Cash advance credit cards
11 April 2008
Credit cards should generally only be used as an alternative means of payment if you wish to benefit from them to the fullest, but some people need a convenient line of credit instead for when their own income falls slightly short. People who need a small cash advance on occasion should look for the credit cards with the lowest cash advance rate, as interest free days only apply to purchases. Luckily, there are several credit cards with very acceptable cash advance rates, competitive with the purchase rates of other credit cards.
The Aussie MasterCard offers a cash rate that is comparably lower than most other credit cards at only 15.99% p.a. Considering the low purchase rate of 11.99% p.a. it is surprising that the annual fee is so little at $49. It's a very good package, including an interest free balance transfer period of up to 6 months, as well as up to 55 interest free days on purchases. For those who will only occasionally need a cash advance, the Aussie MasterCard provides excellent all round value.
For cash advances, the Commonwealth Bank Low Rate Credit Card does well, as it has a rate for both cash and purchases of 13.24% p.a. which is exceptionally low for only $48 per year. Including up to 55 interest free days on purchases, the Commonwealth Bank Low Rate Credit Card is sensible for those who use a credit card for cash and purchases about equally. The balance transfer period of 5 months at 5.99% p.a. can certainly be beaten by other credit cards however, so this is definitely more for reducing the costs of current credit card spending rather than beating debt.
The St. George Starts Low Stays Low Credit Card is a little more expensive than the others at $59 per year, but it is well designed for spending. Including the usual possible 55 interest free days on purchases, the rate on cash and purchases is a very low 12.99% p.a. Available as a Visa or MasterCard, this card provides some of the best value for users of cash advances as well as one of the lowest purchase rates at this pricing level. The St. George Starts Low Stays Low Credit Card is definitely one to consider if you need to rely on low rates more than interest free days.
For more information on cash advance rates for credit cards, please look at our handy comparison tables of Australia's best credit cards.
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