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Date Published : Friday, February 15, 2008
The free credit card industry in Australia is growing rapidly. Many of the major credit card companies are now offering customers the chance to have no annual fees but are they right for you?
A no annual fee credit card gives you an automatic saving with some of the more prestigious credit cards - such as a platinum card - charging well over $200 in annual fees.
Many consumers compare credit cards in a bid to get the best deal for them. With hundreds of possible cards to choose from, the selection can be bamboozling.
The best way of choosing whether a no annual fee credit card is right for you is to find out how much you spend and work out a monthly budget, news.com.au suggests. This way, the potential savings of a no fee card can easily be identified.
John Synott, of news.com.au, said: "Students and low income earners who do not pay off the card each month, should choose a budget card with low interest rates and no annual fees.
"Interest rates vary from seven per cent to 24 per cent, so if you don't pay off your credit card at the end of the month, shop around for a budget card."
No annual fee credit cards are not just for personal use but also for business. They are very popular amongst small business owners who want to have a cheaper credit facility than what is offered through more conventional business lending products. Many of these products are not as cost effective as a no annual fee business credit card.
Compare credit card rates.
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