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Beginner's Guide to Credit Cards

What is a credit card?

A credit card is a small plastic card issued by a bank or money lender which is used as a system of payment. It allows the holder to purchase goods or services without the physical handover of cash.

How does a credit card work?

Each purchase made on a credit card is effectively a mini-loan from the bank or lender, which needs to be repaid within a certain time frame as defined in the terms and conditions of the credit card. Basically, if someone was to purchase some jeans on their credit card, the bank covers the payment and transfers money to the retailer. The cardholder is then in debt to the bank and must repay that amount within a certain timeframe, or they will be charged additional interest and fees.

Balance Transfer Credit Cards

If you have existing debt on your current credit card, or spread across multiple credit cards, then a balance transfer deal on a new credit card can provide a simple means to reduce your immediate debt obligation. Switching to a balance transfer card means that you’re asking the new credit card provider to pay off your outstanding balance on your old card and thereby transferring your existing debt to them, usually at a much lower interest rate (often 0% for 6 months). Cutting your interest payments to 0% can represent a substantial saving as most standard credit cards charge interest of around 20% p.a. It is important to keep in mind that this balance transfer period does not erase your debt, but it does give you a chance to get ahead in your repayments. Also keep in mind that once that balance transfer offer period is over the interest rate will return to the default amount. Start Comparing Balance Transfer Credit Cards

Low Interest Rate Credit Cards

A low interest rate is simply defined as rate which is considerably lower than the standard interest rates offered on many credit cards. This may be either a low ongoing rate for the life of the card or a low introductory interest rate which will revert back to the standard rate of interest after a set period of time, or a combination of the two. A low interest credit card might be appealing to those who don’t manage to pay off their credit card balance in full every month or who regularly make large purchases with their credit card. High interest rates can quickly increase your debt and can cripple you with large monthly payments, therefore a lower rate of interest can save a substantial amount of money in interest costs. Start Comparing Low Interest Credit Cards

Low Annual Fee Credit Cards

There’s nothing too complicated about a low fee card – it is exactly that, a credit card with little or in some cases, no ongoing annual fees. If you won’t be spending regularly or excessively on your credit card, a low fee credit card might be helpful in providing the convenience of a credit card with a low annual fee. Low fee credit cards can also have higher rates for cash advances or include other fees you might not have anticipated upfront such as late payment fees. As with any credit product, be sure to read all the small print carefully. Low fee credit cards with tend not to have the rewards or perks associated with many other credit cards. Start Comparing Low Annual Fee Credit Cards

Frequent Flyer Credit Cards

The Qantas Frequent Flyer program allows you to earn points for purchases made using your Qantas Frequent Flyer credit card. This can include purchasing flights with Qantas or a partner airline, or shopping with a wide range of over 400 program partners. Points can then be exchanged for flights, seat upgrades, or used to make purchases from the online store. Depending on your achieved membership level the Qantas Frequent Flyer program offers benefits such as priority check-in, extra baggage allowance, preferred seating, and access to the Qantas Club Lounge. Other airlines using similar programs include Singapore Airlines KrisFlyer, Emirates Skywards, and Virgin Australia Velocity Rewards.  Start Comparing Frequent Flyer Credit Cards

Rewards Credit Cards

A rewards credit card is one which offers reward points when you make purchases using the credit card. These cards will have a point per dollar rate where with each dollar spent, the customer can earn rewards points. The rewards points can then be redeemed with the respective rewards program for each institution. In Australia the major credit card rewards programs include Qantas Frequent Flyer, Singapore Airlines KrisFlyer, Emirates Skywards, American Express Membership Rewards, Westpac Altitude Rewards, and the Virgin Money Velocity program. With any rewards credit card you will gain maximum benefits if you use your card regularly. The more you spend the more points you earn. The flip side to this is that typically, these cards are not good cards to accrue any debt as they feature higher rates of interest and annual fees than many other credit cards. Accordingly, it is wise not to choose a rewards credit card if you suspect that you may not be able to pay the outstanding balance in full each month. The interest and annual fees you will end up paying on your debt will outweigh the benefits gained through rewards. Start Comparing Rewards Credit Cards

Gold Credit Cards

Gold credit cards are often viewed as a symbol of prestige and are deemed a step up from a basic credit card. However, a gold credit card is much more than just a status symbol as they also come with a range of benefits and rewards. These benefits may include lower interest rates, travel insurance, purchase protection insurance, access to airport lounges, gym & spa memberships, bonus or discount offers, and specialised customer service. The variety of benefits attached to these cards differs enormously and therefore it is important to compare gold credit cards carefully to ensure you are receiving the best deal. Start Comparing Gold Credit Cards

Platinum Credit Cards

Platinum credit cards may be viewed as a symbol of prestige and status as they are generally only offered to higher level income earners and those with healthy credit ratings. However, a platinum credit card is much more than just a status symbol as they also come with a range of benefits and rewards. Generally, a platinum credit card will attract a greater rewards system than a gold credit card, and far better than standard credit cards. The variety of benefits attached to these cards differs enormously, as do the annual fees, and therefore it is important to compare platinum credit cards carefully to ensure you are receiving the best deal. Start Comparing Platinum Credit Cards

Credit Card Deals & Special Offers

 In order to make it easy to find the best credit card deal for your needs we have compiled all the special offers in to our Current Credit Card Deals page. Each month we search through all the current offers and highlight the best of the best. Whether you want a low fee, low interest, balance transfer, or Frequent Flyer rewards credit card - you can compare credit card deals here to find the best credit card to suit your needs.

Our popular lists are completely impartial and are based on user activity on the site over the last 7 days.  

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