0% balance transfer cards
Transfer debt to a 0% credit card and save money by paying it off over a long interest-free period.
On website
Highlights
- Annual fee waived.
- 0% p.a. interest for 28 months on transferred balances (with a 3% balance transfer fee). Returns to 14.99% p.a. thereafter.
- No charges for foreign transactions, plus complimentary international credit card travel insurance.
- Offer valid for new customers within a specified timeframe. Additional fees and terms and conditions apply.
Pros
Cons
On website
Highlights
- Avoid annual fees for the duration of card ownership.
- 0% p.a. for 28 months on transferred balances (with a 3% balance transfer fee). Returns to 14.99% p.a. thereafter.
- Enjoy up to 55 days interest-free on purchases.
- Offer exclusive to new customers for a limited time. Additional fees and charges, as well as terms and conditions, apply.
Pros
Cons
On website
St.George Amplify Signature Credit Card (Amplify)
Highlights
- Up to 150,000 Bonus Amplify Rewards Points earned upon spending $12,000 on eligible purchases within the first 12 months from card approval.
- Initial card fee of $199 for the first year ($295 p.a. thereafter).
- 0% p.a. interest for 24 months on balance transfers with a 1% balance transfer fee applied to transferred amounts.
- Comes with complimentary overseas travel insurance coverage for up to 6 months.
Pros
Cons
On website
Highlights
- Benefit from a 28-month 0% interest period on Balance Transfers, accompanied by a 1% balance transfer fee. Afterwards, it switches to a cash advance rate of 21.49% p.a.
- Enjoy a low variable interest rate of 13.99% p.a. on purchases.
- The annual fee remains low at $55 p.a.
Pros
Cons
On website
Highlights
- Experience 0% p.a. on balance transfers for 32 months with no balance transfer fee. Reverting to a variable cash advance rate of 21.74% p.a. after the promotional period.
- Initial $0 annual card fee for the first year ($59 p.a. thereafter).
- Receive a response within 60 seconds.
Pros
Cons
On website
Highlights
- Utilize the 0% p.a. offer on balance transfers for 12 months alongside a 2% balance transfer fee.
- Experience the inaugural year with no annual fee, followed by $149 annually thereafter.
- Accrue 2 Reward Plus points per $1 spent on qualifying overseas purchases and 1 Reward Plus point per $1 spent on other eligible purchases.
- Maintain a minimum credit limit of $6,000.
Pros
Cons
Frequent flyer cards
Turn your everyday spending into free flights and upgrades with your preferred airline.
On website
Highlights
- Acquire 60,000 bonus Qantas Points by applying before 28 May 2024, getting approved, and spending $3,000 on eligible purchases within the first 3 months. T&Cs apply. Exclusive to New Card Members.
- Receive 2 complimentary Qantas Club lounge invitations annually.
- Access a $450 Qantas Travel Credit each year (conditions apply).
Pros
Cons
On website
Highlights
- Obtain 50,000 Bonus Membership Rewards Points upon application approval and spending $4,000 on your new Card within the initial 3 months. T&Cs apply. Exclusive to New Amex Card Members.
- Enjoy a $400 Travel Credit annually for flights, hotels, and car rentals when booked online using this card.
- Benefit from complimentary domestic and international travel insurance coverage.
Pros
Cons
On website
Highlights
- Accrue 1 Qantas Point per $1 spent, up to $1,000 monthly; thereafter, earn 0.5 Qantas Points. Point accumulation capped at 7,500 per statement period.
- Enjoy 0% p.a. for 12 months on balance transfers, with no balance transfer fee. (Reverts to cash advance rate of 21.99% p.a.)
- Includes complimentary travel insurance and purchase insurance.
Pros
Cons
On website
Highlights
- Acquire Velocity Points while benefiting from a $0 annual card fee.
- Points accrued on your card seamlessly transfer to your Velocity account monthly and are redeemable for various rewards such as flights, lodging, car rentals, gift cards, and beyond.
- Earn 0.75 Velocity Points per $1 spent, except for transactions with Australian government entities, where you'll earn 0.5 Velocity Points per $1 spent.
Pros
Cons
On website
Highlights
- Get 100,000 bonus Velocity Points upon applying by May 15, 2024, getting approved, and making $3,000 in eligible purchases with your new Card within the initial 3 months. Offer valid for new Amex Card Members exclusively.
- Receive a complimentary Virgin Australia return Economy domestic flight between specified cities annually following your first Card spend each year.
- Benefit from 2 complimentary Virgin Australia lounge passes each year at selected domestic airports.
Pros
Cons
No annual fee cards
Get a card with no annual fee. Great for life's unexpected turns.
On website
Highlights
- Annual fee waived.
- 0% p.a. interest for 28 months on transferred balances (with a 3% balance transfer fee). Returns to 14.99% p.a. thereafter.
- No charges for foreign transactions, plus complimentary international credit card travel insurance.
- Offer valid for new customers within a specified timeframe. Additional fees and terms and conditions apply.
Pros
Cons
On website
Highlights
- Benefit from a competitive 10.99% p.a. interest rate for purchases.
- Enjoy a perpetual $0 annual fee with card ownership.
- Access up to 55 days interest-free.
Pros
Cons
On website
Highlights
- No annual fee in the initial year, saving you $195.
- Accrue 3 Membership Rewards points for every $1 spent at major supermarkets and petrol stations.
- Access $200 allocated for annual travel expenses, applicable towards eligible flights, hotels, or car rentals when booked through American Express Travel.
Pros
Cons
On website
Highlights
- No annual fee requirement for the duration of card ownership.
- Experience up to 55 days interest-free on purchases.
- Benefit from a low minimum credit limit.
Pros
Cons
On website
Highlights
- $0 p.a. annual fee.
- Enjoy low interest of 11.80% p.a. on purchases.
- Benefit from comparatively low cash advance rates at 11.80%, lower than the standard rate of many other cards.
Pros
Cons
Cashback cards
Get a card with rewards like cash back or vouchers for regular spending.
On website
Highlights
- Acquire 150,000 Bonus Membership Rewards Points by applying before 25 June 2024, getting approved, and spending $5,000 on your new Card within the initial 3 months. T&Cs apply. Exclusive to New Amex Card Members.
- Utilize a $450 Platinum Travel Credit annually for flight, hotel, or car rental bookings.
- Indulge in up to $400 per calendar year when dining at a curated selection of over 1,400 hand-picked restaurants, both domestically and internationally. Terms and Conditions apply.
Pros
Cons
On website
Highlights
- Get up to $350 cashback when you apply online by 31 July 2024. Receive a $50 cashback monthly for spending over $1,000 in the first 7 statement periods.
- Enjoy a low ongoing 13.74% p.a. interest rate on purchases.
- Annual fee of $59 p.a. applies.
Pros
Cons
On website
Highlights
- Acquire a low variable interest rate of 13.05% p.a. for purchases.
- Receive 0.66% cash back on every $1 spent on eligible transactions.
- Take advantage of up to 55 interest-free days.
Pros
Cons
On website
Highlights
- Enjoy 0% p.a. for 28 months on balance transfers with a 3% balance transfer fee (then reverts to 21.24% p.a.) Terms and Conditions apply.
- First-year annual fee waived ($58 subsequently).
- Continuous low rate of 12.49% p.a. on purchases.
- Enjoy up to 55 days interest-free on purchases by settling your account completely each month.
Pros
Cons
On website
Highlights
- Get 180,000 bonus Reward Points and $150 cash back upon spending $3,000 on qualifying purchases within the initial 3 months of approval.
- Accrue 2 Reward Points for every $1 spent on qualifying purchases, up to $5,000 per statement period.
- Enjoy complimentary international travel insurance.
Pros
Cons
"With hundreds of credit cards on the market offering a dizzying array of rates, fees and features, finding the right product for your spending habits and financial situation is challenging. Here at Credit Card Compare, we want to make it easier to cut through these complexities and provide Aussie consumers and businesses a credit card comparison service to find their next credit card.”
David Boyd
CEO at Credit Card Compare
What is a credit card?
A credit card represents a banking instrument that offers a pre-approved credit limit by a financial institution, enabling expenditures and bill payments. Issuers typically provide it in dual formats: a tangible card for physical transaction needs and a virtual version for seamless online usage.
How credit cards work
Credit cards work on a principle of borrowed financial capacity from a bank. A credit card facilitates the acquisition of goods and services like fuel, foodstuff, and utility settlements, positioning itself as a viable substitute to direct cash or savings through a bank card.
Credit cards are issued with specific spending caps, tailored by individual eligibility and vary across different offers and financial entities. Borrowers must settle expended credits, with accruing interest applied to any residual amount monthly.
Types of credit cards to compare
Banks and alternative financial institutions in Australia offer numerous credit card types. It is advisable to assess various options, considering their interest rates, charges, and additional agreements and conditions*. Here is a brief list of the typical types of credit card available.
- 0% purchase credit cards: These cards permit purchases without accruing interest, provided the balance is fully repaid within a specified no-interest timeframe.
- Balance transfer credit cards: This option involves transferring an existing credit card balance to a new card, usually attracting a low or zero per cent interest rate for a predetermined duration.
- Cashback credit cards: Like reward cards, cashback cards accrue 'points' with each purchase. However, unlike rewards cards, which allow for point redemption for vouchers and travel, cashback cards let you convert points directly into cash.
- Frequent flyer credit cards: With these cards, every spent dollar earns points redeemable for travel and lodging costs, depending on the issuer. For instance, partnerships might exist with Qantas' frequent flyer scheme, Virgin's Velocity program, or American Express Travel.
- Low rate credit cards: Such cards are characterised by their reduced interest rates, especially concerning the 'purchase rate,' which is the rate applied to the balance due on your card after the billing cycle.
- No annual fee cards: To attract new clients, issuers might eliminate the annual fee, typically for the initial year. It is crucial to verify the subsequent annual fee, if applicable, following the introductory no-fee term.
- Reward credit cards: These cards reward you with points for every dollar spent, with opportunities to earn extra points when shopping at specific stores associated with the card issuer. Points can often be exchanged for gift vouchers at various retailers and supermarkets or for booking flights and accommodations.
We compare many other credit card types suitable for self-employed people or your business, first-timers, pensioners, and students.
Credit card networks
In addition to the various types of credit card, there exist several networks that provide the infrastructure for credit card payments.
- American Express
- Diners Club
- Mastercard
- Visa
None of these credit card networks are Australian-owned.
How to compare credit cards and their features
When assessing credit cards, consider not just the card types, like Rewards versus Low Fee cards, but also their inherent characteristics*. Below is a concise enumeration of essential features for comparison:
- Purchase (interest) rate: The interest rate applied to your card's remaining balance after each billing cycle. Rewards cards often have higher rates than low fee cards.
- Honeymoon (or introductory) interest rate: Choosing a card offering '0% interest' usually means no interest for a predetermined timeframe. It's wise to verify the subsequent interest rate after this period.
- Interest-free days: It refers to the period when no interest is charged on purchases. Typically, these days are fixed within your billing cycle, not starting at the time of purchase.
- Fees, which may include: Annual or monthly fees, fees for participating in rewards programs, fees for late payments, cash advance fees, overdraft fees, and charges for international card use
- Minimum credit limit: The minimum credit offered by a bank or lender. Minimum limits vary by card, ranging from $500 to $6,000, based on the card, the issuer, and your eligibility.
- Rewards program: Certain cards feature rewards programs like AMEX or Qantas Frequent Flyer rewards. Choose a card whose rewards scheme benefits you.
- Points rates: For rewards cards, this indicates the points earned per dollar spent
- Bonus points: Some rewards cards offer sign-up bonus points, redeemable for retail vouchers.
How to manage credit card debt
One of the main problems with credit cards is that it's possible to get into debt that's hard to get out of without concerted effort, but there are practical steps to avoid this and use a credit card responsibly.
- Pay in full: Whenever possible, make payments in full each cycle before interest accrues. Consider lower-limit cards to encourage manageable spending.
- Avoid compounding debt: Start with reasonable initial limits. Temporarily switching to debit transactions can provide a needed spending reset.
- Seek help if needed: Reputable charities like the National Debt Helpline offer anonymous assistance in creating workable budgets and discussing card obligations.
- Talk with your lender: Issuers may permit structured payment plans allowing large yet navigable debt to be repaid over a more appropriate timeframe. It's best to contact them early.
Do you even need a credit card?
"Don't rush into it if you aren't sure about whether you need a credit card or not. Take time before making an informed decision."
David Boyd
CEO at Credit Card Compare
Credit cards require financial diligence but when managed responsibly can unlock useful benefits from rewards points to consumer protections. However, borrowing beyond your means can risk credit rating damage and spiralling debt. Before deciding, here are some questions to ask yourself.
- Do I have the discipline necessary? It's easy to overspend when you have credit available on a card.
- Can I pay off the balance in full each billing cycle? Interest-accruing balances can start to pile up.
- Am I financially stable enough? If your income is in doubt, a credit card is probably best avoided.
