Choosing a credit card is a bit like choosing a car. While there is some variation between providers you pretty much get what you pay for. Just like cars, you can go for the low cost budget model or the flash expensive version to impress the neighbours.

The first choice to make is whether to go for one of the two big players, VISA or Mastercard, or an alternative such as American Express. The next thing that can save you money is to choose 44 days instead of the normal 55 days interest free. If you like airpoints and have a reasonably high monthly credit card spend then it pays to choose a card that offers flight rewards. This costs about another $25 per year.

The standard interest charge for most cards is around 19.95% but you can find cards with interest rates as low as 13.45% if you shop around although it usually makes sense to consolidate your debts in a mortgage rather than run up an interest bill on your credit card.

A cross section of the rates currently on offer is shown below but check with the bank as these can change at any time.

For a more detailed list click here .