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Welcome to Credit Card Finder®, where we've been researching, reviewing and comparing credit cards for over 15 years. If you're trying to cut down your interest payments, rack up points or get a new card for that next big purchase, you can use Finder to compare over 270 credit cards available in Australia. When you find one you're looking for, and we'll take you directly to the bank's website to apply securely online.

Name Product Purchase rate Interest-free period Annual fee Balance transfer rate
St.George Vertigo Card
13.99% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($55 p.a. thereafter)
0% p.a. for 30 months
0% Balance Transfer Offer & $0 First Year Annual Fee
Save with a 0% interest rate on balance transfers for 30 months (with no balance transfer fee) and a $0 annual fee for the first year.
Citi Clear Card - Balance Transfer Offer
14.99% p.a.
Up to 55 days on purchases
$49 annual fee for the first year ($99 p.a. thereafter)
0% p.a. for 28 months
0% Balance Transfer Offer & First-Year Annual Fee Discount
Offers 0% p.a. on balance transfers for 28 months with no balance transfer fee and a discounted $49 first-year annual fee.
HSBC Platinum Credit Card
19.99% p.a.
Up to 55 days on purchases
$29 annual fee for the first year ($129 p.a. thereafter)
0% p.a. for 36 months
0% Balance Transfer Offer & $29 First-Year Annual Fee
Save money with a 0% balance transfer rate for 36 months (with no BT fee), a first-year annual fee discount and free travel insurance.
Kogan Money Black Card - Exclusive Offer
20.99% p.a.
Up to 55 days on purchases
$0
0% p.a. for 22 months
0% Balance Transfer Offer & $50 Kogan.com Credit
Save with a $0 annual fee and a 0% introductory rate on balance transfers. Plus, earn $50 Kogan.com Credit and uncapped rewards points.
Citi Rewards Card - Points & Gift Card Offer
21.49% p.a.
Up to 55 days on purchases
$49 annual fee for the first year ($149 p.a. thereafter)
0% p.a. for 15 months
90,000 Citi Rewards Points and $100 Coles eGift Card
Receive 90,000 bonus Citi reward Points (worth $400 in gift cards) and a $100 Coles eGift Card when you spend $3,000 in the first 90 days.
NAB Qantas Rewards Signature Card
19.99% p.a.
Up to 44 days on purchases
$295 annual fee for the first year ($395 p.a. thereafter)
0% p.a. for 6 months with 2% balance transfer fee
Up to 110,000 bonus Qantas Points & First-Year Annual Fee Discount
Earn up to 110,000 bonus Qantas Points (90,000 when you spend $3,000 in the first 60 days and 20k after 12 months).
humm90 Mastercard - Balance Transfer Offer
23.99% p.a.
Up to 110 days on purchases
$99
0% p.a. for 36 months
Long-Term 0% Balance Transfer Offer
Get 0% interest on balance transfers for 36 months, with no balance transfer fee. Plus, up to 110 days interest free on purchases.
PayPal Rewards Card
20.99% p.a.
Up to 55 days on purchases
$0
0% p.a. for 20 months
50,000 Bonus Points & 0% Balance Transfer Offer
Get 50,000 bonus points on eligible spend (worth $250 to spend at over 750,000 businesses) and a $0 annual fee for life.
ANZ Low Rate
12.49% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($58 p.a. thereafter)
0% p.a. for 30 months
0% Balance Transfer Offer & $0 First-Year Annual Fee
Now eligible for Cashrewards Max. Save with 0% p.a. on balance transfers for 30 months (with no BT fee) and $0 first-year annual fee. Plus a 12.49% p.a. purchase interest rate.
NAB Low Rate Credit Card
12.99% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($59 p.a. thereafter)
0% p.a. for 32 months
0% Balance Transfer Offer & $0 First-Year Annual Fee
Get a 0% interest rate on balance transfers for the first 32 months (with no BT fee). Plus, save with a $0 first-year annual fee.
Citi Rewards Card - Balance Transfer Offer
21.49% p.a.
Up to 55 days on purchases
$49 annual fee for the first year ($149 p.a. thereafter)
0% p.a. for 30 months
30-Month Balance Transfer & Annual Fee Discount
Save with a $49 first-year annual fee and 0% on balance transfers for 30 months with no balance transfer fee.
Bankwest Breeze Classic Mastercard
0% p.a. for 15 months, reverts to 9.9% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($49 p.a. thereafter)
0% p.a. for 15 months
0% Purchase Rate & Balance Transfer Offers
Save with 0% p.a. on purchases and balance transfers for 15 months (with no BT fee). Plus, a $0 first-year annual fee.
Citi Premier Card
21.49% p.a.
Up to 55 days on purchases
$150 annual fee for the first year ($300 p.a. thereafter)
0% p.a. for 6 months
130,000 bonus Citi Reward Points & First-Year Annual Fee Discount
Enjoy 130,000 bonus points (worth $450 in eGift cards) when you spend $4,000 within the first 90 days. Plus, a first-year annual fee discount.
Qantas American Express Ultimate Card
20.74% p.a.
Up to 44 days on purchases
$450
110,000 bonus Qantas Points & $200 Statement Credit
Receive 110,000 bonus Qantas Points and $200 back on your card when you spend $3,000 in the first 3 months. Plus, a yearly $450 Travel Credit.
Qantas Premier Platinum
19.99% p.a.
Up to 55 days on purchases
$225 annual fee for the first year ($299 p.a. thereafter)
0% p.a. for 18 months with 1% balance transfer fee
80,000 Bonus Points & 80 bonus Status Credits
Earn 80,000 bonus Qantas Points when you spend $4,000 in the first 3 months, 80 bonus Status Credits on eligible spend and a reduced first-year annual fee.
Westpac Low Rate Card - Cashback Offer
13.74% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($59 p.a. thereafter)
6.99% p.a. for 12 months
$400 Cashback & $0 First-Year Annual Fee
Get $400 cashback when you spend $4,000 on eligible purchases within the first 120 days. Plus, a $0 first-year annual fee.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
Up to 55 days on purchases
$64 annual fee for the first year ($129 p.a. thereafter)
0% p.a. for 28 months
$129 Gift Voucher & Balance Transfer Offer
Get 0% p.a. on balance transfers for 28 months and a reduced annual fee in the first year. Ends 30 September 2021.
St.George Vertigo Card - Cashback Offer
13.99% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($55 p.a. thereafter)
6.99% p.a. for 12 months
$300 Cashback Offer & $0 First-Year Annual Fee
Get $300 cashback when you spend at least $4,000 in the first 120 days. Plus, a $0 annual fee for the first year.
Bankwest Zero Platinum Mastercard
14.99% p.a.
Up to 55 days on purchases
$0
0% p.a. for 26 months with 2% balance transfer fee
No Annual Fee & 0% Balance Transfer Offer
Get 0% p.a. on balance transfers for 26 months (with a 2% BT fee), ​an ongoing $0 annual fee and 0% foreign transaction fees.
Bendigo Bank Low Rate Credit Card
0% p.a. for 12 months, reverts to 11.99% p.a.
Up to 55 days on purchases
$45
0% p.a. for 12 months with 2% balance transfer fee
0% Purchase Rate & Balance Transfer Offers
Save with 0% p.a. interest on purchases and balance transfers for up to 12 months, with a one-time 2% balance transfer fee.
Citi Clear Card - Cashback Offer
14.99% p.a.
Up to 55 days on purchases
$49 annual fee for the first year ($99 p.a. thereafter)
0% p.a. for 15 months
$250 Cashback & 0% Balance Transfer Offers
Get $250 cashback when you spend $3,000 in the first 90 days. Plus, a 0% balance transfer offer for 15 months.
Westpac Low Rate Card
13.74% p.a.
Up to 55 days on purchases
$0 annual fee for the first year ($59 p.a. thereafter)
0% p.a. for 28 months with 1% balance transfer fee
$0 First-Year Annual Fee & 0% Balance Transfer Offer
Save with a $0 annual fee for the first year, plus, a 0% interest rate on balance transfers for 28 months.
Qantas American Express Discovery Card
20.74% p.a.
Up to 44 days on purchases
$0
10,000 Bonus Points & $0 Annual Fee Offer
Get 10,000 bonus Qantas Points when you spend $750 within 3 months, plus a $0 annual fee for the life of the card.
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$
% p.a.
Name Product Balance transfer rate Purchase rate Annual fee Amount saved
Kogan Money Black Card - Exclusive Offer
0% p.a. for 22 months
20.99% p.a.
$0
Save with a $0 annual fee and a 0% introductory rate on balance transfers. Plus, earn $50 Kogan.com Credit and uncapped rewards points.
Citi Clear Card - Balance Transfer Offer
0% p.a. for 28 months
14.99% p.a.
$49 annual fee for the first year ($99 p.a. thereafter)
Offers 0% p.a. on balance transfers for 28 months with no balance transfer fee and a discounted $49 first-year annual fee.
HSBC Platinum Credit Card
0% p.a. for 36 months
19.99% p.a.
$29 annual fee for the first year ($129 p.a. thereafter)
Save money with a 0% balance transfer rate for 36 months (with no BT fee), a first-year annual fee discount and free travel insurance.
St.George Vertigo Card
0% p.a. for 30 months
13.99% p.a.
$0 annual fee for the first year ($55 p.a. thereafter)
Save with a 0% interest rate on balance transfers for 30 months (with no balance transfer fee) and a $0 annual fee for the first year.
humm90 Mastercard - Balance Transfer Offer
0% p.a. for 36 months
23.99% p.a.
$99
Get 0% interest on balance transfers for 36 months, with no balance transfer fee. Plus, up to 110 days interest free on purchases.
PayPal Rewards Card
0% p.a. for 20 months
20.99% p.a.
$0
Get 50,000 bonus points on eligible spend (worth $250 to spend at over 750,000 businesses) and a $0 annual fee for life.
Citi Rewards Card - Balance Transfer Offer
0% p.a. for 30 months
21.49% p.a.
$49 annual fee for the first year ($149 p.a. thereafter)
Save with a $49 first-year annual fee and 0% on balance transfers for 30 months with no balance transfer fee.
ANZ Low Rate
0% p.a. for 30 months
12.49% p.a.
$0 annual fee for the first year ($58 p.a. thereafter)
Now eligible for Cashrewards Max. Save with 0% p.a. on balance transfers for 30 months (with no BT fee) and $0 first-year annual fee. Plus a 12.49% p.a. purchase interest rate.
NAB Low Rate Credit Card
0% p.a. for 32 months
12.99% p.a.
$0 annual fee for the first year ($59 p.a. thereafter)
Get a 0% interest rate on balance transfers for the first 32 months (with no BT fee). Plus, save with a $0 first-year annual fee.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 28 months
20.74% p.a.
$64 annual fee for the first year ($129 p.a. thereafter)
Get 0% p.a. on balance transfers for 28 months and a reduced annual fee in the first year. Ends 30 September 2021.
Bankwest Breeze Classic Mastercard
0% p.a. for 15 months
0% p.a. for 15 months, reverts to 9.9% p.a.
$0 annual fee for the first year ($49 p.a. thereafter)
Save with 0% p.a. on purchases and balance transfers for 15 months (with no BT fee). Plus, a $0 first-year annual fee.
Westpac Low Rate Card
0% p.a. for 28 months with 1% balance transfer fee
13.74% p.a.
$0 annual fee for the first year ($59 p.a. thereafter)
Save with a $0 annual fee for the first year, plus, a 0% interest rate on balance transfers for 28 months.
Bendigo Bank Low Rate Credit Card
0% p.a. for 12 months with 2% balance transfer fee
0% p.a. for 12 months, reverts to 11.99% p.a.
$45
Save with 0% p.a. interest on purchases and balance transfers for up to 12 months, with a one-time 2% balance transfer fee.
Citi Rewards Card - Points & Gift Card Offer
0% p.a. for 15 months
21.49% p.a.
$49 annual fee for the first year ($149 p.a. thereafter)
Receive 90,000 bonus Citi reward Points (worth $400 in gift cards) and a $100 Coles eGift Card when you spend $3,000 in the first 90 days.
Great Southern Bank Low Rate Credit Card
0% p.a. for 25 months
11.99% p.a.
$0 annual fee for the first year ($49 p.a. thereafter)
Take advantage of a 0% p.a. balance transfer rate for 25 months, $0 first year annual fee, and a low variable 11.99% p.a. interest rate on purchases.
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Name Product Bonus points Rewards program Rewards points per $ spent Purchase rate Annual fee
Citi Rewards Card - Points & Gift Card Offer
90,000
Citi Rewards Program
1
21.49% p.a.
$49 annual fee for the first year ($149 p.a. thereafter)
Receive 90,000 bonus Citi reward Points (worth $400 in gift cards) and a $100 Coles eGift Card when you spend $3,000 in the first 90 days.
NAB Qantas Rewards Signature Card
110,000
Qantas Frequent Flyer
1
19.99% p.a.
$295 annual fee for the first year ($395 p.a. thereafter)
Earn up to 110,000 bonus Qantas Points (90,000 when you spend $3,000 in the first 60 days and 20k after 12 months).
Qantas American Express Ultimate Card
110,000
Qantas Frequent Flyer
1.25
20.74% p.a.
$450
Receive 110,000 bonus Qantas Points and $200 back on your card when you spend $3,000 in the first 3 months. Plus, a yearly $450 Travel Credit.
Citi Premier Qantas Card
75,000
Qantas Frequent Flyer
0.5
21.49% p.a.
$175 annual fee for the first year ($350 p.a. thereafter)
Get 75,000 bonus Qantas Points when you spend $4,000 in the first 90 days and a first-year annual fee discount.
ANZ Frequent Flyer Black
120,000
Qantas Frequent Flyer
1
20.24% p.a.
$425
New Cashrewards Max benefit. Collect 120,000 bonus Qantas Points and $200 back when you spend $3,000 in the first 3 months. Plus, complimentary lounge passes.
St.George Amplify Platinum - Qantas
60,000
Qantas Frequent Flyer
0.5
19.74% p.a.
$99
Earn 60,000 bonus Qantas Points, plus enjoy 0% p.a. on balance transfers for 15 months with a 1% BT fee.
Qantas Premier Platinum
80,000
Qantas Frequent Flyer
1
19.99% p.a.
$225 annual fee for the first year ($299 p.a. thereafter)
Earn 80,000 bonus Qantas Points when you spend $4,000 in the first 3 months, 80 bonus Status Credits on eligible spend and a reduced first-year annual fee.
Westpac Altitude Platinum Card
130,000
Westpac Altitude Rewards
1
20.49% p.a.
$49 annual fee for the first year ($150 p.a. thereafter)
Get 130,000 bonus Altitude Points (worth $450 cashback) when you spend $3,000 in the first 90 days, a 0% balance transfer offer and a $49 discounted annual fee.
American Express Platinum Edge Credit Card
50,000
Membership Rewards
1
20.74% p.a.
$0 annual fee for the first year ($195 p.a. thereafter)
Receive 50,000 bonus points when you spend at least $1,500 within the first 3 months. Plus, $200 Travel Credit each year.
St.George Amplify Signature - Qantas
90,000
Qantas Frequent Flyer
0.75
19.74% p.a.
$279
Get 90,000 bonus Qantas Points when you spend $6,000 using your new card within 90 days from approval and 2 Qantas Club lounge invitations per year.
American Express Qantas Business Rewards Card
120,000
Qantas Business Rewards
1.25
0% p.a.
$0 annual fee for the first year ($450 p.a. thereafter)
ABN holders w/ $75,000 revenue. Receive 120,000 bonus Qantas Points and $0 first-year annual fee when you spend $3,000 in the first 2 months.
Qantas American Express Discovery Card
10,000
Qantas Frequent Flyer
0.75
20.74% p.a.
$0
Get 10,000 bonus Qantas Points when you spend $750 within 3 months, plus a $0 annual fee for the life of the card.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
N/A
Velocity Frequent Flyer
0.66
20.74% p.a.
$64 annual fee for the first year ($129 p.a. thereafter)
Get 0% p.a. on balance transfers for 28 months and a reduced annual fee in the first year. Ends 30 September 2021.
Westpac Altitude Platinum Qantas
60,000
Qantas Frequent Flyer
0.5
20.49% p.a.
$149 annual fee for the first year ($200 p.a. thereafter)
Get 60,000 bonus Qantas Points when you spend $3,000 within 90 days. Plus, a first-year annual fee discount and a 0% balance transfer offer.
NAB Qantas Rewards Premium Card
65,000
Qantas Frequent Flyer
0.66
19.99% p.a.
$250
Get 65,000 bonus Qantas Points when you spend $2,500 in the first 60 days and free Qantas Frequent Flyer membership.
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Are some of the terms on this table a little confusing? We get it. Jump down to our handy glossary to learn about key features and how to compare cards.

What's happening in credit cards in September 2021?

The Reserve Bank of Australia's latest retail payment data shows Australians paid off a huge $1 billion in credit card debt in July 2021. Finder analysis also shows the number of credit cards in circulation has also been dropping in recent months.

Citi Australia's head of cards and loans, Choong Yu Lum told Finder two key factors were lockdowns and the end of the financial year, which "typically prompts Australians to get their finances in order".

As we saw during last year's pandemic-related lockdowns...many consumers find themselves with extra funds available to pay off their debts as they stay home with less opportunity to spend.”

Choong Yu Lum, Citi Australia head of cards and loans

Following an announcement in August, NAB's proposed acquisition of Citi's Australian consumer business is now with the Australian Competition and Consumer Commission (ACCC) for review. The ACCC has set up an inquiry, with submissions from "interested parties" due by 13 September 2021.

Anyone with a personal ANZ credit card or debit card can now get cashback through the complimentary Cashrewards Max program. Launched in late August, this perk offers people with ANZ cards higher cashback rates and faster cashback approvals than regular Cashrewards customers.

The ongoing lockdowns in NSW and Victoria (as well as others through the year) have had an impact on retail sales, with analysis from Westpac showing sales in July were down 2.7% for the month and 3.1% for the year. The biggest drop was in NSW, where sales fell 8.9%.

Research from Finder has also shown that the way we do our supermarket shopping has changed, with 6.4 million Australians starting to shop for groceries online since the pandemic began.

We'll keep updating this section over the course of the month to keep you up-to-date with everything credit cards.

Updated by Amy Bradney-George on 1 September 2021

What is a credit card?

So let's take it back to basics.

A credit card is a convenient way to pay for things. While a debit card requires money in your bank account to make a purchase, a credit card lets you borrow money which you then pay back over a certain period of time, usually with interest. It's useful for people who don't have enough money to pay for something or those who don't want to pay the entire amount immediately. It's also an easy way to "get something for nothing" with reward points. Some people also use credit cards to improve their credit history.

If you pay off your credit card balance on time, it can be kind of like an interest-free loan. If you can't pay on time, your purchases will begin collecting interest on top of the amount owed. That's why it's so important to get a credit card that suits your income and circumstances.

What types of credit cards are there?

There are a few different types of credit cards available, which is great if you've got a specific purpose in mind. Not 100% sure which card to go with? We've rounded up some of our top picks and dropped them into each of the different categories below. Just keep in mind that there's no set card that's best for everyone, so make sure you check your eligibility before you apply. You can learn more about the best credit cards here.

Balance transfer credit cards

If you're struggling with existing credit card debt and are being charged a motza in interest rates, it might be time to explore balance transfer credit cards. These allow you to move your existing credit card debt over to a new balance transfer credit card, where you'll pay low – or no! – interest for a certain amount of time.

Hot tip: Look for a balance transfer card with a low annual fee and a long introductory period!

CardCurrent offerAnnual fee
Citi Rewards Card – Balance Transfer OfferPicture not describedSave with 0% interest on balance transfers for the first 30 months with no balance transfer fee. Plus, complimentary travel insurance and Citi Rewards.$49 annual fee for the first year ($149 thereafter)

No annual fee credit cards

This one kind of speaks for itself – you'll pay no annual fees on this card, either ongoing or just for the first year. If you're only going to use your card a few times a year and you plan on paying back your balance in full each month, a no annual fee card could be right up your alley as you'll have almost no additional expenses.

Hot tip: Keep an eye on interest rates as they can be pretty high on these cards.

CardCurrent offerAnnual fee
Coles No Annual Fee Mastercardcoles no annual fee0% p.a. interest on balance transfers for the first 12 months. Plus, $100 off a Coles Supermarket shop when you spend at least $1,500 in the first 60 days$0

Low interest rate cards

Not sure if you're able to pay off your bill in full each month? A low interest credit card could help. These cards will allow you to buy what you need without racking up too much interest so you can keep your borrowing costs low.

Hot tip: Look for cards with interest rates of 14.99% p.a or less. Watch out for annual fees as they can be higher on these cards.

CardCurrent offerAnnual fee
ANZ Low Rate CardPicture not describedSave with 0% p.a. interest on balance transfers for the first 30 months with no balance transfer fee. Purchase interest rate of 12.49%.$0 annual fee for the first year ($58 p.a. thereafter)

Rewards credit cards

Spend money and get rewarded? Sign us up. Rewards credit cards let you accumulate points every time you pay for something, which can then be cashed in for things like shopping vouchers, petrol, frequent flyer points and more. If you're likely to spend more money on your credit card and pay your bill in full each month, this could be a good option for you.

Hot tip: Look for cards with a bonus points offer. This is usually the quickest way to build your balance.

CardCurrent offerAnnual fee
Citi Rewards Card – Bonus Points OfferPicture not describedGet 100,000 points when you spend $3,000 on eligible purchases within the first 90 days. Plus, complimentary insurance.$49 annual fee for the first year ($149 thereafter)

Frequent flyer credit cards

Love to travel? Love to shop? Combine your passions and explore a frequent flyer credit card. Whenever you make a purchase on your card, you'll accumulate points which you can then redeem on sweet perks such as a free holiday, seat upgrades and even the newest iPhone.

Hot tip: Look for bonus points offers and other perks such as insurance and airport lounge passes.

CardCurrent offerAnnual fee
Qantas Premier Platinumqantas premier platinum credit cardGet 80,000 bonus Qantas Points when you spend $4,000 on eligible purchases within the first 3 months. Plus, lounge passes and insurance.$225 annual fee for the first year ($299 thereafter)
Back to top

Do I need a credit card?

We're going to be straight up – not everyone needs a credit card.

Getting a credit card for the sake of getting a credit card isn't the best idea. You never want to take on debt you don't really need to, especially if you're paying interest on it!

There are also some types of people who might be more susceptible to bad debt. For example, people who tend to impulse shop could rack up unnecessary debt and get into hot water quick.

That being said, if you have a plan for how you're going to use your card and how you're going to pay it off, a credit card can be a great addition to your wallet, helping you improve your credit score and accrue perks and benefits.

Did you know? Finder analysis shows that emergencies, rewards, big-ticket items and building up credit are the four most common reasons for taking out a credit card in Australia.

Should I or shouldn't I?

Still not sure if a credit card is for you? Let's jump into some of the pros and cons to help make that decision easier.

Pros

  • Flexibility! If you've got a big purchase to make or a bill to pay but don't have the cash in the bank, a credit card can give you the money you need. You can then pay it back straight away or over time.
  • Convenience. Credit cards allow you to buy what you need, when you need it. You can use them to shop in-store, online and overseas.
  • Rewards. Everyone loves perks. Using a credit card could help you get frequent flyer points, cashback on your groceries, upgrades or even gift cards. Nice.

Cons

  • Debt. If you don't manage your credit card properly, you could get into debt. Credit card interest can add up quickly if you don't pay your balance on time, which could land you in hot water.
  • They can be expensive. Compared to some other loans, credit cards are relatively expensive. The average interest rate for an Australian credit card is around 20%, while the average interest rate for a variable rate loan is 14.41%.
  • Sneaky fees and surcharges. Some businesses add a surcharge to credit card payments, which can be 1-2% of the total purchase cost.

TL;DR: Credit cards have a mix of great perks and understandable risks. A good rule of thumb is to make sure you've got a payment plan in mind and understand your limits.

How to compare credit cards

Not sure what you should actually be looking for in a card? Don't worry, you're not the only one. Here's our breakdown of what features you should be looking at and some things to keep in mind.

Fee or featureWhat is it?What you should know
Annual feeThe amount you'll have to pay each year just to use the card.The more perks and rewards your card has, the higher the annual fee will usually be.
Purchase interest rateThe amount of interest you'll pay on your balance if you don't pay your balance off in full by the due date.The lower the interest rate, the better. However, if you're planning on paying your card off as you go, this shouldn't be a huge deal. A low purchase interest rate is usually below 15% p.a. And there are a few cards around 8.99% p.a.
Interest-free periodThe amount of time you'll get before you're charged interest on your purchases. Usually, you will have to have paid the previous month's balance off in full to get this.Most cards offer between 44 and 55 days interest free. More days give you more flexibility and breathing room.
Balance transfer rateIf you transfer debt over from another card, this is the interest rate you'll pay.The lower the interest rate, the longer the time frame and the lower the fee, the better.
Cash advance rateIf you take cash out from an ATM or make a cash equivalent transaction (like buying a lotto ticket), you'll pay a one-off cash advance fee plus interest charges straight away.Avoid cash advances unless it's an emergency. Take cash out on your debit card instead.
Foreign transaction feeWhat you'll be charged (on top of the interest rate) on purchases made in a foreign currency overseas or online.This will either be a dollar or percentage amount. The lower this fee, the better if you plan to spend in currency other than AUD. There are plenty of cards on the market with 0% foreign fees.
Rewards programA program that offers points and perks that you can earn while spending.Perks usually come at the cost of an annual fee. Make sure you'll get enough value out of them to be worth this fee. Common features include points, insurance, lounge passes and premium services.

So how do I actually pick a credit card?

Getting a bit overwhelmed with all the options out there? We totally get it. But picking a credit card that's right for you is easy once you narrow down your choices. Follow these easy steps if you find yourself getting lost or overwhelmed.

  1. Figure out what you want your credit card to do for you. Do you want to pay off your existing debt faster? Then you'll want to keep an eye out for a 0% interest balance transfer credit card. Looking to get extra perks in your life? Start investigating rewards credit cards. Once you figure out your number one goal, it'll make it a lot easier to filter out the cards that aren't serving that purpose.
  2. Decide how much you're willing to pay. Are you willing to spend a bit on your credit card to reap the rewards or do you want to keep things as cheap as chips? If you don't want to spend much, keep a close eye on annual fees and interest rates.
  3. Figure out which, if any, rewards you want to earn. If this is important to you, consider what rewards in particular you want to be accruing. Maybe you're a Flybuys person or a Qantas Frequent Flyer. Whatever it is, make sure you filter this into your comparison.
  4. Be honest with yourself on how likely you are to pay in full. Be as realistic as possible. If you find yourself sometimes paying bills a little late or you know you may be strapped for cash down the line, be wary of cards with high interest rates. If possible, look for cards with a longer interest-free period.
  5. Draw a hard line on your dealbreakers. Need a card with Flybuys? Maybe you're not willing to budge on paying annual fees. Whatever it is, figure out what your dealbreakers are and make sure to consider them in your comparison. Our handy table above can help you filter what's important to you so you can find a card that suits you faster.

How to use a credit card (and avoid debt!)

Yes, a credit card is really convenient, but it also comes with a risk of debt. We already know that if you don't pay off what you owe each month, you'll be charged interest, so here are 3 tips to help you stay on top of your payments and make the most of your credit card without getting into debt.

  • Ask for a credit limit you know you can manage. Credit card companies determine your limit based on what you could "reasonably" afford to pay off over 3 years. But sometimes that means that they could give you access to thousands of dollars that you don't need to spend. Avoid temptation and request a specific credit limit when you apply.
  • Plan your repayments. Each month you'll get a statement that tells you how much money you owe, the bare minimum you need to repay, and a payment due date. Make sure you set a reminder in your calendar each month, or better yet, set up automated payments each month. That way, you'll never forget and you won't be hit with unnecessary fees. You can also check out our handy repayment calculator to help you.
  • Get help if you need it. If you're struggling with your credit card, call your bank or provider to see what support is available. You can also get free financial advice by calling the National Debt Helpline on 1800 007 007.

Credit card hacks

Want to save money on your credit card or get more value from rewards? These hacks for using your credit card wisely can help.

Hacks for saving money

  • Pay more than the minimum. Making only the minimum repayment means you'll be paying more interest over a longer period of time. Increasing your monthly payment amount will increase the amount of your repayment going towards the actual balance rather than the interest. For example, on a balance of $1,000 with an interest rate of 18.5% and minimum repayments of 2% of the balance, you'll pay your debt off in just over eight years. Your debt will also increase to $1,924 because of interest. If you bumped up your repayments to only $50 a month this debt would be paid off in two years and only cost a total of $1,183, saving you six years of payments and $741.
  • Take the right card when you travel. Australian credit cards used overseas will incur foreign transaction fees on purchases and cash advances, and additional fees when withdrawing money from ATMs, on top of the usual interest charges. There are credit cards which waive these fees so consider one of those before travelling if you know you'll be spending a lot on credit.
  • Understand cash advance transactions and minimise them. Any transaction that's considered a cash advance will be charged the cash advance fee (usually around 3%) and the cash advance interest rate (usually around 22% p.a.) from the day they are made. Cash advances include ATM withdrawals, gambling transactions and BPAY payments where the biller does not accept credit card payments.
  • If you have existing debt, consider a balance transfer credit card. A balance transfer card offers a low or zero percent promotional rate to those who transfer their existing credit card balances over to a new credit card. The rate usually lasts from 6 - 24 months, and allows you to make more progress paying off your balance without high interest charges. There are some specific eligibility criteria for these cards, so make sure you read the fine print before you apply.
  • Make use of the included purchase & price protection policies. Many cards (not just the premium ones) offer these types of perks that could end up saving you a lot of cash. Subject to amount, availability and distance requirements, price protection covers the difference in price if an item you bought goes on sale within a certain amount of time. Purchase protection exists to insure items you've purchased if they are damaged, lost or stolen.
  • Limit your number of cards. Finder research shows around 25% of Australians who use credit cards have more than one. But too many credit cards can damage your credit score and add to your debts if you're not using them wisely or paying them all off each month.

Hacks for maximising rewards points

  • Choose a credit card with rewards you will use. If you travel a lot and spend enough to accumulate a meaningful amount of points, consider a frequent flyer credit card. If you're looking to save money and earn rewards, compare programs that allow you to redeem points for cashback or a credit to your statement. There are also credit cards for specific retailers like Coles, Woolworths and Kogan.
  • Carefully read all of the terms and conditions. Especially when it comes to rewards and bonus points, there are always conditions you'll have to meet in order to take advantage of them. For example, if you have to spend $3,000 in the first three months to get 100,000 bonus points, make sure the $3,000 spend is actually in your budget. Additionally, make sure you know what is considered an eligible purchase before committing.
  • Shop with rewards program partners. Almost all rewards programs have partners where you can earn bonus points, or convert their points into the program of your choosing. For example, if you collect Qantas Points it could be a good idea to do your grocery shopping at Woolworths and convert Woolworths Credit Card Points into Qantas Points, on top of using a Qantas Points-earning credit card.
  • Share with your family. Most frequent flyer or bank rewards programs allow you to pool points with family members. You can also add additional cardholders to your account to rack up rewards for their spending, keeping in mind you are still responsible for the account and repayments.
  • Keep your eyes peeled for transfer promotions. A couple of times per year Qantas and Velocity offer an increased amount of points when you convert your points from another program. For example, transferring your Flybuys to Velocity, or your Woolworths Credit Card Points to Qantas. This can bump your transferred balance by 10% to up to 25% more than the usual rate.
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Got a question? We've got answers

Is a personal loan or a credit card better?

This comes down to what you want the money for. A credit card might be better for everyday spending, such as petrol, groceries and shopping. A personal loan might be more suitable if you've got a big event or expense coming up, like a wedding, a medical procedure or a car purchase. Credit cards are more popular for shorter-term purchases and earning rewards. Loans, because they usually have lower interest rates, tend to be better for longer-term financing.

What do I need to get a credit card?

This bit is a little technical. You'll need to be over the age of 18 and meet some pretty standard eligibility requirements that include your income, residency status and credit history. If you're looking at a card with more perks and features, you'll come across stricter requirements than your typical card. When you're applying, you'll also need to give the bank your proof of income, residency, identification and information about your assets, expenses and liabilities.

What will getting a credit card do to my credit score?

Both applying for and being approved for a credit card will affect your credit score. Each time you apply, it will be recorded on your credit file and may bring your score down for a while. If you miss repayments, your score will also take a hit. But regular payments and responsible use of your credit card can see your score go up. It's all in how you use it.

Can I get a credit card if I have a bad credit history?

Yes. But it may be a bit more difficult. It's a good idea to chat to your current bank before applying so that they can give you a bit of guidance. If you can't get a credit card, an unsecured personal loan could also be an option.

How do credit cards compare to Afterpay and other buy now pay later services?

The discussion around credit cards vs Afterpay has been going on for years, but both cards and buy now pay later (BNPL) services have different features. Here's a basic breakdown:

  • Credit cards: You can use a credit card almost everywhere: shops, cafes, online. Basically, they just need to accept the type of card you have (Amex, Mastercard, Visa). If you don't pay off your balance in full each month, you'll be charged interest. When you apply, the bank will check your credit score to decide what limit to give you.
  • Buy now pay later: Most BNPL services let you buy items from partnered stores, then pay them off in fixed instalments over a few weeks or months. They don't typically charge interest but they may have other fees (especially for late payments). Usually, your credit history isn't checked when you apply and your limit will increase with responsible use.

How do I actually apply for a credit card?

The easiest way to apply for a new credit card is online. You click the apply button, agree to some standard terms & conditions and go through a few pages of a form. The whole process takes about 15 minutes and will ask you basic questions about your address, job, living costs and other credit products. You'll be asked to submit some documents to prove your identity and address as well (usually your Medicare card, passport and a recent payslip will do the job).

What is Credit Card Finder® and how can I use it?

Credit Card Finder® is a free, Australian-owned service that you can use to compare credit card offers from banks, credit unions and other financial institutions. We've been around since 2006 and keep a database of virtually every credit card on the market in Australia. You can compare cards by bank or brand, read credit card reviews and check out the latest introductory offers. You can use Finder's guides and tables to inform your decision and find the best credit card for you.

When you do find a credit card that you want to apply for, just click the "Go to Site" button in the table or review. This takes you to the official application page, where you can read the full terms and conditions before starting a secure, online application with the bank or lender. This also means that Finder doesn't collect your personal details or information during the application process.


Important credit card guides

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77 Responses

    Default Gravatar
    RobOctober 8, 2019

    Hi expert, I am a NZ citizen staying in Australia with the Special Category Visa. Most of the banks/financial institutions require the applicant to at least have the long term work visa. Is there any that allow me to apply using my SCV ? Thanks

      Default Gravatar
      NikkiOctober 10, 2019

      Hi Rob,

      All of the banks have their own criteria for residency, which unfortunately are subject to a lot of change (not just the criteria, but the visas themselves). ANZ does not give a requirement for which visa you have, as long as there are at least 9 months remaining. AMEX are often quite easy to deal with. It would be best to give your preferred banks a call directly to obtain more information. Another tip would be to go to the bank with which you have your transaction account and see what they can do for you.

    Default Gravatar
    ArenSeptember 4, 2019

    Are there banks in Australia which has credit card instant approval?

      Default Gravatar
      NikkiSeptember 4, 2019

      Hello Aren,

      Yes, there are instant approval credit cards that you can easily apply for. You can use our comparison table to compare the features and benefits of each credit card provider such as purchase rate, balance transfer rate, fees, and credit limits. This way it will be easier for you to see which provider fits you best. It also shows how each type of card evaluates an application and how you would be able to meet their eligibility criteria.

    Default Gravatar
    KathrynMarch 26, 2019

    I am after a Visa or Mastercard with the highest rate of points earn per $ spent for Velocity or Qantas.

      Avatarfinder Customer Care
      JeniMarch 28, 2019Staff

      Hi Kathryn,

      You may start comparing Velocity credit cards and Qantas credit cards using our comparison table. Once you have chosen a particular card, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with your application.

    Default Gravatar
    ToddFebruary 4, 2019

    Hi I am looking for a business credit card to earn us maximum frequent flyer points

      Default Gravatar
      AshFebruary 6, 2019

      Hi Todd,

      You may compare business credit cards with frequent flyer points for your eligible spending. You may use the earned points for rewards such as business flights, flight upgrades, accommodation, and cashback for you and your employees.

    Default Gravatar
    peterJanuary 25, 2019

    I had a CTB credit card for many years and used it to travel overseas with the travel insurance. I did not think we would be travelling again and surrendered it last June. Do you still have that sort of card? My record is on the computer. Did pay I think $90 per year?

    Please help.

      Avatarfinder Customer Care
      JeniJanuary 27, 2019Staff

      Hi Peter,

      Thank you for getting in touch with finder.

      Regarding your query on getting your old credit card back, kindly contact the credit card issuer that you had your old card with to verify if the account is still open or not. If it’s still open, you may request for a replacement card to be sent out since you are travelling again and might use the complimentary travel insurance your card has.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

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