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Compare some of the best credit cards in Australia
Find the best credit card for your needs by comparing options from various Australian providers. Use filters on comparison tables to refine your search and find the ideal match for your financial situation.
60+ credit card providers in RateCity’s database
180+ credit card products in RateCity’s database
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Compare some of the best credit card options in Australia
Compare best first credit cards
No annual fee credit cards
Interest free credit cards
Best rewards credit card Australia
Balance transfer credit cards
Low income credit cards
Compare American Express cards
Frequent flyer credit cards
High income credit card
Credit card offers
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Credit cards with lounge access
Which is the best credit card in Australia?
There is no single “best” credit card in Australia, as there is such a wide variety of options available. To identify the best credit card for you, you may want to look at your monthly income and spending habits, and consider how you want to use the credit card, such as for everyday expenses, emergencies, or earning rewards.
By better understanding your financial situation and specific needs, you can narrow down your search and find the best Australian credit card that suits your lifestyle. RateCity’s comparison tables can help you filter and sort options based on card type, purchase rate, interest-free days, and annual fees, helping you find the best card from RateCity's top picks.
Some of the best low rate credit cards in the RateCity Database for November 2024
| Card | Company | Purchase Rate % |
|---|---|---|
| Low Rate Visa Credit Card | G&C Mutual Bank Limited | 7.49% |
| Low Rate Credit Card | Community First Bank | 8.99% |
| Low Rate Credit Card | MOVE Bank | 8.99% |
| Foundation Visa Card^ | Defence Bank | 8.99% |
| Easy Low Rate Visa Credit Card | Easy Street Financial Services | 8.99% |
| Low Rate Visa Credit Card | Australian Unity | 9.90% |
| ^offers 3.99% p.a. six month introductory rate on balance transfers, purchases and cash advances. | ||
Some of the best frequent flyer credit cards, offering the highest sign up frequent flyer points, in the RateCity Database for November 2024
| Card | Company | Purchase Rate % | Points | Conditions |
| Qantas Premier Titanium | Qantas Money | 20.99% | 1,50,000 | Spend $5,000 within the first 90 days. |
| Citi Prestige Card (Qantas Rewards Program) | Citi | 21.49% | 1,50,000 | Spend $7,500 within the first 2 months. |
| Frequent Flyer Black | ANZ | 20.99% | 1,30,000 | 90,000 bonus Qantas Points and $200 cashback when you spend $5,000 in the first 3 months. Plus, 40,000 bonus Qantas Points if you keep the card for over 1 year. |
| Altitude Black (Qantas or Velocity) | Westpac | 20.99% | 1,20,000 | 90,000 Qantas or Velocity Points in year 1 if you spend $6,000 within 120 days of new card approval and an extra 30,000 points after the first eligible purchase in year 2. |
| Qantas Rewards Signature Card | NAB | 20.99% | 1,20,000 | 90,000 bonus points when you spend $3,000 within the first 60 days and 30,000 bonus points if you keep the card for over 1 year. |
| Qantas Premier Platinum | Qantas Money | 19.99% | 80,000 | 50,000 bonus points when you spend $3,000 within the first 90 days. Plus 30,000 bonus points if you haven't earned Qantas Points with any credit card in the last 12 months. |
Some of the best rewards credit cards, offering the highest sign up reward points, in the RateCity Database for November 2024
| Card | Company | Purchase Rate % | Points | Conditions |
|---|---|---|---|---|
| Citi Prestige Card (Citi Rewards Program) | Citi | 21.49% | 2,50,000 | Spend $10,000 within the first 90 days. |
| Citi Premier Card | Citi | 21.49% | 2,00,000 | Spend $7,000 within the first 90 days and earn 150,000 bonus points and 50,000 bonus points if you keep the card for over 1 year. |
| Rewards Black | ANZ Banking Group Limited | 20.99% | 1,80,000 | 180,000 ANZ Rewards Points and $150 cashback when you spend $3,000 within the first 90 days. |
| Rewards Signature Card | National Australia Bank Limited | 20.99% | 1,80,000 | 130,000 bonus points when you spend $3,000 within the first 60 days and 50,000 bonus points if you keep the card for over 1 year. |
| Amplify Signature (Amplify Rewards) | St. George Bank | 20.99% | 1,50,000 | Spend $12,000 within the first 12 months from card approval in one or more transactions. |
| Altitude Black (Altitude Rewards) | Westpac Banking Corporation Ltd. | 20.99% | 1,50,000 | 100,000 Rewards Points in year 1 when you spend $6,000 within the first 120 days and 50,000 points after the first eligible purchase in year 2. |
Source: RateCity.com.au. Data accurate as of 05 November 2024.
Types of credit cards in Australia
Some of the common credit types in Australia include:
Visa, Mastercard or AMEX
Credit cards in Australia will either be a Visa, Mastercard or American Express card. Each card type has its own advantages and disadvantages, as well as individual rewards offered to customers.
Low rate credit cards
These credit cards offer lower-than-average purchase rates; generally around 10% or lower. Low rate cards may be helpful for some cardholders struggling to manage their debt.
Low fee credit cards
Ongoing credit card fees can add up over the years. Low-fee credit cards typically don’t charge you ongoing fees, like annual fees.
Rewards credit cards
Rewards credit cards allow eligible customers access to a card issuer’s rewards program. You can typically earn rewards points on eligible purchases or at sign-up, and exchange them for goods like appliances and electronics, or travel rewards like flight upgrades. You may also enjoy perks like cashbacks, complimentary travel insurance, concierge services or airport lounge access.
Frequent flyer credit cards
Frequent flyer credit cards allow eligible customers to earn frequent flyer points through the issuer’s affiliated airline, such as Qantas or Virgin. You can earn points on eligible purchases or at sign-up, which may be exchanged for travel rewards like plane tickets, flight upgrades and hotel accommodation. You may also enjoy perks like complimentary travel insurance and rental car insurance.
Travel credit cards
Ideal for avid adventurers, travel credit cards typically suit those planning overseas holidays, or those who shop online on international websites. These cards may not charge any foreign transaction fees, and may come with complimentary travel insurance and other perks, like airport lounge access.
Platinum credit cards
Designed for big spenders, platinum credit cards are a type of premium card that carries all the bells and whistles of rewards cards, along with higher credit limits, additional perks and protections like purchase protection. You typically will need to meet harder eligibility criteria to qualify, such as earning a higher than average income. Platinum credit cards may also come with higher annual fees and purchase rates, but it's assumed the cardholders can afford these costs.
Business credit cards
Intended for business owners, business credit cards are issued to a company with an Australian Business Number (ABN). They easily allow for the ordering of new cards and approving additional cardholders for various staff members.
Balance transfer credit cards
When a cardholder has an outstanding balance they're struggling to pay off, they can transfer this balance to a new card with an interest-free period. The balance transfer offer may be for a few months, or even for a year or longer. You may also be charged a balance transfer fee upon opening the new card account, which is generally a small percentage (e.g. 1%-3%) of your transferred balance.
RateCity tips for new cardholders
Be aware of the interest-free period on a balance transfer credit card. Remember that the interest-free period is for a limited time only. You may only have a window of no interest for the first year of the card. If you still have an unpaid balance on your credit card when the offer ends, you will be charged interest on the amount you still owe, often at a higher than an average interest rate. It’s usually worth trying to completely pay off your transferred balance before the interest-free period expires.
Finding the best credit card for your spending habits
Depending on how you use your credit card, certain types of cards may offer you more benefits than others. Here’s a quick guide to help you determine which credit card might be the best for you based on your spending habits:
Habitual spenders
You use your credit card like a debit card and are constantly racking up interest on your outstanding balance.
Suggested cards - Low rate credit card, low fee credit card
Occasional/emergency spenders
You use your credit card as a helpful financial tool and don't rely on it for everyday spending. You're only bringing it out for large purchases you otherwise couldn't afford in one go, in emergencies, or just when travelling or shopping online on overseas websites, and pay back this debt over time.
Suggested cards - Low rate credit card, low fee credit card, travel credit card
Everyday spender
You use your credit card every day for purchases like groceries or to pay bills. You may do so to maximise the number of rewards points you could earn. But unlike the habitual spender, you ensure your credit card balance is always paid in full each statement period.
Suggested cards - Low rate credit card, low fee credit card, rewards credit card, frequent flyer credit card, travel credit card
Big spender
You are a higher income earner and put over $5000 a month on your credit card. You may use your credit card for convenience or to try and earn rewards points and game point hacks. You are strict about paying off your balance in full to avoid interest charges.
Suggested cards - Platinum credit card, rewards credit card, frequent flyer credit card
How do you find the best credit card?
Finding the right credit card requires thorough research and careful comparison. You can use comparison tools, such as tables and calculators, to help you in this process.
1. Check credit card comparison tables
Comparison tables allow you to compare apples with apples. You can filter and sort the options shown based on what you're looking for, such as card type, purchase rate, number of interest free days, and annual fees. You'll also get a clear indication of any features and perks linked to the new credit card.
2. Make a checklist of the cards you're considering
Once you've narrowed down your search, it’s worth creating a shortlist of potential cards and carefully looking at each card's Product Disclosure Statement (PDS), key fact sheet or equivalent document.
3. Check the eligibility criteria
Once you've settled on a choice, triple check the eligibility criteria set by the credit card provider before you begin your card application. If you don't meet the card issuer's criteria, you may not get card approval and be rejected. This could risk hurting your credit score and may be noted in your credit history.
Finding the best credit card in Australia that’s tailored to your spending habits can be beneficial, offering rewards and perks that align with your lifestyle. While a well-chosen card can enhance your financial flexibility, it’s worth remembering that when misused, credit cards can lead to significant debt. Remember that maxing out your credit limit and accumulating high debt can risk negatively affecting your credit score. By being diligent and responsible in your selection and use of credit cards, you can enjoy the benefits while protecting your financial well-being.
Finding the best credit card: Understanding fees and charges
When deciding on the best credit card for your budget, a general rule of thumb is to aim for one that keeps fees and charges down. These costs can add a lot to your bill and may result in you accumulating debt. Some common charges include:
- Annual fees
- Late payments fees
- Cash advance fees
- Fees for exceeding your credit limit
- Foreign transaction fees
However, not all credit card fees are considered bad. In fact, if you opt for a credit card with a rewards program, it's generally accepted that you will pay a little more in annual fees or interest rates for the benefit. These costs help to pay for the rewards and may be unavoidable for this type of card.
For a full breakdown of any potential fees, read the PDS and terms and conditions linked to your credit card. It's crucial that you’re aware of these charges so that you can budget accordingly. The PDS will also have a breakdown of the earn rate on rewards programs.
Frequently Asked Questions
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.
