HSBC Low Rate Credit Card Vs Macquarie Bank Visa RateSaver Credit Card
28 March 2008
Two of our favourite credit cards are the HSBC Low Rate Credit Card and Macquarie Bank visa RateSaver Credit Card, but does one offer a clear advantage over the other? While you can compare their statistics directly on our convenient credit card comparison page, this article offers an in-depth look at how they match up.
In terms of balance transfer deals, the HSBC Low Rate Credit Card comes out on top, with up to 7 months interest free on balance transfers compared to the Macquarie Bank Visa RateSaver Credit Card's 4 months. The HSBC Low Rate Credit Card is very much front loaded to entice new customers, though. With a limited introductory interest free period on purchases, and no annual fee in the first year, HSBC have done everything possible to make an initially enticing card.
In long term interest rates, however, the Macquarie Bank Visa RateSaver Credit Card dominates. At 10.95% p.a. on purchases, it easily beats the HSBC Low Rate Credit Card's ongoing purchase rate of 12.99% p.a. The Macquarie Bank Visa RateSaver Credit Card may end up a better deal in the long run.
In the end, the two cards are quite evenly matched in value. The HSBC Low Rate Credit Card has very attractive introductory features, but the ongoing rate is 2.04 percentage points higher than the Macquarie Bank Visa RateSaver Credit Card. For the average Aussie with a credit card debt of $3000, this could be an extra $61.20 or more per year in interest charges. The HSBC card may cost only $39 annually where the Macquarie Bank card costs $50 annually, but the extra interest cancels the advantage in fees.
Essentially, it comes down to whether you need a card that will help you more in reducing debt, or one that will provide better savings for a longer period. The HSBC Low Rate Credit Card provides an excellent opportunity for getting out of debt. The Macquarie Bank Visa RateSaver Credit Card will realistically cost you less if you cannot always pay off your entire balance. Certainly both cards provide an exceptional credit utility, however.
Please visit our comparisons page to compare more excellent credit cards.
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