Best Credit Card* Awards

Information verified correct on October 25th, 2016
credit card awards

As a part of the annual ‘The Best of the Best Awards’, Money Magazine rate credit cards based on their performance and features to create a list of the best credit cards*.

There are various factors involved in choosing the best credit card awards, but the magazine compares all available Australian credit card offerings to see how they rate when compared to others on the market.

Some customers may find they need to consider a balance transfer credit card to help them reduce the amount of interest they pay and help them get their credit card debt back under control. Other customers repay their balance on time each month and benefit from interest-free days or by accumulating rewards points or frequent flyer miles.

As a result of these several categories, cardholders are presented with a number of choices which makes it easier to choose the right credit card to suit your own individual needs.

Money Magazine Best Credit Card Awards categories

Money Magazine consider a number of categories when judging their Best Credit Card Awards each year. The reason behind this is because not every customer will benefit from the same type of card offer, so it is difficult to dub only one type as the ‘best’ credit card.

  • Best Balance Transfer Credit Card

    The 2014 Cheapest Balance Transfer bank Credit Card was awarded to the Bank of Melbourne, BankSA and St.George Vertigo MasterCard. This card can reduce monthly repayments and make it much easier to begin repaying your credit card debt more quickly.

    Offering a low rate of 0% p.a. on balance transfers for the first 20 months, the St.George Vertigo MasterCard can allow customers to save plenty of money on the amount of interest they were paying on their old high-interest credit card balances. For those customers who haven’t repaid the entire balance before the end of the 9 month introductory period, the interest rate reverts to the 18 purchase interest rate, which is still a competitive rate.

    The St.George Vertigo MasterCard also charges a low $55 annual fee, which can further help customers save money on their credit card expenses.
    Learn more about St.George Vertigo MasterCard Card here

  • Cheapest Credit Card

    The Money Magazine award for Cheapest Credit Card 2015 also went to the non-bank Community First Credit Union card. If you’re the type of customer who finds it difficult to pay off your credit card balance each month, then it could save you money to search for the cheapest credit card interest rate you can find.

    The Community First Credit Union card offers a introductory low-interest rate of 3.99% for the first 6 months and a competitive rate of 8.99% p.a. thereafter. The Community First Credit Union card also comes with a low annual fee of $40Learn more about Community First Credit Union Credit Cards here

  • Best Transactor Credit Card

    The Best Transactor Credit Card of 2015 was the Teacher Mutual Bank MasterCard. The theory behind this category is that cardholders who pay their debt in full each month are rewarded with as many interest-free days as possible to pay it off. The Teacher Mutual Bank card doesn’t charge an annual fee and offers up to 55 days interest-free.

    Transactor credit card cardholders could find that a credit card that charges no annual fee could be right for them, as they’ll pay no interest and no annual fee. In this case, the interest rate really doesn’t matter, as the customer isn’t paying any interest any way.
    Learn more about Teachers Mutual Bank Credit Cards here

  • Best Rewards Credit Card

    Money Magazine awarded the Coles Rewards MasterCard as the number one non-bank Best Rewards Credit Card of 2015.

    The Coles Rewards MasterCard allows you to earn two flybuys points per $1 everywhere you use the card for purchases. As a hybrid MasterCard and flybuys card, you can also earn your regular flybuys points from other partners. The Coles Rewards MasterCard also offers $10 off your Coles supermarket shop by redeeming 2000 points when you pay with the card.

    Rewards cards can come in handy for cardholders who frequently use their credit card and would like to earn points as they spend. Although rewards programs usually come with a higher annual fee, if you’re using your card to accumulate points, you should find that you can easily make up for the cost of the fee by redeeming for rewards that make up for this cost.
    Learn more about Coles Rewards MasterCard here

  • Best Frequent Flyer Credit Card

    Money Magazine have dubbed the American Express Platinum Edge Credit Card as the Best Frequent Flyer Credit Card for international travel in 2015.

    The American Express Platinum Edge Credit Card is ideal for regular globetrotters, offering three rewards points on each $1 spent depending on where you shop. You can also receive a complimentary domestic return flight every year to selected destinations and complimentary travel insurance when you pay for your holiday using your card.

    Money Magazine rated credit cards in this category based on the amount of money you’d need to spend in order to earn three domestic flights and three international flights within a calendar year.
    Learn more about American Express Platinum Edge Credit Card here

Choosing the best credit card*

While the Money Magazine’s Best Credit Card Awards listing is designed to help people make informed choices about the credit card offerings available, it’s still important to choose the right card to suit your own needs.

Always take time to consider your own credit card spending levels, your ability to repay your outstanding balance and your reasons for wanting a particular card before you complete your application. Spending a few minutes comparing the available cards could save you a lot of money in the long run, so it’s an important decision that’s worth getting right.

Back to top
Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

2 Responses to Best Credit Card* Awards

  1. Default Gravatar
    Sue | January 16, 2015

    I would like to purchase a credit card for only 3000.00 dollars. I do not have a card now may use a one off payment for the needs of emergency. I am a disability pensioner. Can you suggest a card prefer no annual fee low interest and I do not want to change cards.

    • Staff
      Jonathan | January 16, 2015

      Hi Sue,

      Thanks for your question!

      Please note that is an online comparison service, we are only licenced to provide general advice regarding the products we display.
      Things that should be considered when choosing a credit card include the annual fee, purchase rate and cash advance rate.
      No annual fee credit cards can be suited for people who reserve the use of their credit card for emergencies, or who make regular purchases on them but always completely clear their balance each month. More information regarding No Annual Fee Credit Cards can be found on this page.

      I hope this helps!



Credit Cards Comparison

Rates last updated October 25th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Ask a question