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Best Credit Card Deals for May

Credit Card	Purchase Rate	Balance Transfer	Interest Free	Reward Points	Card Fee
St George Vertigo MasterCard - Instant discounts and added extras with St.George Instant Benefits. Receive a complimentary additional card for your friends or family.
	10.99%p.a	0% p.a (for first 6 months)	Up to 55 days	St.George Instant Benefits	$45
Citibank Clear - At last a credit card that gives you a low interest rate of 0% on balance transfers for 6 monthsØ and a low ongoing interest rate. So take advantage of this low rate now
	11.99%p.a	0% p.a (for first 6 months)	Up to 55 days	N/A	$65
Aussie MasterCard - Be confident with your everyday credit card spend. With a low interest rate of 11.99% p.a.* on purchases (Excludes cash advances).
	11.99%p.a	0% p.a (for first 6 months)	Up to 55 days	N/A	$49
NAB Low Rate Visa Card - A low ongoing rate to let you live life at a great rate.
	12.79%p.a	0% p.a (for up to 6 months limited time only)	Up to 55 days	N/A	$49
St George Starts Low, Stays Low Credit Card - St.George Instant Benefits - providing instant discounts, added extras and special treats when you use your St.George card with a range of partners
	12.99%p.a	12.99% p.a	Up to 55 days	St.George Instant Benefits	$59
ANZ Low Rate MasterCard - 3 FREE cards at no extra cost.
	12.99%p.a	0% p.a (for first 6 months)	Up to 55 days	N/A	$58
Commonwealth Bank Low Rate Card -
	13.24%p.a	5.99% p.a (for first 5 months)	Up to 55 days	N/A	$48
ANZ Balance Credit Card - Get the new ANZ Balance Visa and choose how you would like to be rewarded - Cashback, Shopping Vouchers or Gift Cards. Earn Reward Points every time you make a repayment. Plus get 0% p.a. on balance transfers for the first 6 months.
	13.99%p.a	0% p.a (for first 6 months)	Up to 55 days	1 Reward Point for every $1 you repay to your balance	$79
St George Gold Low Rate Credit Card - Overseas travel, transit accident, purchase cover, extended warranty insurance.
	14.25%p.a	14.25% p.a	Up to 55 days	St.George Instant Benefits	$79
St George Platinum Visa - Personal Concierge Service, Overseas travel, transit accident, purchase cover, extended warranty insurance
	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 / January 19, 2007
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 / January 17, 2007
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.