Money Magazine awards Australia's cheapest credit card
Money Magazine recently held it's respected 'Best of the Best' awards for 2007.
A range of awards were given out for financial products including:
* Credit Cards
* Insurance
* Personal loans
* Home loans The award for the cheapest credit card went to the St.George Vertigo Card
Increased competition within Australian credit card industry
A few years ago the Australian credit card market was not very competitive as the big Australian banks dominated and were happily charging high annual fees and interest rates. Aussies were getting a bad deal compared to consumers in countries such as the UK and USA. Despite some resistance there has been a bit of shake up in the industry over the past few years. Several overseas companies such as AMEX and Citibank have increased their Australian offerings while new movers have entered the market such as Virgin Money & Aussie.
With the increasing number of players in the market credit card deals have become increasingly competitive which is benefiting Australian consumers.
The Money Magazine award for the cheapest credit card looked at factors such as:
* Annual card fee
* Balance transfer rates
* Ongoing interest rates
* Number of interest free days on purchases The St.George Vertigo Card offers one of the lowest ongoing interest rates on a credit card in Australia at just 8.99% p.a. They are also offering balance transfers at 0% p.a. for the first 6 months with an annual card fee of $45.
In our opinion this is an excellent card if your looking to consolidate credit card debt or generally carry some of credit card balance over from month to month. This is one of the best low interest credit cards on the market right now.
If you do pay your card off in full each month then interest rates are not an issue and you may be better off with a card offering some form of rewards scheme such as cashback or frequent flyer points.
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