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Credit card comparison – over 250 cards crunched

A crappy credit card = high rates, big fees. A great credit card = low fees, bonus points, tasty perks and money when you need it.

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Find some of the terms in this table confusing? Jump down to our glossary to learn about key features and how to compare credit cards.

What is a credit card?

A credit card lets you spend money that you can pay back over time, usually with interest.

Unlike a debit card – where you need money in the bank – a credit card gives you a set amount you can spend (or borrow), known as your credit limit. You also get regular statements (usually monthly) and need to make repayments by the due date on them.

Want more details? Check out Finder's guide to how credit cards work.

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Our expert says

"When comparing credit cards, decide what's most important to you. Is it a low interest rate? Low annual fee? Bonus frequent flyer points? Maybe a balance transfer deal? For instance, I pay my balance in full each month, so I ignore the interest rates and don't look at balance transfer offers. Instead, I aim to find cards with a great points earning rate. Knowing exactly what you want, makes it easier to find the right card for you."

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What types of credit cards are there?

There are 5 main types of credit cards. Here is a quick explanation of each one; every card is slightly different, so you should compare credit cards to find the best credit card that has the features that matter to you.

Card typePrincipal useProsCons
Balance transferbalance transfer iconPay off existing debt with no / low interestSave money on interest and pay down debt fasterMinimal perks and no interest-free days on new purchases
Rewardsrewards iconEarn points on your spendingGet rewarded for money you'd spend anywayHigh interest rates & annual fees
No annual feecover iconCredit without an upfront costCosts nothing if you pay it off in full or don't use it at allMinimal perks and higher interest rates
Low ratelow rate iconPay off purchases over time while paying less interestSaves you money if you carry a balance from month to monthMinimal perks
Businessbusiness iconManaging cash flow and separating spendingOffer distinct features for business (like accounting feeds)Stricter eligibility requirements

How old do you have to be to get a credit card?

In Australia, you must be at least 18 years old to apply for a credit card in your name. This is the age you are legally considered an adult and, since minors can't be held liable for contracts, only adults can apply for credit products.

This policy is part of the strict lending rules that protect young Australians from getting into debt they can't afford.

Finder survey: How old are Australians when they get their first credit card?

Response
18-2231.63%
23-2728.21%
I’ve never had a credit card14.73%
28-3212.94%
33-408%
41-502.7%
50+1.8%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023

How to compare credit cards

Here's a breakdown of features and charges you should look at when doing a credit card comparison.

Annual fee

  • What is it? The amount you'll have to pay each year just to use the card.
  • What you should know: Higher annual fees usually mean more perks and rewards.

Balance transfer rate

  • What is it? The interest rate you'll pay if you transfer a balance from another card.
  • What you should know:The lower the interest rate, the better. Most introductory offers are for 0% p.a. on your balance, but you may pay a one-time fee.

Cash advance rate

  • What is it? The interest rate you'll pay if you take cash out or make an equivalent transaction.
  • What you should know: This is often the highest interest rate on a credit card, so avoid cash advances unless it's an emergency.

Credit card network

  • What is it? The payment system that processes all your credit card transactions. Visa, Mastercard, American Express and Diners Club are the key credit card networks in Australia.
  • What you should know: Banks and brands partner with Mastercard and Visa, so you'll see their logos on your cards. American Express issues cards and has its own network for processing payments. Diners Club has more limited availability and is leaving the Australian market.

Foreign transaction fee

Interest-free period

  • What is it? The amount of time you'll get before you're charged interest on your purchases.
  • What you should know: More days give you more time to pay off your balance so you won't be charged interest.

Minimum repayment

  • What is it? The lowest amount you need to pay by the due date to keep your account in good standing.
  • What you should know: You can always (and should try to) pay more than the minimum amount. But paying less can lead to late payment fees and hurt your credit score.

p.a.

  • What is it? This abbreviation of "per annum" is used for credit card interest rates, because the annual (or yearly) value is shown.
  • What you should know: As an example, the interest you'd be charged over 12 months would be about 20% of your balance on a credit card with a 20% p.a. interest rate.

Purchase interest rate

  • What is it? The amount of interest you'll pay if you don't pay your card off in full.
  • What you should know: The lower the interest rate, the less you'll pay in potential interest.

Rewards program

  • What is it? Offers points and perks that you can earn for your spending.
  • What you should know: Common features include points, insurance, lounge passes and premium services.

Pros & cons of credit cards

Pros

  • Flexibility. If you have a big purchase to make, a credit card can be a financial "buffer" – letting you buy it and then repay it over time. If it's used wisely, it can be interest free.
  • 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, with security features to protect against fraud.
  • Rewards. Everyone loves perks. A credit card can help you get frequent flyer points, cashback on your groceries, flight upgrades or even gift cards.

Cons

  • Debt. Credit card interest adds up quickly if you don't pay your balance on time, which could cost you hundreds (or thousands) of dollars and take a long time to pay back.
  • Can be expensive. The average interest rate for an Australian credit card is around 20%, RBA stats show. In comparison, the average interest rate for a variable rate personal 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.

Bottom line? Credit cards have a mix of great perks and understandable risks. A good rule of thumb is to compare credit cards to ensure you get one with the features you need, while having a plan for paying it off and using the benefits.

What's happening in credit cards in September?

EXPERTREVIEW

By Finder's money editor, Richard Whitten.

Australians are spending more on their credit cards than ever, to the tune of $423 billion in transactions over the last 12 months according to the latest figures.

The average balance for a cardholder who is getting charged interest (meaning they haven't paid the card off in full) is $1,364.

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Expert insight: Why credit card records matter

"Maintaining these records helps you track your spending, verify transactions, and catch any errors or fraudulent activities promptly. They are also useful for budgeting, filing taxes, and providing proof of purchase or payment if disputes arise. Keeping organised and accessible records of your statements, whether in digital or paper form, ensures you have a comprehensive financial history that can be referenced whenever necessary."

Professor, RMIT

Should I get a credit card?

For many Australians, using a credit card is an everyday part of life. But not everyone needs a credit card.

In fact, Finder research has found that 72% of Australians could manage their money without a credit card. They technically don't need a card but still have one for different reasons, including:

  • For emergencies
  • To earn rewards or frequent flyer points (which are not offered by most other accounts)
  • To make big purchases
  • To build credit history
  • To pay off debt and/or get a balance transfer

Some people also like the security of knowing that a credit card uses the bank's money, so you're not directly out-of-pocket when it comes to fraud. On the other hand, you shouldn't take on debt you don't need, especially if you're paying interest on it.

Impulse shoppers are typically more prone to credit card debt and could end up with a big balance and interest charges, which can take years to pay off.

Did you know? 2024 Finder research shows the average Australian with a credit card could save $222 over 32 months by switching cards.

Have questions about credit cards? We have answers

Why you can trust our credit card experts

helpObsessed with perks - we nerd out over points, rates & prizes - our editors spend hours (ok, days) crunching 250+ cards every single month. We even give them a simple score out of 10 if you just want the easy life.
freeNo two cards the same - different cards are great for different things (and some are just junk). That's why we track and score every type of card from balance tranfers to rewards, cashback to low interest - so you don't waste a cent.
independentNo BS - We're not owned by a bank, we don't have a call centre. Our only mission is to match you with the card of your dreams. Whether it's your first card, or you're a points ninja - we got you.


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Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise
Richard has written 544 Finder guides across topics including:
  • Home loans
  • Property
  • Personal finance
  • Money-saving tips

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