Are You Looking For The Lowest Credit Card Rates?

When you think about it, a cheap credit card sounds like a bit of an oxymoron; the words cheap and credit card don't usually go together but now in the Australian credit card market it's a whole different story.

Credit card competition has brought about the shift from expensive credit cards to affordable credit cards. It used to be hard to find a credit card that offers you the kind of credit card rates that are ideal for spending on a budget; however that is no longer the case!

If you are living on a budget (as most people are with the state of the country's economy), having a credit card is no longer a sin, but more of a financial tool. The demand for cheap credit cards are at an all time high, so credit card providers that offer cards with interest rates that sit in the average to expensive end of the interest rate spectrum just don't cut the mustard anymore.

So which cards should you be looking at if you want to have the safety net of a credit card at your fingertips without paying huge fees and interest rates? Well here's a few for starters...

You've got the Aussie MasterCard that is a shining light for all those other non-bank credit card providers out there to aspire to. Its interest rate on purchases sits at a low 9.99% p.a. for the first year that you have this cheap credit card, after which it rises to a credit card interest rate of just 11.49% p.a.

It has up to 55 days interest free (which is always a bonus) and a balance transfer rate of 4.99% which also lasts for a year before it is increased to the standard purchase interest rate of 11.49% p.a.

Another credit card that also does well when it comes to saving you money is the St George Vertigo MasterCard credit card. Any purchases made will earn just 11.49% p.a. in interest, while cash advances sit at 19.99%. If you have a balance that you would like to transfer to this cheap credit card then you can do so while only racking up 2.99% p.a. in interest for the first six months! Cheap right!?

After this first six months the interest rate on any part of your balance transfers that you haven't paid off increases to the cash advance rate of 19.99% p.a. This is a bit steep so it would pay to make sure that you will be able to pay off any transferred balances within the 6 months to take full advantage of one of St George's lowest credit card interest rates.

So if you are a) on a budget, b) responsible and mindful of your spending, then there's no doubt that a credit card can be very affordable. Also, if you're really credit card savvy, then a credit card may even have you better off in terms of getting the things you want faster and managing your money, than you would be without it.