August 31 and is for new Citi customers. You can only transfer up to a maximum of 80 per cent of your credit limit, too, so make sure this amount works well for you.
July’s popular platinum credit card
If you’re looking for a more premium card then one good option is the Bankwest Breeze Platinum MasterCard, which offers borrowers a fairly low rate of 12.99 per cent p.a. on purchases and 21.99 per cent p.a. on cash advances.
This card also offers an interest–free period of up to 55 days on new purchases and a 15–month introductory period of zero per cent interest. The Breeze card also works well as a balance transfer card, giving new holders moving an existing balance over to it nine months at 2.99 per cent p.a. with a BT fee of zero per cent. You can transfer up to 95 per cent of your credit limit onto this card.
There’s an annual fee of $99, but you’ll also get automatic travel insurance and purchase insurance, as well as overseas ATM access with no foreign transaction fees on overseas or online purchases.
As with any financial product, you should always compare and weigh up your credit card options before deciding which one to choose. It’s important to read the small print and to make sure that you understand what the different interest rates mean, as well as how any annual fees might impact your overall finances.