Are there only high interest credit cards?
11 August 2008
Credit cards are seemingly raising interest rates very quickly, but there are many credit cards with lower interest rates or reasons for higher interest. While some credit cards may have purchase interest rates of higher than 19% p.a. many also have interest rates on purchases that are lower than 14% p.a. Credit cards with higher interest rates may also often have extra features that can reward the user. Reward program credit cards, for instance, routinely have high interest rates. This is balanced by interest free days on purchases as well as the opportunity for rewards.
Low interest credit cards may not have the low rate they enjoyed in previous years, but they still often have many features that can help users of credit cards to save on the costs of credit. Interest free days on purchases are one of the most helpful features, but some credit cards even have special offers that allow the user to nominate a single large purchase to benefit from a special low interest rate for a limited period of time. Focusing solely on interest rates will rarely find you the best credit cards in Australia.
If you would like to compare credit cards, please visit our dedicated page and browse our site to read more about the best in Australian credit cards.
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