«

»

May 18 2011

Credit Cards in Australia – 2011


Credit Cards in Australia

All the Australian Banks offer various options on Credit Cards, some with Low Interest, some with High Interest. Some with Interest Free days, others without.

I would consider looking at the following that I have details of, and I do suggest thoroughly comparing the credit cards, as benefits etc change over time.

Rewards programs also vary enormously, and just because one card offers more points than other, per dollar, does not mean they are better value, as they may also require more points to get the same reward.

I personally prefer rewards that are given as cash rebates to the credit card, and that way I also end up getting paid by the bank to use the card, rather than paying them an annual fee.

Some Australian Credit Card Examples

HSBC Credit Card – HSBC Credit Card

  • $0 annual fee for the life of the card.
  • $50 cashback when you spend $500 or more for each of the first 3 months of your HSBC Credit Card – but no other rewards program on this specific card.
  • Up to 55 days interest Free.

ANZ Bank – ANZ Rewards Credit cardRewards examples

  • An annual card fee of $48, which includes the reward card fee – Dec 2008
  • Interest rate 18.99% (at Dec 2008)
  • This card provides rewards points of 1 point for every $1.00 spent on the card.
  • 21,375 points provides $100 Cashback = Spend $21,375 for $100 cashback

ANZ Bank – ANZ Balance Visa

  • Annual Fee $79 – Dec 2008
  • Interest rate 12.99% (at Dec 2008)
  • Reward Points are: 1 point for every $1 spent
  • 22,000 points provides $100 Cashback = Spend $22,000 for $100 cashback

Citibank – BP Credit Card: The BP Citibank Credit card provides:

  • a 1% cashback at the end of the month (up to a $60,000 spend per year).
  • A discount of 5% off the cost of BP petrol.
  • Annual Fee $79 – Dec 2008

Bank of Queensland – No Interest-Free Days Visa Card

  • No Annual credit card fee – Dec 2008
  • Free Rewards Program http://boq.rewardscard.com.au
  • rewards points of 1.5 points for every $1.00 spent on the card
  • Redeem 27,500 Reward Points for a $100 Gift Card as at: Jan 1 2009

Temporary Resident getting a Credit Card

ANZ Credit Card Residency Requirements: (May 2009)

Permanent Australian resident – minimum annual income of $15,000

Non-permanent Australian resident – minimum annual income of $50,000

HSBC Credit Card Residency Requirements: (May 2009)

Permanent Australian resident – minimum annual income of $20,000

Non-permanent Australian resident – Not able to apply (according to the website)

Westpac Credit Card Residency Requirements: (May 2009)

Permanent Australian resident – minimum annual income of $15,000

Non-permanent Australian resident – Must use the Migrant Special Credit Card application – Westpac

Note:

  • ANZ Rewards Credit card
    • Spending $9,504 a year will provide you with at least 6,336 points which would be valued at $48 in cash. (Although you do need to reach 13,200 points before you can cash them in for a $100 credit on your credit card account).
    • Net result is that if you spend $9,504 per year, or more, your card becomes FREE, and you may even then get paid for using it, on any spending above that figure.
  • Virgin – Virgin Credit Cards
    • Ceased To operate April 2008
    • You’ll still be able to use your Virgin Credit Card as normal. Westpac will continue to manage the customer base and ensure there are no interruptions to the credit card service.
      If you wanted to apply for a new Virgin Credit Card, there are no new applications from April 3, 2008.






2 - 730

Win a Luxurious home in Australia with Hometown Prize Draws.

For Books with Free Delivery to Australia, look at: BookDepository UK and USA

2 comments

  1. Disappointed

    HSBC are appalling. Whatever you do, don’t get one of their credit cards. If you have the misfortune to forget to pay they call and call and then the charges are horrendous. I missed a $74 payment because of holidays ( yes I should have been better organised) and they charged a $30 late fee reminder ( the pleasure of being hounded and then the painful call with the 3 minutes of checking who you are and slowly getting to the point). I ended up hanging up after stating pleasantly that I would pay the full amount that day and because I hung up they cancelled the card. I have also been charged interest for last month and then everyday this month it is overdue. Disgusting. Go elsewhere!

    1. ABCDiamond

      Commonwealth bank and the ANZ charge $20 for late payment fees, but you have to watch out for their annual fees, which HSBC do not have.

      All credit cards will sting you for the Interest if an account isn’t paid on time, and that includes all the free days that are NOT interest free if it isn’t paid on time.

      An automatic payment is the best plan to avoid these problems, which do happen on just about all Credit Cards.

      My own HSBC credit card has never been a problem, but our ANZ one has. I am sure that other readers will have similar problems with their credit cards. We got hit with $139 in interest for being late by one day on one month. Fortunately we didn’t get hit with the late payment fee, as we set up an auto payment of 5% of our limit half way through each month, to safeguard just that.

      NAB recently reduced their late payment fee from $30 to only $5…. Worth looking at, although other banks will probably follow.

Leave a Reply to this Posting, but no links please.