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You can get rewarded with fantastic offers simply by using a credit card so it pays finding one that really suits your lifestyle. We’ve got some top tips to help you save some money and earn extra bonuses along the way!

Interest rates

When considering a credit card, first check out the interest rates. Interest rates vary from 12% right up to 20% with different rates offering different rewards. Higher interest rate cards do offer more benefits, but try to get a low interest rate with benefits you’ll really use.

Interest-freedom

To help save money, try to pay your credit card off in full each month. If you pay off your full balance and have an interest-free period card, you can avoid paying interest altogether. Interest-free period cards do offer higher interest and fees but if you’re paying it off, you won’t need to worry. Another perk – you’ll be doubly rewarded with extra rewards that come from these high interest cards.

If you’ll have a remaining balance at the end of the month it could be worth finding a card without this interest-free period. While you’ll miss out on those extra benefits, you’ll save with lower interest rates and cheaper card fees, so you can get back in the black.

Balance transfers

If your credit card has a current balance it can pay to switch to a bank offering lower interest rates, or none at all. Often banks will offer up to 6-month interest-free periods which are super worthwhile if you’re trying to pay your card off. Simply changing to a lower interest rate can save you lots of money. Just be careful though, if you don’t clear your balance at the end of the low interest period, you could be stung paying the full interest.

Credit card using on machine

Card fees

When you’re focussing on interest rates it can be easy to overlook those extra credit card fees. Lower interest rate credit cards often come with lower fees as there are less extras thrown in. Look out for these fees and you could save a few dollars:

  • Annual account keeping
  • Late payment fees
  • Fees for exceeding your credit limit
  • Reward program fees
  • International transaction fees

Features and benefits

This is where you can really get the most bang for your buck! Different credit cards offer different rewards so it’s definitely worth doing a little research here. While some features and benefits come with a higher interest rate, there are fantastic cards which offer rewards you can really use.

These include:

  • Reward programs (points can be spent on flights or vouchers)
  • Travel insurance
  • Concierge services


While it’s easy to get overwhelmed by interest rates and the number of credit cards available, you can really save a lot of money if you find the right card for you and your lifestyle.

Need some help?

If you need any information or help choosing the right credit card, our banking specialists are always here to help. Give us a call, anytime.

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The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person’s particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs. You should obtain and consider the Product Disclosure Statement or terms and conditions relating to the products mentioned, before deciding whether to acquire any products.

RACQ Bank loans and banking products are issued by Members Banking Group Limited ABN 83 087 651 054 AFSL and Australian credit licence 241195 trading as RACQ Bank.

Retail partners, offers and discounts may change at any time without notice. Get the RACQ Discounts App or visit racq.com/discounts for the conditions, limits and exclusions for each offer.