Best Credit Cards For 2008

July 30 2008

Credit cards in Australia have seen a steady incline in interest rates over the past few months. Australian banks and other credit card providers have slowly increased the rates by as much as 2.5% from 3 months ago. In order to choose the best credit card it is important to keep up with these changes and find to best deal to save you money.

Interest Rate Rises How to Sift Through the rubble for the Best Options?

In 2008 St George has raised its interest rate on its flag ship credit card, the Vertigo Mastercard. Earlier in the year the interest rate on purchases was 9.95% now the St George Vertigo is going at 11.89%. This is still one of the best interest rates on the market but illustrates the effects of interest rate rises in Australia.

Citibank's best credit card is the Clear Visa. The Citibank Clear Visa had an interest rate of 9.99% currently the interest rate on purchases stands at a respectable 11.99%. The 2% increase is on par for what the credit card industry has seen in 2008.

The best non bank credit card in Australia is the Aussie Mastercard. Early in 2008 the interest rate was under 10% now the rate has increased to 11.99%, an increase of around 2%.

The moral of the story is to look at the latest credit card information before you apply. In order to get the best credit card deal getting up-to-date details of interest rates, annual fees and balance transfers is a necessity.

The best credit cards in for late 2008 have an interest rate ranging from just under 12% to 13%. If you know what the average credit card interest rate is then you can begin to look at other features of the credit card to help you decide which one you wish to apply for.

Once you have found a credit card interest rate you are happy with then it is time to look for other features that are offered. Do you want frequent flyers? Maybe you would like cash back or a discount at the petrol pump? All these other credit card options can be decided once you know for sure you are not getting ripped off with a bad interest rate.