How should I choose the type of credit card I need?

When you're comparing credit cards, asking these questions can help you choose: What is the main reason I want the card? For example, to pay off debt (balance transfer), save on interest for purchases (low rate) or earn rewards. What other features do I want? Once you've chosen a main type of card, you can compare other features to find one you want to apply for. What costs are affordable for me? For example, do you want a low annual fee or a higher fee with more perks? Remember, the type of credit card isn't as important as getting a credit card with the features you want and costs that you find affordable.

Do secured credit cards exist in Australia?

There are no secured credit cards in Australia. Overseas, these credit cards are usually secured with a deposit or other financial asset to help people with no credit history or bad credit improve their credit scores. In Australia, alternatives to secured credit cards include no interest, monthly fee credit cards, small personal loans or buy now pay later. But you'll still need to meet the eligibility requirements on the National Debt Helpline website .

What are the main credit card networks in Australia?

There are 3 credit card payment networks in Australia: American Express, Visa and Mastercard. You can get a Mastercard or Visa credit card through Australian banks and independent credit card brands, and American Express cards through Amex.