Which banks offer good credit card deals?
Banks are often the providers of some of the best credit card deals available on the market, but rarely does one offer the best in every area. Most banks will choose to focus on providing the best deal for a particular sector of the credit cards market, and you will need to know where you fall in that spread if you are to make the most with credit cards from banks. Generally people are one of three categories: the debt controller, the recovering debtor, or the reward spender.
You are a debt controller if you build up debt on your credit card and focus on reducing how much debt accrues rather than avoiding it. This isn't a financially healthy method of credit card use, but there are banks which provide options that are optimal for this kind of use. St George offers some credit cards with exceptionally low interest rates, such as the St George Vertigo MasterCard. An interest rate of just 10.99% p.a. on purchases and 55 interest free days can certainly help to keep your credit card debt low.
A recovering debtor is someone who has built up a large credit card debt and now feels the need to recover. If that sounds like your situation, then you'll want a credit card with a low interest or interest free balance transfer period. Many banks offer these with their credit cards, but ANZ provide a good deal in this kind of credit card with their ANZ Low Rate MasterCard. With 0% p.a. interest charged on transferred balances for the first six months you can work hard at getting your debt back down to zero. Other banks offer similar deals, but the ANZ Low Rate MasterCard can provide this value for just $58 in annual fees.
If you are a reward spender, then you always avoid interest by repaying your balances in full within the interest free period and you never use cash advances. Banks like to tempt your type with reward programs, but if you just stick to normal spending with your credit card and repay on time, you can easily make more in rewards than you are charged in annual fees. Yet again, ANZ can provide exceptional value as they have an extensive range of reward programs to suit many different needs. The ANZ Balance Visa, for instance, suits the person who prefers rewards in a monetary form or the choice provided by gift vouchers rather than reward catalogues. Most banks provide one or two reward programs, but ANZ can cater to the tastes of almost every reward spender.
Please visit our dedicated credit cards page to compare cards and learn more about what's on offer from the banks.
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