Newbie here to banks. Which one to get Credit Card from?

TheMoDz on 24/07/2014 - 23:38

Hi guys,
Just got a job, about 2 months working now and Im looking on getting a Credit Card,
BUT which one?!?! there's so many.

I have a debit card with NAB at the moment

and im looking at their Low Rate Card
(I dont even know why would anyone pick the low fee one, its a once per year fee, geez. someone explain?)

http://www.nab.com.au/personal/credit-cards/nab-low-rate-car…

but then theres the ANZ Low Rate with 0.50% lower interest

http://www.anz.com.au/personal/credit-cards/low-interest-rat…

Both are good to me???
my friend told me that I would likely be accepted if I go with the bank im already dealing with, so yea.

Is the ANZ best? or is there others?
I dont need rewards, Only wanted one is so I can buy a laptop, PC is dying. I would use the card atleast once a month, dont need anything above $500 limit

thanks!

Financial Credit Card

Comments

  • Riczter on 24/07/2014 - 23:59
    +7

    ok if you're looking at rates you are doing it wrong. If you are going to use the credit card to buy things that you cant afford, just dont.

    Get a credit card, with no fee, pay it off IN FULL each month, and you will never have to worry about interest rates coz it will never cost you a cent, make it earn you money instead of cost you money. You say you don't need rewards, but why not get rewarded for every dollar you spend?

    The best ones to get are the citibank ones https://www.ozbargain.com.au/node/153092, ive personally got the woolies qantas ones for QFF points but depends on your own circumstances.

    Most serious ozbargainers have the citibank credit card for rewards, the citibank plus transaction account for overseas travel, the ING or ME Bank account for paywave cashback and the Ubank for savings account… But depends how full of plastic you want your wallet to be ;)

    • TheMoDz on 25/07/2014 - 08:22
      -2

      why is the annual fee weighted the same as low rates fee?

      i mean I would only need to pay that once a year right?

      • unco on 25/07/2014 - 09:56
        +1

        With a no annual fee card, if you pay off your entire balance at the end of each month then the interest rate won't even come in to play.
        Then you are effectively using your credit card for no cost.

        If you get a low rate card with annual fee, then you're stuck paying the annual fee even if you pay off your closing balance at the end of every month.

  • ethereal88 on 25/07/2014 - 07:01

    Why? You don't need one. Use the debit card instead of racking up debt for irrelevant points which you likely really don't need and won't use.

  • p1 ama on 25/07/2014 - 09:10
    +2

    You're better off not getting a credit card, just stick with your debit card. Credit cards are used so that you can better manage your liquidity, i.e. you don't have to wait for the paycheck to come before making a big purchase.

    But in all honesty though, just go for a no-fee card, repay the amounts monthly and be happy with that.

  • Malarkey on 25/07/2014 - 11:14
    +1

    I think the first question you need to ask yourself is why you want a credit card? Than take it from there :)

  • cypher67 on 25/07/2014 - 11:59
    +2

    I use my credit card because the rewards far out weigh the cost of having it. Never paid a cent in interest and I get around ~$1000 in cashback a year, annual fee is $60.

    • altomic on 25/07/2014 - 13:28

      maybe explain which card you have as that is the type of info the OP is requesting

      • cypher67 on 25/07/2014 - 13:38

        CBA Platinum with the AMEX Card, use the AMEX as often as I can provided they dont surcharge. If I couldnt pay my credit card off each month I wouldnt have one. As previously stated, if the interest rate is ur main concern then maybe a credit card is not for you.

    • Malarkey on 25/07/2014 - 13:52

      You must have a home loan with them or something? The standard fee for that card is $280 or $250 with a qualifying account.

      • cypher67 on 25/07/2014 - 15:02
        +1

        It was a promotion they had once, on going fee is $60 so its not a fair comparison I suppose, agreed it doesnt really help the OP, but just trying to emphasis the fact that the reason I have a credit card is for the rewards, not the interest rate.

        • Malarkey on 29/07/2014 - 14:27

          Completely agree :)

          If you choose a credit card based on interest rate - your in for a bad time.

    • tanoshiiki on 25/07/2014 - 14:02

      I'm curious, how much do you spend to get ~1000 cashback a year?

      • cypher67 on 25/07/2014 - 15:00

        Around $60-70k

        • tanoshiiki on 25/07/2014 - 19:11
          +1

          Wow, to me, that seems like a huge spend!

      • rewardscompared on 25/07/2014 - 15:31

        Check here http://rewardscompared.com/cards to see how much you can expect to get back on each card.

        It does add up if you put as much as you can (of things you'd be buying anyway) on your card.

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