Credit Cards – Star Ratings
With Australians owning over 16 million credit cards (16,152,000 to be precise) as of August 2015 according to the Reserve Bank, it’s clear that we have become used to using credit for our everyday spending. Thankfully, in 2015 we’ve seen some ongoing low rate offers available and there are more balance transfer cards becoming available for those who need to repay a debt fast.
As if that wasn’t enough good news, the government has accepted the findings of the Financial Systems Inquiry and announced their intention lower some of the credit card surcharges we pay as consumers by legislating a ban on excessive surcharging.
This may mean change in the waters ahead for lovers of companion card schemes (where both an American Express and Visa or MasterCard are issued to a customer), with the RBA announcing its intention to regulate the interchange fees along regular MasterCard and Visa credit cards. But as always, we’ve found that bonus points are out there for the rewards lover willing to hunt them down.
No matter what card you’re looking for, we’ve made the search easier here at CANSTAR, by comparing cards on our website for five different spending patterns: Constant Credit, Occasional Spender, Everyday Spender, Big Spender, and Major Spender. After all, credit cards are not one-size-fits-all, and learning how to responsibly use the right card for your habits can be one of the most valuable lessons you’ll ever acquire.
In this Star Ratings Report we look at 177 credit cards from 60 providers. There are some fiercely competitive offers out there when it comes to credit cards! Even if you’re happy with the credit card you currently have, you should check what’s available to make sure you’re getting good value for your hard-earned cash.