You’re trying to get a credit card that fits your spending style. In order to identify which credit cards offer the best value in terms of pricing and features across a range of card types, Canstar’s specialists examine a wide selection of credit cards from dozens of different issuers each month as part of our Star Ratings.
Also Read:- Best Credit Cards For Shopping 2022
Your personal financial status and the type of credit card you choose will determine which is the “best” option for you. Our specialists have evaluated credit cards for those looking for low rate, low fee, frequent flyer, rewards, and debt transfer offer credit cards to help you focus your search. To compare credit cards, use the comparison tool from Canstar.
Compare more than 250 credit cards issued by 79 banks and companies. From cards with low rates and no annual fees to those with bonus points and 0% balance transfers. Apply online and get the best offer for your requirements.
Australians are debating how to use their tax refund money in September. It might be the ideal time to finally redeem those frequent flight miles from your credit cards and take a sunny trip. If you’re travelling abroad for the first time since the epidemic, you might want to look into a newer, more accommodating holiday card.
There are many different credit cards available in Australia, so it’s crucial to think carefully about what you want and choose the one that best fits your lifestyle and financial situation.
List of Australia’s Best Credit Cards
NAB Qantas Rewards Signature
- 1 Qantas Point per $1 you spend for the first $5000
- 120,000 bonus Qantas Points
- 0% p.a. balance transfer (3% BT fee) offer for 12 months
Virgin Money – Virgin Australia Velocity Flyer Card (Bonus Points Offer)
- Earn 0.66 Velocity points for every $1 spent (up to $1500) and then 0.5 point for every $1 after
- 60,000 bonus Velocity Points
- Yearly $129 Virgin Australia Gift Voucher
St George Amplify Rewards Signature Credit Card
- Earn up to 150,000 bonus Amplify Points
- 24-month 0% p.a. balance transfer offer (1% BT fee)
- Earn 1.5 Amplify Points on every $1
HSBC Platinum Credit Card
- 0% p.a balance transfer rate for 36 months (0% BT fee)
- Earn 1 membership point for every $1 spent
- $29 annual fee in the first year’
Award-winning best credit cards Best Low Rate Credit Card
American Express Low Rate Credit Card
- 8.99% purchase rate and no annual fee
- No annual fee
- AMEX purchase protection
Bank of Melbourne Vertigo
- 0% p.a balance transfer rate for 32 months
- Up to $400 cashback
- Competitive 13.99% p.a. purchase rate
Best rewards credit card
Coles Rewards Mastercard
- 60,000 bonus flybuy points
- 0% p.a. balance transfer for 12 months (0% BT fee)
- 2 flybuys points per $1 on eligible spends for the first $3,000
Best Payment Plan Credit Card
Bank SA No Annual Fee
- No annual fee
- Introductory 0% p.a. purchase rate for first 12 months
- Plan & Pay instalment plan option
American Express Essentials Credit Card
- Earn 1.25 points for every $1 of eligible spend
- $100 cashback offer
- No annual fee
Coles No Annual Fee Mastercard
- No annual fee
- 20,000 bonus flybuy points
- 0% balance transfer rate for 12 months
Common FAQs About Credit Cards
Complete Details About Credit Cards?
A credit card is a physical or digital payment method that can be used for impending purchases. A bank or other financial institution issues credit cards as a line of credit loan.
A credit card has a set spending cap that determines how much you can borrow in total. With a credit card, you may buy almost anything and pay it off over time while typically accruing interest.
The debt incurred on a credit card must be repaid – with interest – just like most other debts. There is a wide range of interest rates that apply to your unpaid amount on credit cards. You must make a minimum payment each month in order to avoid incurring late fees. Numerous cards also charge an annual fee.
What are the differences between credit cards?
There are several options available when selecting a credit card. Learn the differences between the various credit card kinds before applying so that you can choose the one that will work best for you. The primary credit card categories that compares are as follows:
Low rate credit card
Low interest credit cards feature interest rates of at least 15% per year and can help you save hundreds of dollars annually compared to other credit cards that charge 20% or more per year on purchases. If you typically carry a balance from month to month, these cards offer a more affordable method to handle your purchases. Or maybe you just occasionally forget to settle your balance and wish to be more frugal.
Balance transfer credit card
Credit cards with balance transfers enable you to move your outstanding balance to a new card with a low or 0% introductory interest rate so that you can pay off existing debt more quickly. These credit cards might help you save money on fees and interest.
No annual fee credit card
No yearly fee Credit Cards omit the yearly fee that a lot of credit cards impose. In general, there are less bells and whistles the lower the annual charge. These cards are ideal for those who want to avoid paying an annual fee while making on-time balance payments.
Credit Card For Rewards
With rewards credit cards, you can accumulate points through spending that can later be redeemed for goods or benefits like free flights, room upgrades, cash back, or gift cards. Depending on the card’s earn rate and the rewards programme, different rewards points have different values and types.
Are credit cards free?
Although there is no price to apply for a credit card, they frequently have associated costs and interest. Even if you pay off the entire debt of your credit card within the interest-free period, you will still have to pay an annual fee, which can be expensive and is unavoidable. To minimise this additional cost, think about a credit card with no annual fee.
Additionally, carefully review the features of each card you consider to find out whether transactions will result in extra fees. The most frequent instances of a credit card fee are when you use your credit card to withdraw money from an ATM, transfer an existing debt, or make an international transaction. There may also be late fees if you don’t make your minimum payment. Before using the credit, be aware of these fees, especially if you want to prevent paying additional fees.
What is the best type of credit card?
Finding the best credit card for you is more important than choosing the best credit card for everyone else. What you hope to obtain from your credit card will determine how this works. Are you, for instance, intending to accumulate rewards or airline miles from your purchases? The best option for you would then probably be a rewards credit card. Are you seeking a debt transfer? Examine credit cards that provide 0% p.a. balance transfers. There are many excellent credit card possibilities, regardless of your priorities. Find comparisons and advice at our credit card centre.
How Can Best Chance Of Getting Approved For A Credit Card ?
Making sure you meet the requirements before applying is one of the best methods to guarantee that your preferred credit card will be approved. Typically, these can consist of:
- The Age Of Majority Is 18 Years Old.
- Own Australian Citizenship Or A Valid Visa And Live There.
- Meeting The Required Minimum Income
Defeat The Credit Check
Remember that every credit provider and even certain credit cards have their own standards if you want to present yourself in the best possible light. Check to be sure you meet the requirements for the specific card you are applying for.
How Can I Best Get Ready To Submit A Credit Card Application?
Since almost all credit card applications will request the same details and supporting documents, it’s a good idea to have these prepared before beginning the application:
Be prepared to include your name, date of birth, address, and contact details along with other essential personal information on your application. In order to get a full picture of your financial condition, certain creditors may additionally inquire about your marital status and the number of dependents you have. A form of identity, such as the number on your driver’s licence, passport, or Medicare card, will probably also be required.
Evidence of financial stability
You will probably have to split any additional funds you may have, such as savings or investments, in addition to your normal work income. Applicants must be prepared to disclose any debts or other liabilities. You can also be asked to estimate your weekly or monthly costs for things like rent or mortgage payments, bills, and food.
The majority of credit card applications will ask you for details about your current employment situation, including your wage, job title, workplace, and contacts for your company. Some creditors could want information about your past employment, or if you’re self-employed, they might ask you for specifics about your work. The supplier may occasionally get in touch with you to ask additional questions or may need other information, including paystubs, a current tax assessment, or your employment contract.
Also Read;- 15 Top Credit Cards for Airlines in 2022
In the long run, getting ready for a creditor to carefully examine your credit score will place you in the greatest position to get the card of your choice with the least amount of hassle. An applicant’s likelihood of being approved for a financial product is always higher for those with exceptional credit than for those with good or poor credit.