Best consolidating credit card debt

From balance transfer cards that can help you ditch debt through to rewards credit cards offering a range of freebies to entice any big spender's appetite, there's never a shortage of plastic to choose from in the bustling credit card market.But what type of card is right for you and what are the features to consider and the fees to watch out for?The catch to all this is higher interest rates and fees, so platinum cards are really suited to people who never miss a payment and always pay their balance in full each month.You'll generally need to meet some strict lending criteria to get a piece of platinum plastic in your wallet, like a minimum income amount, and in any case you'll likely need to be a big spender to be able to earn enough rewards to offset the higher annual fees that come with platinum cards.That said, interest free credit cards are generally best suited to conscientious spenders who can commit to paying off their purchases before the interest free period ends and who won't be tempted by the 0% rate into buying more things than they really need.No annual fee credit card: If you're someone who really only uses your credit card as a convenient payment method, doesn't value perks like rewards programs and diligently pays off your card balance in full each month, your credit card match could be a no annual fee credit card.Rewards cards can either be directly linked to frequent flyer programs to let you earn Qantas Frequent Flyer, Virgin Velocity or other airline points on your spend, or they can be linked to a more general rewards program that lets you earn and redeem points for everything from gift cards to discounts on retail purchases to travel.

There are some no annual fee credit cards on the market that do offer rewards programs and other perks, but for the most part these cards are no frills options suitable for those who don't want to have to pay a fee for the privilege of owning a credit card.

While most low interest credit cards require you to pay an annual fee, it will generally be much lower than an annual fee for a fancier platinum or rewards card, and the cost of the annual fee is likely to be far lower than paying a high interest rate on your spending each month.

Interest free credit card: If you intend to purchase some big ticket items in the near future and need some breathing space to pay them off, you could opt for a credit card with a zero interest “honeymoon” period.

Platinum credit cards: Want to supersize the amount of rewards you can earn and the freebies you gain?

A platinum credit card generally comes with all the perks of a standard rewards card but just more of them, as you'll typically gain bigger bonus points, more rewards points per dollar spent, exclusive entertainment offers and of course more privileges like inbuilt travel insurance, concierge and purchase protection.

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That way, if you do have the odd big expense like a holiday or a big ticket purchase that you need a couple of months to pay off, you won't be hit with an excessive interest rate for the privilege.

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