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Credit Card Comparison

If you’re paying too much interest or high fees on your credit card, it could be time to use our free credit card comparison tool.

Group Manager, Research & Ratings
Editor-in-Chief
Fact checked

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  • Star Rating - lowest first
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  • Reward points per $1 - lowest first
  • Reward points per $1 - highest first
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  • Interest free days - lowest first
  • Interest free days - highest first
OFFER
0.00% p.a. interest rate on balance transfers for 12 mths. Rate reverts to 18.99%... 
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DISCOUNT
Save $79 with a first year card fee of $0. Annual ongoing card fee is $79... 
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Features Glossary
  • icon Travel insurance
  • icon Points never expire
  • icon Airline lounge access more
  • icon 0% currency conversion fee
  • icon Fraud protection
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
0.50 Glossary
up to 100,000 pts/yr Glossary
$79 Glossary
$0 in first year Glossary
56 Glossary
BONUS
Get 100000 Rewards Points once you spend $4,500 on eligible purchases in the first 3 months of card approval... 
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OFFER
0.00% p.a. interest rate on balance transfers for 12 mths. Rate reverts to 21.74% p.a. Balance transfer fee of 1% applies... 
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DISCOUNT
Save $64 with a first year card fee of $65.00. Annual ongoing card fee is $129... 
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Features Glossary
  • icon Travel insurance
  • icon Points never expire
  • icon Airline lounge access more
  • icon 0% currency conversion fee
  • icon Fraud protection
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
2 Glossary
uncapped Glossary
$129 Glossary
$65 in first year Glossary
55 Glossary
BONUS
Get 80000 Rewards Points and $50 back to your new card once you spend $2,000 on eligible purchases in the first 3 months of card approval... 
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Tooltip icon
Features Glossary
  • icon Travel insurance
  • icon Points never expire
  • icon Airline lounge access more
  • icon 0% currency conversion fee
  • icon Fraud protection
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
1.50 Glossary
up to $2,000/month then 0.5 uncapped Glossary
$94 Glossary
55 Glossary
DISCOUNT
Save $195 with a first year card fee of $0. Annual ongoing card fee is $195... 
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Tooltip icon
Features Glossary
  • icon Travel insurance
  • icon Points never expire
  • icon Airline lounge access more
  • icon 0% currency conversion fee
  • icon Fraud protection
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
1 Glossary
uncapped Glossary
$195 Glossary
$0 in first year Glossary
55 Glossary
BONUS
Get 180000 Rewards Points and $150 back to your new card once you spend $3,000 on eligible purchases in the first 3 months of card approval... 
#
Tooltip icon
Features Glossary
  • icon Travel insurance
  • icon Points never expire
  • icon Airline lounge access more
  • icon 0% currency conversion fee
  • icon Fraud protection
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
2 Glossary
up to $5,000/month then 1 uncapped Glossary
$320 Glossary
55 Glossary
BONUS
Get 50000 Rewards Points once you spend $4,000 on eligible purchases within the first 3 months... 
#
Tooltip icon
Features Glossary
  • icon Travel insurance
  • icon Points never expire
  • icon Airline lounge access more
  • icon 0% currency conversion fee
  • icon Fraud protection
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
2 Glossary
uncapped Glossary
$395 Glossary
55 Glossary

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The initial results in the table above are sorted by Star Rating (High-Low) , then Annual fee (Low-High) , then Provider Name (Alphabetical) . Additional filters may have been applied, see top of table for details.

Canstar is Australia’s biggest financial comparison site,
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Compare 140+ Australian credit cards

We have all the major Australian banks plus lots of other providers too

With ongoing purchase rates starting at 7.49% p.a on low rate cards, and up to 180,000 bonus rewards points for sign up offers, now could be a good time to see how your credit card stacks up.

Mitchell Watson

Group Manager, Research & Insights

Credit Card guides and resources

Browse our articles and guides to learn more about credit cards in Australia, how they work and how to make the most of your credit cards. 

Latest in credit cards

Compare credit cards in Australia

Canstar Outstanding Value credit card

Canstar uses a sophisticated and unique Star Ratings methodology to compare credit cards. We compare a wide range of credit card products in Australia in the following categories: low cost, rewards and frequent flyer cards. Our Star Ratings methodology considers a range of characteristics, such as:

  • fees
  • interest rates
  • number of interest-free days
  • features
  • reward programs or loyalty programs
  • customer service and support

Credit cards are given a rating from one to five stars in each category, with 5-Star Ratings given to products in the top 10% of eligible products on our database.

What is a credit card?

A credit card allows you to borrow money from a bank or financial institution to make purchases and other kinds of payments. A credit card gives you access to a ‘revolving line of credit’. That means you can access money as needed up to a specified limit, called your ‘credit limit’. You will then need to repay any money you access, along with any interest, fees and other charges.

If you pay off your balance in full by the due date each month, you typically won’t pay interest on your purchases. If you only repay your balance in part, you will typically be charged interest. You may also be charged fees, including annual or monthly fees, late payment fees, cash advance fees and international transaction fees.

Credit cards can be risky. They typically charge higher interest rates than other forms of credit, such as personal loans, and you could also damage your credit score if you don’t make your repayments on time. Consider the Key Facts Sheet, Target Market Determination and other applicable product documentation before making any financial decision.

But if used responsibly, credit cards may be useful – for example, if you need access to funds in an emergency. Some credit cards may also offer perks such as complimentary insurance or frequent flyer points.

What are the different types of credit cards?

There is a range of different types of credit cards available on the market in Australia, each of which you can compare with Canstar:

Low rate credit cards

As the name suggests, a low rate credit card generally comes with a lower interest than other types of credit cards. These cards are usually ‘no frills’ meaning they may not offer some of the perks that other credit cards do, such as complimentary insurance or the ability to earn rewards points when you spend money using the card. Generally these cards may be suited to people who carry a balance on their credit card from month to month and are therefore charged interest by the lender.

While a low rate card may save you money on interest compared to other credit cards if you carry a balance from month to month, you may still be charged an annual fee and other fees depending on how you use the card.

No annual fee credit cards

No annual fee credit cards are usually relatively basic cards which, due to the pared-back set of features on offer, do not charge an annual card fee. Avoiding an annual fee can save some credit card holders hundreds of dollars per year, but the drawback is you may not have access to a rewards scheme or other benefits that more premium (and more expensive) cards offer. Bear in mind too that while there may not be an annual fee, other fees may apply, such as a cash advance fee for withdrawing cash, and currency conversion fees if you use the card to pay for goods or services overseas.

A no annual fee credit card may be appealing to people who only have a credit card for emergencies and use it sparingly.

Rewards credit cards

Rewards credit cards are generally more premium products than low rate or no annual fee credit cards, but tend to be more expensive due to the higher fees and rates of interest typically charged. However, some people are prepared to pay the higher fee and potentially incur a higher rate of interest in return for the rewards on offer with this kind of card. For example, cardholders may have access to a rewards scheme that enables them to earn points for every dollar they spend using the card. Rewards cards can also come with other benefits such as complimentary insurances, including purchase protection insurance and travel insurance if you book a trip using the card.

It’s important to carefully consider your spending habits with these kinds of cards and whether the benefits will be worth it when the costs are factored in. It’s also important to take care that the appeal of earning points and other rewards does not cause you to overspend and rack up debt. Because of the high rate of interest that rewards cards tend to charge, they are typically better suited to people who pay off their card balance in full every month.

Frequent flyer credit cards

Frequent flyer credit cards also offer rewards and other perks to cardholders, but these benefits are generally linked to an airline’s rewards program, such as Qantas Frequent Flyer or Velocity Frequent Flyer. There may also be related perks for cardholders, like complimentary passes to airport lounges and travel insurance. Like rewards credit cards, frequent flyer cards tend to charge higher annual fees and higher interest rates than low fee and low rate cards. It’s important to bear this in mind, as well as the temptation to overspend in order to maximise points earned, before deciding if a frequent flyer credit card is right for you.

Premium and platinum credit cards

Premium and platinum credit cards are generally the cards that come with the most valuable perks and earn rates on rewards points. They are also typically the most expensive, particularly when it comes to their annual fees, which in some cases can be several hundreds of dollars. Some lenders only offer their most premium cards to applicants with a high income.

Balance transfer credit cards

A balance transfer credit card is one that enables the card holder to transfer the balance of another credit card they have (or multiple cards) to the new card. Many balance transfer credit cards allow new customers to get a 0% interest rate on that transferred debt for a period of time. The aim for the cardholder is to enable them to pay down the debt faster than they otherwise would if they were being charged interest. The length of the 0% interest rate on the transferred balance can vary but can be up to three years on some cards on Canstar’s database. The important thing to remember is that the 0% interest rate typically only applies to the original balance that was transferred to the card. If you make new purchases, those amounts would be subject to interest, potentially at a high rate relative to other kinds of credit cards that are available. The interest rate that applies once the 0% rate period has finished can also be high. A balance transfer fee may also apply.

Travel credit cards

Travel credit cards are generally designed to offer particular benefits while the cardholder is overseas or making purchases in a foreign currency. The main advantage here is the 0% currency conversion fee that many travel credit cards offer. Some cards also come with a level of travel insurance included as a benefit, usually if you book the trip using the card.

Credit card networks

Then there’s the question of which payment platform to choose, such as Mastercard or Visa. What card your lender offers you depends on the payment network it’s partnered with, which could include:

  • Mastercard
  • Visa
  • American Express
  • Diners Club

What credit card fees might apply?

Depending on how you use your credit card, they can be an expensive way to access funds, but some of the fees are avoidable. Here are some of the common credit card fees that may apply depending on the card you choose:

  • Annual fee: Many cards charge the holder a fee each year regardless of how much or little they use their card. This fee can be very expensive on premium cards, but more basic cards may not charge any annual fee. Some cards waive the annual fee for customers in certain circumstances, such as if they spend over a certain amount of money using the card.
  • Cash advance fee: This is a fee you are likely to incur if you withdraw cash from an ATM using your credit card. It’s generally a percentage of the amount withdrawn. In addition, a special interest rate applies to any cash withdrawn using your credit card. This is often higher than the card’s purchase rate and applies as soon as the money is withdrawn, i.e. there are generally no interest-free days on cash advances.
  • Late repayment fee: If you don’t make a repayment by the due date listed on your credit card statement, you may well be charged a fee by your provider. This is in addition to the interest that will be charged on the outstanding balance.
  • Currency conversion fee: This is a fee charged when you use your card to make a purchase in a foreign currency and is typically a percentage of the purchase amount. Some travel credit cards charge 0% (no fee) on currency conversion.

What type of credit card should I get?

It’s important to consider your circumstances when choosing which type of credit card is right for you, including:

  • how you will pay off your credit card
  • how much you will spend per year on your card
  • whether the annual fee or other costs for a rewards program would be worth it
  • what type or types of rewards you are most likely to use (if you are considering a rewards, premium or frequent flyer card)
  • whether you already have credit card debt.

If you’re already struggling with debt or aren’t sure if you’d be able to afford to pay off your credit card balance each month, it may be worth reconsidering whether a credit card is the right option for you.

Looking to compare cheap credit cards?

How much your credit card ends up costing you can depend on a few different factors. The interest rate a card charges on purchases and other transactions is one potential cost, particularly if you don’t pay off the card balance in full each month. Generally, the lower the interest rate and the smaller your outstanding balance, the less the card will cost you in interest. The card’s annual fee can also play a part. A card with a low or no annual fee can help reduce the ongoing cost, although these cards may not come with as many features or perks as cards with higher fees.

If you’re looking at cheap credit cards, you might also want to weigh up the features on offer. For example, a card with a high number of interest-free days could help you avoid or reduce the amount of interest you pay on purchases.

Ultimately, while the cheap credit cards on the market may be tempting, simply using your card responsibly can be the most effective way to use a credit card without incurring too many unnecessary costs. This could include taking steps such as setting an appropriate credit limit, avoiding unnecessary spending where possible and ensuring you don’t carry over debt from month to month.


 

What types of credit cards are there in Australia?

The credit card types you can compare with Canstar are:

What is the interest-free period?

The interest-free period or ‘interest free days’ is the maximum number of days that you won’t be charged interest on purchases, provided you pay off your balance in full by the due date. Interest-free periods are usually up to 44 or 55 days but can be shorter or longer depending on the card you choose. Interest-free periods can mean that if you pay off your card’s balance in full by the due date, you can avoid ever paying interest on your credit card.

What’s the best credit card?

Looking for a credit card that suits your spending habits? The ‘best’ credit card for you will depend on the type of credit card you want, as well as your own financial situation. As a place to start, you could consider ratings by comparison sites such as Canstar. Our Star Ratings methodology is used to compare a wide range of credit card products in Australia, covering low cost, rewards and frequent flyer cards. Credit cards are given a rating from one to five stars in each category, with 5-Star Ratings given to products in the top 10% of eligible products on our database. Star Ratings could be used to create a short list of products for you to consider.

What should I think about before getting a credit card?

Consider your personal circumstances and budget in deciding whether to get a credit card. Ask yourself: Why do you need it? How will you pay it off? Will any incentives or rewards on offer justify the cost? If you want to pay down debt using a 0% balance transfer offer, can you pay it off during the interest-free period? Could you set up an emergency fund instead of getting a credit card?

Also consider the pros and cons. Credit card benefits include taking advantage of interest-free days, which apply as long as you pay your closing balance in full by the due date each month. Some cards allow you to earn rewards and frequent flyer points, and some cards offer complimentary insurance such as travel insurance, price protection and purchase protection insurance. But on the other hand, credit cards can be an expensive way to borrow money, and if you find it difficult to consistently make your repayments, you risk accumulating debt and damaging your credit score.

How do I apply for a credit card in Australia?

Steps to apply for a credit card generally include:

  1. Evaluate your financial situation – including your credit score.
  2. Compare your options to find the right card for your needs.
  3. Begin the application process.
  4. Demonstrate you are eligible to apply.
  5. Supply personal identity information.
  6. Provide financial information.
  7. Think through the finer details, such as adding any extra cardholders or placing a lower credit limit to restrict your spending.
  8. Wait to hear if you’ve been successful.

How can I get out of credit card debt?

Tips to get rid of credit card debt include:

  1. If possible, limit additional spending on your card and get rid of any extra cards you have so you’re saving on fees and not tempted to accumulate more debt.
  2. Make repayments that are higher than the monthly minimum if you can.
  3. Look for a card with a balance transfer offer or a low ongoing interest rate and low fees.
  4. Consider consolidating your credit card debt into a personal loan for a more structured repayment plan. If you are struggling with debt, ASIC’s MoneySmart advises contacting your credit provider to apply for a hardship variation or to negotiate a repayment plan you can afford. Canstar’s Budget Planner Calculator and Budgeting and Saving section may help, whether you plan to get out of debt or want tips for consolidating credit card debt with a balance transfer.

You may also benefit from speaking to a free financial counsellor.

What happens if I can’t pay my credit card?

If you can’t pay your credit card bill and don’t have any hardship arrangements in place, your lender will ordinarily charge you a late payment fee and you may pay interest on this. If you don’t pay your closing balance in full, you also won’t receive any interest-free period.  This means you’ll be charged interest on your balance. In some cases, your bank may issue you with a default notice and eventually take legal action against you. This can have a negative impact on your credit score. If you are feeling overwhelmed, contact a financial counsellor for free by calling the National Debt Helpline on 1800 007 007. You can also get free financial counselling through some community organisations, community legal centres and government agencies.

Canstar has a variety of articles that might be of interest to you if you are considering a credit card. Here are some links to further reading:

Canstar credit card award winners

Below is a list of the winning credit card providers from Canstar’s 2022 Outstanding Value Credit Card Awards:

  • American Express
  • Auswide Bank
  • Bankwest
  • Coles
  • Commonwealth Bank
  • G&C Mutual Bank
  • Heritage Bank
  • Teachers Mutual Bank

View Credit Card Award Results

You can compare credit card providers using the comparison selector tool at the top of this page.

About our finance experts

Josh Sale, Credit Card Ratings Manager

Joshua Sale, Ratings ManagerAs Canstar’s Ratings Manager, Josh Sale is responsible for the methodology and delivery of Canstar’s Credit Card Star Ratings and Awards. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Star Ratings and Awards that help connect consumers with the right credit card for them.

Josh is passionate about helping consumers get hands-on with their finances. Josh has been interviewed by media outlets such as the Australian Financial Reviewnews.com.au and Money Magazine.

You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.


Nina Rinella, Editor-in-Chief

As Canstar’s Editor-in-Chief, Nina heads up a team of talented journalists committed to helping empower consumers to take greater control of their finances. Previously Nina founded her own agency where she provided content and communications support to clients around Australia for eight years. She also spent four years as the PR Manager for American Express Australia, and has worked at a Brisbane communications agency where she supported dozens of clients, including Sunsuper and Suncorp.

Nina has ghostwritten dozens of opinion pieces for publications including The Australian and has been interviewed on finance topics by the Herald Sun and the Sydney Morning Herald. When she’s not dreaming up ways to put a fresh spin on finance, she’s taking her own advice by trying to pay her house off as quickly as possible and raising two money-savvy kids.

Nina has a Bachelor of Journalism and a Bachelor of Arts with a double major in English Literature from the University of Queensland. She’s also an experienced presenter, and has hosted numerous events and YouTube series.

You can follow Nina on Instagram or Twitter, or Canstar on Facebook.


 

This content was reviewed by Deputy Editor Amanda Horswill as part of our fact-checking process.

2022 Most Satisfied Customers Award Winners

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Important information

For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more.

The Credit Cards Star Ratings are updated daily based on product features at that date, except for the Overseas Travel profile which is updated annually. Current rates, product features and fees are displayed and may be different to what was rated. The results don’t include every provider in the market and we may not compare all features relevant to you. You can find a description of the initial sort order below the table. Depending on which card feature/use you are looking at, the results will be sorted as follows:

  • Low fee is sorted by Star Ratings, then lowest Annual Fee, then alphabetically by brand.
  • Rewards is sorted by Star Ratings, then lowest Annual Fee, then alphabetically by brand.
  • Frequent Flyer is sorted by Star Ratings, then highest airline points per dollar, then alphabetically by brand.
  • Balance Transfer is sorted by Star Ratings, then lowest balance transfer rate, then lowest rate for the longest period, then lowest revert rate, then lowest upfront fee, and then alphabetically by brand. Please note that Balance Transfer Star Ratings are not for balance transfer suitability but are instead based on the Low Rate profile. 
  • All card types is sorted by highest Points per dollar spent, then lowest Annual fee, then alphabetically by brand.
  • Overseas Travel is sorted by Star Ratings, then lowest currency conversion on purchases, then lowest annual fee.

 

You can use the sort buttons at the top of each column to re-order the display. Learn more about our Credit Cards Star Rating Methodology and our Travel Credit Card and Travel Debit Card Star Ratings Methodology. The Occasional Overseas Traveller rating is shown in the table. The rating shown is only one factor to take into account when considering products. 

The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands (e.g. income, loan amount or monthly spend), but sometimes a single methodology, without any categories or bands, is applied. The results will show the products that most closely match your selection, based on our profiles. If you are unsure about any terms used in the comparison table please refer to the glossary.

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. Canstar provides information about credit products. We’re not suggesting or recommending a particular credit product for you. If you decide to apply for a Credit Card, you will deal directly with the provider, not with Canstar. It’s important you check rates and product information directly with the provider. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. For more information, read our Detailed Disclosure.

Before you elect to terminate or modify existing lending arrangements, it is recommended that you consider all associated fees and application costs, as well as the timing and impact these changes could have on your wider financial arrangements and personal circumstances.