Are you looking to find the best credit card for your needs?
Listed below are some of the *best credit cards on offer in Australia. Each of these cards offers leading features and the best credit card choice will depend on your needs and uses for the particular card. The comparison table features balance transfer cards, low rate, no annual fee and rewards options.
Best Credit Card Comparison
Rates last updated September 1st, 2015.
- ANZ Frequent Flyer
No annual fee for the first year and 25,000 Qantas Points*
September 1st, 2015
- ANZ Low Rate
This balance transfer offer has been extended by ANZ for the foreseeable future.
September 1st, 2015
- ANZ Frequent Flyer Black
No annual fee for the first year and 74,000 Qantas Points*
September 1st, 2015
* The offers compared on this page are chosen from a range of products finder.com.au 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 personal financial circumstances when comparing products.
What is the *best credit card?
That answer is easy: there is no one *best credit card. Think about it — what’s best for you isn’t going to be best for somebody else. The type of credit card that is best going to meet your needs will depend on how you’re going to use it, what you want the card for and, what your financial situation is. You will also need to consider which cards that you’re eligible to use. A student looking at their first credit card isn’t going to be applying for the same credit card as a high-income earner. But how do you know which card is best for you?
There’s a range of credit cards available in the market: everything from low fee cards to give you convenient access to credit, right through to premium credit cards that offer incredible spending power and impressive rewards. Discover the types of cards available, who they’re best suited to, and how to find the best one for you, below.
Low rate credit cards – For the savvy frequent shopper
- What are they? Low rate cards offer you all the convenience of a credit card while keeping your interest low.
- Who are these credit cards best suited to? People looking for a low-cost line of credit.
How can you find the best low rate credit card?
- Consider the interest rate - As the main draw of these cards is the low rate, the competitiveness of their interest rate should be a main point of comparison. Also check what other fees apply — annual fees or joining/membership fees for rewards programs can add significantly to the cost of the card, so take it into account. Remember that there are other features on offer as well. So if you’re looking for other qualities, such as the ability to earn rewards points or balance transfer offers, consider these in your comparison.
- Look for purchase rate offers - If you’re after a low rate card then chances are you’re looking for a way to reduce what you pay in interest when you make a purchase. This is where a purchase rate offer could be something to consider. You may want to contemplate a credit card with a purchase rate offer of 0% p.a. on purchases for a set period of time, providing yourself with an interest-free line of credit. Take up a credit card with a purchase rate offer and pay 0% p.a. on purchases for a set period, essentially giving yourself an interest-free line of credit.
Looking for low rate credit cards?Rates last updated September 1st, 2015
Low and no annual free credit cards – For when you need it
- What are they? Low and no annual fee credit cards help limit your ongoing costs no matter how much you spend, giving you constant access to credit.
- Who are these credit cards best suited to? Cardholders looking for an emergency credit card, or lucrative, low-cost credit card deals.
How can you find the best low and no annual fee credit cards?
- Compare the lowest annual fees and consider the interest rate - These cards come with either no annual fee or a low annual fee, which can apply to the life of the card or for a promotional period, such as the first year. The other main cost that comes with a credit card is the interest rate, so be sure also to check this and ensure it’s competitive. Consider how much it will cost you to make purchases on the card if you don’t pay back your balance each statement period.
- Combine a balance transfer with a no annual fee for more savings - If you have an existing credit card debt you might want to consider a balance transfer credit card. By transferring your balance to a no annual fee balance transfer card, you can maintain a no-cost way of paying back your debt. Keep in mind you’ll need to pay it back within the promotional period to avoid interest being charged, but these periods can be quite long — some up to 14 months.
- Enjoy a rewards program for $0 a year - Want to receive rewards for your purchases while paying no or a low annual fee? It’s possible, and the rewards points-earning potential can be quite beneficial, too. Some of these rewards cards offer bonus points on sign-up, a high earn rate per dollar spent, and two cards linked to the same account to let you tailor your spending and earning.
What low and no annual fee cards are available?Rates last updated September 1st, 2015
Balance transfer credit cards – Because it’s time for interest relief
- What are they? You can use balance transfer credit cards to pay down an existing debt from a credit, store or charge card and pay 0% p.a. for the introductory period. You can also consolidate other debts with some balance transfer cards, such as personal loans.
- Who are these credit cards best suited to? Consider a balance transfer card if you want to pay down existing debt while saving on interest repayments.
How can you find the best balance transfer credit card?
- How good is the balance transfer offer? There are a few ways to check how competitive an offer is. The interest rate you’ll be charged on a balance transfer card is usually 0% p.a., but it can also be offered at a low rate. The length of the balance transfer period also differs, generally with terms of between six and 24 months available. Other points of difference include the rate that will be applied to any outstanding balance when the promotional period is over, and whether or not a balance transfer fee will be applied.
- Consider the card as a whole. Balance transfer credit cards need to be thought of as whole packages rather than standalone offers. Consider other features as well as the balance transfer offer. How competitive is the purchase rate and does the card have an annual fee? Does the card offer what you want in terms of rewards programs, special privileges and insurances?
What are the long term balance transfer credit cards available?Rates last updated September 1st, 2015
Frequent flyer credit cards – For the frequent flyer
- What are they? These cards give you a way to earn frequent flyer points, either directly or by transferring every dollar you spend into points with your chosen airline loyalty program.
- Who should consider frequent flyer cards? People who travel frequently and want to maximise points with a credit card.
How can you find the best frequent flyer credit card?
- How you can earn points - There are a few factors that will influence how many frequent flyer points you stand to earn. The most obvious one is the earn rate — namely, the rate at which you earn points per dollar you spend. A dual card account (two cards on the one account) can offer you two earn rates and can help you tailor the way you spend. Another thing to take into account is any points cap that may apply, which may be per statement period or per year. If you plan to spend a lot on your card, this could influence the number of points you can earn.
- Other features that can make one of these cards ‘the best’ - What other features do you want from your card? Are there any bonus points on offer? Does your card come with a purchase rate offer or even a promotional balance transfer rate? There could also be an annual fee waiver for the first year that could help you save while you earn points.
What frequent flyer credit cards have the highest earn rates?Rates last updated September 1st, 2015
Rewards credit cards – Get rewarded for everyday spending
- What are they? Rewards cards allow you to opt-in to various rewards programs and earn points for every dollar you spend. Redeem rewards for shopping, travel, gift vouchers and more.
- Who are these cards best suited to? Frequent credit card users who want to travel frequently and want to maximise points earn rewards for spending.
Which rewards credit card is the most rewarding?
- What kind of rewards do you want to earn? This is an important question to ask. Rewards programs can differ greatly in the kinds of reward they offer for you to redeem, from flights and other travel options to shopping, vouchers, and more. Make sure the rewards available to redeem are things that are of interest to you.
- Features of the card - The rate at which you earn reward points is an important factor to take into account, as is whether you receive bonus points, complimentary insurances, or any other features, such as a purchase rate offer or balance transfer rate. Also, consider the standard costs of the card including the annual fee, rates, and whether any fee applies to join the rewards program. This will show you how much value you can get from the card.
Rewards credit cards with the bonus points on signupRates last updated September 1st, 2015
Gold, Platinum and Black credit cards – Enjoy the extra perks on your card
- What are they? Gold, Platinum and Black credit cards provide access to premium features.
- Who are these cards best suited to? This card is best for high spenders who want to enjoy premium features like rewards points, complimentary insurances, concierge services, free flights and airport lounge passes.
How can you find the best gold, platinum and black credit cards?
- How much does the card cost? These cards, due to their premium features, cost more to own than other standard credit cards. They tend to come with a higher annual fee and less competitive purchase rates, but this is all relative to the rewards you receive while using the card. It can help to calculate the monetary value of the rewards to compare it against the cost of owning the card.
- Is it worth it? There are two major things you need to factor in when determining the value of the card — how much the card will cost to own versus its features, and whether you as the cardholder will find value from the rewards and premium features the card gives you access to. Will you use the card enough to find value from it? Consider the potential value carefully before you apply for one of these cards.
Gold, platinum and black credit card offersRates last updated September 1st, 2015
Business credit cards – Tailor your card to your business needs
- What are they? Business credit cards can give your business access to a convenient line of credit to help manage fluctuations in your cashflow.
- Who are these cards best suited to? All sized business, from small to medium-sized organisations to larger corporations, who want access to credit to help manage the business’ finances.
Finding the *best credit cards for your business
- Consider the business credit card features - Business credit cards come with a myriad of possibilities — from your standard cards designed for small to medium sized businesses to larger corporations. You can opt for a card that earns your business rewards points, one that offers you complimentary insurances or even one that helps you save on your business purchases. Compare your options and discover the possibilities.
- Decide what your business needs - Does your business need a simple card that will support your business expenditure while helping to keep costs low, or would you prefer a line of credit that rewards you for what you would regularly spend? You need to work out what your business needs from this card and what features it would use. Purchase rate offers, balance transfers, and rewards points are all on offer. Essentially, what card can your business afford and what features do you want?
What business credit card options are available?Back to top
Student credit cards – Avoid the traps and learn the ropes first
- What are they? Low-cost card options are available for those on lower incomes who need a convenient line of credit.
- Who are these cards best suited to? You guessed it — students, who are likely looking for their first card and are after a low-cost card option. These cards are tailored to suit the student lifestyle and are a great way to build credit and understand the responsibilities of debt with the use of lower credit limits.
I’m a student. What’s the *best credit card for me?
- Are you eligible? This is an important aspect to consider before you apply. While card providers may name their cards ‘student credit cards’ there are still minimum income, employment and residency criteria you have to fulfill in order to be eligible. Most cards have a minimum income requirement of $15,000 p.a.
- Important card features you need to look at - Check what interest rate will apply to your purchases and whether or not you will be charged an annual fee. You can also consider features such as purchase rate offers, balance transfer rates (if you have a current card debt) and low foreign transaction fees if you plan to take it overseas.