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How to compare credit cards

How to compare credit cards

Credit cards can be a convenient way to pay for things, but it’s important to choose a card that best suits your circumstances and needs.

To help work out which is the best credit card for you, here are a few questions to keep in mind. These will help make sure you’re comparing the most important things.

For CommBank credit cards, our credit card selector tool can guide you through the different options available.

Do you plan to pay off your credit card balance in full?

If you always pay off your credit card in full by the due date each month, you won’t pay any interest on your purchases.

Credit cards that offer a low annual fee or the chance to earn awards points may suit those who regularly pay off their balance in full and want to take advantage of these benefits.

If you use your credit card for purchases that you may not always pay off in full each month, you’ll pay interest on the outstanding balance. In this case, a low rate credit card may be a better option, as you’re charged a lower interest rate on any purchases that you carry across from month to month.

Regardless of their interest rate, all personal CommBank credit cards come with an interest-free period of up to 55 days on purchases. Find out how this works and how you can use it.

Do you plan to use your credit card often?

Some people prefer to regularly make a lot of purchases on their credit card in order to keep all their spending in one place and pay it off each month in a single bill. If this sounds like you, you may want to choose a card that rewards you for your day-to-day spending, such as an awards credit card. Because of all the benefits they offer, awards cards typically have higher annual fees and interest rates than other credit card types so you want to be sure you’ll regularly repay your full balance.

If you only plan on using your card for emergencies or to cover higher-spending occasions like Christmas or while travelling, a basic credit card with a low annual fee may suit you better.

What perks are important?

All credit cards give you the ability to manage your cash flow smoothly and make purchases online. Some offer other benefits and perks like included international travel insurance or extended warranties on products. Think about what benefits are most important to you and how you would take advantage of all the credit card offers. Sometimes cards with greater benefits come with a higher annual fee or increased interest rate so make sure the perks outweigh any potential increased cost.

How easy is it to manage your credit card’s security?

It should be just as easy to protect your money as it is to spend it.

Check for credit card security features like the ability to lock international payments, block ATM cash advances or even limit how much you can spend in a single transaction. All personal CommBank credit cards let you turn these features on or off instantly simply by flicking a switch in the CommBank app or changing your card settings in NetBank.

You should also look into what kind of support is available should you misplace your card, whether you’re in Australia or travelling overseas, as well as whether you’re covered for any fraudulent transactions.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Applications for credit cards are subject to credit approval. Full terms and conditions will be in our letter of offer. Fees apply.