Even though there's no one "best" credit card for everyone, there are a few things that have universal appeal, including:
How important each of these are to you will help you decide which card will best fit your wallet.
Sometimes people will look at 2 or more types of credit cards – or even another payment method – when they're trying to find the best one for them. So we've answered some of the most common "which is better" questions to help you decide.
If you're focused on getting rewards through Qantas Frequent Flyer or Velocity Frequent Flyer, a card that earns those points makes the most sense. With some cards, the bonus points alone could be enough for you to get a reward flight in business class, overseas or both.
On the other hand, a rewards credit card gives you better options if you're a member of a few loyalty programs and want to transfer points between them. Rewards credit cards also give you more choice with gift cards, cashback and retail goodies.
Low rate credit cards are better if you don't pay your bill in full every month. You'll still have to pay more than what you borrowed, but it will usually cost you less than a card with no annual fee (and a higher interest rate).
A $0 annual fee card is great if you pay as you go or repay everything when it's due. This means you won't be paying interest charges anyway, so paying no annual fee means you effectively pay nothing to use your card.
If you want to pay off existing debt, a 0% balance transfer credit card works well for credit card debt you can pay off within 2.5 years. This is because the 0% introductory rate typically lasts for between 6 and 32 months.
If you want smaller repayments spread out over a longer period of time, personal loans offer terms from 1 to 5 years – and some offer up to 10 years to repay debt. So you'll pay interest, but it could make it easier to chip away at what you owe. Personal loans also let you consolidate credit card debt, buy now pay later (BNPL) debt and other types of loans.
A no interest credit card with a flat, monthly fee might be good if you want to pay off what you buy over time without being limited to selected retailers, which you sometimes are with Afterpay, Klarna and some other BNPL plans. These credit cards don't typically have late fees and are also better if you want to build up your credit history because most BNPL plans don't add to your credit report.
But if you mostly shop with the partnered brands and can make all of your payments on time (to avoid late fees), you could use a platform like Afterpay without any costs. And if you already have an account that you're happily using, there's probably no reason to get a credit card – unless you want to build your credit history.
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