Why settle for a card that’s only second best when you find the best credit card* for your wallet? Start researching and compare a selection of some of the best credit cards* on offer from major banks and small banks. This best credit card* comparison table includes balance transfer offers, low interest rates, no annual fees, rewards and frequent flyer programs.
The types included in our best credit card guide
When choosing a credit card on Credit Card Compare, it's crucial to understand the different types available and how they cater to various financial needs. Here are some common types to compare credit cards with:
- Rewards credit cards: Reward credit cards allow you to earn points, cashback, or miles for every dollar you spend. These rewards can be redeemed for travel, gift cards, merchandise, or statement credits.
- Low rate credit cards: Low rate credit cards offer a lower annual percentage rate (APR) on purchases than other cards. This can be beneficial if you tend to carry a balance on your card.
- Balance transfer credit cards: Balance transfer credit cards allow you to transfer existing credit card debt to a new card with a lower or 0% introductory APR for a specified period. This can help you save on interest and pay off your debt faster.
- Frequent flyer credit cards: Frequent flyer credit cards are designed for travel enthusiasts. They offer points or miles for airline ticket purchases with Qantas, Velocity and other airlines. These cards often come with travel perks like lounge access and travel insurance.
- Cashback credit cards: Cashback credit cards provide a percentage of your spending back to you as cash rewards. These cards are ideal for those who prefer tangible rewards or want to offset their everyday expenses.
- Student credit cards: Student credit cards are tailored for college or university students who are new to credit. These cards often have lower credit limits and may offer rewards or benefits suitable for students.
- Premium credit cards: Premium credit cards, like Platinum, Black, and Gold, cater to high-income individuals and offer exclusive perks such as concierge services, luxury travel benefits, and higher reward rates. These cards often come with higher annual fees, with the highest being a metal credit card.
How Lauren from the Gold Coast found her new card
Lauren is not into credit card rewards. She doesn’t have the appetite to understand complicated frequent flyer programs. She values simplicity and playing it safe.
The main reason to get a card is for everyday convenience. If she ever carries a balance from one month to the next, at least she won’t be paying much interest. Low interest rates equate to low risk and low stress—no surprises.
She easily finds a card on Credit Card Compare that gives her a low interest rate and the lowest possible annual fee. She applies, gets approved, and uses the card for daily spending. Well played, Lauren.
What to consider when choosing a credit card
Before selecting a credit card, consider the following factors to ensure that the card aligns with your financial goals and spending habits:
- Interest rates: The interest rate, also known as the APR, impacts how much you'll pay in interest if you carry a balance on your card. Look for cards with competitive interest rates to save on finance charges – 0% purchase credit cards are available to compare.
- Fees: Be aware of the fees associated with the credit card, including annual fees, late payment fees, balance transfer fees, and foreign transaction fees. Choose a card with fees that align with your budget and spending patterns.
- Rewards and benefits: Evaluate the rewards structure of the credit card to determine if it aligns with your preferences. Consider whether you prefer cashback, travel rewards, points for specific retailers, or other benefits like insurance coverage and extended warranties.
- Credit limit: A card's credit limit dictates how much you can spend on the card. Ensure that the credit limit meets your spending needs without encouraging overspending.
- Eligibility criteria: Check the eligibility criteria for the credit card, including minimum income requirements, credit score thresholds, and residency status. Ensure you meet the criteria before applying to increase your chances of approval.
- Payment flexibility: Consider the payment options offered by the credit card issuer, such as online banking, mobile payments, automatic payments, and payment due dates. Choose a card with payment options that suit your preferences and lifestyle.
