Choosing the right credit card will change how you manage your money and have direct benefits on your quality of life, as it can help you save and earn various bonuses. Carefully read the benefits of each of the three cards below and find out how to apply for your credit.
What Is a Credit Card Offer?
A credit card offer is a perk attached to your credit card that is unique to that particular card and designed to stand out against the competition and attract new cardholders. Some perks are only offered for a limited time, while others may be tied to a card permanently, such as a no-interest rate card.
Which credit card offer is best for you will depend on your financial situation and preferences, as there are many different types of credit card offers on the market.
Which is the best credit card for you in 2024 [In Details]?
1. American Express Velocity Escape Card
About American Express Credit Cards
American Express, known colloquially as Amex, is a renowned financial services company based in New York City. Established in 1850 as an express mail service, it has evolved into a global powerhouse in the financial industry, particularly known for its credit cards.
History and Presence in Australia
- Founding and Growth: American Express started in 1850 and has grown to be one of the world’s most valuable companies.
- Arrival in Australia: Although American Express had been available in Australia for a while, the first Amex card issued in Australia came out in 1974.
- Current Offerings (2023): American Express now offers 10 different credit cards to Australians, including:
- American Express Platinum Edge Credit Card
- American Express Platinum Card
- American Express Explorer Card
- Qantas American Express Premium Card
- American Express Essential Credit Card
- Qantas American Express Ultimate Card
- Qantas American Express Discovery Card
- American Express Velocity Escape Card
- American Express Velocity Platinum Card
- Low Rate Credit Card
Pros
- No annual fee
- Earn Velocity points for every transaction
- Four additional cardholders at no extra cost
Cons
- High interest rate
- 3% international transaction fee
- Perks are only beneficial to Velocity members
Interest Rates
- Purchase Rate: The Amex Velocity Escape card has a purchase rate of 21.99%. This is higher than the recommended rate of 15%, but it’s typical for rewards cards.
- Interest-Free Period: Offers a 55-day interest-free period, allowing you to avoid the high purchase rate if you pay off your balance within this timeframe.
- No Cash Advances: The card does not support cash advances, meaning no separate interest rate for this.
Fees and Limits
Understanding the fees and limits of a credit card is crucial for managing your finances effectively.
- Annual Fee: The Amex Velocity Escape card has no annual fee.
- Additional Fees:
- Late payment fee: $30
- Payment dishonour fee: $6
- Over the counter fee: $3 (charged by some merchants)
- Record-for-charge fee: $7
- International transaction fee: 3% of the converted amount
- Credit Limits:
- Minimum limit: $2000
- Maximum limit: $25,000
Balance Transfers
- Not Available: The Amex Velocity Escape card does not offer balance transfers, meaning you cannot transfer debt from another card to this one.
Suitability
The Amex Velocity Escape card is ideal for:
- Virgin Velocity Members: Especially those on a budget, as it allows you to earn Velocity points without an annual fee.
- Travel Enthusiasts: Particularly beneficial for those who can pay off their balance in full each month to avoid the high interest rate of 21.99%.
Key Takeaways
- Rewards without Annual Fee: Unlike many rewards cards that charge high annual fees, the Velocity Escape card offers a budget-friendly option.
- High Interest Rate: The interest rate is high, so it’s best for those who can manage their finances well and avoid carrying a balance.
By considering these factors, you can determine if the American Express Velocity Escape card aligns with your financial goals and spending habits.
2. ANZ First Credit Card
The ANZ First Credit Card is an excellent option for Australians who are applying for their first credit card. With a minimum credit limit of $1000, it helps users avoid overspending while still providing the flexibility and convenience of a credit card. Here are some key points about the ANZ First Credit Card:
Why It’s a Good Choice
- Affordable Annual Fee: At just $30 per year, this card has one of the lowest annual fees in the market, especially among ANZ’s offerings.
- Initial Fee Waiver: ANZ currently waives the annual fee for the first 12 months, making it even more cost-effective for new cardholders.
- Cashback Offer: New cardholders can earn $125 cashback by spending $750 on eligible purchases within the first three months of card approval. This offer provides immediate value and a good incentive to use the card for everyday spending.
About ANZ
ANZ, one of Australia’s leading banks, has a long history of providing reliable and innovative banking solutions. They offer a range of financial products and services designed to meet the needs of their diverse customer base. The ANZ First Credit Card is part of their commitment to offering accessible and affordable credit options.
Features and Benefits
- Low Minimum Credit Limit: With a minimum credit limit of $1000, the card is suitable for those looking to manage their spending carefully.
- No-Fee First Year: The first-year annual fee waiver helps new users try the card without immediate financial commitment.
- Easy Eligibility: The spending requirement for the cashback offer ($750 in the first three months) is achievable for most users, providing a straightforward way to benefit from the card.
Important Considerations
- Offer Terms: ANZ may change or end the cashback offer at any time without notice. It’s also important to note that this offer cannot be combined with other promotions, packages, or when transferring from an existing ANZ credit card.
- Fee Reversion: After the first 12 months, the annual fee reverts to the standard $30, so users should be aware of this when planning their long-term card usage.
In summary, the ANZ First Credit Card offers a combination of affordability, practical benefits, and the backing of a reputable bank, making it a strong contender for anyone looking to apply for their first credit card in Australia.
3. Bankwest Zero Platinum Mastercard
Bankwest has launched an impressive offer with their Zero Platinum Mastercard, featuring the longest 0% balance transfer deal in the market. Here’s why this card stands out and could be a great choice for you:
Key Features
- 0% Balance Transfer for 28 Months:
- This is the longest balance transfer period currently available, giving you over two years to pay off your transferred balances without incurring interest.
- A balance transfer fee of 3% applies, which is a standard charge in the industry.
- Post-Transfer Interest Rate:
- After the 28-month period, a competitive interest rate of 14.99% p.a. will be applied to any remaining balance.
- It’s crucial to manage your finances to pay off the balance within the interest-free period to maximize your savings.
No Annual Fee
- $0 Annual Fee:
- One of the standout features of the Bankwest Zero Platinum Mastercard is its ongoing $0 annual fee. This fee waiver is permanent, making it a cost-effective option for the long term.
Why Choose Bankwest?
- Reputation and Trust:
- Bankwest, a well-established Australian financial institution, has a history of providing reliable banking services since 1895.
- Known for their customer-focused approach, Bankwest offers a range of products tailored to meet diverse financial needs.
- Additional Benefits:
- Cardholders also enjoy complimentary international travel insurance, which adds significant value, especially for frequent travelers.
- Purchase security insurance and extended warranty cover provide peace of mind for your purchases.
Is This Card Right for You?
- Ideal for Managing Debt:
- If you have existing credit card debt, the 0% balance transfer for 28 months can help you reduce or eliminate interest charges, allowing you to pay down your debt more efficiently.
- The permanent $0 annual fee ensures that you save money year after year, without the burden of an annual charge.
Summary
The Bankwest Zero Platinum Mastercard is a solid choice for anyone looking to manage their credit card debt with an extended 0% balance transfer period and no ongoing annual fee. With additional perks like international travel insurance and purchase protection, it offers excellent value and flexibility. Bankwest’s long-standing reputation and customer-centric services further enhance the appeal of this card.
4. Citi Rewards Credit Card
The Citi Rewards Credit Card stands out as a top-tier option in Australia, earning a commendable 4.5-star rating from Forbes Advisor Australia. This distinction highlights its impressive array of rewards and benefits that make it a compelling choice for many Australians.
Key Benefits
- Rewards Perks: The Citi Rewards Credit Card is packed with numerous rewards, making it an excellent option for those who enjoy earning points on their spending. Whether you’re shopping, dining, or traveling, you can accumulate rewards that enhance your overall experience.
- Complimentary Insurances: One of the standout features of this card is the suite of complimentary insurances it offers. This includes:
- Phone Insurance: Protection for your mobile device against loss or damage.
- International Travel Insurance: Comprehensive coverage when you travel abroad.
- Purchase Cover: Insurance for items purchased with the card, protecting them against theft or damage.
Current Offers
- 0% Interest Rate for New Cardholders: Citi is currently offering new cardholders a 0% interest rate for the first 12 months. This offer can provide significant savings and flexibility for managing your finances.
- Balance Transfer Offer: New Citi Rewards Credit Card holders can take advantage of a 0% p.a. interest rate on balance transfers for the first 12 months, with no balance transfer fee. This is an excellent opportunity to consolidate debt and save on interest payments. However, it’s important to note that after the initial 12 months, the interest rate on balance transfers will rise to a high 22.24%.
Why Choose Citi?
Citi has a long-standing reputation for providing exceptional banking and financial services worldwide. The Citi Rewards Credit Card reflects the bank’s commitment to offering products that cater to the needs of its customers, combining flexibility, rewards, and robust security features.
Historical Perspective
Citi, known globally as Citibank, has been serving customers since 1812. With over two centuries of experience, Citi has established itself as a trusted financial institution, offering innovative products and services tailored to meet the evolving needs of its clients. The Citi Rewards Credit Card is a testament to this legacy, providing Australians with a reliable and rewarding credit card option.
Additional Features
- Flexible Reward Redemption: Earned points can be redeemed for a variety of options, including travel, merchandise, gift cards, and more, offering great flexibility to cardholders.
- Global Acceptance: As a Citi card, it is widely accepted around the world, making it a convenient companion for international travel and online shopping.
In conclusion, the Citi Rewards Credit Card is a top recommendation for Australians looking for a credit card that offers substantial rewards, comprehensive insurance benefits, and attractive introductory offers. Whether you’re a frequent traveler, a savvy shopper, or someone looking to manage your finances more effectively, this card provides a well-rounded solution to meet your needs.
5. Coles No Annual Fee Mastercard
The Coles No Annual Fee Mastercard, issued by NAB, is designed to help you maximise your savings and rewards without the burden of an annual fee. This card stands out for its practical benefits, especially for those who frequently shop at Coles and other participating Flybuys retailers.
Key Features and Benefits
- No Annual Fee: True to its name, this card eliminates the annual fee, making it a cost-effective choice for budget-conscious consumers.
- Flybuys Rewards: Instead of generic rewards points, you earn Flybuys points. These can be redeemed at various retailers, including Coles, Bunnings, and Officeworks, making your everyday purchases even more rewarding.
- Low Minimum Credit Limit: With a minimum credit limit of $1000, the card is accessible and manageable, helping you avoid overspending while still enjoying the perks.
Why Choose the Coles No Annual Fee Mastercard?
- Maximise Your Savings: Without an annual fee, all your savings and rewards go directly towards your purchases.
- Earn Flybuys Points: Every dollar spent earns Flybuys points, which can be used at a wide range of popular retailers. This is particularly beneficial for regular Coles shoppers, as the points can quickly add up to significant savings on groceries and household items.
- Introductory Offer: New cardholders who apply by June 30, 2024, can take advantage of a 0% purchase rate for the first six months. This means you can make purchases without accruing interest during this period, giving you more flexibility in managing your finances.
About NAB and Coles Partnership
NAB (National Australia Bank) has a strong reputation in the financial sector, known for its reliability and customer-centric approach. Partnering with Coles, one of Australia’s leading supermarket chains, this card brings together the best of banking and retail, offering unique benefits tailored to everyday needs.
Additional Offers
- Bunnings and Officeworks: Beyond groceries, your Flybuys points can also be redeemed for hardware essentials at Bunnings and office supplies at Officeworks, adding further value to the rewards program.
- Easy Application Process: Applying for the card is straightforward, and with NAB’s robust support, you can enjoy seamless banking services alongside your rewards.
Conclusion
The Coles No Annual Fee Mastercard is a practical and rewarding option for those who want to make the most of their everyday spending. With no annual fee, the ability to earn Flybuys points, and a low minimum credit limit, it offers a balanced blend of benefits that cater to regular shoppers at Coles and other participating retailers. Plus, the introductory 0% purchase rate adds an extra layer of appeal for new cardholders.
Consider the Coles No Annual Fee Mastercard if you’re looking for a card that combines savings, rewards, and convenience in one attractive package.