News on Credit Card Fees

Credit Cards In Australia News Just In

Its been reported that the Reserve Bank of Australia is considering to make some serious changes with the fees being associated with Credit and Debit Cards.

It was reported that this year some $40 Billion dollars has been spent on Credit Cards!
Last year fees earnt off credit cards hit $1 Billion dollars this is up 13%

The focus of the RBA will be heavily weighted on reviewing the fees banks charge eachother for the use of ATM machines. In my personal experience I have see my credit card issuer offering me free withdrawals from any of their atm machines, however if I withdraw money from a competing banks ATM machine I get stung with $1-$2 fees. This is crazy when you consider if your only pulling out $20 to buy a quick dinner your paying a staggering 10% to get to your own funds - crazy!

The figures I have mentioned may differ between banks and accounts so dont take my word for it, ask your bank and see how much a non approved bank withdrawl is going to cost you.

Qantas Frequent Flyer Rewards

Qantas Rewards Programs


Most people when signing up for a credit card look at the benefit that is offerred in a rewards partner, most Australian's who use their credit card do so to receive Qantas Frequent Flyer Points.

In this section we have listed the institution and its reward or points calculation that equates to Qantas Frequent Flyer Points. You may be suprised at how low your actual calculation or transfer is, most people believe its a point for point program, earn a point on your Credit Card and you can switch this for a point at Qantas for a frequent flyer credit - this is not necessarily so!


Qantas Institutional Partners and the points redemption rates available to Qantas frequent flyer points:

The National Australia Bank Credit Card

• NAB Gold Credit Card - When you earn spend $1 (between $0 - $3,000) you earn 1 Point, to transfer this to a Qantas Frequent Flyer point - 1.5 NAB points = 1 Qnatas Frequent Flyer Point
• NAB Ant American Express Card - Until Jan 2008 you will earn 1.5 Points for every $1 spent - 1 NAB Point = 1 Qantas Frequent Flyer Point

Credit Card Providers

Providers of Credit Cards

In Australia there are a number of options available to the public, users have the opportunity to search for the best card for their needs.

There are so many cards in the market its hard to know what or where to start, below we have listed just a snapshot of the various institutions and the cards they offer:


Citibank Credit Cards:

• BP Partnered Citibank MasterCard
• Citibank Cash Back Credit Card
• Citibank Clear Credit Card
• Citibank Platinum Credit Card
• Citibank Gold Credit Card
• Citibank Silver Credit Card

Citibank offers a great Credit Card Rewards program to learn more please click here


Commonwealth Bank Credit Cards:

• The Commonwealth Standard Credit Card
• Commonwealth Yellow, low rate Credit Card
• Commonwealth bank low fee Credit Card
  
• Commonwealth Bank Gold Credit Card
• Commonwealth No annual fee Credit Card
• Commonwealth Platinum Credit Card
• Commonwealth Golf Credit Card
• The World Vision Credit Card

To learn more abou the Commonwealth Awards programs click here


ANZ Bank Credit Cards:

• Design your own Credit Card (look and background image etc)
• ANZ Low rate MasterCard
• ANZ Frequent Flyer Visa Card
• ANZ First Visa Card
• ANZ Gold Visa Card
• ANZ Rewards Visa Credit Card
• ANZ Everyday Visa Debit Card

To read more about the ANZ rewards programs offered please click here


Westpac Bank Credit Cards:

• Westpac Altitude Card (American Express & MaterCard)
• The Altitude Gold Card (American Express & MasterCard)
• Altitude Platinum Card (Amex & MasterCard)
• The 55 Day interest free Card (Visa & MaterCard)
• 55 Day interest free Gold Card (Visa & MaterCard)
• The low rate MasterCard & Visa Card
• Holdens Westpac MaterCard
• The NO Annual fee MaterCard
• The Studens Westpac Visa Card

To learn more about the rewards and benefit programs offered at Westpac on these credit cards click here


National Australia Bank Credit Cards (NAB):

• The National Australia Bank Low rate Visa Card
• The National Australia Bank Mini Visa Card
• National Australia Banks Gold MaterCard
• National Australia Bank Velocity Credit Card

To read more about the National Australia Banks rewards programs please click here


Bank Of Queensland (BOQ) Credit Cards:

• The BOQ Low rate Visa Card
• BOQ's Gold MasterCard
• The BOQ Interest Free days Credit Card
• The BOQ (NO) Interest Free days Credit Card

Read more about the Bank Of Queenslands Credit Cards rewards programs click here


Other Smaller Credit Card issuers:

• The Aussie Credit Card
• The Wizard Clear Advantage MasterCard
• Wizards Fast Card
• Wizard MaterCard

You look confused :-)

We have a number tools to help make your selection a lot easier, we will be releasing our Credit Card comparison tools over the coming weeks. These tools will allow you to compare the rates, fees, terms and rewards programs of each card and company to insure you make a more informed choice on which Credit Card is best for your needs.

What is a Credit Card?

A Credit Card

What is a Credit Card and is it something you really need....

Credit Cards are a form of money lending, instead of borrowing a lump sum of money from a bank or financial institution you pay for what you use. Credit Cards were developed back in the 1920's in the USA, Originally these cards were designed to sell petrol however since this time evolved into what we now now as the Credit Card or charge card.

Some people get confused between the term Credit Card and Debit Card, they are two totally different services offered by financial institutions:

• A Credit Card - is you borrowing money from a banking institution on specific purchases made, you want to buy a new dress or CD and put it on your Credit Card means you are borrowing money from the bank to buy this product or service. Once purchased you then are committed to paying interest on the amount loaned off your card. Credit Cards are dangerous as you never see the cash only the bill at the end of the month, they are not good for people who cannot control spending or there money.

• A Debit Card - this is a totally different tool, the debit card allows you the access of a cashless life but it is directly debiting or withdrawing fund from your savings or every day bank account. This option makes its fees by the transaction fee when you purchase an item. Debit Cards are a better way to go if you have funds and do not need to borrow money to make purchases (it is you money being spent, not the banks!).

In Australia there are hundreds of card types and options available. Almost all banks and credit unions offer a card in one form or other, in recent years other companies have jumped on this program due to its lucrative revenue generating programs. It is not uncommon to see department stores and Airlines now offering credit cards with their own special rewards and bonus schemes, all new ways to hold you the consumer close to their brand and products and services.

If your looking for the latest Credit Card offers and to understand which card is best suited for your needs please visit a great independant reviuewer and Credit Card comparison website at www.CreditCards.com.au - Click Here