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How we picked theseFind some of the terms in this table confusing? Jump down to our glossary to learn about key features and how to compare credit cards.
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Balance transfer? Rewards? Low rate? We cover them all.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.
In Australia, you must be at least 18 years old to apply for a credit card in your name.
Want more details? Check out Finder's guide to how credit cards work.
"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."
What types of credit cards are there?
There are 6 main types of credit cards. 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 type | Principal use | Pros | Cons |
|---|---|---|---|
| Balance transfer | Pay off existing debt with no / low interest | Save money on interest and pay down debt faster | Minimal perks and no interest-free days on new purchases |
| Frequent flyer | Earn Qantas or Velocity Points on your spending | You can redeem points for flights or flight upgrades | High interest rates & annual fees |
| Rewards | Earn reward points on your spending | Get rewarded for money you’d spend anyway | High interest rates & annual fees |
| No annual fee | Credit without an upfront cost | Costs nothing if you pay it off in full or don’t use it at all | Minimal perks and higher interest rates |
| Low rate | Pay off purchases over time while paying less interest | Saves you money if you carry a balance from month to month | Minimal perks |
| Business | Managing cash flow and separating spending | Offer distinct features for business (like accounting feeds) | Stricter eligibility requirements |
Credit card guides and resources

Applying & credit score
How to compare credit cards
Here's a breakdown of features and charges you should look at when doing a credit card comparison.
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Find the right type of cardWant Qantas Points? Get a frequent flyer card that lets you earn points when you spend. Need a simple, cheap card for everyday spending? Look at low rate or no annual fee cards.
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Look at the purchase rateCredit cards charge high interest rates. But only if you don't pay the card off on time.
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Count your interest free daysOne of the best features of a credit card, interest-free days let you buy something today and pay no interest for up to 55 days. How it actually works in practice is a little complicated though.
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Look at all the perks and benefits the card offersSome credit cards give you reward or frequent flyer points, purchase protection or complimentary travel insurance, cashback on your spending or other rewards. The more perks a card offers the higher the annual fee. So if you don't use them, you're wasting money.
Credit cards 101
There are lots of confusing terms in credit card land. Here's a quick explainer:
- Balance transfer rate. The interest rate you'll pay if you transfer a balance from one card to another. Most introductory offers are for 0% p.a. on your balance, but you may pay a one-time fee.
- Cash advances. Try not to withdraw cash from an ATM or use your card to gamble or buy foreign currencies. These transactions are considered cash advances and they come with a fee plus a higher interest rate (which you get charged immediately).
- Credit card network. The payment system that processes all your credit card transactions. In Australia most cards are either Visa, Mastercard or American Express.
- Foreign transaction fees. This is the fee you'll be charged on purchases made in a foreign currency overseas or online. Some cards have 0% foreign fees.
- Minimum repayment. You can repay all your card spending each month. Or you can pay it off slowly (and get charged interest). The minimum repayment is the lowest amount you must pay by the due date. Miss this, and you'll get charged a fee.
"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."
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.
What's happening in credit cards in February 2026?

By Finder's senior money editor, Richard Whitten.
Australians spent $463.540 billion on their credit cards in the last 12 months, according to the latest figures. The average Australian credit card balance is $3,718 per card.
The average unpaid credit card balance (which carries interest charges) is now $1,780. This figure is still below the 2012 peak of card debt, but it is rising quickly.
Have questions about credit cards? We have answers
Why you can trust our credit card experts
Obsessed 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.
No 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.
No 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.
Sources
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Hi. Which credit cards offer Apple Pay?
Thanks,
Jacob
Hi Jacob,
Thank you for your inquiry.
Please check out a comparison of credit cards that offer Apple Pay and a guide on how to make contactless payments with your iPhone.
Kind regards,
Jason
is it possible to obtain a personal loan to pay out existing credit card debt, and then payout the personal loan.
Hi Gordon,
Thanks for reaching out.
Yes, it is possible to take out a personal loan (through debt consolidation) to pay your existing credit card debts and other loans. If you’d like to discuss your debt consolidation options and approval, it’d be best to get in touch with a lender featured on our debt consolidation page.
Alternatively, if you may reconsider, the other option to pay out your credit card debts is through balance transfer, where you’d be able to take advantage of the 0% interest for a limited period.
You can compare your balance transfer options based on various details using our comparison table. You can then select the “Go to site” button found on our table to be redirected to your chosen’s credit issuer’s website.
I recommend that you check the details of the credit card you’re interested in, its eligibility criteria as well as the Product Disclosure Statements/Terms and Conditions before you apply.
Also if you can, contact first the issuing bank and discuss your options and chances of approval before you send anything final for your application. Just apply for one credit card at a time and ensure your eligibility before submitting your final application. This way you can avoid credit inquiries on your file.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
May
How can people have bad credit if they’ve never had a loan or a credit card?
Hi Limitededition,
Thanks for your question.
There are other possible reasons for low credit scores. So, please read more about them as well.
You may request a free credit report so you’ll know what are listed on your credit history. If there are any errors in your report, you can also directly contact Veda to request the necessary corrections.
Cheers,
Anndy
hi im looking for a credit card to balance transfer from personal loan. can you please provide me with any institutions that allow this.
thanks
Hi Ian,
Thanks for reaching out.
You can check our credit card and loan guide on how to transfer a balance from personal loan to a credit card. On the same page, you’ll find Citi and Virgin Money cards that allow you to transfer from personal loans.
Cheers,
Anndy
What’s my balance
Hi Joe,
Thanks for your question.
Please note that we are a financial comparison and information website that helps consumers make better decisions. We are not a credit card issuer, as such, we do not have access to your account balance.
If you own a credit card, you’ll be able to check your balance through online banking. You may also get a statement from your bank.
Cheers,
Anndy