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Credit cards give you a way to buy what you need now and pay for it later. They can also be used to consolidate debt, earn rewards and take advantage of exclusive perks like airport lounge access and complimentary travel insurance.
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 some of the most popular options.
Offer ends 30 March 2021
Eligibility criteria, terms and conditions, fees and charges apply
Save with a long-term 0% p.a. balance transfer offer. Plus, a waived annual fee for the first year with the St.George Vertigo Classic Card.
To check out more details of each card side by side, click the box under the card images and then hit 'Compare'.
Once you've decided you'd like to add a new credit card to your wallet, there are a few simple steps you can follow to compare your options and find the right one for you.
No matter what type of credit card you're looking for, it's important to understand all the key terms so that you can get one that works best for you. So, here are the key features you should look at when you compare credit cards.
Fee or feature | Description |
---|---|
Annual fee | The amount you'll pay every year to keep the card and the account open. This usually ranges from $0 to $450, but could be over $1,200. |
Purchase interest rate | The interest rate charged for most purchases you make (usually 8.99% to 22% p.a.). |
Interest-free period | The amount of days applicable to new purchases where interest isn't charged (usually from 45 to 55 days). |
Balance transfer rate | The interest rate that applies to the balance you move onto the new card (usually 0% - 2.99% p.a.). |
Balance transfer fee | If applicable, this one-time fee is charged when you move a debt to a balance transfer card. It's usually 1% - 3% of the amount transferred. |
Cash advance rate | This rate is charged when you make an ATM withdrawal or cash-equivalent transaction. It is usually around 19.99% to 24.99% p.a. and is charged from the date the transaction is made. |
Cash advance fee | A one-time fee that's charged when you make a cash-equivalent transaction. It's usually 2% - 3% of the total transaction, with a minimum dollar amount between $2 - $4. |
Foreign transaction fee | Applies when you make a transaction in a foreign currency – whether that's online or when you're overseas. It is usually 2% - 3.5% of the transaction value once it's converted to Australian dollars. |
Other fees and charges | Keep an eye out for additional cardholder fees, printed statement fees, optional rewards program enrolment fees, card replacement fees or any other charges that you think will apply to you based on how you plan to use the card. |
Introductory offers | Credit cards often come with promotional features and perks for new customers, such as introductory 0% interest rates, bonus points, cashback 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. |
Rewards program | If you want to earn rewards for your credit card spending, pay attention to the type of rewards 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. |
Insurance covers | Available insurance covers (if any) that are included with the card. Common types include international travel insurance, purchase protection insurance and extended warranty cover. |
Other perks | Some of the most popular extras include airport lounge passes, flight and travel vouchers, gift cards, concierge services, ticket and event offers, hotel discounts and status credits, discounts with retail partners and complimentary subscriptions. |
Lender or issuer | Credit card providers have different criteria when it comes to eligible purchases, debt you can transfer, packaged home loan products and more. |
The right credit card will be different for every type of spender and your financial situation. We've broken down a few examples of common spending patterns and cardholders below. If one of those resonates with you, you can explore more about each type of credit card to kick-start your comparison.
Credit card spend per month:
$200 (small spender)
Pays balance in full every month?
Mostly, but not always
Travels?
Very rarely
Suggested card 1:
No annual fee credit card
Allison doesn't use credit very often, so a no-frills card with a $0 annual fee might make sense. Since she doesn't spend enough to maximise any rewards points, she could look for a low cost card and ensure that the interest she'll pay outweighs the no annual fee savings.
Suggested card 2:
Low interest credit card
A low rate credit card could save Allison money when she carries a balance. For example, a $200 balance paid off over 3 months on a 19.74% interest card would cost $6.62 in interest. The same balance on an 8.99% interest card would cost only $3 in interest.
Credit card spend per month:
$4,000 (big spender)
Pays balance in full every month?
Always
Travels?
Often, at least a few times per year
Suggested card 1:
Frequent flyer credit card
A frequent flyer credit card could earn Carl some bonus points as well as 48,000 points over the course of the year. So long as he makes use of the features and points, a card with an annual fee of less than $960 would be of value (assuming $20 of value per 1,000 points).
Suggested card 2:
Rewards credit card
If Carl flies with a few different airlines or prefers rewards other than flights, a rewards credit card could be of more value. Points can be redeemed for merchandise, gift vouchers, statement credits, charitable donations and more. These cards also often have bonus points.
Credit card spend per month:
$2,000 (average spender)
Pays balance in full every month?
Rarely, balance carried for 2 years
Travels?
No
Suggested card 1:
0% balance transfer offer
If Debbie stopped spending and paid that $2,000 balance off over 2 years on a 19.74% p.a. card, it would cost $436.91 in interest. A 0% balance transfer for 24 months would save her that $436.91 and the same monthly payment means she'd pay off the debt in 20 months.
Suggested card 2:
0% purchase & balance transfer offer
If Debbie is unable to stop spending on her credit card, a 0% purchase and 0% balance transfer offer could give her the breathing room from interest charges that she needs to get on top of her debt. However, the 0% period would usually be shorter than a single offer.
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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Funding Christmas festivities pushed Aussies $24.3 billion deeper into debt, according to Finder, Australia’s most visited comparison site.
Get $250 credit back when you meet the eligibility requirements and 55 days interest-free on purchases.
Pay no interest on your credit card debt and clear it faster with a 0% balance transfer credit card. Compare and apply here.
The ANZ Rewards Platinum Credit Card offers a competitive rewards program, $0 annual fee for the first year, a $500 gift card, a balance transfer offer and a range of complimentary insurance covers.
Available to Woolworths Group employees and family, this low-cost card comes with simple features and mobile payment options.
SPONSORED: In a time of financial volatility, here are the key ways to find a credit card that offers you bang for your buck.
This low rate credit card has a $0 annual fee and is available to firefighters and other service workers or volunteers.
A low rate platinum credit card that includes a cashback offer and perks such as complimentary travel insurance and purchase insurance.
The BankSA Vertigo Platinum card offers a $300 cashback a low ongoing purchase rate and a range of complimentary insurance covers.
The St.George Vertigo Platinum card offers a $300 cashback offer, up to 55 days interest-free period and a 12.99% p.a. interest rate on purchases.