Sign-up bonus credit cards provide attractive initiation offers featuring bonus points, complimentary flights, $0 annual fees, promotional interest rates and other perks.
On closer inspection, however, it is also apparent that the interest rates on additional purchases and card fees are higher compared to other credit cards. Some cards will waive card fees as a sign-up bonus for a specific period of time, but then may not offer as many rewards, while others offer a 0% interest for a specific period on balance transfers.
If you look at a special offer and consider all the factors, and feel that you can utilise the special bonus offers effectively while saving money or gain rewards that you will use, a sign-up bonus can be great. Do not, however, move without weighing up all the pros and cons as this could leave you paying more at the end of the day.
HSBC Credit Card Offer
Enjoy complimentary Qantas Frequent Flyer membership and receive 60,000 bonus Qantas Points when you meet the minimum spend criteria.
- $199 p.a. annual fee
- 19.99% p.a. on purchases
- Cash Advance Rate of 21.99% p.a.
- Up to 55 days interest free
- Minimum Income Requirement of $40,000 p.a.
Compare credit cards with bonus points on sign-up
Cards to consider with cashback offer
Factors to consider with a sign-up bonus credit cards
What crucial points should be compared with sign-up bonus credit cards?
Interest rates are always a main focal point as lower rates over the long run could save you considerable money. Therefore, you will need to be sure that you understand the interest rate offered, and if low interest is only charged during specific time periods. Where cards are concentrating on frequent purchase rewards as the main special offer, be sure that the purchase rate is sustainable or that you pay your card in full every month so as not to pay interest. Looking at the long-term impact of acquiring a new credit card is far safer than only going for the immediate short-term rewards.
Is a sign-up bonus credit card right for you?
This question is dependent on every individuals specific circumstances, for example, if you have a high interest credit card with over $10'000 owing currently, and which you plan on paying off in less than a year, then a 0% transfer balance card for 9 months will be great. Or if you spend large amounts every month through your credit card, and pay the credit balance off very month i.e. using your card as a debit card, then frequent purchase specials will give you additional benefits for something you do anyway. Some people may already have a great card that has low interest and low fees, and moving for a sign-up bonus will not make sense.
How and where can I apply for my sign-up bonus credit card?
The simplest way to obtain a Sign-Up Bonus Credit Card is to look at the existing options available in the above comparison table. After comparing the credit cards and identifying the best credit card for you, click on the Apply button and continue to complete the form.
Once approved, how long does it take before I can receive the sign-up bonus credit card?
After approval, the specific bank will post your new Sign-Up Bonus Credit Card and you should receive it within a week. For security purposes, the credit cards are not activated until they are safely received. As soon as it has been activated you will be able to immediately use your credit card and earn reward points.
A Sign-Up Bonus Credit Card is a great way to use your purchasing power to your benefit as it can get you great rewards or save you from high interest instalments. The credit card companies will always make money, so no matter how good a deal looks, be sure you understand all the fine print, fees and conditions. It should always be your goal to eliminate or reduce credit card debt so do not be tempted to get in further debt for the sake of a sign-up bonus unless it serves your purposes.Back to top