How to pick the best credit cards for you

How to pick the best credit cards for you

11 April 2009

Finding the right credit cards for your individual needs is crucial to maximise your credit card experience, but with so many options, it can be hard to know which is the best credit card.

Below are some of the better credit cards on offer for every category and to suit different consumer needs.
All details are correct at time of writing, but rates, fees and charges are all subject to change. Make sure you check all details with your chosen financial institution before making any financial commitments.

Best Low Interest Credit Cards

One of the more competitive areas of the credit card market, what with a majority of credit card holders preferring to use a low interest credit card. There are several factors to consider when comparing low interest credit cards such as annual fees and the different interest rates attached. So our pick for the best low interest credit card is...

Bankwest Lite MasterCard Credit Card
Interest Rate - 10.75%
Annual Fee - $59
Interest Free Days - 55

The Bankwest Lite MasterCard offers Bankwest customers with an excellent low interest credit card with this being the one of the lowest rate credit cards available at time of publication. What separates this card further from other low interest credit cards is that it offers an excellent low annual fee with 55 interest free days.

Best Low Annual Fee Credit Cards

Ideal for those who use credit cards for emergency use only are better suited to take on a low annual rate credit card as with minimal use, interest rates are no longer such a deciding factor. Therefore, a low annual fee, or even no annual fee, can save you more than even the lowest interest credit card.

Our pick for the best low annual fee credit card is...

Bankwest Zero MasterCard Credit Card
Interest Rate - 15.99%
Annual Fee - $0
Interest Free Days - 55

This credit card is ideal for people who use their credit card irregularly with no annual fee and a relatively low interest rate attached. With 55 days interest free, you should be able to avoid paying any interest at all if you use this card to its advantage.

Cash advances are charged at the lower rate of 15.99%. You can apply for both Bankwest cards online.

Best Rewards Credit Cards

Credit card rewards programs are wide and varied in the benefits and perks they can offer with options ranging from frequent flyer miles or points at your local Woolworths store. For our purposes, we wanted to look for credit cards providing outstanding value across a large range of rewards.

The key to choosing the best credit card based on reward programs is to still consider the main elements of credit cards otherwise you will only be wasting gains on expensive fees.

With this in mind, we've picked one choice for the best rewards program credit card. For more information on rewards credit cards, check out creditcardrewardprograms.com.au.

Westpac Altitude Rewards Program
Points Distribution
Altitude MasterCard or Visa - $1 Spent = 1 point
Altitude American Express - $1 Spent = 2 points
Minimum Spend to Earn a Reward*
$1700 (using Amex credit card)
Maximum Points*
Unlimited
Value of Cards - Good

*Not including bonus points/special offers. Points are calculated per annum unless otherwise stated.

The Westpac Altitude Rewards Program credit card rewards program has several benefits, especially in that multiple cards can be issued to maximise points-earning potential.

While the interest rate of 17.99% is higher than a low rate credit card, a credit card user who takes advantage of the 45 days interest free on purchases can pay off debt quickly while benefitting from the rewards program.

While the $100 annual fee is higher than some other rewards program cards, the rewards catalogue makes up for this with a choice of a large range of rewards.

Best Platinum Credit Cards

Gold and platinum credit cards are well known for the prestige benefits they offer ranging from travel insurance, purchase insurance or access to larger amounts of credit.

We've included our pick for the best platinum credit card here, and it beats many of the gold credit cards on the market for its value (rated according to its purpose).

Citibank Clear Platinum Credit Card
Interest Rate - 11.99%
Annual Fee - $85
Interest Free Days - 55

The Citibank Clear Platinum offers outstanding value with a low purchase interest rate, low annual fee and all the additional benefits including travel insurance, a personal concierge service and premium access options. Of additional benefit is the fact that the minimum income requirement is $50,000 making it far more accessible than many cards in this category.

Choose Wisely

We hope these picks for some of Australia's best credit cards help you to save money and uncover some great deals. At the end of the day, these choices represent our personal opinion and may not take into account details specific to your situation, so make certain you take any relevant details into account.

The best credit card will be the one that suits your needs, so choose wisely and take advantage of Australia's best credit cards. Learn to apply for credit cards here

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