Credit card bargain hunters don’t all have the same wishlist. Some are looking for a low ongoing purchase interest rate, while for others a long-lasting zero-interest balance transfer offer may be more important. And for many individuals, the one truly important factor is a low annual fee.
But are you out of luck if you are looking for all three of these cost-effective features? No, you are not, because the St. George Vertigo Visa combines all of these desirable components in a single card.
Introductory zero interest rate offers are all well and good, but when the deal is about to expire and crunch time comes, you’ll want a card with a low ongoing purchase interest rate. There may be future occasions when you need a little short-term financial wriggle room, and the low interest rate on purchases allows you to pay less interest than you would on many other cards.
If you have an existing debt problem, 32 months should give you time to get your finances sorted out and accumulate enough spare cash to pay off the balance before you have to start paying the revert interest rate of 21.49% p.a. (the same high rate as applied to cash advances.)
Plan to pay off the balance within 32 months and avoid the revert rate if you possibly can, to avoid getting into a long-term debt situation.
There is, however, some more good news. Unlike many of its competitors which charge between 1% and 2.5%, this card does not impose an upfront fee on cash advances.
If you do take up the balance transfer option, one trap to be aware of is that you will not be able to rely on the normal monthly interest-free days on purchases. Having an unpaid balance transfer means that you will lose your regular interest-free days until it is paid off. Plan to use cash or another card for purchases until the transferred balance is cleared.
While it’s certainly true that there are a few credit cards with no annual fee at all, it’s unusual to find a no-fee card which has both a zero-interest balance transfer offer and such a low ongoing purchase interest rate.
That’s the combination you are paying for with this quite low $55 annual fee. When the balance transfer offer expires you will be left with a low ongoing interest rate on an extremely functional card with the following important additional features:
The St.George Vertigo Visa is suitable for a number of different use cases.
If you can say ‘Yes’ to more than half the above points, the St. George Vertigo Visa may be the most appropriate card for your personal situation.
Before you decide, what can you expect from St.George Vertigo Visa’s low interest rate rivals? Check out these most competitive alternatives: the Westpac Low Rate Credit Card, the Coles Low Rate Mastercard, and the Bank of Melbourne Vertigo Visa. All of these cards have their own merits, but may not necessarily be the right card to suit your exact circumstances.
Reviewed by Yvonne Taylor
Lead Product Analyst