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Rewards

Rewards can be a worthwhile way to get something back from your spending. Whether you’re a frequent flyer, loyal customer or big grocery spender, you can find a rewards credit card to suit almost any lifestyle.

• The major draw of this type of card is earning points that can be redeemed for rewards. Depending on the card you use and the promotions in place, you may be able to earn bonus points when making certain types of purchases or shopping with a particular retailer.
• What you can redeem your points for will vary from card to card. Some allow you to redeem points for flight rewards as well as shopping or travel vouchers. Others can be used for cash back, to redeem merchandise or even to donate to charity.

• What should I keep in mind when considering a rewards credit card?

  • What are the associated costs? Typically the higher the rewards the higher the card costs, so be careful. While some rewards cards charge no ongoing annual fees, others charge higher annual fees up to $450 and beyond. The more features the card has, the higher the fee is likely to be.
  • Are there limitations? Your card provider might not let you earn more than a given number of points in a calendar year, and your points can also expire after a set time frame.
  • What are the other perks? Most rewards cards are affiliated with Visa or Mastercard, and you can use these cards in over 200 countries and territories worldwide. Many rewards cards also offer extra perks, such as complimentary rental car insurance. Compare your options to see which features work best with your lifestyle and spending habits.

0% APR

If you’re looking for a card that can lead to significant savings on interest, a 0% APR credit card could be the right choice for you.

• 0% APR credit cards allow cardholders to take their time when paying off larger purchases or consolidating existing debt.
• If the 0% APR is only in place for an introductory period, the revert rate could be significantly higher. These cards often require applicants to have a good credit history as well.

• What should I keep in mind when considering a 0% APR credit card?

  • How long is the 0% APR? Carefully confirm how long the 0% offer lasts. If you do not repay your balance by the end of the promotional period, you may find that your existing debt attracts a much higher APR.
  • Are there other fees? If there’s an annual fee, make sure that the savings you’ll make in interest and other benefits of the card will offset the annual fee.
  • What are the other perks? Is there a rewards program, or can you earn bonus interest-free days if you pay your balance in full each month? Extra features like these can help you determine the true value of the card.

Low interest

A low interest credit card allows cardholders to repay their debts at a lower APR than your standard card. Depending on the card, the length of the low interest period may vary from an introductory period to the life of the card.

• If you struggle to repay your balance each month, low interest cards can help you reduce the costs of your card.
• The advantage of low interest usually comes at the cost of forfeiting the extra features that a premium or platinum card may offer, such as a rewards program, complimentary rental car insurance or other extra perks.

• What else should I consider when comparing low interest credit cards?

  • How long is the low APR period? Sometimes the low APR will only be in place for an introductory period (say, six to 12 months), whereas other cards may offer the low APR for the lifetime of the card. If it is the former, make sure to check the revert rate to avoid any nasty surprises when the promotional period ends.
  • What are the other fees involved? Depending on the card, the low APR may be balanced out by higher fees. Read the terms and conditions of the card to ensure that the overall costs, such as the annual fee, don’t outweigh the low interest.

No annual fee

A no annual fee card doesn’t charge a yearly fee. Some cards have this as an ongoing deal; others will waive the standard fee for the first year of using the card.

• Not having to pay an annual fee can result in savings each year.
• If the annual fee is only in place for a promotional period, there may be a high annual fee when it reverts to the standard rate.

• What should I consider when comparing cards with no annual fees?

  • How long is the no annual fee offer in place? You’ll need to confirm whether the no annual fee is in place for the lifetime of the card or only for a promotional period. If it’s the latter, you’ll want to check how long the promotional period lasts and what the annual fee will revert to at the end of the introductory period.
  • What other fees and rates are involved? Just because there’s no annual fee doesn’t mean there won’t be other fees associated with the card. For example, if the card comes with a higher APR or a lower rewards rate, you may find that these overshadow the savings you’ve made on the annual fee. Calculate these figures before applying to make sure the card works for you.
  • What perks are on offer? Cards with no annual fee often lack additional perks such as high-earning rewards programs or concierge services. If these extra benefits are of value to you, you may want to reconsider what’s on offer.

A guide to the no annual fee credit cards