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...

Most Popular Brands in Credit Cards

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BankWestMacquarie BankAmerican ExpressME (Members Equity) BankKogan MoneyLatitude FinancialColesCommonwealth BankVirgin MoneyANZWestpacSt. George BankNABING DIRECThumm90HSBC
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114 listings
ANZ Low Rate
Low Rate Credit Cards and Balance Transfer Credit Cards

ANZ Low Rate

3.1 from 37 reviews
Purchase Rate12.49% p.a.
Annual Fee$58.00 p.a.
Interest Free Period 55 days
Low Interest Rate of 12.49% p.a. on purchases
$0 Annual Account Fee in First Year, $58 in subsequent years
0% on Balance Transfers for 30 months with no Balance Transfer Fee
Up to 3 Additional Cardholders at no additional cost
3% Foreign Transaction Fee
  • Transparency
    4.0 (13)
  • Customer Service
    3.9 (13)
  • Rates and Fees
    4.2 (13)
  • Rewards
    2.4 (5)
  • Online Experience
    4.0 (12)
  • Application Process
    3.8 (10)
  • Foreign Transaction Fee 3%
  • BenefitsReduced First Year Annual Fee
  • Minimum Credit Limit $1,000.00
  • Minimum Income $15,000.00
  • Reduced First Year Annual Fee $0.00
  • Contactless PaymentsApple Pay and Google Pay
Woolworths Everyday Platinum
Balance Transfer Credit Cards and Rewards Credit Cards

Woolworths Everyday Platinum

2.6 from 381 reviews
Purchase Rate19.99% p.a.
Annual Fee$49.00 p.a.
Interest Free Period 55 days
$10 off at Woolworths for 2,000 points (min. $667 spend)
10% off one shop at Woolworths each month
Regular promotions to waive the annual fee for the first year
Points earned are not the same as regular Woolworths Rewards points
Points cannot be converted to Qantas Frequent Flyer points
  • Transparency
    3.6 (70)
  • Customer Service
    3.5 (73)
  • Rates and Fees
    3.5 (72)
  • Rewards
    3.9 (58)
  • Online Experience
    3.6 (65)
  • Application Process
    3.7 (63)
  • Foreign Transaction Fee 3%
  • BenefitsReduced First Year Annual Fee
  • Minimum Credit Limit $6,000.00
  • Minimum Income $30,000.00
  • Points Earn Rate 3 points per $1
  • Reduced First Year Annual Fee $0.00
  • Contactless PaymentsApple Pay
BankWest Zero MasterCard Classic
No Annual Fee Credit Cards, Frequent Flyer & Travel Credit Cards and Balance Transfer Credit Cards

BankWest Zero MasterCard Classic

2.9 from 48 reviews
Purchase Rate17.99% p.a.
Annual Fee$0.00 p.a.
Interest Free Period 55 days
No annual fee
Accessible $1,000 minimum credit limit
0% p.a. for 34 months on balance transfers
2.95% foreign transaction fee
2% balance transfer fee
  • Transparency
    3.7 (21)
  • Customer Service
    3.4 (21)
  • Rates and Fees
    3.8 (21)
  • Rewards
    2.4 (7)
  • Online Experience
    3.4 (20)
  • Application Process
    4.1 (19)
  • Foreign Transaction Fee 2.95%
  • Minimum Credit Limit $1,000.00
  • Maximum Credit Limit $25,000.00
  • Minimum Income $20,000.00
  • Contactless PaymentsApple Pay and Google Pay
St. George Amplify Signature
Balance Transfer Credit Cards and Rewards Credit Cards

St. George Amplify Signature

 · includes 2 listings
3.6 from 20 reviews
Purchase Rate19.49% p.a.
Annual Fee$279.00 p.a.

Sign-Up Bonus Points90,000 to 200,000

ANZ Rewards
Rewards Credit Cards

ANZ Rewards

2.7 from 58 reviews
Purchase Rate20.24% p.a.
Annual Fee$80.00 p.a.
Interest Free Period 44 days

Sign-Up Bonus Points50,000

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What you need to know about store finance credit cards

A store credit card can help if you need to make an emergency purchase but you don’t have the money. Read on to learn how store credit cards work and discover what to watch out for.

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Credit Card Awards 2020

Whether it's the sign up bonus, rates and fees, or reliable customer service that you look for in a credit card, a credit card is often used everyday, so it's important you choose one that meets your needs and that you're happy with. These are the top-rated credit cards this year, as decided by ProductReview.com.au reviewers.

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Commonwealth Bank Platinum Awards
Frequent Flyer & Travel Credit Cards, Balance Transfer Credit Cards and Rewards Credit Cards

Commonwealth Bank Platinum Awards

2.9 from 35 reviews
Purchase Rate20.24% p.a.
Annual Fee$249.00 p.a.
Interest Free Period 55 days

Sign-Up Bonus Points80,000

American Express Platinum
Frequent Flyer & Travel Credit Cards and Rewards Credit Cards

American Express Platinum

2.7 from 55 reviews
Annual Fee$1,450.00 p.a.
Interest Free Period 44 days

Sign-Up Bonus Points200,000

David Jones American Express
Rewards Credit Cards

David Jones American Express

2.6 from 74 reviews
Purchase Rate20.74% p.a.
Annual Fee$99.00 p.a.
Interest Free Period 44 days

Sign-Up Bonus Points15,000

ANZ First
Balance Transfer Credit Cards

ANZ First

2.9 from 33 reviews
Purchase Rate20.24% p.a.
Annual Fee$30.00 p.a.
Interest Free Period 55 days
American Express Platinum Edge
Frequent Flyer & Travel Credit Cards, Balance Transfer Credit Cards and Rewards Credit Cards

American Express Platinum Edge

2.6 from 64 reviews
Purchase Rate20.74% p.a.
Annual Fee$195.00 p.a.
Interest Free Period 55 days
ING Orange One
Low Rate Credit Cards and No Annual Fee Credit Cards

ING Orange One

2.8 from 29 reviews
Purchase Rate11.99% p.a.
Annual Fee$0.00 p.a.
Interest Free Period 45 days
American Express Essential
Low Rate Credit Cards, No Annual Fee Credit Cards and Rewards Credit Cards

American Express Essential

2.3 from 136 reviews
Purchase Rate14.99% p.a.
Annual Fee$0.00 p.a.
Interest Free Period 55 days
NAB Low Rate
Low Rate Credit Cards and Balance Transfer Credit Cards

NAB Low Rate

3.1 from 18 reviews
Purchase Rate12.99% p.a.
Annual Fee$59.00 p.a.
Interest Free Period 55 days
HSBC Platinum
Balance Transfer Credit Cards and Rewards Credit Cards

HSBC Platinum

2.5 from 40 reviews
Purchase Rate19.99% p.a.
Annual Fee$129.00 p.a.
Interest Free Period 55 days
humm90 Mastercard
Low Rate Credit Cards

humm90 Mastercard

2.0 from 346 reviews
Purchase Rate23.99% p.a.
Annual Fee$99.00 p.a.
Interest Free Period 80 days

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How to get in front of credit card debt with a credit card balance transfer.

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ANZ Frequent Flyer Platinum
Frequent Flyer & Travel Credit Cards

ANZ Frequent Flyer Platinum

2.7 from 18 reviews
Purchase Rate19.99% p.a.
Annual Fee$295.00 p.a.
Interest Free Period 55 days

Sign-Up Bonus Points75,000

BankWest More Platinum MasterCard
Balance Transfer Credit Cards and Rewards Credit Cards

BankWest More Platinum MasterCard

3.6 from 9 reviews
Purchase Rate19.99% p.a.
Annual Fee$160.00 p.a.
Interest Free Period 44 days
Qantas Premier Everyday
Frequent Flyer & Travel Credit Cards, Balance Transfer Credit Cards and Rewards Credit Cards

Qantas Premier Everyday

2.6 from 19 reviews
Purchase Rate19.99% p.a.
Annual Fee$49.00 p.a.
Interest Free Period 55 days

Sign-Up Bonus Points8,000

Myer Visa Card
Balance Transfer Credit Cards and Rewards Credit Cards

Myer Visa Card

2.0 from 78 reviews
Purchase Rate20.69% p.a.
Annual Fee$69.00 p.a.
Interest Free Period 55 days
Bank of Queensland Blue Visa
Balance Transfer Credit Cards and Rewards Credit Cards

Bank of Queensland Blue Visa

4.3 from 6 reviews
Purchase Rate20.74% p.a.
Annual Fee$60.00 p.a.
Interest Free Period 44 days
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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.