Comparing credit cards lets you see a range of options side-by-side before you apply. This can help you find a credit card with the right balance of features, perks and fees to suit your needs.
Virgin Money Credit Card Offer
0% p.a. for 18 months on balance transfers
Ongoing $50 p.a. annual fee
Offer ends 30 September 2019
Eligibility criteria, terms and conditions, fees and charges apply
Virgin Money Credit Card Offer
Receive up to 30,000 bonus Velocity Points when you meet the spend requirement. Plus, save with an ongoing $50 annual fee and a long-term balance transfer offer.
- $50 p.a. annual fee.
- 20.74% p.a. on purchases
- Cash advance rate of 20.99% p.a.
- Up to 44 days interest free
- Minimum income requirement of $35,000 p.a.
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Rates last updated September 23rd, 2019
What types of credit cards can I compare?
Credit cards offer a wide range of features to suit different spending habits and goals. For example, if you want to pay off existing card debt, you could look at a card with a 0% balance transfer offer or if you want to be rewarded for your spending, you could look at reward and frequent flyer cards.
Once you know what you want from a credit card, you can focus your search by comparing credit cards in a specific category. Here are six of the most popular options.
Balance transfer credit cards. These cards offer you a low or 0% promotional interest rate when you move your existing credit card debt onto the new account. This can help you save on interest charges and pay off the debt faster.
Frequent flyer credit cards. Compare credit cards that offer thousands of bonus frequent flyer points through introductory offers, as well as points per $1 spent on your everyday, eligible purchases.
Reward credit cards. Earn points for your spending and redeem them for travel, gift cards, merchandise and more with a reward credit card.
Low rate credit cards. Designed to help you save on interest charges as you spend, these credit cards offer a lower standard variable interest rate for purchases compared to other options.
No annual fee credit cards. Save on your ongoing card costs by getting a credit card that offers no annual fee for life or for the first year.
0% purchase rate credit cards.These credit cards can help you save on new purchases by offering you a 0% interest rate for the first few months you have the card. After this introductory period ends, the card's standard interest rate applies to any balance from your purchases.
Other types of credit cards
Here are some of the other credit card categories you can consider when comparing different options.
If you're interested in comparing other credit card options, you can also check out our exclusive credit card deals for the latest introductory and sign-up offers that aren’t available anywhere else.
How to compare credit cards
No matter what type of credit card you’re looking for, it’s important to consider a range of factors so that you can get one that works for you. So, here are the key features you should look at when you compare credit cards.
Credit cards often come with promotional features and perks for new customers, such as introductory 0% interest rates, bonus points or waived annual fees in the first year. These types of deals can give you more value when you first get a new card, as long as you meet the offer requirements.
Credit cards offer a wide range of complimentary features and benefits that you can use to get more value from the account.
These perks can add up to hundreds of dollars of extra value, but only if you use them. When you’re looking at the complimentary extras during your credit card comparison, be realistic about whether or not you will be able to get value from these features so that they offset the cost of any fees.
If you want to earn rewards for your credit card spending, pay attention to the type of rewards program available. Some credit cards are linked to existing reward schemes, including Qantas Frequent Flyer, Velocity Frequent Flyer and the Coles flybuys program. Others have their own rewards programs, such as ANZ Rewards or American Express Membership Rewards.
As well as deciding which rewards program you want, think about how often you'll use the card and the amount of points you need to redeem rewards. This will help you compare different rewards credit cards so you can find one that works for you.
Rates and fees
Rates and fees help you work out the overall cost of each credit card you compare. Here are the key details to consider:
Credit card annual fees can range from $25 up to $700 or more. This fee is usually charged when you first activate your account, then once a year on the anniversary of your account activation. Remember some credit cards offer a $0 or lower annual fee in the first year, so check the ongoing features of the cards you compare to avoid any nasty surprises after the first year.
This is the interest rate that’s charged for most of the transactions you make using your credit card. Standard purchase rates typically range from around 10% p.a. to 22% p.a. (variable) depending on the card you choose. If you regularly pay your balance in full, the purchase rate may not be a major concern, but if you think you’ll carry a balance, then choosing a card with a lower interest rate will help keep the cost down.
Many credit cards offer you up to a certain number of interest-free days on purchases when you pay your account off in full by the due date on each statement. This feature can help you avoid interest charges during your statement period. But remember that this feature won’t be much use if you carry a balance from month to month.
- Cash advance rates and fees
If you use your credit card to withdraw cash from an ATM, buy gift cards, pay for gambling transactions or for any other payment classified as a “cash advance”, you'll be charged a cash advance fee worth around 2% to 3.5% of the transaction cost. You'll also usually pay a cash advance interest rate of around 19% p.a. to 22% p.a. (variable) from the date of the transaction.
While it’s a good idea to avoid making cash advances with a credit card, it’s important to consider this interest rate when you're comparing cards so that you know what the potential costs will be for these types of transactions.
The balance transfer interest rate applies to existing debts that you move onto your new card. When you first get the card, you'll usually get an introductory low or 0% balance transfer interest rate for a set number of months. When this introductory period ends, a higher standard balance transfer rate applies. It’s important to check both the introductory rate and the standard rate when you’re comparing balance transfer credit cards so that you're aware of the costs that may apply over the short-term and the long-term.
Balance transfer fees
Some credit cards charge a one-time processing fee for balance transfers. This fee could be between 1% and 3% of the total debt you want to move to a new card. As not all cards apply this charge, it’s important to consider it when comparing balance transfer offers to make sure you find an option that’s affordable for you.
- International transaction fees
Most credit cards apply a fee for transactions made in a foreign currency or with an overseas merchant. This fee usually adds 2% to 3.5% to international transactions. If you plan to travel with a credit card or want to use one to shop online with overseas retailers, it’s a good idea to look at cards that waive this cost or at least have a lower fee than other options you’re considering.
Credit cards may charge a range of other fees for different features and services, including:
- Additional cardholder fees
- Printed statement fees
- Optional rewards program enrolment (eg, for Qantas rewards)
- Emergency card replacement
Make sure you consider these charges and when they could apply, so that you know what other potential costs you may have to pay for the card you choose.
From low rate and balance transfer options to rewards credit cards, super-premium platinum and black cards or those with no fees, there are credit cards available to suit almost anyone’s needs. Now that you understand more about the different factors that need to be considered, you can start comparing credit cards and apply for one that really works for you.
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Credit Cards Comparison
Rates last updated September 23rd, 2019
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