Top 10 Credit Cards Australia

Credit cards afford you the opportunity to spend money that you don’t have at hand in the hope to pay it back after a while. In today’s credit card market, there are lots of options that you can choose from. This makes it important for you to know what you want to achieve with a card before you set out to own one.

Owning an account with a bank does not mean that you have to get your card from them. With the various lenders available, you have more than a hundred options. One of the perks here is that when you have identified the best card for you, then you can compare the offers made by different lenders.

If you have been using credit cards, paying off your balance within the statement period puts you in a better position to enjoy low interest rates and no annual fee credit cards. Newbies can get low interest rate cards that allow you build your credit history without racking so much debt. Cards, like travel credit cards, allow you to make foreign transactions without paying any extra fees.

Usually, you’ll have to choose what feature is more important to you in the card. Then check that the perks offered by your intended lender are worth the cost associated with owning the card. In most cases, there’s an annual fee to pay for the card. There are also those extra charges which may include cost of cash transaction on the card, late payment penalty, and overdraft penalty.

Also, credit cards are classified as unsecured loans. That’s because lenders can’t exactly come after you when you default in payment. As a result, the interest rate is usually high. Added perks may affect the rates in some ways. You want to be sure the flip side of your lender’s offer won’t come biting later on.

That’s why you should do a diligent check before you make the final decision.

Top Credit Cards to Choose From in Australia

In this guide, you’ll find explanations for the top 10 credit cards types and one lender that you can choose.

0% Balance Transfer Credit Card

Sometimes, your debt can get overwhelming with the interest accumulated on it. In such cases, you need a breather to be able to pay them off. And a 0% balance transfer credit card will benefit you more.

This card allows you to move the balance you have on your current card into it without extra charges. Usually, lenders will offer you a stipulated period to pay off this transferred debt before you can begin to pay interest again. You’ll usually need to make your transfers within the intro period to enjoy the privilege. But, you’ll have to revert to paying interest that may go as high as 23% if you don’t offset the bill after the agreed period.

LENDER: HSBC Platinum Balance Transfer Credit Card

– Even though this card is primarily a rewards card, it offers a 0% balance transfer rate without any transfer fees. The introductory period also lasts as long as 22 months. This should afford you ample time to offset your bills.

No Annual Fee Credit Card

Quite frankly, if you like to enjoy some good perks along with owning your card, this is the last place you want to look. This card is more suitable for faithful borrowers who don’t use their cards very often. And those who are not hoping to make any serious buys with their cards.

The interest rate on no annual fee credit cards may be high since there is no cost to maintenance and the assumption is that you have a rare need for it. However, if you pay your debt in time, you won’t have to worry about the interest rate.

LENDER: Coles No Annual Fee Credit Card

– Most no annual fee cards come without perks and tips. But Coles offers you a variety of ways to enjoy your card. You can get a flybuys point for each $2 you spend, along with an 18-month introductory period 0% balance transfer rate. Albeit, you should note that balance transfers cost 1.5% of the amount you transfer.

Frequent Flyer Credit Card

If you travel often, you may want to consider a card that allows you to win points that can be added to your airline ticket. This will help you save some cost. Though, you want to check if your lender works with your preferred airline. Or if the points are relevant to your travel destination.

Again, there are frequent flyer cards that offer perks beyond points for airline tickets. With some, you may find offers that are targeted at your lifestyle. You may win points for shopping with specific brands or signing up for certain programs. These points will usually last for a specific time frame before they expire. So, you should stay aware.

LENDER: American Express Qantas Business Rewards Credit Card

– As a business owner and a frequent air traveler, you can earn up to 2 Qantas points on every dollar you spend when using your American express card. It also offers 120,000 bonus points and other lifestyle tips for travelers. The cost of owning it per year is $450.

Low Interest Rate Credit Card

If you anticipate that you will be unable to pay off your bills before the end of a payment period, you will need a card that offers you a low interest rate. This will prevent your bills from overwhelming you over time. They may come with annual fees attached to them. But these fees are usually low as well.

Low rate credit cards have their interest rates set between 9% and 14%. They’re great for when you have to make big spendings that you need time to pay back. However, you’ll barely find one that offers you other great tips like bonus points and lifestyle options.

LENDER: Coles Low Rate Credit Card

– Coles offers you low purchase interest rates at 13% along with a 6 month introductory period 0% balance transfers without fees. Added to that, you earn 2 flybuys points for each $2 you spend at Coles Supermarket shopping.

0% Purchase Rate Credit Card

Credit cards that offer a 0% interest rate during the introductory period come handy if you have a huge spending project. They are also great if you want to avoid paying interest on purchases made for a specific time. The introductory period will often last between 3 months and 20 months. Within this time, your lender charges no interest on purchases that you make with the card.

However, you have to pay off your balance before the introductory period is over. You’ll often find that the interest rate on purchases afterwards becomes high. Any outstanding you have to clear will then be charged at the new rate. If you find a card that doesn’t charge a high interest rate after the introductory period, that’s a huge plus.

LENDER: Bendigo Bank Low Rate Credit Card

– With Bendigo bank, you’ll get a low interest rate of 11.99% in addition to a 0% introductory rate on purchases that’ll last 15 months. These perks and more are available if you apply and get approval by August the 2nd.

Rewards Credit Card

Win points that accrue to such benefits as frequent flyer bonus or other lifestyle privileges when you use a suitable rewards credit card. If you’ve been using credit cards, then you may have preferred reward points that you wish to get from your card. Making specific purchases with these cards are what help you to earn those reward points. This could be tempting, so that you spend more than you actually planned.

Don’t let the reward points fool you. The points you make from using this card may dwindle in the face of the interest rate associated. That’s why you should double check the offer from your intended lender. The reward should make the charges worth it.

LENDER: Qantas Premier Everyday Credit Card

– You can get a bonus that’s up to 25,000 Qantas Points when you get this card by September 30. The bonus period is spread over a 5-month period for small spenders. Get 5,000 Qantas Points every month when you spend up to $1,000 for the first 5 months.

Platinum Credit Card

A platinum card is typically a reward card with more perks and benefits. Extra points may include travel insurance and protection on purchases. The interest rates and annual fees are also higher than everyday reward cards.

LENDER: Westpac Altitude Qantas Platinum Credit Card

– If you are travelling between Brisbane and Hong Kong later this year, plan to benefit from the Westpac Altitude credit card. It offers up to 60,000 qantas points when you spend up to $3,000 within the first 90 days of activating the card. You have to apply before August 5, 2020.

Business Credit Card

Take the advantage of a business credit card to keep cash flow and regulate spendings in your business. It allows you to separate your personal expenses from those of your business while giving everyone on your team access to funds. You can also get access to travel insurance and flight lounge if you travel often. Check the benefits offered on the card to be sure they are beneficial to your business.

LENDER: NAB Rewards Business Signature Credit Card

– If you have up to 12 months financial data on Xero or MYOB, your application will be processed faster on this platform. You get uncapped points for every $1 you spend with this card, plus extra cards for your employees and detailed statements of transaction.
When you spend $4,000 on daily business deals for the first 60 days, you are eligible to enjoy the 100,000 bonus points.

Travel Credit Card

You can cut down on how much you have to spend in foreign currencies when you get a travel credit card. You can make transactions when you travel without paying foreign transaction fees. That’s quite helpful for keeping your expenses in check.

LENDER: Bankwest Zero Platinum Credit Card

– This card offers a number of benefits. You get a traveler’s benefit with the 0% foreign transaction rate and insurance cover. You also get to pay no annual fees and 3% balance transfer rate up to 9 months.

Student Credit Card

With a student credit card, you can buy your study materials and pay back over a period of time. It also affords you the opportunity to build your credit history. Late balance payments also attract a fine and put a dent on your credit points. The verdict here is to be responsible when using your credit card.

LENDER: ANZ Low Rate Credit Card

– This credit card offers you a $0 annual fee for the first year that reverts to $58 subsequently. The purchase rate is placed at 12.49% with a credit limit that’s $1,000.


What’s the Best Credit Card For Me?

This depends on your unique spending habit. Are you able to repay your balance on time or do you need time without accumulated interest? These will influence your credit card choice. Also consider lifestyle preferences like how often you travel and your preferred means of travel.

Do student credit cards offer rewards?

Because student credit cards are usually low interest rate cards, they rarely have reward systems. Those are already accounted for in the low rate or low fees. If you want rewards with your card, you’ll have to compare and choose a reward credit card.

Why is the bank offering a 0% rate on Balance Transfer?

You’ll find it difficult to switch lenders if you had everything working well. But if you have a debt to pay, you want some relief. Since the bank wants to do business with you, they offer you the relief you need. However, they are aware that if you are unable to pay off your debt before the introductory period ends, you’ll have to pay interest on what is left at the standard rate. That’s a gain for them.

Are there special requirements for frequent flyer cards?

You need to live in Australia to enjoy the privilege of frequent flyer cards. You also need to earn a certain amount yearly and prove your credit history to be eligible. Lenders will usually specify what the eligibility points for them are since this is a premium offer.