2026 Credit Cards Star Ratings and Awards

Canstar releases its
2026 Credit Card Awards.

Released: 16 April, 2026

Outstanding Value — Low Cost Credit Cards

Low Cost Credit Card providers are for those seeking a card suitable for everyday spending, that combines a low interest rate with low ongoing fees.  

Congratulations to the Award winners

(Winners are listed alphabetically)

Greater Bank

Outstanding Value – Low Cost Credit Cards

Greater Bank has picked up an Outstanding Value Low Cost Credit Cards Award this year, recognised for the strong performance of its Visa Credit Card. The card offers a low 9.95% purchase rate and a $49 annual fee that’s waived when cardholders spend at least $12,000 a year, delivering both low ongoing costs and a competitive rate if you carry a balance.

Heritage Bank

Outstanding Value – Low Cost Credit Cards

Heritage Bank has held onto its Outstanding Value Low Cost Credit Cards Award this year, continuing to offer its Gold Low Rate credit card. The card features a $0 annual fee and a competitive 11.80% purchase rate, making it a balanced option for consumers who want a no-fee card without giving up a competitive rate.

Hume Bank

Outstanding Value – Low Cost Credit Cards

Hume Bank has held onto its Outstanding Value Low Cost Credit Cards Award in 2026. Its Value credit card offers a $0 annual fee and a purchase rate of 11.95%, which may suit cardholders who are looking for a card for everyday spending, and who tend to carry a balance.

MOVE Bank

Outstanding Value – Low Cost Credit Cards

MOVE Bank has again been recognised with the Outstanding Value Low Cost Credit Cards Award and offers the lowest purchase rate in the market at 8.99% on its Low Rate credit card, alongside a $59 annual fee. The combination of a market-leading rate and a low ongoing fee reduces interest charges if you carry a balance.

Teachers Mutual Bank and UniBank

Outstanding Value – Low Cost Credit Cards

Both Teachers Mutual Bank and UniBank have held onto their Outstanding Value Low Cost Credit Cards Awards this year. The two brands are divisions of Teachers Mutual Bank Limited and offer the same Visa Credit Card: a no annual fee credit card with an 11.50% purchase rate.

Westpac

Outstanding Value – Low Cost Credit Cards

Westpac has held onto its Outstanding Value Low Cost Credit Cards Award in 2026, with a pair of cards that offer low fee and low rate options. Its Low Fee Credit Card pairs a $0 annual fee with a 20.99% purchase rate, suitable for customers who pay their balance in full each month. The Westpac Lite Card, on the other hand, offers a 9.90% purchase rate with a $108 annual fee. This lower rate can offset the cost of fees for those who tend to carry a balance. 

Outstanding Value — Frequent Flyer Credit Cards

Frequent Flyer Credit Cards are for those seeking a credit or charge card that will allow you to redeem rewards points earned for flights.

Congratulations to the Award winners

(Winners are listed alphabetically)

American Express

Outstanding Value – Frequent Flyer Credit Cards

American Express has held onto the Outstanding Value Frequent Flyer Credit Cards Award in 2026. The value you’ll get from a card depends on how much you spend, and American Express has a wide suite of card offerings with frequent flyer rewards suitable for different spend levels. For example, we found that the best-performing card for those who spend around $36,000 a year is the American Express Explorer. This card includes a $400 annual travel credit that can be used towards eligible domestic or international flights, contributing to its overall value at that spend level.

Coles

Outstanding Value – Frequent Flyer Credit Cards

Coles has held onto the Outstanding Value Frequent Flyer Credit Cards Award in 2026. The Coles Rewards Mastercard earns 2 Flybuys points per $1 spent, with a $99 annual fee. Flybuys points can be converted to Virgin Velocity points at a 2:1 ratio. Coles cards deliver a positive net reward return (that is, the return you’d get after factoring in fees and interest charges) across all four of the spending levels we considered.

Commonwealth Bank

Outstanding Value – Frequent Flyer Credit Cards

Commonwealth Bank has held onto the Outstanding Value Frequent Flyer Credit Cards Award in 2026. Its Smart Awards card performs well at the $24,000 and $36,000 spend profiles with lower fees and earn rates, while the Ultimate Awards card is structured for higher spenders with elevated earn rates and higher fees. CommBank waives the monthly fees on both cards when you reach specified spending conditions.

Outstanding Value — Rewards Credit Cards

Rewards Credit Cards are for those who are looking to earn rewards in exchange for spending, be these rewards points which can be redeemed for vouchers or cashback, Flybuys points or other kinds of perks.

Congratulations to the Award winners

(Winners are listed alphabetically)

Coles

Outstanding Value – Rewards Credit Cards

Coles has held onto the Outstanding Value Rewards Credit Cards Award in 2026. The Coles Rewards Mastercard earns 2 Flybuys points per $1 spent on eligible purchases with a $99 annual fee. Everybody’s needs and budget are different, so we consider how credit cards perform across a range of annual spending levels, and Coles cards perform strongly across all of these. 

Commonwealth Bank

Outstanding Value – Rewards Credit Cards

Commonwealth Bank has held onto the Outstanding Value Rewards Credit Cards Award in 2026. Its Smart Awards and Ultimate Awards credit cards perform well across a range of annual spending levels CommBank will also waive monthly fees if you meet certain spending conditions, covering both lower and higher-spending cardholders.

David Jones (Latitude Financial)

Outstanding Value – Rewards Credit Cards

David Jones, issued by Latitude Financial, has retained the Outstanding Value Rewards Credit Cards Award in 2026 and leads across all of the spending levels that we considered. Its Prestige and Premier credit cards offer bonus earn rates at supermarkets, petrol stations, and David Jones stores, suited to cardholders who carry a minimal revolving balance and want to maximise rewards on everyday spending.

About this year’s awards

The 2026 Credit Cards Awards come at a time where value of rewards has shifted noticeably, particularly for frequent flyer products. Based on our assessment of redeeming frequent flyer points for a range of flights, the value per Qantas point decreased by 22.35% over the past 12 months, while the value per Velocity point declined by 20.51% — this means that consumers receive less in return for the same number of points earned, even if nothing about their card has changed. 

Despite the decrease, some credit card providers have lifted earn rates on their rewards cards, including Westpac and St.George Bank (alongside Bank of Melbourne and BankSA), giving cardholders more points for every dollar spent. It’s important to remember that earning points isn’t everything – even if you’re earning a lot of points, you won’t be getting a lot of value for them if they’re worth less. 

“The devaluation of frequent flyer points this year is a useful reminder of why the net return you get after factoring in fees and interest charges  — not earn rate alone — is a great way to measure the value of a rewards card. A card can offer a strong earn rate and still deliver less to the cardholder if the actual value of those points (and what they can get you) has fallen. This year’s Frequent Flyer Award winners are those that continued to generate a strong net return for cardholders even as the points landscape shifted around them” — Tom Pownall, Research Analyst.

How we assessed value

Our assessment groups products into three Award categories across ten consumer profiles:

• Outstanding Value Low Cost Credit Cards. Assessed across two profiles, Low Rate and Low Fee, reflecting the difference between cards built for cardholders who carry a balance and those built for keeping ongoing costs as low as possible.
• Outstanding Value Frequent Flyer Credit Cards. Assessed across four annual spend levels ($24,000, $36,000, $60,000, and $120,000), recognising that what’s suitable for a moderate spender may not be suitable for a high spender, and vice versa.
• Outstanding Value Rewards Credit Cards. Assessed across the same four annual spend levels.

Within each category, we look at credit cards from two angles: what they cost or return to the cardholder in dollar terms, and the broader features driving customer experience, from complimentary insurance and services to how easy the card is to research and apply for through to how repayments, rewards redemption, security, and account closure are handled.

What we measure depends on the type of card.

For Low Cost cards, we measure the net cost of holding the card over a year: the annual fee plus interest paid on balances as well as application fees and merchant fees where applicable. The card with the lowest net cost receives the highest price score. Annual fee waivers tied to spending thresholds are included; promotional waivers are not. Included in the range of features measured are balance transfers and introductory interest rates.

For Rewards and Frequent Flyer cards, we measure net reward return: the dollar value of the points or rewards a cardholder would actually walk away with after a year, minus what they paid to hold the card. The reason this matters is that a point isn’t worth a fixed amount. The same point can be worth a few cents redeemed against a gift card or several times that redeemed against the right flight, and reward programs can change what their points are worth without warning. A card with a strong-looking earn rate can still leave a cardholder behind if the points it earns aren’t worth much when it comes time to spend them. Key features measured include airline lounge access, the rewards program attached, and what happens to rewards points when closing the account.

Who we looked at

To be eligible for Canstar’s Outstanding Value Credit Cards Awards, products must meet the following criteria:

• Publicly available personal credit cards. Products must be available to Australian consumers as personal, unsecured credit or charge cards. Business credit cards are assessed separately under Canstar’s Business Credit Card Awards.
• Established in market. Providers must have had credit card products available for at least six months, with the information required to complete the assessment made available to Canstar.
• Profile-specific eligibility. Low Rate and Low Fee cards must offer a credit limit as low as $6,000 on application. Rewards cards must offer access to cashback or shopping vouchers, and Frequent Flyer cards must offer access to either Qantas Frequent Flyer or Virgin Australia Frequent Flyer points.

What to keep in mind when considering a credit card

The purchase rate matters most when you carry a balance. If you pay your balance in full each month, the interest rate has little practical impact on your costs. But if you regularly carry a balance, even a modest one, the gap between a 9% and a 12% purchase could see you paying a great deal more interest over 12 months. It’s worth being clear about your repayment habits before prioritising a rewards offering over a lower rate.

Rewards and points values can change. The earn rate on a card is only part of the picture. The dollar value of the points or Flybuys you accumulate depends on how you redeem them, and redemption values are not fixed. The decline in Qantas and Velocity point values over the past year is a real-world example of how the return on a frequent flyer card can shift without anything about the card itself changing. Reviewing the current redemption rates for rewards you intend to use is worth doing before selecting a card.

Annual fee waivers are conditional. A number of cards in this year’s assessment offer annual fee waivers tied to minimum spend thresholds. These can represent genuine value, but only if your typical spending reliably meets the condition. A waiver that requires $12,000 in annual spend may not reduce your cost if your actual spending falls short of that consistently.

Card features add value only if you use them. Insurance benefits, lounge access, and additional card extras vary considerably between products and can represent real utility for some cardholders. Before factoring these into your decision, check the Key Facts Sheet (KFS) and the provider’s terms and conditions to confirm what applies to your circumstances and whether any conditions or exclusions limit what you’d actually receive.

What this award is and isn’t

What it is:

• A like-for-like comparison. We assess providers within consumer profiles that group products by how they’re actually used, meaning comparisons are made between cards serving the same kind of customer.
• Focused on net value. We don’t judge cards on interest rates or earn rates in isolation. A value-based approach is taken, where price and features are considered. For Low Cost cards, we measure the net cost of holding the card. For Rewards and Frequent Flyer cards, we measure the net reward return after fees and interest.
• Reflective of how cardholders use their cards. Our assessment is built around modelled spending and repayment scenarios across a range of consumer profiles, so the results reflect real world use.

What it isn’t:

• Personal financial advice. This Award doesn’t consider your individual circumstances, spending habits, or repayment patterns, and shouldn’t be taken as a recommendation.
• A guarantee of future performance. For Low Rate and Low Fee profiles we assess performance over a set six-month period. Past results aren’t a reliable indicator of what a card will deliver in future, and rates, fees, and rewards conditions can change at any time.
• A list of every provider in Australia. While we endeavour to include the majority of the market, some providers or products that do not meet our eligibility criteria may not be included.

Does Canstar rate other products?

About Canstar

Canstar also has insights and information about financial products and services generally. You can find out about topics such as: interest rates, buy now pay later (BNPL), business products and tax. You may also be interested in discovering more about calculators and resources, such as our rate checker and free credit score tool, to help you with your financial decision-making.

About: Tom Pownall, Research Analyst

Bachelor of Business (Finance), QUT

Tom Pownall is a Research Analyst within Canstar’s research team, where he contributes to the development and delivery of Star Ratings and Awards. With a major in Finance, and minors in Economics and Accounting, Tom brings a results-driven approach to his work, combining analytical skills and a passion for financial markets and products.

Since joining Canstar in 2024, Tom has applied his education, training, and background to contribute to the evaluation and comparison of financial products in areas such as International Share Trading, ETFs, and Superannuation. He is committed to enhancing methodologies that drive Canstar’s Star Ratings and Awards, striving to ensure results are of a meticulously high standard, with the ultimate goal of empowering consumers to confidently find the right product
from them.

Tom’s dedication to continuous learning and innovation keeps him at the forefront of product trends and updates, while building on his technical skills in SQL, Python, and data analytics.

You can follow Tom on LinkedIn, and Canstar on X and Facebook.