Credit Card Deals for July

Credit Card	Purchase Rate	Balance Transfer	Interest Free	Reward Points	Card Fee
ANZ Low Rate MasterCard
	4.9% p.a (for first 12 months)	% p.a N/A	Up to 55 days	N/A	$58
Aussie MasterCard
	9.99% p.a (for first 12 months)	4.99% p.a (for first 12 months)	Up to 55 days	N/A	$49
Bankwest Lite MasterCard
	9.99% p.a	4.99% p.a (for first 15 months)	Up to 55 days	RewardMe Points	$59
St George Vertigo MasterCard
	10.99% p.a	0% p.a (for first 6 months)	Up to 55 days	St.George Instant Benefits	$55
BankSA Vertigo MasterCard
	10.99% p.a	0% p.a (for first 6 months)	Up to 55 days	BankSA Instant Benefits	$55
Citibank Clear Platinum Credit Card
	10.99% p.a	0% p.a (for first 6 months)	Up to 55 days	Citibank World Privileges	$85
Citibank Clear
	12.49% p.a	2.9% p.a (for first 6 months)	Up to 55 days	N/A	$65
ANZ Balance Credit Card
	12.74% p.a	0% p.a (for the first 6 months)	Up to 55 days	1 Reward Point for every $1 you repay to your balance	$79
St George Platinum Visa
	14.25% p.a	3.99% p.a (for the first 6 months)	Up to 55 days	Exclusive Platinum card programs offered by Visa and MasterCard	$89
BankSA Platinum Visa
	14.25% p.a	3.99% p.a (for the first 6 months)	Up to 55 days	Exclusive Platinum card programs offered by Visa and MasterCard	$89

 

Watch low credit card transfers

Article from: AAP
CONSUMERS are being warned to read the fine print before signing on the dotted line for low interest credit card balance transfers. Credit card debt hit more than $38 billion in November last year, a record high that is likely to jump even further once the Christmas spend enters the next figures. And with higher interest rates as a result of three rate hikes in 2006, consumers will likely find themselves attracted to low interest rate balance transfer offers.

"In a cluttered finance market, honeymoon rates and other gimmicks to attract new business are common practice,'' Members Equity Bank executive manager of workplace business Tony Beck said. He said consumers needed to fully understand their credit card debt before transferring the balance to a new provider.

This is because while an interest free balance transfer can reduce repayments if used correctly, it can also bring unexpected charges for those who do not read the fine print. Financial analyst Garfield Wright from Cannex, a financial services research group, said there were more than 50 cards on the market that offered balance transfer rates of under 4 per cent.

But he warned that some may have a revert rate - the interest rate charged once the honeymoon period has expired - higher than the original card's interest rate. Another detail to look out for was the interest rate charged on new purchases.

The Australian Securities and Investments Commission (ASIC) said that in many cases the special introductory rate applied to the balance transfer and not new purchases. "So any new purchases or cash advances could be charged at the standard interest rate, even if you bought them during the interest-free period,'' ASIC said on its website.

ASIC said consumers should also make sure that the credit limit on the new card was more than the balance transfer amount to prevent being left with interest accruing on two cards. "The credit card issuer may approve a credit limit that's lower than your balance transfer amount,'' it said. "In this case, you could end up with a new credit card without your balance being fully transferred.''

ASIC said consumers who needed to borrow larger sums of money should shop around. A personal loan may be more suitable for some consumers rather than a balance transfer or cash advance, with interest rates on personal loans generally lower than on credit cards.

 

Credit card fees ignored

Article from: AAP
CONSUMERS need to boost their awareness of fees and interest rate charges on their credit cards, according to global bank Citibank.

Almost half of all respondents (48 per cent) to a recent survey were ignorant of the interest rate on their credit card, according to the research by banking group Citibank.

And almost one-third (31 per cent) were unsure how many interest free days they were entitled to after making a purchase.

Citibank's card marketing chief, Madeline O'Connor, said it was important consumers took care.

"We want to encourage people to know the basics on their credit card, after all it's something that is used regularly by many of us," Ms O'Connor said.

The research also found almost one quarter of respondents (23 per cent) were unsure if the interest rate that applied to credit card purchases also applied to cash advances.

A majority also thought women were more likely than men to make impulse credit card purchases, but the items they bought were more practical.

Citibank surveyed 972 people for the study, nationwide.