Rewards credit cards vs annual fees

Mozo's 4 step guide to the right rewards decision...

• 1. Figure out your annual credit card spend. This shouldn't be too difficult ? just race through your monthly statements. (It's not a bad idea to know how much you blow on your card anyway...)
• 2. Figure out your travel habits, including preferred airlines. Regular travellers will benefit from free international travel insurance and other frequent flyer rewards.
• 3. Calculate if your annual credit card spend will net enough points to pay for the annual fee OR if your travel insurance saving is greater than the annual fee
• 4. Credit interest time! Credit debt is almost always a 'no' to rewards cards. You're typically better off with a balance transfer to a low-rate card. Otherwise your increased interest payments will simply reward the bank.

Cheap credit cards ? how much could I save?

Mozo's Health Check tool tells you in seconds how much you could save by changing credit cards. It could be hundreds of dollars a month! See if a reward card leads the charge to financial health.

Understanding Mastercard Rewards, Visa Reward Cards & American Express

Credit rewards programs are more or less identical across Mastercard and Visa. The subtle differences include:

• Partner deals
• Event deals

These change regularly, and the more important differences exist at the credit card provider level, which determines fees, interest rates and reward card deal.