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