There are a lot of credit cards on the market in Australia, with over 290 in Finder's database. Most of them fit into one of the 5 main types of credit cards. There are also more specific types people look for when they want a particular credit card feature or offer.
Balance transfer credit cards can help you save on interest and pay off existing debt. These cards offer an introductory low or 0% interest rate on balances you transfer to the card, with some interest-free offers lasting over 30 months.
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Rewards credit cards offer reward or frequent flyer points on your everyday credit card spending. For example, 1 point per $1 spent.
A lot of credit cards also have bonus point offers when you're a new customer, with some offering 100,000 points or more. Most offers have a spending requirement in the first few months, and some offer more points when you keep the card for over a year.
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Low rate credit cards help you save interest if you don't pay off your total account balance each month. These cards have purchase interest rates between 7.49% p.a. and 15% p.a. In comparison, some credit cards have interest rates above 25% p.a.
Based on Finder analysis in 2023, the average credit card holder could save $100 a year by switching to a card with a lower rate.
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Most no annual fee credit cards offer an ongoing $0 annual fee or waive the annual fee in the first year. A few cards also offer an ongoing fee-waiver when you meet a monthly or yearly spend requirement.
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Business credit cards are suited to business owners and sole traders, giving you a way to separate personal and work spending. They offer expense management features such as cards for employees and integration with accounting software.
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| Response | |
|---|---|
| Rewards | 49.06% |
| No annual fee | 44.92% |
| Low rate | 32.17% |
| Frequent Flyer | 31.09% |
| Cashback | 24.98% |
| I do not plan to have a credit card in the future | 21.74% |
| Balance transfer | 15.18% |
| No foreign fee | 12.31% |
| Business | 6.65% |
| Other | 0.72% |
0% interest credit cards usually offer an introductory interest-free period for purchases, balance transfers or both. There is also a small range of no interest credit cards that charge a monthly fee instead.
Credit cards for students typically offer low credit limits, low rates and low fees. They also often have low minimum income requirements and accept applications when you're getting Centrelink payments, ideally in addition to income from a job (e.g. part-time or casual work).
Virtual credit cards are stored in your digital wallet or an app, giving you a way to make contactless payments from your phone or device. Some virtual credit cards can be used as soon as you're approved, including cards from Bankwest, Bendigo Bank and MONEYME.
Cashback credit cards offer you money back for your spending. In Australia, you'll typically find introductory cashback offers that give you a statement credit or digital gift card when you meet a spend requirement. Some cards also offer cashback as a percentage of your ongoing spending.
People who want to travel with a credit card can save on 2-4% on costs with a no foreign transaction fee credit card. Some people also look for extra value from complimentary travel insurance, lounge passes or frequent flyer perks, even if there is a foreign transaction fee or other costs involved.
These credit cards offer access to airport lounges when you're travelling, regardless of the airline. Most cards offer either single-use invitations each year, or membership Priority Pass and other lounge programs.
These credit cards all offer extras above what a basic card offers. Think complimentary insurance, more rewards, airport lounge access and other premium perks.
Metal credit cards offer a sense of prestige because they're not made from plastic and usually come with premium perks. In Australia, there are 2 metal credit cards you can apply for: the American Express Platinum Card and the Qantas Premier Titanium.
These credit cards can offer maximum limits between $20,000 and $100,000 for people who meet the requirements. There are also charge cards that don't have a pre-set spending limit but factor in your credit history, previous spending and other details instead.
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