BankSmart - Cards

Card type	Brief Description
How to Navigate Cards: Look at the summary of each of the eight card categories in the table below. When you know which type you want to visit, either click on the blue card or click on the name in the Card Map above.
	Bankcard, MasterCard and Visa are issued by Banks, Building Societies, Credit Unions and other financial institutions. Most issuers offer credit cards in two options: interest free days: up to 56 days interest free from the date of purchase providing the balance is paid in full. no interest free days: interest is charged from the date of purchase. No annual fee is charged and the interest rate is often lower. Go to this section to see: the top five credit card interest rates currently available in Australia and what the major and regional banks are offering.
	Charge cards incur a one off joining fee and an annual fee. They are different from credit cards because they have no preset spending limit and the balance must be paid in full each month. There are two charge cards available in Australia - American Express and Diners Club. Both the American Express and Diners Club cards have a loyalty rewards program. To see a comparison between all loyalty cards go to our Loyalty page.
	A growing segment of the card market. Loyalty cards are sometimes referred to as co-branded cards. They operate like interest free day credit cards, so there is usually an annual fee. The Fly-Buys loyalty card is different from other loyalty programs in that the card can be used on its own or in conjunction with a National Australia Bank credit card. For example, whether you choose to pay with cash or credit at one of the retailers in the program, you still receive points. Typically, points are awarded for dollars charged to the card. Accumulated points are then redeemed in the form of rebates or rewards. Rebates are usable in the form of discount vouchers toward nominated product and service providers (e.g. rebates off your best negotiated new car price). Rewards are offered in the form of products or services in exchange for accumulated points (e.g. flights, entertainment and various consumer products) The range of rebates and rewards available differs between the different programs. Go to this section for a complete analysis of Australia's loyalty card market.
	There are two types of affinity cards in Australia. The BankSmart site provides information on rebate affinity programs. Rebate affinity programs operate like loyalty cards with a cash back rebate. However, the rebate is given to the cause with which the card is associated. The rebate is usually a percentage of the total card spend. Company and professional affinity groups benefit from discounted financial services as a result of special deals negotiated between a provider and large companies or professional organisations. Co-branded or loyalty cards are sometimes referred to as affinity cards; BankSmart categorises all co-branded cards under the banner of loyalty cards.
	Gold cards are offered by some banks and charge card providers. The card may be a credit or a charge card, and may involve a loyalty program. Gold card holders usually pay a higher annual fee and receive extra benefits such as free travel insurance and access to large cash withdrawals. Gold card issuers set high annual salary limits for applicants, usually $50,000 per annum. Go to this section to see what gold cards are on offer.
	Store cards operate like credit cards except they are issued by the retailer and can only be used in the retailer's store. Store cards have no annual fees, however their interest rates are higher than other credit cards, so it is very important to pay them off every month. Store cards offer cardholders special information and other general benefits. Go to this section to see what Store cards have to offer.
	Debit cards are linked directly to the cardholders account. They can be used for ATM and EFTPOS transactions. Visa debit cards can be also used like a credit card if EFTPOS is not available. Go to this section to see which banks offer Debit cards.
	Smart cards are the latest technology in cards. The card contains a chip which can store an electronic cash balance and other information. This card type is not generally available in Australia. Go to this section to keep up to date with the latest developments.