Canstar names its 2022 Outstanding Value – Credit Cards Award winners

See which providers’ suites of cards came out on top in Canstar’s 2022 Credit Card Awards.

What are Canstar’s Star Ratings and Awards?

If you are considering signing up for a credit card, or are keen to compare the performance of the one you already have, you may be looking for credit card reviews to help with your research. That’s where Canstar can help. Our expert Research team conducts detailed reviews of credit card products on our database and allocates Star Ratings (with the best-performing products given 5-Star Ratings), as shown on our comparison tables. They then review the performance of providers to determine Canstar’s Outstanding Value Award winners. Canstar also surveys financial product users about their experiences to produce our Customer Satisfaction Awards.

Learn more about Canstar’s Star Ratings and Awards process

What are Canstar’s Outstanding Value – Credit Cards Awards?

To determine the winners of these annual Awards, Canstar’s expert Research team uses a sophisticated value-based methodology, unique to Canstar, to compare Australian credit card providers and their respective suites of products. The methodology draws on Canstar’s Credit Card Star Ratings, which assess individual credit card products on price and features, across multiple consumer profiles.

The providers whose range of products came out on top overall across the latest Star Ratings have been recognised with an Outstanding Value – Credit Cards Award.  This year, Canstar’s Outstanding Value – Credit Cards Awards were divided into three classes: 

• Low Cost Award: This Award combines the ‘low fee’ and ‘low rate’ credit card Star Rating categories. Low Rate cards have a lower interest rate and more flexible repayment conditions than other types of credit cards. Low Fee cards have lower ongoing fees, plus access to some premium card facilities. 
• Rewards Award: This Award considers products that give cardholders access to extra benefits, which they may earn according to how much money they spend on that credit card. To be eligible for the Award, a provider’s cards must offer access to rewards of cash, gift vouchers, lifestyle, food and beverage, merchandise and/or additional rewards (such as charity donations or bank fees).
• Frequent Flyer Award: This Award considered providers’ Frequent Flyer Credit Cards, which allow access to accrue frequent flyer points and make redemptions through frequent flyer programs on a range of airlines. This year, to qualify for an Award, a provider’s frequent flyer programs were required to offer redemptions for flights from Sydney to Brisbane, Melbourne and/or Perth. 

Want to know more details about how the Awards were decided? Read the 2022 Awards methodology and the Star Ratings methodology and full results for April 2022. 

Outstanding Value – Credit Cards Award winners 2022

Outstanding Value – Low Cost Credit Cards

American Express

The international payments company American Express’ suite of credit cards includes its Low Rate Credit Card, which received a Canstar 5-Star Rating in April 2022 as a low rate card. It has an interest rate of 8.99% for purchases, no annual fee and an interest-free period of 55 days.

Auswide Bank

Auswide Bank, a Bundaberg-based bank with a national footprint, counts among its suite of cards its Low Rate Visa Card, which was awarded a Canstar 5-Star Rating in April 2022. The card’s interest rate is 8.05% for purchases and it has a $50 annual fee and a 55-day interest-free period.

Bankwest

The Commonwealth Bank-owned Bankwest’s suite of low fee and low rate cards includes the Breeze Mastercard, which was given a Canstar 5-Star Rating in April 2022. It has a purchase rate of 9.90% with a $49 annual fee and a 55-day interest-free period.

G&C Mutual Bank

Member-owned G&C Mutual Bank’s suite of cards includes the Low Rate Visa Credit Card, which won a 5-Star Rating in April 2022. It has a purchase interest rate of 7.49% and an annual fee of $50, with a 50-day interest-free period.

Heritage Bank

Customer-owned Heritage Bank’s suite of cards includes the Canstar 5-Star Rated Gold Low Rate card, which has no annual fees, a purchase interest rate of 10.80% and no interest-free period.

Teachers Mutual Bank

Customer-owned Teachers Mutual Bank’s Credit Card has a purchase interest rate of 11.50%, no annual fees and an interest-free period of 55 days.

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Outstanding Value – Rewards Credit Cards

Coles

The Australian grocery giant Coles’ credit card suite includes the Rewards Mastercard, which earned a Canstar 5-Star Rating for the Rewards $24,000 and $36,000 spend categories in April 2022. It features a purchase interest rate of 0% in the first year, then 19.99% thereafter, a $99 annual fee and up to 55 days interest free. For each $2 spent on the card, users earn 1 point on their Flybuys account.

Commonwealth Bank

The ‘big four’ Australian bank’s suite of credit card offerings includes the Ultimate Awards card, which earned a 5-Star Rating for the Rewards $36,000 spend category in April 2022. The card has a 20.24% purchase interest rate, an annual fee that ranges from $0 to $65 (depending on a number of factors), and an interest-free period of up to 55 days. It offers the choice of two rewards programs, CommBank Awards or Qantas Points.

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Outstanding Value – Frequent Flyer Credit Cards

American Express

American Express’ suite of credit cards offering frequent flyer benefits include, for example, the Explorer Credit Card, which was awarded a 5-Star Rating for four of the five spend categories investigated by our expert Research Team in April 2022. This card features a 20.74% interest rate on purchases, a $395 annual fee and an interest-free period of up to 55 days. For every $1 spent on the card, users can earn 1 point on purchases made with government bodies in Australia, or 2 points on all other purchases. The card includes complimentary domestic and international travel insurance, and points can be redeemed with nine airline partner programs or used to pay for travel with participating websites.

Commonwealth Bank

The ‘big four’ Australian bank’s suite of credit card offerings includes the Ultimate Awards card, which earned a 5-Star Rating for several Frequent Flyer spend categories in April 2022. The card has a 20.24% purchase interest rate, an annual fee that ranges from $0 to $65 (depending on a number of factors), and an interest-free period of up to 55 days. It offers the choice of two rewards programs, CommBank Awards or Qantas Points, via which users can redeem points for things such as flights and accommodation.

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Cover image source: Yulia Grigoryeva/Shutterstock.com

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About Canstar’s Research team

Canstar’s Research team provides the expertise that powers our Star Ratings and Awards, designed to help consumers make better-informed financial decisions. As Australia’s biggest financial comparison site, Canstar researches and rates products from more than 780 brands, across more than 30 finance categories. Our expert researchers analyse each product we rate by comparing price and features, with the top products being recognised with a 5-Star Rating. Our Star Ratings are made available for consumers to view for free via Canstar’s comparison tables. Providers whose products perform strongly in our Star Ratings may be recognised with an Outstanding Value Award.

→ Discover Canstar’s latest Star Ratings and Award winners