Who has the best low rate credit card of all the major Australian banks? Why don’t we compare the 4 major banks by rates and features on their main low rate credit card options?

So let’s get this straight, Australians major 4 banks have a similar purchase rate on each of their low interest credit cards as of writing this article. Could this be right? In a system of market competition they all have the same rates. There are other banks that offer even lower rates but this comparison is only for Australia’s major 4 banks so let’s keep going.

The cash rate, for when you draw money in the form of cash on credit. Never a good idea to draw a cash advance rate because of the higher interest rate this incurs and none of these credit cards offer too much relief in this area. All the banks showed big cash interest rates in the high 21% but Westpac had a little less at the lowest purchase rate of 21.24%, 25 basis points off the other three banks CAB, NAB and ANZ at 21.49%. So cash advances are not the best use of these credit cards.

Westpac have the lowest annual credit card fee at $45 with CBA having the highest at $79($48 if you qualify). NAB the next best annual fee at $49, only $4 more that Westpac’s yearly fee and ANZ at a seemingly close $58. So credit card annual fees vary between the banks being compared but not by too much.

ANZ has the best balance transfer at 0% interest over 6 months. All the other cards have a higher balance transfer rate between 3.99% to 5.99%. If you were choosing to transfer your credit card balance then ANZ might be the way to go.

All the compared credit cards have the same 55 day interest free terms on purchases.

If you were only considering these cards then you would not be doing your credit card research properly, there are other credit cards that can save you money in the low interest area. You just need to consider other lenders to find a better deal.

Bank West for instance, that have a genuinely competitive interest rate on it low rate credit card but if you haven’t heard of them or are not near a bank branch you might never getting choose. With the internet, online applications can have a great impact on your ability to apply for a different credit card easily. You can apply for most credit cards online these days so you should look to more credit card lenders to find better deals.

Australian credit cards are governed under Australian laws which regulate credit card use and lending practices to protect consumers. Credit cards have become important payment method and Australia has a few regulating body’s that include credit cards in there agenda.

• Australian Prudential Regulation Authority (APRA)
  http://www.apra.gov.au
• Australian Securities & Investments Commission(ASIC)
  http://www.asic.gov.au
• Australian Competition and Consumer Commission (ACCC)
  http://www.accc.gov.au
• The Reserve Bank of Australia (RBA)

  http://www.rba.gov.au

The Australian Prudential Regulation Authority (APRA) oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.

ASIC is Australia’s corporate, markets and financial services regulator.
ASIC contributes to Australia’s economic reputation and well being by ensuring that Australia’s financial markets are fair and transparent, supported by confident and informed investors and consumers.

ASIC is an independent Commonwealth Government body set up under and administer the Australian Securities and Investments Commission Act (ASIC Act), and we carry out most of our work under the Corporations Act.

The Australian Competition and Consumer Commission (ACCC) is an independent body which promotes competition and regulates Australian credit card lenders. The ACCC’s primary responsibility is to ensure that individuals and businesses comply with the Commonwealth’s competition, fair trading and consumer protection laws through the Trade Practices Act. The ACCC educates the Australian public on many matters including credit cards. The ACCC can help in dispute resolutions or take legal action if required.

The Reserve Bank of Australia. As well as being a policy-making body, the Reserve Bank of Australia (RBA) provides selected banking and registry services to a range of Federal Government agencies and to a number of overseas central banks and official institutions..

The best credit card is the one that meets your needs and you can afford. The wrong credit card can cost you a lot more money if you do know what you are being charged. Generally if you need a credit card, your situation will determine which bank and which credit card is best.

Credit Card balance, will you leave a small or large balance on your credit card? If you plan to have a fairly large credit card balance then a low interest credit card would be the best credit card.

If you don’t plan to use a credit card very often then a low fee credit card would minimize the fees and charges you would otherwise pay for a credit card.

If you plan on spending a lot of money through your credit card either for business or lifestyle spending, you should look into a reward or frequent flyer type card and be rewarded, these credit card can be gold or platinum type credit cards and come with loads of features.

Your current financial situation along with the credits cards intended purpose should guide you to the right decision. Don be in a rush and make a sensible choice and you can enjoy the credit card that complements your life’s requirements