Have you been giving the plastic a work out this Christmas and at the New Year sales? Tuggerah Branch Manager Bob Lowcock looks at how making the New Year’s resolution to switch to a low rate Visa Credit Card from the Greater could reduce the New Year shopping hangover and continue to save you money.
New data from Canstar Cannex shows mutual (customer-owned) financial organisations like the Greater Building Society are well ahead of the major banks on offering the cheapest credit cards.
As the table below shows, mutuals offer by far the best average ongoing variable rate for standard credit cards – around 4 per cent or 400 basis points lower than the bank average – as well as the lowest average annual fees and the highest number of interest free days.
The Greater Building Society’s Visa Card outperforms the average standard Australian credit card for both banks and mutuals. At the time of writing, its base rate is 10.74% p.a, almost half that of the average of the big four banks. There is a $30 annual fee which is waived if people spend a minimum of $10,000 annually after the first year. The card also provides up to 55 days interest free on purchases.
For a review of the Greater’s card and comments on cards generally by organisation Credit Card Finder see a previous article on the Greater’s blog here.
Happy New Year.