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.

Compare Credit Cards

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. 

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. 

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

$60k annual spend

$120k annual spend

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

$24k annual spend

$36k annual spend

$60k annual spend

$120k annual spend

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

$24k annual spend

$36k annual spend

$60k annual spend

$120k annual spend

Compare Credit Cards

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.