Canstar reveals its latest 5-Star credit cards

Unsure if you’re getting Outstanding Value from your current credit card? Canstar’s latest Credit Card Star Ratings have been revealed, and may help you narrow down your options if you’re shopping around for a card that fits your spending habits.

Australians collectively owe over $50 billion (seasonally adjusted) on their credit cards, according to RBA statistics from August 2019, with well over half of that total accruing interest. And with ongoing credit card interest rates on Canstar’s database ranging from 6.64% up to 24.99% at the time of writing (and annual fees ranging from $0 to $700), selecting the right credit card for your needs could make a big difference to your finances. 

Canstar’s Credit Card Star Ratings aim to help consumers navigate the market by identifying the cards on our database which our experts deemed to offer outstanding value across a range of factors, including interest rates, fees and features. 184 credit cards, 59 providers and 15 consumer profiles later, we can reveal the 55 credit cards that were awarded a 5-Star Rating.

Each card was rated against at least one of the five cardholder profiles considered – Low Rate, Low Fee, Premium, Rewards and Frequent Flyer. For more information on the profiles and spending levels used to assess products, read the credit card Star Ratings methodology.

Which cards won 5-Star Ratings?

The tables below list the 5-Star Rated credit cards for each profile considered in our Star Ratings. The winners are shown in alphabetical order by provider name. 

Outstanding Value Low Rate Credit Card

This profile focuses on cards designed for consumers looking for a low interest rate and flexible repayment conditions. Cards assessed against this profile cannot have a minimum credit limit higher than $6,000. 

Provider Product
American Express Low Rate Credit Card
Auswide Bank Low Rate Visa Credit Card
Bank Australia Low Rate Visa Credit Card
Bank of us Visa Credit Card
Bendigo Bank Low Rate First Mastercard (for <25s)
Bendigo Bank Low Rate Mastercard
Community First Credit Union Low Rate Credit Card
Community First Credit Union Low Rate Pink Credit Card
Easy Street Financial Services Easy Low Rate Visa
First Option Bank Low Rate Visa Credit Card
G&C Mutual Bank Low Rate Visa Credit Card
MOVE Bank Low Rate Credit Card
Nexus Mutual Low Rate Platinum Credit Card
Northern Inland Credit Union Low Rate Visa Credit Card

Outstanding Value – Low Fee Credit Card

Cards considered as part of this profile are designed for consumers who want to avoid paying a large amount in ongoing fees, and who may be interested in a card with access to some premium card facilities. 

Provider Product
American Express Low Rate Credit Card
Bank Australia Visa Credit Card
Bank First Visa Classic Credit Card
BankVic Visa Silver
First Option Bank Low Rate Visa Credit Card
Heritage Bank Gold Low Rate
Horizon Bank Visa Credit Card
Hume Bank Value Visa
ING Orange One
ME Frank Credit Card
Northern Inland Credit Union Low Rate Visa Credit Card
QBANK Bluey Card
Qudos Bank Lifestyle Credit Card
Teachers Mutual Bank Credit Card
UniBank Credit Card

Outstanding Value – Premium Credit Card

If a consumer is looking for a card that offers benefits beyond what’s considered standard, but doesn’t necessarily require access to a rewards program, a premium card may be of interest to them. This profile is broken up into separate credit card spend amounts outlined below, based on different consumer habits, with ratings assigned for each.

$24k annual spend

Provider Product
ANZ Rewards Platinum
ANZ Rewards Travel Adventures Card
BankSA Amplify Platinum – Rewards Option
Bank of Melbourne Amplify Platinum – Rewards Option
Bankwest More Platinum Mastercard
Bendigo Bank Platinum Rewards Mastercard
BOQ Platinum Rewards Credit Card
HSBC Platinum Credit Card
Jetstar Platinum Mastercard – Rewards Option
St.George Bank Amplify Platinum – Rewards Option

$60k annual spend

Provider Products
ANZ Rewards Platinum
ANZ Rewards Travel Adventures Card
BankSA Amplify Platinum – Rewards Option
Bank of Melbourne Amplify Platinum – Rewards Option
Bankwest More Platinum Mastercard
Bendigo Bank Platinum Rewards Mastercard
BOQ Platinum Rewards Credit Card
HSBC Platinum Credit Card
NAB Rewards Platinum Card
St.George Bank Amplify Platinum – Rewards Option

$120k annual spend

Provider Product
ANZ Rewards Platinum
BankSA Amplify Platinum – Rewards Option
Bank of Melbourne Amplify Platinum – Rewards Option
Bankwest More Platinum Mastercard
Bankwest More World Mastercard
Bendigo Bank Platinum Rewards Mastercard
BOQ Platinum Rewards Credit Card
HSBC Platinum Credit Card
Nexus Mutual Visa Platinum Credit Card
RACQ Bank Platinum Rewards Mastercard
St.George Bank Amplify Platinum – Rewards Option

Outstanding Value – Rewards Credit Card

The Rewards profile assessed cards aimed at consumers who want a return on their spending, whether it’s in the form of merchandise, cash-back, gift vouchers, or some other form of reward. This profile is broken up into separate credit card spend amounts outlined below, based on different consumer habits, with ratings assigned for each.

$12k annual spend

Provider Product
American Express David Jones Card – Rewards Option
American Express Essential Credit Card
HSBC Platinum Credit Card
Jetstar Mastercard – Rewards Option
Jetstar Platinum Mastercard – Rewards Option
Latitude Financial Services Infinity Rewards

$24k annual spend

Provider Product
American Express David Jones Card – Rewards Option
Jetstar Mastercard – Rewards Option
Jetstar Platinum Mastercard – Rewards Option
Latitude Financial Services Infinity Rewards
Summerland Credit Union Rewards Card

$36k annual spend

Provider Product
American Express David Jones Card – Rewards Option
Jetstar Mastercard – Rewards Option
Jetstar Platinum Mastercard – Rewards Option
Latitude Financial Services Infinity Rewards
Summerland Credit Union Rewards Card

$60k annual spend

Provider Product
American Express David Jones Card – Rewards Option
American Express David Jones Platinum Card – Rewards
Bankwest More Platinum Mastercard
Jetstar Platinum Mastercard – Rewards Option
Summerland Credit Union Rewards Card

$120k annual spend

Provider Product
American Express David Jones Card – Rewards Option
American Express David Jones Platinum Card – Rewards
Bankwest More Platinum Mastercard
Bankwest More World Mastercard
Coles Rewards Mastercard
Jetstar Platinum Mastercard – Rewards Option

Outstanding Value – Frequent Flyer Credit Card

If a consumer is looking to spend the points they’ve earned on the card to buy flights, a frequent flyer card may be worth considering for them. This profile is broken up into separate credit card spend amounts outlined below, based on different consumer habits, with ratings assigned for each.

$12k annual spend

Provider Product
American Express David Jones Card – Qantas Option
American Express Explorer Credit Card
American Express Platinum Edge Credit Card
American Express Qantas Discovery Card
American Express Velocity Escape Card
American Express Velocity Platinum Card
ANZ Rewards Travel Adventures Card
HSBC Platinum Qantas Credit Card

$24k annual spend

Provider Product
American Express David Jones Card – Qantas Option
American Express David Jones Platinum Card – Qantas Option
American Express Explorer Credit Card
American Express Platinum Edge Credit Card
American Express Velocity Platinum Card
ANZ Rewards Travel Adventures Card
HSBC Platinum Qantas Credit Card

$36k annual spend

Provider Product
American Express David Jones Card – Qantas Option
American Express David Jones Card – Rewards Option
American Express David Jones Platinum Card – Qantas Option
American Express Explorer Credit Card
American Express Platinum Edge Credit Card
American Express Qantas Ultimate Card
American Express Velocity Platinum Card
HSBC Platinum Qantas Credit Card

$60k annual spend

Provider Product
American Express David Jones Card – Qantas Option
American Express David Jones Platinum Card – Qantas Option
American Express Explorer Credit Card
American Express Qantas Ultimate Card
American Express Velocity Platinum Card
Diners Club Australia Personal Dual Card

$120k annual spend

Provider Product
American Express David Jones Card – Qantas Option
American Express David Jones Platinum Card – Qantas Option
American Express David Jones Platinum Card – Rewards Option
American Express Explorer Credit Card
American Express Qantas Ultimate Card
American Express Velocity Platinum Card
Diners Club Australia Personal Dual Card

If you want to learn more about Canstar’s latest credit card Star Ratings and how they were calculated, please see our credit cards Star Ratings methodology.

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