How to Find the Cheapest Credit Card
Learning to find the cheapest credit card isn’t always about seeking out the lowest interest rate you can find. For some customers, low rate cards could actually cost them more money instead of less.
The key to finding the cheapest credit card to suit you is more about knowing what type of credit card customer you are and understanding more about your own spending patterns.
Featured Cheap Credit Card
Find out why the Bankwest Zero Platinum Mastercard won Best Transactor Credit Card for 2010. No annual fee means this is a cheap credit card, and an amazing balance transfer offer means you can try it out for yourself.
- $0 annual fee
- 0% p.a. for 6 months (reverts to 17.99% p.a.) on purchases
- 4.99% p.a. for 9 months on balance transfers
- Cash Advance Rate of 18.99% p.a.
- 55 days interest free
- Minimum Income Requirement of $15,000 p.a.
Read the Bankwest Zero Platinum MasterCard terms and conditions.
Weeding Out the Cheapest Credit Card by Customer Type
Not all credit card customers are the same, just as no two people will have exactly the same financial means or needs. When you’re searching for the cheapest credit card to suit your own personal finance situation, think carefully about how you’ll be using your card.
Emergency Only If you’re the type of customer who only ever uses a credit card for emergencies only and then repays the balance as quickly as possible, looking for a low rate won’t always be the right solution for you. Instead, aim at a card with a very low or no annual fee that offers you interest free days on the items you purchase.
Regular User If you use your credit card very regularly to pay for all your purchases, bills and daily spending, and you regularly repay your balance in full, then the cheapest credit card for you might not have to do with interest rates. You might benefit from looking for a credit card that offers good opportunities to earn reward points. If you continue to repay the monthly balance before the statement due date each month, you can also benefit from a card offering interest free days on your purchases. The interest rate no longer matters, as you won’t pay interest if you continue to repay the balance regularly.
Carrying a Debt Balance If you’re the type of customer who sometimes struggles to repay your outstanding credit card balance each month, then you’ll need to search for a credit card offering the lowest interest rates you can find. This could include looking for balance transfer options to reduce the interest you pay on existing debt and then searching for a low purchase rate to cut down how much you pay in interest on new purchases.
