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

When you use a credit card, a lender loans you money until you repay the amount back. During this time when you borrow money, you will be charged interest on the total amount you borrowed after any initial interest free periods.

This is when you pay credit card interest, the amount of interest charged varies between lenders based on the credit cards interest rate. A lower interest rate is a better option when you leave a balance on your credit card continuously.

They’re generally two types of credit card interest rates, purchase rate and cash advance rate.

Purchase rate is charged when you buy anything on a credit card, like when you use your credit card in the shops or online.

Cash advance rate is charged when you draw cash directly from your credit card. Cash advances usually have a higher interest rate and are not recommended for most credit cards, you need to check your credit cards cash advance rate if you need to use it. Also note the terms of cash advances, they usually stop any interest free periods until you repay your card in full.  Something to watch out for!

The Interest rate charged is calculated using a compound interest formula. What compound interest does is add interest to the principle daily. Every day your balance owing grows because of this interest added. If you repay more than minimum repayments, then you can greatly reduce the compound interest effect on your debt.

If you don’t want to be paying too much Interest for using a credit card, it makes sense to use a low interest rate credit card when you know you’ll be paying interest. Compare low interest credit cards for Australian’s online before you make and application, you can choose a credit card with the least interest and save heaps of money in the long run.

credit card interest calculator

Credit Card Interest Calculator

Do you know how much interest you are paying on your current credit card balance? To find out, use our  credit card interest calculator to see what compound interest you are being charged daily, weekly, monthly and yearly with the money you owe.

Citibank introduces the Citibank Clear Platinum Credit Card for Australian consumers who want a low interest rate on purchases along with the option to pay the account in full each month without interest or penalty.

The Citibank Clear Platinum Credit Card is perfect if you prefer not to carry a balance from month to month, offering up to 55 interest free days as long as you pay the entire monthly balance by the due date.

But should you chose to carry a balance, you are covered by a low interest rate of only 11.99%, one of the lowest annual percentage rates available on a credit card today. And when you apply for your Citibank Clear Platinum Credit Card, be sure to transfer your higher interest balances to your new Citibank Clear Platinum Credit Card to take full advantage of the 0% APR for six months on all balance transfers.

A prestige credit card especially suited for travel, the Citibank Clear Platinum Credit Card offers free Transit Accident Insurance and free International Travel Insurance of $500,000 to cover any unexpected travel or medical expenses, personal liability, losses and damage to possessions for you, your spouse and your dependent children.

Citibank’s Visa Concierge Service is available to Australian cardholders around the clock and world wide to book theater tickets, make dinner reservations, even arrange a personal getaway while you get on with your day, letting Concierge do the work. VISA Platinum Privileges will get you a table at the trendiest restaurant, invitations to gallery and exhibition openings, book your tickets for sold out events, even provide you with backstage passes.

And Citibank World Privileges entitles you to up to 25% in discounts around the world on hotels, restaurants, entertainment and shopping. With the Citibank Clear Platinum Credit Card, these rewards are all available to Australian consumers immediately.

Citibank also provides you with Emergency Travel Assistance service and Emergency Card Replacement service, giving you additional security and protection while you travel. And Purchase Cover repairs or replaces any lost, damaged or stolen purchases for three months. You even get Extended Warranty on all your purchases.

With the free Fraudshield service, Citibank monitors your account and, in the event of any irregular activity, notifies you immediately by phone anywhere in the world, further ensuring your security and peace of mind.

Citibank Clear Platinum Credit Card also gives you the option of CreditShield to cover your minimum monthly payments should you become ill, unemployed or unable to work due to accident. Moreover, CreditShield will pay up to $30,000 of your outstanding balance in the event of disablement or death.

The Citibank Clear Platinum Credit Card has you covered on every front with a credit line of up to $60,000 and a low annual fee of just $85. To qualify for this exceptional card you will need excellent credit and an income of at least $50,000 per year. Apply online and receive confirmation of your application within minutes. Citibank looks forward to making your life easier, happier and more fun with the Citibank Clear Platinum Credit Card.