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What is a credit card?
A credit card lets you spend money that you can pay back over time, usually with interest.
Unlike a debit card – where you need money in the bank – a credit card gives you a set amount you can spend (or borrow), known as your credit limit. You also get regular statements (usually monthly) and need to make repayments by the due date on them.
In Australia, you must be at least 18 years old to apply for a credit card in your name.
Want more details? Check out Finder's guide to how credit cards work.
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"When comparing credit cards, decide what's most important to you. Is it a low interest rate? Low annual fee? Bonus frequent flyer points? Maybe a balance transfer deal? For instance, I pay my balance in full each month, so I ignore the interest rates and don’t look at balance transfer offers. Instead, I aim to find cards with a great points earning rate. Knowing exactly what you want, makes it easier to find the right card for you."
What types of credit cards are there?
There are 5 main types of credit cards. Every card is slightly different, so you should compare credit cards to find the best credit card that has the features that matter to you.
Card type | Principal use | Pros | Cons |
---|---|---|---|
Pay off existing debt with no / low interest | Save money on interest and pay down debt faster | Minimal perks and no interest-free days on new purchases | |
Earn points on your spending | Get rewarded for money you’d spend anyway | High interest rates & annual fees | |
Credit without an upfront cost | Costs nothing if you pay it off in full or don’t use it at all | Minimal perks and higher interest rates | |
Pay off purchases over time while paying less interest | Saves you money if you carry a balance from month to month | Minimal perks | |
Managing cash flow and separating spending | Offer distinct features for business (like accounting feeds) | Stricter eligibility requirements |
Credit card guides and resources
Applying & credit score
How to compare credit cards
Here's a breakdown of features and charges you should look at when doing a credit card comparison.
- Find the right type of card. Want Qantas Points? Get a frequent flyer card that lets you earn points when you spend. Need a simple, cheap card for everyday spending? Look at low rate or no annual fee cards.
- Look at the purchase rate. Credit cards charge high interest rates. But only if you don't pay the card off on time.
- Don't forget the annual fee. Most cards charge a yearly fee. It can be as low as $50 or as high as $400 for a fancy card with lots of perks and benefits. There are some cards with annual fees that cost over $1,000!
- Count your interest free days. One of the best features of a credit card, interest-free days let you buy something today and pay no interest for up to 55 days. How it actually works in practice is a little complicated though.
- Look at all the perks and benefits the card offers. Some credit cards give you reward or frequent flyer points, purchase protection or complimentary travel insurance, cashback on your spending or other rewards. The more perks a card offers the higher the annual fee. So if you don't use them, you're wasting money.
Credit cards 101
There are lots of confusing terms in credit card land. Here's a quick explainer:
- Balance transfer rate. The interest rate you'll pay if you transfer a balance from one card to another. Most introductory offers are for 0% p.a. on your balance, but you may pay a one-time fee.
- Cash advances. Try not to withdraw cash from an ATM or use your card to gamble or buy foreign currencies. These transactions are considered cash advances and they come with a fee plus a higher interest rate (which you get charged immediately).
- Credit card network. The payment system that processes all your credit card transactions. In Australia most cards are either Visa, Mastercard or American Express.
- Foreign transaction fees. This is the fee you'll be charged on purchases made in a foreign currency overseas or online. Some cards have 0% foreign fees.
- Minimum repayment. You can repay all your card spending each month. Or you can pay it off slowly (and get charged interest). The minimum repayment is the lowest amount you must pay by the due date. Miss this, and you'll get charged a fee.
Finder survey: How old are Australians when they get their first credit card?
Response | |
---|---|
18-22 | 31.63% |
23-27 | 28.21% |
I’ve never had a credit card | 14.73% |
28-32 | 12.94% |
33-40 | 8% |
41-50 | 2.7% |
50+ | 1.8% |
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"Maintaining these records helps you track your spending, verify transactions, and catch any errors or fraudulent activities promptly. They are also useful for budgeting, filing taxes, and providing proof of purchase or payment if disputes arise. Keeping organised and accessible records of your statements, whether in digital or paper form, ensures you have a comprehensive financial history that can be referenced whenever necessary."
Pros & cons of credit cards
Pros
- Flexibility. If you have a big purchase to make, a credit card can be a financial "buffer" – letting you buy it and then repay it over time. If it’s used wisely, it can be interest free.
- Convenience. Credit cards allow you to buy what you need, when you need it. You can use them to shop in-store, online and overseas, with security features to protect against fraud.
- Rewards. Everyone loves perks. A credit card can help you get frequent flyer points, cashback on your groceries, flight upgrades or even gift cards.
Cons
- Debt. Credit card interest adds up quickly if you don't pay your balance on time, which could cost you hundreds (or thousands) of dollars and take a long time to pay back.
- Can be expensive. The average interest rate for an Australian credit card is around 20%, RBA stats show. In comparison, the average interest rate for a variable rate personal loan is 14.41%.
- Sneaky fees and surcharges. Some businesses add a surcharge to credit card payments, which can be 1–2% of the total purchase cost.
Bottom line? Credit cards have a mix of great perks and understandable risks. A good rule of thumb is to compare credit cards to ensure you get one with the features you need, while having a plan for paying it off and using the benefits.
What's happening in credit cards in February 2025?
By Finder's money editor, Richard Whitten.
Australians spent $431 billion on their credit cards in the last 12 months, according to the latest figures. The average Australian credit card balance is $3,465 per card. That's the highest amount on record.
But most of us are paying our cards off on time. The average balance accruing interest (meaning cards that aren't paid off in full before interest charges kick in) is $1,598. This figure is slowly creeping up each month, but still well below late 2019, when the average unpaid balance was over $3,000 per card.
In January Finder announced its 2025 Credit Card Award winners. The awards recognised the top credit cards in 15 categories from a total list of 262 Australian credit cards.
Did you know? Finder research shows the average Australian with a credit card could save $222 over 32 months by switching cards.
Have questions about credit cards? We have answers
Why you can trust our credit card experts
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Looking for small amount credit card
Hello Cesar,
You might want to look at a low rate credit card. Many of these cards are available with credit limits as low as $500 or $1,000.
How to benefit when my primary physical address business and operation are in South Africa
Hi, Cards offered from Australia won’t be available for South Africa – you’ll need to look elsewhere.
What amount is given with good credit score of 887
Hi Douglas,
It really depends on multiple factors, not just your credit score. Your income, monthly spending and other debts you have all affect your approved credit limit.
A card that dosnt have large fees
Hi Danielle,
Check out low rate credit cards or a no annual fee credit card.
Hi, i have an existing “FPO” on my ready credit card, and i paid half way off of the contract term. And now they are offering me another “FPO” on the amount that i have already paid off. I wanted to take it, because the interest is low and i need some money. How the payment should be, is it going to combine or separate payment? Thank you.
Hi Dennis,
Yes, they would set up a brand new flexible payment option on your account, and you’ll have two seperate payment plans set up.
Hope this helps!