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Choosing the right type of credit card | Updated: 2:57:20 PM, Monday June 27, 2011
By Mozo Choosing the right type of credit card

Understand the options to choose the right product for your situation.

Since there are various types of credit card, it’s best to have an idea of what you want to use it for and choose the right product for your situation.

  • Low rate credit cards. Many providers offer credit cards with low interest rates on purchases – they can be 10% less than standard interest rates. If you find yourself paying interest on purchases, you’ll want to think about a low rate credit card
  • Balance transfer credit cards. If you’ve accidentally racked up a small credit debt, a balance transfer is a great way to minimise interest and pay off that debt faster
  • No fee credit cards. If you only spend about $500 a month on your credit card and always pay off your monthly balance, you’ll want to look at credit cards with no annual fee. Most rewards cards have high annual fees and won’t deliver value for money on a low credit spend
  • Rewards credit cards. If you use your credit card for a lot of monthly bills and purchases, but always pay off the monthly balance, you could get the most benefit from a credit card rewards program. These cards typically have higher annual fees and purchase interest rates, but with the right card and a high spend you’ll earn enough rewards to offset this
  • Gold and platinum cards. These credit cards offer benefits such as travel insurance, concierge and partner discounts – but usually have higher annual fees than regular credit cards.

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