Best Credit Cards

A credit card can be a useful tool to have when used responsibly, but different spenders will need different things from one. Our guide goes through different types of credit cards, interest rates, fees, repayments, benefits (like cash rewards) and more, so that you can better compare your options. Continue reading...

Brand
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Rating
Card Type
Purchase Rate
8.99% p.a.
Annual Fee
$1,750 p.a.
Interest Free Period
Benefits
Show more
Minimum Credit Limit
$400
Rewards Program
Show more
Points Earn Rate
0.5 points per $1
Introductory Rate Period
6 months
Sign-Up Bonus Points
8,000
Reduced First Year Annual Fee
$0
Contactless Payments

Based on 8,492 reviews
Latitude 28 Degrees Global Platinum Mastercard

Latitude 28 Degrees Global Platinum Mastercard

3.7  (1,872)
 Summary
  • Purchase Rate21.99% p.a.
  • Annual Fee$0 p.a.
  • Interest Free Period 55 days
David W
David WNSW2 posts
 
Qantas American Express Discovery

Qantas American Express Discovery

4.1  (57)
 Summary
  • Purchase Rate20.74% p.a.
  • Annual Fee$0 p.a.
  • Interest Free Period 44 days
WalterWhite
WalterWhite
 
Latitude Infinity Rewards Visa

Latitude Infinity Rewards Visa

4.0  (65)
 Summary
  • Purchase Rate23.95% p.a.
  • Annual Fee$0 p.a.
  • Interest Free Period 55 days
Anne Porter
Anne Porter
 
Bankwest Zero Platinum MasterCard

Bankwest Zero Platinum MasterCard

3.8  (51)
 Summary
  • Purchase Rate17.99% p.a.
  • Annual Fee$0 p.a.
  • Interest Free Period 55 days
Cambo
CamboNSW9 posts
  Verified
Latitude Gem Visa

Latitude Gem Visa

3.2  (1,101)
 Summary
  • Purchase Rate23.95% p.a.
  • Annual Fee$0 p.a.
  • Interest Free Period 55 days
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wakitlay
wakitlay
 
avoid at all costWorst credit card. wasted my establishment fees of $55. non refundable. scam company. Show details
Commonwealth Bank Low Fee

Commonwealth Bank Low Fee

3.8  (49)
 Summary
  • Purchase Rate19.74% p.a.
  • Annual Fee$29 p.a.
  • Interest Free Period 55 days
Mayur
Mayur6 posts
 
Commonwealth Bank Awards

Commonwealth Bank Awards

3.5  (88)
 Summary
  • Purchase Rate20.24% p.a.
  • Annual Fee$59 p.a.
  • Interest Free Period 55 days
Stu R.
Stu R.2 posts
 
Max freeIve Maxed out my limit. Soo paying the upmost in interest possible and they have the audacity to let me spend past the limit and then charge me per transaction there past a further $10 for no apparent reason. No extra workload on their behalf but considerably more detriment just for me (like it was a punishment). Far king are souls. Lone sharcs Show details
Stu R.
Stu R.  
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Westpac Low Rate

Westpac Low Rate

3.6  (60)
 Summary
  • Purchase Rate13.74% p.a.
  • Annual Fee$59 p.a.
  • Interest Free Period 55 days
robins60
robins60ADELAIDE98 posts
 
Qantas American Express Ultimate

Qantas American Express Ultimate

3.4  (85)
 Summary
  • Purchase Rate20.74% p.a.
  • Annual Fee$450 p.a.
  • Interest Free Period 44 days
  • Sign-Up Bonus Points100,000
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Dan
DanCaulfield30 posts
 
Coles No Annual Fee MasterCard

Coles No Annual Fee MasterCard

3.1  (181)
 Summary
  • Purchase Rate19.99% p.a.
  • Annual Fee$0 p.a.
  • Interest Free Period 55 days
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N G.
N G.NSW2 posts
 
What a mistake this was signing up to a coles MastercardDo not get this product. How hard can it be to close and pay an account? Thrash app, thrash customer service. All round just terrible Show details
Commonwealth Bank Diamond Awards

Commonwealth Bank Diamond Awards

3.4  (43)
 Summary
  • Purchase Rate20.24% p.a.
  • Annual Fee$349 p.a.
  • Interest Free Period 55 days
  • Sign-Up Bonus Points100,000
SmallBusinessOwner
SmallBusinessOwner
 
GO MasterCard

GO MasterCard

2.8  (1,179)
 Summary
  • Purchase Rate23.95% p.a.
  • Annual Fee$0 p.a.
  • Interest Free Period 55 days
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Kenny A.
Kenny A.NSW
 
Virgin Money No Annual Fee Visa

Virgin Money No Annual Fee Visa

2.7  (181)
 Summary
  • Purchase Rate18.99% p.a.
  • Annual Fee$0 p.a.
  • Interest Free Period 55 days
Valerio
Valerio
 
Choice a better credit card next timeApplied for the card to get rewards , card approved 20 days before i got it at home. Had no chance to obtain points since the short time from approval to get it in my possess.
Unclear communications and provedures. App low functions. Show details
Westpac Altitude Platinum

Westpac Altitude Platinum

3.1  (45)
 Summary
  • Purchase Rate20.24 to 20.49% p.a.
  • Annual Fee$49 p.a., $150 p.a. and $200 p.a.
  • Sign-Up Bonus Points15,000 to 80,000
C2Sphere
C2SphereVIC4 posts
  Verified Altitude Platinum - Qantas Frequent Flyer Mastercard
ANZ Platinum

ANZ Platinum

3.3  (29)
 Summary
  • Purchase Rate20.24% p.a.
  • Annual Fee$87 p.a.
  • Interest Free Period 55 days
kevin
kevin2 posts
 
ANZ Low Rate

ANZ Low Rate

3.1  (37)
 Summary
  • Purchase Rate12.49% p.a.
  • Annual Fee$58 p.a.
  • Interest Free Period 55 days
Lazy guy
Lazy guyVIC48 posts
 
Cannot increase above $1000I had been with ANZ credit card for long time, no bad credit. always paid balance in full within 2 or 3 weeks. I applied westpac and nab credit cards and got approved much much higher. ANZ won't increase and I got really upset and closed anz credit card. why should i pay yearly fee if cannot increase beyond 1k? Ridiculous system. Show details
Latitude Low Rate Mastercard

Latitude Low Rate Mastercard

2.9  (51)
 Summary
  • Purchase Rate9.89% p.a.
  • Annual Fee$69 p.a.
  • Interest Free Period 55 days
scipio
scipioVIC16 posts
 
Commonwealth Bank Low Rate

Commonwealth Bank Low Rate

4.2  (13)
 Summary
  • Purchase Rate13.24% p.a.
  • Annual Fee$59 p.a.
  • Interest Free Period 55 days
Modasser
ModasserNSW9 posts
 
CBA made me pay ATO my due amount which i was planning to pay after 6 months. And then declined my credit applicationCBA made me pay ATO my due amount which i was planning pay after 6 months. And then declined my credit application.
Why you asked me to pay ATO if you were going to decline my application ? Show details
American Express Explorer

American Express Explorer

3.5  (20)
 Summary
  • Purchase Rate20.74% p.a.
  • Annual Fee$395 p.a.
  • Interest Free Period 55 days
  • Sign-Up Bonus Points50,000
Cassandra
CassandraNSW26 posts
 
Dreadful application process and third party referral for credit scoreRefers you to third party credit agent then you have to apply to getvyour credit score also then offers to subscribe at your own. Avoid Show details
BankWest Zero MasterCard Classic

BankWest Zero MasterCard Classic

2.8  (52)
 Summary
  • Purchase Rate17.99% p.a.
  • Annual Fee$0 p.a.
  • Interest Free Period 55 days
eingley
eingleyQLD48 posts
  Verified
St. George Amplify Signature

St. George Amplify Signature

3.4  (22)
 Summary
  • Purchase Rate19.49% p.a.
  • Annual Fee$279 p.a.
  • Sign-Up Bonus Points90,000 to 200,000
Anti Amplify Customer
Anti Amplify Customer
  Amplify Rewards
Terrible program - inept bankHave wasted countless hours dealing with St George over the years, not sure why I expected the Amplify Rewards program to be any different. Avoid this bank and this card. Not worth your time. Show details
Westpac Altitude Black

Westpac Altitude Black

2.6  (94)
 Summary
  • Purchase Rate20.24 to 20.49% p.a.
  • Annual Fee$199 p.a. and $250 p.a.
  • Sign-Up Bonus Points90,000 to 150,000
Vincent B.
Vincent B.6 posts
  Altitude Black - Altitude Rewards Mastercard
American Express Platinum Edge

American Express Platinum Edge

2.6  (66)
 Summary
  • Purchase Rate20.74% p.a.
  • Annual Fee$195 p.a.
  • Interest Free Period 55 days
Wally
Wally14 posts
 
Commonwealth Bank Platinum Awards

Commonwealth Bank Platinum Awards

2.8  (37)
 Summary
  • Purchase Rate20.24% p.a.
  • Annual Fee$249 p.a.
  • Interest Free Period 55 days
  • Sign-Up Bonus Points80,000
Modasser
ModasserNSW9 posts
 
CBA made me pay ATO my due amount which i was planning to pay after 6 months. And then declined my credit applicationCBA made me pay ATO my due amount which i was planning to pay after 6 months. And then declined my credit application. Show details
David Jones American Express

David Jones American Express

2.5  (79)
 Summary
  • Purchase Rate20.74% p.a.
  • Annual Fee$99 p.a.
  • Interest Free Period 44 days
  • Sign-Up Bonus Points15,000
Shaju
ShajuNew South Wales3 posts
 
Coles Rewards Mastercard

Coles Rewards Mastercard

2.4  (217)
 Summary
  • Purchase Rate19.99% p.a.
  • Annual Fee$99 p.a.
  • Interest Free Period 55 days
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Nicole52
Nicole52TAS27 posts
  Verified
humm90 Mastercard

humm90 Mastercard

2.3  (502)
 Summary
  • Purchase Rate24.99% p.a.
  • Annual Fee$99 p.a.
  • Interest Free Period 110 days
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Daniel W.
Daniel W.2 posts
 
humm90
humm90   DM   
More
American Express Platinum

American Express Platinum

2.5  (69)
 Summary
  • Annual Fee$1,450 p.a.
  • Interest Free Period 44 days
  • Sign-Up Bonus Points200,000
Marco L.
Marco L.3 posts
 
Kogan Money Black Card

Kogan Money Black Card

2.3  (133)
 Summary
  • Purchase Rate20.99% p.a.
  • Annual Fee$0 p.a.
  • Interest Free Period 55 days
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Raelene B.
Raelene B.VIC3 posts
 
Does this card even exist!!!Started my application on the 12th of March. Have submitted back to the them when requested, the same day, additional documents (twice). Still absolutely nothing 2 April. do not recommend them at all Show details
ANZ First

ANZ First

2.6  (40)
 Summary
  • Purchase Rate20.24% p.a.
  • Annual Fee$30 p.a.
  • Interest Free Period 55 days
adam
adam
 
Terrible customer servicesWell after almost three months applying ,going backwards and forwards and wasting alot of time
I was told my application declined ,even though I am in very strong financial position
I think the poor spoken bank rep has got some information calculations wrong .but I won't bother correcting them as I will seek to apply somewhere else Show details

How does a credit card work?

A credit card is a line of credit that you can use for spending. If you get one, you'll get a statement each month that tells you the amount you owe for the billing period. You can choose to pay the entire amount owed or a portion of it - there will be a minimum repayment each billing period that’s typically around 2-3% of the total owed.

Unlike a personal loan which you pay off over a fixed term, a credit card can be used on an ongoing basis.

Credit cards are not bank debit cards, which are the cards you use to access the available funds in your bank account.

A man entering his pin on an EFTPOS machine to make a purchase with his credit card.

Should I get a credit card?

Credit cards can help boost your credit rating, be used all over the world, and provide funds when you’re short on cash or in an emergency. However, these handy pieces of plastic do come with risks, and can be expensive if you choose one that isn’t right for you and you don’t make your repayments on time.

That’s why you should know the conditions attached to a credit card as well as its benefits. You should also consider your own spending habits and how you’ll pay off a credit card.

We’ve outlined some advantages and disadvantages of using a credit card below.

Pros
Enable access to a revolving line of credit that can be a safety net for when you’re strapped for cash.
You can take advantage of an interest-free period for purchases.
Can get rewards, such as cashback benefits and frequent flyer points.
Can help you build a credit history, and if you use it responsibly, a good credit rating.
They’re often optimised for travel.
Cons
You may be charged interest, particularly if you don’t pay your whole closing balance by the due date.
There are often fees for using the card.
Because these are unsecured forms of credit (in that your debt isn’t backed up by collateral), you’ll typically pay higher interest rates than other loans.
Rewards can encourage you to spend more than you usually would or can afford.
Can negatively impact your credit score if you miss repayments.

Types of credit cards

Frequent Flyer & Travel Cards · See All

Frequent flyer or travel credit cards are designed for those who want to get rewards for their spending that can be redeemed for flights, upgrades, and other travel perks.

If you’re in the market for one of these, check the fine print to see whether the conditions of the card make it a good fit for you.

Look for things like:

  • The frequent flyer program the card is attached to.
  • Expiration dates on points earned.
  • Whether points you earn can be transferred to a different frequent flyer program.

Rewards Credit Cards · See All

Rewards credit cards allow you to earn points for every eligible dollar spent on it. These rewards can then be redeemed for things like vouchers, entertainment tickets, flights or flight upgrades, and cash back (this gives you a certain percentage, usually around 5%, of what you spend back into your account).

Credit cards with rewards programs typically have higher interest rates and more fees attached to them.

Put things into perspective

A lot of the time, one reward point roughly equals one cent. Take this into consideration so that you’re not swayed by deals offering a huge amount of points, because these may not actually be worth much.

Balance Transfer Cards · See All

A balance transfer card lets you transfer the balance (the amount you owe) of one credit card to another.

The new interest rate is usually 0% or a low rate for a limited period of time. If you can pay off the balance within that time, then you may save money, however you may end up paying more if you can’t.

A balance transfer card isn’t necessarily the best option for those struggling to meet their credit card repayments. You can read more about getting your debt under control at the Australian government’s Moneysmart website.

What to consider when choosing a credit card

Minimum repayments

You should work out how much you can afford to pay off each month to find a suitable loan. If you can pay the full balance each month, then consider looking for a credit card with many interest-free days so you don’t pay interest as long as you pay the balance within this period. This may be worth the higher interest rate and annual or monthly fee.

The benefits of paying more than the minimum

Paying more than the minimum monthly repayment means you can reduce the amount of interest you pay. Even paying slightly more than the minimum per month can make a big difference.

Use a credit card calculator to work out how much to pay each month

You can use a credit card calculator (found on the Australian government’s Moneysmart website as well as many bank and comparison service websites) to determine:

  • How long it will take to pay off your card by making the minimum repayments
  • How much money you can save by making higher repayments

Credit limit

When you apply for a credit card, you'll be offered a credit limit by the bank or credit provider. This is the maximum amount they will lend you. You don’t have to take the maximum amount on offer, so think about your spending and what you can afford to pay back before deciding on a credit limit.

Interest rates

How much interest you’ll pay will depend on the type of credit card, the transactions you make (for example, interest rates will vary for regular purchases, balance transfers, and cash advances), and when you make repayments.

Credit cards also sometimes have these two different interest rates:

  • Introductory interest rate: an interest rate that’s offered for a limited amount of time - not all credit cards offer this.
  • Purchase interest rate: the interest rate on purchases you make after the introductory (or honeymoon) period ends.

Interest-free period

A lot of credit cards come with an interest-free period, so you’re not charged interest on purchases made during that period, as long as you pay the outstanding balance in full by your monthly due dates. However, these cards may stil incur monthly or other fees during the interest-free period.

‘Interest-free’ credit cards often have interest-free periods of at least 55 days or at least 44 days.

Fees

Most credit cards have fees attached to them, such as:

  • Annual or monthly fee: a fee charged every year or every month. You can also find credit cards with no annual fee.
  • Late fee: for if you don’t make your minimum repayment, plus any overdue amount, by the monthly due date.
  • Cash advance fee: this is charged if you withdraw money from your credit card.
  • Overlimit fee: a fee charged if you go over your credit limit.
  • Lost or replacement card fee: when you need a replacement card delivered to you.

Ensure that you look closely at the fees of any credit card you’re considering, as these will often be higher if you opt for a credit card with special perks.

Benefits

Some credit cards come with benefits, such as:

Perks are rarely free

Be aware that benefits attached to a credit card are rarely free, as their cost is often covered by higher interest rates or fees than you’d find in other card types.

The bottom line

A credit card can be a useful thing to have as long as you use and manage it responsibly. If you pay your balance off in full every billing period, then it can provide you with benefits and rewards that won’t cost you more than they’re worth.

Any credit card comparison you do should consider interest rates, fees, and benefits, but you should first do your research and think about whether getting one in the first place is the right choice for you.

Disclaimer: The information on this website is for general information only. It should not be taken as constituting professional advice from the website owner - ProductReview.com.au. ProductReview.com.au is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. ProductReview.com.au is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.

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