Best Credit Cards for You!

Whatever the kind of card you are looking for, it pays off to know how well different options are rated in Australia.

There is always a number of credit card rating systems to choose from but one of the most thorough and respected options is the Financial Review Smart Investor Blue Ribbon Awards.

Through these annual awards financial providers are assessed by the Smart Investor magazine and a team of other financial advice organisations like Morningstar and Rice Warner Actuaries to come up with the best of the best in a range of categories, including several relating to credit cards.

To give you an idea of what credit cards are at the top of their game this year, here is look at the Blue Ribbon award-winning credit card providers and top options for features, low rates and balance transfers.

Best Credit Card Provider For Features

With nine credit card options currently available, it is easy to believe the Commonwealth Bank came first in the Fully Featured Credit Card category of these awards.

In particular, the Commonwealth Bank Awards credit cards offer a highly competitive rewards program that could be an affordable alternative to many of the more specific frequent flyer options, while the low rate and low fee cards have both standard and gold options that stand out from other offers.

Best Low Rate Credit Card Provider

The best low rate credit card provider in the Blue Ribbon Awards for 2011 was the Sydney Credit Union, with an ongoing low purchase rate of just 10.49% on it’s Low Rate Visa.

But with just one credit card option and limited geographic locations, this provider may not be for everyone.

On the other hand, Bankwest’s low rate Breeze MasterCard is more accessible and has a similar ongoing rate of 10.99% the lowest rate of any MasterCard option in Australia – so it is clear that comparisons may still be a good idea when looking at award-winning options.

Best Balance Transfer Provider

When looking at balance transfer offers it is important to consider both the rates and the introductory period.

With a 12-month balance transfer rate of 2.9% and a low ongoing rate of 13.49%, ANZ’s Low Rate MasterCard has helped this Big Bank win the top title for Balance Transfers at this year’s Blue Ribbon Awards.

While there could be some lower rates and longer term introductory periods out there, like the 15-month offers from Citibank, ANZ stands out because balances revert to the low purchase rate instead of the higher cash advance rate many providers apply.

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Tags: Australia

These questions were asked to determine how consumers will react to banks charging for debit cards.  Some financial institutions plan to charge for debit card usage in reaction to the Durbin Amendment to the Dodd-Frank Act, which becomes effective on October 1, 2011.  This amendment sets a cap on the fees banks can charge merchants for swiping debit cards issued by the bank.   The fee is half of the amount the banks received previously, and some banks are charging consumers for debit card usage to make up for the loss.

Those surveyed preferred to use debit cards for purchases and credit cards were a distant second. If they stopped using their debit card, most would use cash instead of credit cards.  More than half would close their checking account or stop using their debit card, if they had to pay fees to use it.

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Tags: Cards, Debit Card, Debit Cards

Earlier this week Iberiabank introduced its new Platinum Card complete with ScoreCard benefits which allows consumers to earn up to 17,000 bonus points during the first year that their account is open.

On opening the Iberiabank Platinum Cards, consumers are awarded an initial 5,000 bonus points on making their first purchase with their new credit card account. They then become eligible to earn an extra 1,000 bonus points every month during the first year of the account being open, provided that the monthly spend on the account is at least $250.

In addition to this, account holder also earn a point for every dollar that is spent on qualifying purchases making it easy to accumulate enough points to redeem for generous rewards fairly quickly.

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Tags: Platinum

It may sound like a good idea at the time, but co-signing for someone else’s credit card application is a very bad idea. There are many drawbacks to the process, and you could find yourself in serious trouble if you need a loan down the road. If someone has asked you to co-sign for their credit card, here are a few things you need to consider.

First, the bill belongs to you. Keep in mind that you’re saying if anything at all goes wrong, you will pay all of the balance for the individual, including the interest and the fees. Second, remember that potential lenders will look at this debt as your own.

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Tags: Card, Credit Card

Roth IRA is fast gaining popularity among the people to be one of the most effective ways of planning for your retirement by contributing a part of your pre-retirement income. Roth IRA per se is an individual retirement account but it allows you to combine with your spouse’s income. There are certain rules and regulations while doing this, which is available at roth-ira.org.

While there is no actual spousal Roth IRA, there are certain criteria which help you in filing a joint return which will help you in making regular contributions even in the case of little or no qualifying income. Full Post…

Tags: roth ira