Which Swiss credit cards are the cheapest?
The credit card plan you choose may have a major impact on your budget. Here’s a guide to help you choose the right credit card plan in Switzerland.
Swiss online product comparison site Moneyland.ch scrutinised 162 cards over a two-year period with the goal of determining which credits cards were the cheapest and the most expensive in Switzerland.
The study showed wide differences between cards, with some cards saving you hundreds of francs per year.
Which card is cheapest?
Ultimately, a major factor underpinning how much you are likely to save is how often you use the card, with the results broken into a variety of categories: frequent users, occasional users and those who intend to use the card abroad.
Result: If you are an occasional user, you can save almost 550 francs in the first two years by choosing the cheapest credit card.
Frequent users can save more than double that - 1,200 francs - by switching to a cheaper card.
Swisscard's American Express Cashback credit card is the big winner, coming out on top both for frequent users and occasional users.
Rather than costing money, it brings in:around 10 francs over two years for non-frequent user, thanks to the bonus points system.
With all the other cards used in the comparison study, users pay extras, for example for annual fees.
Moneyland points out, however, that these results strongly depend on the use of the card.
The comparison service defines an occasional user as someone who buys 200 francs per month in Switzerland and spends a little less than 1000 euros per year abroad with his card.
The Coop Supercard (Visa or Mastercard) is in second place, costing more than 70 francs over two years, with the cashback of around 23 francs.
In total, the card costs 47 francs over two years, or less than 2 francs per month.
The Ikea Family credit card, issued by Cembra Money Bank, comes third in the ranking, followed by Migros' Cumulus Mastercard.
Postfinance's Visa and Mastercard, on the other hand, are in 10th place
What about using the card abroad?
Getting slugged with hidden charges when using your card abroad is a great way to ruin a holiday.
The Neon credit card has the lowest costs for transactions due to a favourable exchange rate, with the card costing CHF105.45 in the first two years.
In terms of yearly fees, those wanting to use the card abroad can save the most with the multi-currency card from Swissquote, which costs 302.5 francs per year.
This is closely followed by the multi-currency gold card from Swiss quote, which costs 402.5 francs, followed by the Coop Mastercard/Visa (CHF486.5) and the American Express cash back card (CHF505.5).
More of the survey's findings can be found here.