The field of credit cards competing for the title of 'cheapest card' continues to narrow. If you're after a cheap, no-frills card, the three main contenders are the Aussie MasterCard, the Bankwest Lite MasterCard and now, the St George Vertigo MasterCard. So how does the Vertigo stack up against its rivals?
The Vertigo's purchase rate is in the middle of the field. At 12.49%, it's higher than the BankWest Lite MasterCard at 9.99% and slightly lower than the Aussie MasterCard at 12.79%. It has a cash rate of 21.24% (disappointingly high, but easily avoidable) and offers 55 days interest free.
The annual fee is $55, which is mid-range for a low-end card. The Aussie is $6 cheaper and the lite MasterCard is $4 more expensive, so it's not really a factor that's likely to sway your decision either way.
St George is also currently offering 2.99% p.a. for up to 6 months on balances transferred.
Other features include a free additional card and St George Instant Benefits: a quasi-rewards program that offers special deals and vouchers for St George customers.
The major differentiator between the Vertigo and the other two cards is branch presence. Although St George like to position themselves as a smaller, friendlier alternative to the 'big four' banks, they're still a major presence in New South Wales and South Australia (where they own and operate BankSA).
That offers some clear advantages: there are more ATMs, so you're not constantly hiking halfway across the CBD or paying exorbitant non-bank ATM fees and if you need to go into a branch for any reason, you shouldn't have far to travel.
Overall, if you're an existing St George (or BankSA in South Australia) customer and you're looking for a cheap credit card, it's a no-brainer. The Vertigo MasterCard is the card for you. Others may want to consider the Aussie MasterCard or the BankWest Lite MasterCard and the decision is going to depend largely on your credit behaviours and which state you live in.
