Best Credit Card to have?

[LeadFoot81]

Hi everyone, as the title suggests I'm after people's experiences with credit cards, and opinions on which credit card is best (least worst) to have.

We have an ANZ Visa credit card atm and the interest rate is 18.74% on purchases and cash advances, up to 44 days interest free on purchases and an annual charge of $26.

I was looking at a HSBC low rate credit card and the interest rate is 12.99% on purchases and 18.75% on cash advances, up to 55 days interest free on purchases and an annual charge of $39.

I'd transfer the existing balance off the ANZ card if I switched, does anyone have any experience with balance transfers?

Any thoughts/comments greatly appreciated!

Cheers, Rob.

[Polyal]

None? Why do you need credit?

A debit credit card does everything you need, and then you dont owe anyone.

[davocol]

Aussie Master Card has always been good for me, however they dont do 0 balance transfer from anz cards. Either that or bankwest, both have very low interest rates.

[LeadFoot81]

Originally Posted by Polyal

None? Why do you need credit?

A debit credit card does everything you need, and then you dont owe anyone.

Being self employed its handy having a credit card as my income doesnt come in everyweek like a paycheck, at the moment though we're mainly looking at another card we can do a balance transfer onto at a good rate, and once thats done and dusted enjoy a lower rate than the ANZ card.

[Yellow_Festiva]

If you intend to owe the bank money, than go for the lowest % possible.

Bankwest have a card at 9.89% But seeing as rates have just risen, it may go up to 9.99 or even 10.12 etc.

www.ratecity.com.au

But, if you are just using the card to replace cash, than bugger the rate, just get the one with the lowest yearly fee or best rewards.

If your smart, you can beat the banks at their own game! Use their money to buy stuff (but NEVER to withdraw cash), earn points etc, then when the bill comes, pay it off in full (Auto direct debit is best) then, use the rewards to pay off the yearly fee, and every now and again you will get some goodies in the mail like vouchers and other things of value that you havn't physically 'paid' for...

[SVR73]

Best bet is what I have
Visa blue

Unless you have money in your account, you can't buy anything
No interest or other charges

[Pinch]

Amex is probably best simply to replace cash and not carry a balance (interest rates too high) as the rewards are pretty good. Many small places don't take it, but the big chain stores and servo's take it which is the bulk of your spending and accrues points quick. Just have to check around local servo's to find one that doesn't charge an amex surcharge. Not all do, and I reward the ones that don't with my business.

I combine that with a Bankwest Lite Mastercard for those 'non amex' places when I don't have cash (ie booking accom on the net that don't take amex) or if something pops up and I need to carry a balance over. Bankwest seems to have pretty good customer service and is one of the lowest ongoing rates around. Not for cash advances though, they are exy though Bankwest.

[GT0132]

Check out these websites

http://www.creditcardoffers.com.au/

http://creditcardcity.com.au/

[Tha Jack]

We went to a Wizard Credit card. No interest on transferred balance. Best thing I ever did! Wife loves her visa!

[ea_monty]

None i have never needed one and never will

[Nostalgia]

Commonwealth Yellow. We transfered everything over to it and have'nt looked back since.

[XR6TCraig]

I have a virgin credit card which I reckon is good value.

Annual fee $0!!

Current interest rate 12.99% which is not an issue as I pay the balance at the end of the month anyway.

55 days interest free

They also have a 0% interest rate on any debt transferred from another card at the moment.

Providing you pay the whole balance at the end of each month this card costs nothing.

I would be wary of cards that offer lots of rewards. Nothing is free in this world,so someone has to pay for them. Guess who?

[Nostalgia]

Originally Posted by Craiginmackay

I have a virgin credit card which I reckon is good value. For how I use it this card costs me nothing.

Annual fee $0!!

Current interest rate 12.99% which is not an issue as I pay the balance at the end of the month anyway.

55 days interest free

They also have a 0% interest rate on any debt transferred from another card at the moment.

My card was a virgin too until the wife ****** it LOL

[AusM]

Another good comparison site:
http://infochoice.com.au/Home/Bankin...7/Default.aspx

Balance transfers are very easy to do, you just provide bank2 the amount you owe bank1 and usually a couple of weeks after being approved it gets paid out. It's up to you then to close that account if you want to... If you want to get ahead, it might be wise to close the old account so that you're not tempted to spend up on it again!

Another option is to contact your existing bank and tell them you don't want to pay the annual fee and want a better rate... see what you get offered!

Jas.

[LeadFoot81]

Thanks for all the *helpful* replies guys
I know credit cards should be avoided at all costs, but they do come in handy at times, it's jut best to keep the swipey swipey down to a minimum!
We never shopped around for the 'best' card, just went the one our bank offered, I'll look at all the rates and pick the best one for us.

Cheers, Rob.

[T3ts50]

Originally Posted by The_Fantastic_Ford

Being self employed its handy having a credit card as my income doesnt come in everyweek like a paycheck, at the moment though we're mainly looking at another card we can do a balance transfer onto at a good rate, and once thats done and dusted enjoy a lower rate than the ANZ card.

Have you had a look at having a Business Overdraft? Alot of self employed people use them. If you have enough equity in your Home you can get a pretty good interest rate on one compared to most credit cards. They work very similar to a credit card.

[XR6TCraig]

Originally Posted by The_Fantastic_Ford

I know credit cards should be avoided at all costs, but they do come in handy at times, it's jut best to keep the swipey swipey down to a minimum!

Not neccesarily. If you can be a little bit disciplined I reckon a card is not a bad way to go. Carrying around large amounts of cash is more risky I reckon.

Not for everyone, but the wife and I buy all of our normal expense type things ( power bill, fuel,groceries, etc) using a credit card rather than carrying large amounts of cash.

Then at the end of the month we just pay off the balance.

[Laminge]

Why avoid them if they can be used to your advantage.

Small limit, or that of you wage, use the reward points, convert them to cash or use them to donate to charity.

Make sure you work the card to your advantage and don't let it bend you over and use you like a eftpos machine

[Geez Louise]

The Choice website is great!

http://www.choice.com.au/viewArticle...it+card+tricks

[Smoke Pursuit]

Originally Posted by Polyal

None? Why do you need credit?

A debit credit card does everything you need, and then you dont owe anyone.

: You really me with some of the crap you come up with.

I have $30,000 worth of credit cards that we owe nothing on, they are handy to have when doing things like booking holidays and rental cars.. Why question someones choice to have something??

As for credit cards I really don't know, I couldnt tell you the interest on the 2 I have because I dont use them that much and when I do they are paid at the end of the month!

[BA_Turbs]

All the "Never had one never will" replies:

Well done.

Is that what you wanted to hear?

Some people need a credit card (ie- as stated, self employed) and can use them to their benefit. Answer the orignal post, not go fishing for praise.

[blueoval]

We have a virgin card and we havent had any issues. Its been the best move since we had the commonwealth one.

[Geez Louise]

Originally Posted by LSTerritoryGhia

: You really me with some of the crap you come up with.

I have $30,000 worth of credit cards that we owe nothing on, they are handy to have when doing things like booking holidays and rental cars.. Why question someones choice to have something??

As for credit cards I really don't know, I couldnt tell you the interest on the 2 I have because I dont use them that much and when I do they are paid at the end of the month!

Hey! Cut it out!!! 30K on credit cards...lets hope you never need it!! You must have a great job if your limit is 30k...well I have a platinum card...does that make me any better? No!! My credit interest is 14.5%. Let's hope I never have to use it!!

[AnthonyQLD]

Have a look at St george

[Geez Louise]

St George Rock!!! They have all my business and I recommend them to everyone! Best bank EVER!!!

[Smoke Pursuit]

Originally Posted by Geez Louise

Hey! Cut it out!!! 30K on credit cards...lets hope you never need it!! You must have a great job if your limit is 30k...well I have a platinum card...does that make me any better? No!! My credit interest is 14.5%. Let's hope I never have to use it!!

Im just saying people can have credit cards without having to use them.. For some of us they are just there coz we have a mortgage etc and got them without asking for them.

As for people not having them or needing them, i think that is truely arrogant as some people DO need them to live whether it be because they are self employed, or money is tough for them..

[LeadFoot81]

Ok everybody be cool lol

I'm assuming when you transfer some or all of your balance to another bank, they just pay out the balance on your current card (and there are no charges from you existing card provider) some banks Ive looked at charge 1% or thereabouts of the total of the transferred balance as a fee. It doesnt look like HSBC charge anything, but Ill have to give them a call.

[sgt_doofey]

We use Savings and Loans. We have a Women's and Children's credit card. 62 days interest free, not annual or account keeping fees. Don't know about the interest rate and don't really care as we always pay it off before the 62 days are up.
The also make a donation to the Women's and Children's hospital here in Adelaide. I believe it is something like 0.01% of every purchase goes to the hospital?

[mongoloid]

I used to hate credit cards till i got one. So long as you are disciplined they should cause you no trouble. Makes life so much easier re: paypal, rental cars, accomodation, online bill paying etc

[GlennBA]

I just got a Bank of Queensland low interest credit card. 45 days interest free, $49/yr fee and 11.89% interest iirc. I got it to pay bills on time, its only got a small limit.