The Worst Credit Cards In Australia

June 24 2008

In order to select the best credit card offer for you it helps to realize what are the worst credit cards on the market today. What makes a credit card bad? Well this is determined by many factors that a majority of Australians are blind to. The most important point to remember is to study the fine print of the credit card you are thinking about applying for and look for sneaky tricks that some credit card providers try to get past you.

The interest rate on purchases in a good place to start when looking for the worst credit card deals. If you want a credit card with a low interest rate and no thrills then there are plenty to choose from in todays market place. If you are paying upwards of 20% interest on purchases and receiving no rewards or benefits for timely repayments then it is safe to say that you have a bad credit card deal. There are many credit cards in Australia that are offering a percentage rate around the 11% mark so if you are looking at saving on interest rate repayments don't sign up for anything more than this.

Credit card companies with the worst credit card tactics are successful is by stinging the consumer with high fees and penalties. Annual fees can vary greatly from credit card to credit card so be sure to find out what your annual fee will be. A great majority of Australians will receive a monthly credit card statement to find a $100 fee charge and have no idea that they signed up for such a charge. If you look closely you can find credit cards that offer no annual fee charges. Study the fine print as to avoid a credit card that charges ridiculous fees for late payments, membership fees and annual fees.

Other factors that can help to determine the worst credit cards in Australia are such things a balance transfer offers, interest free days, and membership rewards program. If the credit card you are applying for does not give you a 0% percent 6 months on a balance transfer, up to 55 days interest free on purchases or a prosperous rewards program then it is safe to say that it is a bad credit card offer.