Best Credit Cards - How To Evaluate Them And Know Which Is It

The Best Credit Cards and Their Features

First of all, when looking for the best credit cards in the market you need to decide on the type of credit card you need. This will save you a lot of time because you will be able to narrow down the selection only to the cards that meet your requirements. If for example you are looking for a balance transfer credit card you only need to analyse the features of that particular type of card. You won't need to look at a cashback card, a rewards schemes card or basic cards for shopping.

No matter what type of card you choose, there are certain features you need to compare to find the best credit card for your situation.

• Interest Rate - Obviously, the first thing you need to look at is the interest rate. The lower the interest rate, the more money you will save in the long term.
  

  Best Value For Money

  An excellent credit card offer from Citibank with a low interest rate on balance transfers and purchases. This card comes with a complementary rewards program and automatic travel insurance.

  • 11.99% p.a. on purchases
  • 0% p.a. for 12 months with 3% handling fee on balance transfers
  • $99 annual fee
  • 21.74% p.a. on cash advances

  
  View the Citibank Clear Platinum Card terms and conditions here.
• Costs and Fees - You also need to compare any fees, penalties and transaction costs, which will often mean reading the fine print. Even if a card has a lower rate, it might not be one of the best credit cards if the fees are astronomical.

Best No Annual Fee Credit Card*
Pay no annual fee ever with the HSBC Credit Card. A fantastic card for those who pay their balance on time, every time.
• 17.99% p.a. on purchases
• 0% p.a. for 8 months with 2% handling fee on balance transfers
• $0 annual fee
• 21.99% p.a. on cash advances

View the HSBC Credit Card terms and conditions here.
• Benefits - Don't forget to check the additional benefits. For example, if all other features are equal, but one card offers you free travel insurance and one doesn't, then, obviously, the former is a better choice. Other benefits can include purchase protection, which means you can replace items if they have been stolen, lost or damaged, as well a guaranteed secure online shopping to protect against identity theft and fraud.
• Minimum monthly payments - Always analyse the minimum monthly payments because the lower they are, the more flexibility you will have when paying your monthly bill. However, if you don't want to pay a fortune in interest charges it is usually a better idea to pay at least 5 to 10% over the minimum payment or you will never be able to eliminate credit card debt.
• Rewards - When looking for the best credit cards in terms of rewards, make sure that you get a card with a rewards programme that suits your needs. If you travel a lot, then a card which allows you to earn frequent flyer miles will probably be the best option. There are also cards that offer discounts on purchases and services as well as a number of free items you can redeem your points for.

Best Rewards Credit Card - Low Spender*
Earn 1 Qantas Frequent Flyer point for every $1 you would have otherwise spend with the Woolworths Qantas Credit Card. You can then reedem the points for flights to over 700 destinations!
• 19.99% p.a. on purchases
• 5.99% p.a. for 6 months on balance transfers
• $89 annual fee
• 20.99% p.a. on cash advances

View the Woolworths Qantas Credit Card terms and conditions here.

Best Rewards Credit Card - High Spender*
Get a complimentary membership to the Reward Ascent Program and start earning points right away with the American Express Gold Ascent. There is no points capping and your points do not expire - ever. Redeem these points with not 1, but 7 airline rewards partner programs.
• 0% p.a. for 6 months (reverts to 20.74%p.a.) on purchases
• $0 annual fee

View the American Express Gold Ascent Card terms and conditions here.

How to Find the Best Credit Cards

Finding the best credit cards takes time; you need to allow for some of it to research the market. Every credit card on the market offers a specific set of features and benefits and it can quickly become overwhelming to find the right card. A good start is by perusing a reliable credit card comparison site. Even if you aren't looking for a new credit card, it is an exercise worth doing since you never know if there is a better offer available until you check.

So, the first thing you should do is compile a list of all the credit card issuers in Australia so you know where to start looking. Here's a list to get you started:

• ANZ credit cards
• American Express credit cards
• Aussie credit card
• Bank of Queensland credit cards
• Bankwest credit cards
• Bendigo Bank
• BP Credit Card
• Citibank credit cards
• Commonwealth Bank credit cards
• Coles Group
• CUA credit cards
• GE Money
• HSBC credit cards
• Macquarie Bank
• National Australia Bank
• St.George credit cards
• Suncorp credit cards
• Virgin credit card
• Westpac credit cards

Then, you should create a spreadsheet with the cards from each company that fit your criteria, for example all the cards with rewards programmes. Once you have done that you can start adding all the conditions and features such as interest rates, fees and so on. This will give you a snapshot of all the cards, making it easier to find the best credit cards.

You can find all this information online, either on the company's website or via credit card comparison sites. In fact, the latter is probably the better option because they have already done most of the work for you and centralised all the information in one place, by categories.

The Best Credit Cards

As we've already established, finding the best credit cards is a matter of first establishing what you need and then doing the research. TO make things easier for you, though, here are a few of the best credit cards at the moment.

The Best Credit Cards: Balance Transfers

Currently, there are few financial institutions that still offer 0% balance transfers for 6 months due to the economy. However, one of the best is the Citibank Clear Platinum credit card that comes with a 11.99% purchase rate and 11.99% p.a. months. You can transfer other high interest loans to this card and get ahead in reducing your debt while saving money on interest costs.

Best Credit Cards: Low Interest Rates

The Banwkest Lite Mastercard currently offers the lowest interest rate on the market at 0% p.a. for 6 months (reverts to 10.99%p.a.) months. However, note that this is only an introductory rate. Despite this fact, even the standard rate is quite attractive. It also comes with a balance transfer rate of 4.99% p.a. for 9 months and has a reasonable annual fee. The credit limits are also quite generous with this card.

Remember that the key to finding the best credit cards is to first establish what type of card you need and then to compare the different features and conditions. Don't forego doing the research because the few hours you spend doing it are well worth the savings you will make in the long term.

* The credit card offers compared on this page are chosen from a range of credit cards AustralianCreditCards.com.au has access to track details from. 'Best and 'Top' are ratings which are subject to our consideration and is not rated against all Australian credit cards. Credit card categories have been created simply as a guideline and suggestion, we are not financial advisors. We recommend you take this information into account when comparing credit cards.