
- Low ongoing rate
- $49 first year fee
- Ends 31 August 2022
- Low ongoing rate
- $49 first year fee
- Ends 31 August 2022
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Introductory credit card offers can help you save on fees, earn more points or get cash back to your account when you sign up. Usually, these promotions are only available for a limited time and you'll need to tick a couple of boxes to get the deal.
You usually have to meet a set of requirements to be eligible for an introductory offer on a credit card. These conditions vary but can include:
Before you apply for a card with an introductory offer, make sure you fully understand the terms and conditions to ensure you can get the full value from the offer.
With so many different introductory credit card deals in Australia, here we've summarised some of the most popular options you can compare:
A 0% balance transfer credit card can be a useful tool to consolidate and repay debt without the cost of interest for 12 to 36 months. Once the promotional offer ends, a standard revert rate applies and any remaining debts will begin to collect interest, often at the higher cash advance rate.
Interest-free balance transfers are only available for a limited time, so you'll be required to apply and receive approval before the offer end date to take advantage of the promotional 0% interest rate.
You can save by paying a low or 0% introductory interest rate on your purchases during the honeymoon period. At the end of the introductory period, the promotional rate reverts to a standard interest rate that applies to any balance carried from these purchases.
Purchase rate offers can be useful if you have a lot of planned expenses coming up and want a flexible and affordable way to pay them off over time. To get the most out of low or 0% purchase rate deals, you should aim to pay off the new charges before the end of the introductory period.
This type of introductory offer charges a $0 annual fee or reduces the annual fee for a promotional period (usually the first 12 months). Depending on the credit card, these promotions can save you tens or hundreds of dollars. You usually need to apply before a specific date to enjoy an introductory annual fee offer.
After the introductory period, the standard annual fee will be applied to the account. So, if you plan to use your credit card beyond the promotional period, you should pay attention to the standard annual fee when comparing credit cards.
Many rewards credit cards offer bonus points for new cardholders. The number of bonus points you get depends on the offer, but typically ranges from 30,000 to 200,000 points.
Bonus points offers are usually only available when you apply by a certain date and meet the spend criteria. For example, you may need to spend a set amount of money in the first few months to collect the bonus points.
Many frequent flyer credit cards also offer bonus points on sign-up. Most cards offer either Qantas Frequent Flyer or Velocity Frequent Flyer points but many other rewards cards also let you transfer your bonus points to other programs such as Emirates Skywards, KrisFlyer or Asia Miles. Again, you usually need to apply by a certain date and spend a minimum amount within a set period of time to qualify for the bonus points offer.
This type of introductory offer gives you cashback when you get a new credit card. You usually need to spend a minimum amount of money on the card before you can enjoy the cashback offer. For example, an offer might give you $200 cashback if you spend $500 in the first 3 months you have the card.
Some cashback offers also require you to spend the minimum amount in a specific way. For example, by making contactless payments.
As well as the major introductory offers outlined above, some credit card companies may offer other more unique deals for new customers, such as complimentary gift cards or discounted purchases.
Depending on the credit card, you may be able to take advantage of more than one of these offers at a time. For example, a card that offers a 0% balance transfer rate could also have a discounted annual fee for the first year, while a card with bonus points may also offer 0% interest on purchases during the honeymoon period.
While introductory offers can sweeten the deal when you sign up for a credit card, you should also look at the card's other features. Thinking about the following factors will help you find an introductory offer that suits your needs in the short-term and a credit card that fits your circumstances in the long-term.
Even when you're happy with your existing card, bonus points and introductory interest rates can be tempting – but that doesn't always make it worth applying for a new credit card.
Beyond the promise of sweet, sweet bonus points or 0% interest savings lies the fine print for these offers. With bonus points offers, for instance, you usually need to spend a set amount of money in a fixed period of time – such as $5,000 in the first 3 months you have the new card, while with 0% p.a. purchase rate offers you need to check what transactions are eligible.
Regardless of the type of offer, you also need to apply during the offer's promotional period. On top of the offer details and requirements, there are also ongoing features to think about, including the annual fee and interest rates.
For example, some rewards cards (and other premium credit cards) charge hundreds of dollars each year in the form of an annual fee. And most 0% p.a. balance transfer offers revert to the card's purchase or cash advance rate, which usually ranges between 12% p.a. and 21% p.a. or more. If you're still paying off debt at the end of the introductory period, charges from the card's revert rate could quickly add up.
So before you decide whether or not to switch cards because of an introductory offer, take a look at whether or not you're getting enough value from your current card.
This could be as simple as asking yourself the following questions:
If you're happy with the answers to these questions, you might decide to stick with your current card.
But if something isn't quite right – for example, the annual fee or the perks you're getting – you can compare your card to other options and see if you can get a better deal. Just remember to look at both introductory offers and ongoing features.
Pictures: Getty Images, Freepik
Amy has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. She is also the editorial lead for Finder Green, covering sustainability across different industries. Her work has appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy also has a Bachelor of Arts in Journalism and Drama from Griffith University.
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