Review Money Magazine's 2015 Best of the Best award winners to find out which is Australia's Best Credit Card.
In an effort to locate the best Australian credit card, Money Magazine, Australia's foremost financial resource, publish their annual 'The Best of the Best' awards to compare Australia's available financial options. Australia's best credit cards are just one of the many categories considered under the annual awards.
Money Magazine understands that not all credit cards are suitable for every cardholder, so the awards are divided into different categories based on various credit card offers available. This way, credit cards with similar qualities are judged against one another and readers can easily compare the winning cards with their own spending patterns and unique financial needs in mind.
How to Find the Best Australian Credit Cards
Before you rush out and apply for what you believe might be the best Australian credit card, take a moment to figure out exactly what you will be using your card for. You may find that not all cards will work for you, and one particular award category will describe the type of card that best suit your needs.
The 2015 Money Magazine Awards
Review Australia's best credit cards and make your own comparison based on your unique financial needs and some of the leading products in the market. The below awards categories will help define the different types of cards available.
Cheapest Credit Card
If you're the type of customer who sometimes struggles to repay the outstanding balance on your credit card each month, then it makes sense to look for the cheapest credit card interest rate you can find. This way you know you're not paying more than you need to on your debts.
- The Teachers Mutual Bank Teachers Credit Card won the 'Cheapest Credit Card' for Bank Credit Cards in 2015 and Community First Credit Union McGrath Pink Visa topped the 'Cheapest Credit Card' in the non-bank category for 2015.
Best Balance Transfer Credit Card
If you already have credit card debt that you're struggling to repay, then opting for the best balance transfer credit card you can find could be an excellent way to reduce how much you pay in interest and begin to pay down your debt balance more quickly.
- The Heritage Bank won the Money Magazine 'Best Balance Transfer Credit Card' award for bank credit cards in 2015 and the Virgin Money credit card topped the non-bank cards.
Best Rewards Credit Card
If you're the type of customer who uses a credit card regularly to pay for purchases, perhaps a rewards credit card would suit you. You can accumulate points that can be redeemed for retail items, flights, shopping vouchers and much more. The type of customer who will benefit the most from these types of credit cards is the customer who regularly repays the outstanding balance each month to make best use of the card's interest-free days as well as earning points.
- Two years in a row, the ANZ Rewards Platinum Amex card won the 'Best Rewards Credit Card' award for bank cards while the Coles Rewards Mastercard took out the non-bank category in 2015.
Best Frequent Flyer Card
If you're a regular jetsetter, a frequent flyer card could be rewarding for you. Frequent flyer cards allow you to earn points on your miles and can be redeemed for flights, upgrades and other rewards. However, if you rarely fly, this card may not be as beneficial for you.
- NAB topped both the non-bank and bank category for the 'Best Frequent Flyer Credit Card' in 2015, with the NAB Qantas Rewards Premium Credit Card being awarded the best bank card and the NAB Velocity Rewards Premium conquering the non-bank category.
Choose the best card for you
With so many different options to choose from, it's obvious that the Best Australian Credit Card is the one that's right for your personal situation and financial circumstances. Although you could use these awards as a guide, always take your needs into account and compare your options before making a decision.
What are the Best of the Best Awards?
Each year, Money Magazine narrow down and compare Australia’s best financial products, services and investments. With thousands of products from hundreds of different institutions, Money Magazine – with the assistance of their research partners – identify over 100 gold-winning products.
Which card is best for me?
Although the Money Magazine Best of the Best Credit Card Awards could be a good place to start your credit card comparison, it shouldn't be your only source of information. What could be considered a winning product may not suit your unique financial needs, so it's always best to keep those in mind when making a decision.