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How much do you prefer to pay off your monthly credit card bill?
What are you looking for from a credit card?
Which rewards types will you redeem the most?
Credit Cards - August 11th
So much for "cash is king". You can barely give away notes and coins these days as growing numbers of retailers demand payment by card only. This is a new situation in Australia – and it...– Read more
Budgeting & Saving Money - August 7th
The COVID-19 pandemic lockdown strategy has surprisingly resulted in a fall in credit card debt, new Reserve Bank of Australia (RBA) statistics show. The June figures, released today, show that the number of credit card accounts...– Read more
Credit Cards - August 4th
If you are a regular Qantas flyer you might consider joining its Qantas Frequent Flyer program where you can earn points for flying, booking a hotel, hiring a car and also everyday things like restaurants, shopping...– Read more
Credit Cards - August 1st
If you are a regular Virgin flyer, its Velocity Frequent Flyer program might enable you to earn points for flights, fuel, car hire, accommodation, sport, holidays and more. But despite these benefits, there are a few factors to consider when...– Read more
Canstar uses a sophisticated and unique Star Ratings methodology to compare credit cards. We compare a wide range of credit card products in Australia and present the results in a simple, user-friendly format. Our Star Ratings methodology is transparent and extensive, and compares all types of personal unsecured credit cards in Australia. It accounts for an array of characteristics, such as:
The results are reflected in a consumer-friendly one to five-star system, with a 5-Star Rating denoting a product offering outstanding value.
A credit card is a form of unsecured lending that gives the cardholder access to a revolving line of credit. That line of credit is accessed via a small, plastic card – the credit card.
The cardholder can typically make purchases up to a specified limit. They can then repay any ‘spent’ credit in full or in part to the bank by the due date. If the credit is only repaid in part, the remaining balance is taken as extended credit and interest will generally be charged on that amount until the cardholder repays it. For some cards, interest is charged on all purchases and transactions from the day of the transaction.
It could be a good idea to keep in mind that a credit card could present a higher financial risk to customers than other types of loans. Credit cards also typically have higher interest rates than other forms of credit such as personal loans, because they come with a higher chance of the borrower not making their repayments in full every month. Consider the key facts sheet or other applicable product documentation before making any financial decision.
However, credit cards can be useful in a variety of ways, if used responsibly, such as:
There are several different types of credit cards available on the market in Australia, each of which can be compared on the Canstar website:
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 card payment services they partner with, which could include:
It’s important to consider your circumstances when choosing which credit card is right for you, including:
Nina is the Editor-in-Chief of Canstar, Australia’s biggest financial comparison site. She is responsible for leading the editorial strategy, and works with a team of journalists and SEO specialists to drive traffic through delivering compelling and insightful content to consumers looking for support with their finances. You can follow her on Instagram or Twitter.
The credit card types compared by Canstar are:
Rewards credit cards allow the cardholder to access one or more reward schemes, such as cash, gift vouchers, lifestyle, food and beverage, merchandise and additional (charity donations, bank fees, etc).
Frequent flyer credit cards allow accrual of frequent flyer points and redemptions through frequent flyer programs.
Premium credit cards typically come with an extensive rewards program and high credit limits, having at least four of these features:
There are also credit cards for a balance transfer. Your lender may offer different credit cards depending on the card payment services they partner with, whether Visa or Mastercard, or American Express or Diners Club. You can compare credit cards with Canstar and see our most recent Credit Card Star Ratings to compare how cards in the different categories stack up.
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 balance transfer offer, can you pay it off during the interest-free period? Also consider the pros and cons. Credit card benefits include contactless payments; paying during an interest-free period, rather than immediately; secure payments; and in some cases, price protection, purchase protection and other insurance that comes with the card.But credit cards can be an expensive way to borrow money, and if you find making repayments hard, you risk damaging your credit score.. You may want to compare credit cards to help find one that’s right for you.
Steps to apply for a credit card generally include:
Tips to get rid of credit card debt include:
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 avail of any interest-free period. This means you’ll be charged interest on your balance . Your bank can also 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.
Below are some of our popular credit card providers we rate or view more here:
Canstar’s^ highest rated Frequent Flyer Credit Cards
assuming an average monthly spend of $3,000 with no particular airline preference.
See some of the highest Star Rated Frequent Flyer credit cards on Canstar’s^ database. The table below displays a snapshot of some of the products (including products from our referral partners) sorted by Star Ratings, then Airline points per $1 spent, and then by provider name (alphabetically).
1. Canstar’s Star Ratings awarded in October 2019 based on product features at that date; product features, rates and fees displayed here may be different to what was rated. The products and star ratings displayed for each product in the table may not match your specific needs. The star ratings displayed are for the frequent flyer profile. View the Credit Card Star Ratings Methodology. For product information, read our detailed disclosure, important notes and additional information.
2. Ratings are only one factor to be taken into account. Not all product providers are included in the comparison. The products may not compare all features relevant to you. CANSTAR is not providing a recommendation for your individual circumstances.
3. This information is provided at your request. CANSTAR is not a credit provider and is not suggesting or recommending a particular product.
4. Reference to any products or services by trade name, trademark or otherwise does not constitute or imply endorsement, sponsorship or recommendation of CANSTAR by the respective trademark owner.
5. Sponsored products displayed are paid advertisements and do not form part of the search results
6. Canstar may earn a fee for referral of leads from the comparison table above. See How We Get Paid for further information.
*Read the comparison rate warning. The results do not include all providers and may not compare all the features available to you.