Find 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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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.
"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."
There are 5 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.
Here's a breakdown of features and charges you should look at when doing a credit card comparison.
Find the right type of card. Want 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.
Look at the purchase rate. Credit cards charge high interest rates. But only if you don't pay the card off on time.
Don't forget the annual fee. Most cards charge a yearly fee. It can be as low as $50 or as high as $400 for a fancy card with lots of perks and benefits. There are some cards with annual fees that cost over $1,000!
Count your interest free days. One 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.
Look at all the perks and benefits the card offers. Some 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.
Finder survey: How old are Australians when they get their first credit card?
Response
18-22
31.63%
23-27
28.21%
I’ve never had a credit card
14.73%
28-32
12.94%
33-40
8%
41-50
2.7%
50+
1.8%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023
Expert insight: Why credit card records matter
"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."
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.
Bottom line? Credit cards have a mix of great perks and understandable risks. A good rule of thumb is to compare credit cards to ensure you get one with the features you need, while having a plan for paying it off and using the benefits.
What's happening in credit cards in December 2025?
Australians spent $456.714 billion on their credit cards in the last 12 months, according to the latest figures. The average Australian credit card balance is a record $3,544 per card.
The average unpaid credit card balance (which carries interest charges) is now $1,674. While this number is slowly creeping upward it's still well below the April 2012 record of $2,471.
Did you know? Finder research shows the average Australian with a credit card could save $222 over 32 months by switching cards.
Have questions about credit cards? We have answers
You need to apply for a credit card before you can start using one. This is usually a simple process you can do online in a few steps:
Compare credit cards from different providers to find one you want
Check that you meet the eligibility requirements (e.g. being over the age of 18 and earning income)
Complete the application, including supporting documentation (e.g. your driver's licence details, payslips etc)
Before you apply it's important to think about how a credit card fits in with your financial situation. It may be helpful to use a repayment calculator to estimate potential costs and budget for repayments if you don't think you'll pay off what you spend each month.
Also keep in mind that lenders check your credit report and score when you apply. So if you want to check these details before that, you can get a free copy of your report and score through Finder.
A credit card is convenient, but it comes with a risk of debt. Here are 4 tips to help you stay on top of payments.
Ask for a credit limit you can manage. Credit card companies must determine your limit based on what you could "reasonably" afford to pay off over 3 years. But if the credit limit you're offered is higher than what you need, you can request a lower limit so you have more control.
Pay more than the minimum. Only paying the minimum amount listed on your credit card statement can lead to years of debt and interest charges. So, aim to pay off the total balance by the statement's due date.
Plan repayments. Set a monthly calendar reminder for the payment due date, or set up automated payments. Finder's credit card repayment calculator can also help you budget.
Get help if you need it. If you’re struggling with your credit card, call your bank or provider to see what support is available. You can also get free financial advice by calling the National Debt Helpline on 1800 007 007.
Applying for a credit card impacts your credit score as each application is recorded on your credit file. Multiple applications in a short period can lower your score and missed repayments also negatively affect it. But regular payments and responsible use of a credit card can raise your credit score. It's all in how you use the card.
Yes, but it’s typically more difficult. It's a good idea to provide as much detail as possible on the application to show you can manage the account. You could also chat to your current bank before applying so they can guide you. If you can't get a credit card, an unsecured personal loan could be another option.
The discussion around credit cards vs Afterpay has been going on for years, but both cards and buy now pay later (BNPL) services have different features. Here's a basic breakdown:
Credit cards: You can use a credit card almost everywhere: shops, cafes, online. They just need to accept the type of card you have (Amex, Mastercard, Visa). If you don't pay off your balance in full each month, you'll be charged interest. When you apply, the bank will check your credit score to decide what limit to give you.
Buy now pay later: Most BNPL services let you buy items from partnered stores, then pay them off in fixed instalments over a few weeks or months. They don't typically charge interest but may have other fees, especially for late payments. Your credit history isn't usually checked when you apply and your limit will increase with responsible use.
Although you can't apply for a credit card in your name while you're under 18, you can consider the following options:
Ask to be an additional cardholder on your parents' credit card. If you're at least 16 years of age, your parents may add you as a supplementary cardholder to their credit card account. This means that you will receive a credit card linked to their account, and they will remain legally responsible for all the expenses.
Get a prepaid credit card. A prepaid credit card lets you preload the card with money. This means it's technically not a "credit" card because you are responsible for providing the money you spend, but it can be a useful pay-as-you-go option. With a prepaid card, you won't fall into debt, and can usually shop anywhere Visa or Mastercard is accepted (including online).
Use a debit card. A debit card is similar to a prepaid card, except it is linked to a bank account. When you use this type of card, you are spending money that you have in the account and don't have to keep loading money like you would with a prepaid card. Most debit cards can be used for contactless payments and mobile wallets like Apple Pay or Google Pay, if you're set up with one of those accounts.
Focus on savings. The importance of saving throughout your life is often underrated. Learning to save should be a critical focus, especially before you get a credit card. This will ensure you have funds that you can use when necessary and also prevent unmanageable credit card debt in the future.
Before applying for a credit card, make sure that you've researched your chosen card and understood the terms, conditions and eligibility requirements. Rather than thinking of these requirements as restrictive, understand that credit card application requirements help uphold responsible lending practises and protect consumers.
Credit Card Finder® is a free, Australian-owned service that you can use to compare over 260 credit card offers from banks, credit unions and other financial institutions. We've been around since 2006 and keep a database of virtually every credit card on the market.
Our comparison tables are free to use and we link you directly to the lender's secure application page. We make money from featured partners but editorial opinions are our own.
Visa and Mastercard are the most widely accepted credit cards in Australia. They can be used for both domestic and international purchases, offering broad merchant acceptance and lower fees for use compared to other networks like American Express.
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.
Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University.
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Richard's expertise
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688
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Amy is an experienced journalist with over 16 years of experience, contributing to major publications like Money Magazine, The Sydney Morning Herald, and ABC News Australia. Specialising in personal finance, she frequently appeared in media outlets and on radio. Amy holds a Bachelor of Arts in Journalism and Drama from Griffith University and earned RG146 certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, ensuring her expertise is grounded in current financial regulations. Amy was Finder's Senior Writer for Credit Cards from 2016 to 2024.
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American Express have just rejected an increase in my credit limit. I am very surprised as I have a high income, small mortgage, large amount of equity in my house and superannuation. I have no other debt or loans. Have had the card for 6 years and pay the balance in full every month.
I am trying to get information on what income, assets, credit rating they used to assess my eligibility for a card increase. They won’t tell me anything and have been incredibly unhelpful.
How can I get information.
Which Ombudsman should I complain to – financial services?
Is a Freedom of Information request possible.
I accept that they don’t have to give me an increase but I am concerned that there is an error in the data that they are using to assess my application and want the opportunity to correct any errors. If I can’t get an increase to $12,000 on an income of $210,000 with a mortgage of $400 a week I can’t see how anyone can get a credit card.
Finder
SarahJuly 16, 2024Finder
Hi Kylie,
Most banks and lenders don’t publicly share the data and criteria they use to assess applicants, which is frustrating. If it helps, banks generally use a formula of 2-3% per month. So, if your limit is $12,000, they assess your ability to make a repayment based on $240 to $360 per month at a minimum.
In regards to your application, it could be a mistake, or there could be a valid reason why.
Some of the reasons that could contribute to this could be:
– an issue with your credit score. You can check your credit score for free in the Finder app.
– having other credit cards, especially ones with high limits. Each one is assessed as requiring a payment worth 2-3% of the credit limit each month. So, they may assess you as not being able to afford a higher limit.
– having other personal debts and loans that impact your serviceability.
– consistently late or missed payments, resulting in late payment fees; this could indicate difficult managing your current repayments, therefore they don’t want to extend you any further credit. You mentioned you pay the balance in full each month, so this is unlikely to be the reason.
It would be worth checking your credit file as a first step, and then contact Amex again and ask if they won’t approve $12,000, what limit would they approve? If you’re still not satisfied, it might be worth shopping around for a card that better suits your needs.
Hope this helps!
MaureenJanuary 27, 2024
Looking for credit card with no exchange fees etc when used overseas, plus free travel insurance, plus perhaps pays bonus points . Happy to pay small annual fee. I always pay full balance off each Month. What would be your recommendations? Thank you
Finder
AmyJanuary 29, 2024Finder
Hi Maureen,
Finder has a dedicated guide to credit cards with no foreign transaction fees, which includes a comparison table with filters for different features you’re interested in. I hope this helps.
rhiannonJanuary 9, 2024
What’s a good credit card for a poor credit rating?
As an alternative, you may be eligible for a Good Shepherd no interest loan, of up to $3000 – these are usually available to help with urgent medical bills and housing costs, like rent.
Hope this helps!
jackJanuary 5, 2024
If you’re cancelling an Amex business card and apply for a new personal Amex card, do you get bonus reward points?
Finder
SarahJanuary 5, 2024Finder
Hi Jack, If the Amex was in your personal name, then you may not be eligible for the bonus offer. According to their official policy: American Express Card Members who currently hold or who have previously held any Consumer or Small Business Card product in the previous 18 month period are ineligible for Welcome offers.
If in doubt, contact them directly for confirmation just to be sure!
KonDecember 5, 2023
Me , my wife and my 18 year old daughter will be travelling overseas next year for 7 weeks.
Which credit card would ypu recommend which has $0 international transaction fees and complimentary travel insurance, with interest frees days and the lowest annual fees?
Regards
Finder
AmyDecember 6, 2023Finder
Hi Kon,
The Bankwest Zero Platinum Mastercard was named Best Travel Credit Card in the 2023 Finder Credit Card Awards and has no international transaction fees, no annual fee, interest-free days and complimentary travel insurance for up to 31 days, which you can apply to extend for up to 3 consecutive months of travel. The CommBank Low Fee Gold Mastercard was also a finalist in this category of the Finder Credit Card Awards 2023 and offers similar features.
Finder also has a guide on credit cards with travel insurance where you can compare a range of cards side-by-side. When considering cards, it’s a good idea to check the insurance policy details for who’s covered. In particular, the age requirements for dependents, which is typically children up to 16-24 years of age (but does depend on the policy). Interest-free days are common on most credit cards for purchases, typically when you pay the total amount listed on each statement by the due date. Just keep in mind that ATM withdrawals and other cash advances are not eligible for an interest-free period. I hope this helps.
Compare the best Qantas frequent flyer credit cards based on bonus point offers, points per $1 spent, rates, fees and other features so you can find a card that works for you.
When you apply for a credit card online, you could receive a response within 60 seconds. Find out how you to find a card that you're eligible for and increase your chances of approval.
If you are renting a car and want to be covered in the case of accidents, then this insurance is for you. Check first your insurance policy and find out which coverage extends to your rental vehicle.
Find out how you can keep your overseas spending costs down by comparing credit cards with no foreign transaction fees and no currency conversion fees.
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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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.
American Express have just rejected an increase in my credit limit. I am very surprised as I have a high income, small mortgage, large amount of equity in my house and superannuation. I have no other debt or loans. Have had the card for 6 years and pay the balance in full every month.
I am trying to get information on what income, assets, credit rating they used to assess my eligibility for a card increase. They won’t tell me anything and have been incredibly unhelpful.
How can I get information.
Which Ombudsman should I complain to – financial services?
Is a Freedom of Information request possible.
I accept that they don’t have to give me an increase but I am concerned that there is an error in the data that they are using to assess my application and want the opportunity to correct any errors. If I can’t get an increase to $12,000 on an income of $210,000 with a mortgage of $400 a week I can’t see how anyone can get a credit card.
Hi Kylie,
Most banks and lenders don’t publicly share the data and criteria they use to assess applicants, which is frustrating. If it helps, banks generally use a formula of 2-3% per month. So, if your limit is $12,000, they assess your ability to make a repayment based on $240 to $360 per month at a minimum.
In regards to your application, it could be a mistake, or there could be a valid reason why.
Some of the reasons that could contribute to this could be:
– an issue with your credit score. You can check your credit score for free in the Finder app.
– having other credit cards, especially ones with high limits. Each one is assessed as requiring a payment worth 2-3% of the credit limit each month. So, they may assess you as not being able to afford a higher limit.
– having other personal debts and loans that impact your serviceability.
– consistently late or missed payments, resulting in late payment fees; this could indicate difficult managing your current repayments, therefore they don’t want to extend you any further credit. You mentioned you pay the balance in full each month, so this is unlikely to be the reason.
It would be worth checking your credit file as a first step, and then contact Amex again and ask if they won’t approve $12,000, what limit would they approve? If you’re still not satisfied, it might be worth shopping around for a card that better suits your needs.
Hope this helps!
Looking for credit card with no exchange fees etc when used overseas, plus free travel insurance, plus perhaps pays bonus points . Happy to pay small annual fee. I always pay full balance off each Month. What would be your recommendations? Thank you
Hi Maureen,
Finder has a dedicated guide to credit cards with no foreign transaction fees, which includes a comparison table with filters for different features you’re interested in. I hope this helps.
What’s a good credit card for a poor credit rating?
Hi Rhiannon, this guide on credit cards for applicants with poor credit may be useful.
As an alternative, you may be eligible for a Good Shepherd no interest loan, of up to $3000 – these are usually available to help with urgent medical bills and housing costs, like rent.
Hope this helps!
If you’re cancelling an Amex business card and apply for a new personal Amex card, do you get bonus reward points?
Hi Jack, If the Amex was in your personal name, then you may not be eligible for the bonus offer. According to their official policy: American Express Card Members who currently hold or who have previously held any Consumer or Small Business Card product in the previous 18 month period are ineligible for Welcome offers.
If in doubt, contact them directly for confirmation just to be sure!
Me , my wife and my 18 year old daughter will be travelling overseas next year for 7 weeks.
Which credit card would ypu recommend which has $0 international transaction fees and complimentary travel insurance, with interest frees days and the lowest annual fees?
Regards
Hi Kon,
The Bankwest Zero Platinum Mastercard was named Best Travel Credit Card in the 2023 Finder Credit Card Awards and has no international transaction fees, no annual fee, interest-free days and complimentary travel insurance for up to 31 days, which you can apply to extend for up to 3 consecutive months of travel. The CommBank Low Fee Gold Mastercard was also a finalist in this category of the Finder Credit Card Awards 2023 and offers similar features.
Finder also has a guide on credit cards with travel insurance where you can compare a range of cards side-by-side. When considering cards, it’s a good idea to check the insurance policy details for who’s covered. In particular, the age requirements for dependents, which is typically children up to 16-24 years of age (but does depend on the policy). Interest-free days are common on most credit cards for purchases, typically when you pay the total amount listed on each statement by the due date. Just keep in mind that ATM withdrawals and other cash advances are not eligible for an interest-free period. I hope this helps.