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 offer 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.
Low Interest Rate Credit Card*
Enjoy a low rate balance transfer offer. The card also features a low ongoing purchase rate and a low annual fee.
- $55 p.a. annual fee
- 0% p.a. for 3 months (reverts to 13.24% p.a.) on purchases
- 0% p.a. for 18 months on balance transfers
- Cash Advance Rate of 21.49% p.a.
- Up to 55 days interest free
* 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 own 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 is going to depend on how you’re going to use it, what you want the card for, what your financial situation is and also, the cards that you’re eligible for. 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 give you incredible spending power and impressive rewards. Find out about all types of cards available to you below, 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
- 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 you can find the best low rate credit card
- First and foremost look at 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 other features are on offer as well. If you’re after other features, such as the ability to earn rewards points or balance transfer offers, make these a part of your comparison.
- 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. Take up a credit card with a purchase rate offer and pay 0% p.a. on purchases for a set period of time, essentially giving yourself an interest-free line of credit.
What are the lowest rate credit cards?
Low and no annual free credit cards – For when you need it
- Low and no annual fee credit cards help keep your ongoing costs low no matter how much you spend, giving you constant access to credit.
- You might benefit if you’re looking for an emergency credit card, or if you’re looking for lucrative, low-cost credit card deals.
How you can 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, say for the first year. The other main cost that comes with a credit card is the interest rate, so be sure to also check this and ensure it’s competitive. How much will it cost you to make purchases on the card if you don’t pay back your balance each statement period?
- Are you going to balance transfer? Combine 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 essentially have 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 - How does being rewarded for your purchases while paying no or a low annual fee sound? It’s possible, and the rewards points-earning potential can be quite lucrative, 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?
Balance transfer credit cards – Because it’s time for interest relief
- Pay down an existing debt from a credit, store or charge card and pay 0% p.a. for up to 18 months. You can also consolidate other debts with some balance transfer cards.
- Consider a balance transfer card if you want to pay down existing debt whilst saving on interest repayments.
What to know to 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.
- How good is the credit card? Balance transfer credit cards need to be thought of as whole packages rather than standalone offers. Consider not only the balance transfer offer but also the other features of the card. How competitive is the purchase rate and does the card have an annual fee? Does the card offer you what you want in terms of rewards programs, special privileges and insurances?
What are the longest balance transfer credit cards available?
Frequent flyer credit cards – For the frequent flyer
- These cards give you a way to earn frequent flyer points, either directly or by transferring points, for the airline loyalty program of your choice for each dollar you spend.
- Who should consider frequent flyer cards? People who travel frequently and want to maximise points with a credit card.
How can you get the best frequent flyer credit card?
- Features of frequent flyer cards to consider - 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 amount of points you could 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?
Rewards credit cards – Get more of your moneys’ worth
- 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 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 most bonus points on signup
Gold, Platinum and Black credit cards – Enjoy the extra perks on your card
- Why not take advantage of how much you use your credit card by giving yourself access to premium features?
- This card is best for high spenders who want to enjoy premium features like rewards points, complimentary insurances, concierge service, 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, considering 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 from owning 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 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.
Popular gold, platinum and black credit card offers
Business credit cards – Tailor your card to your business needs
- Give your business access to a convenient line of credit to help manage fluctuations in your cashflow.
- These cards are tailored to suit all sized business, from small to medium-sized business to larger corporations, who want access to credit and to help manage your business’ financials.
Finding the best credit cards* for your business
- Business credit card features - There’s myriad possibilities with business credit cards — 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. Look through your options and discover the possibilities.
- Deciding 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 spending what you would be anyway? You need to work out how 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. What card can your business afford and what features do you want?
What business credit card options are available?
Student credit cards – Avoid the traps and learn the ropes first
- Low-cost card options are available for those on lower incomes who need a convenient line of credit.
- These cards are 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 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.