Credit card comparison Australia
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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.
Our expert says
"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 |
|---|---|---|---|
Balance transfer | 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 |
Rewards | Earn points on your spending | Get rewarded for money you’d spend anyway | High interest rates & annual fees |
No annual fee | 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 |
Low rate | Pay off purchases over time while paying less interest | Saves you money if you carry a balance from month to month | Minimal perks |
Business | Managing cash flow and separating spending | Offer distinct features for business (like accounting feeds) | Stricter eligibility requirements |
Credit cards for Christmas 2024 (video)
Credit card guides and resources
Applying & credit score
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% |
Source: Finder survey by Pure Profile of 1113 Australians, December 2023
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.
Expert insight: Why credit card records matter
"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 November?
By Finder's money editor, Richard Whitten.
Australians are spending more on their credit cards than ever, spending $426 billion in transactions over the last 12 months according to the latest figures.
But most of us are on top of our balances: the average Australian credit card balance is $3,304. But the average balance for a cardholder who is getting charged interest (meaning they haven't paid the card off in full) is $1,559. This figure was almost $1,000 higher a decade ago.
The longest balance transfer cards on the market offer 0% for 28 months, but many cards have shortened their offers to 24 months. In the world of frequent flyer cards, the Velocity Points program has cut the points you can earn from Virgin Flights and increased the number of points needed to redeem reward flights.
Did you know? 2024 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
Obsessed with perks - we nerd out over points, rates & prizes - our editors spend hours (ok, days) crunching 250+ cards every single month. We even give them a simple score out of 10 if you just want the easy life.
No two cards the same - different cards are great for different things (and some are just junk). That's why we track and score every type of card from balance tranfers to rewards, cashback to low interest - so you don't waste a cent.
No BS - We're not owned by a bank, we don't have a call centre. Our only mission is to match you with the card of your dreams. Whether it's your first card, or you're a points ninja - we got you.
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Ask a question
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!
Hi, I am a pensioner, I pay an annual fee on my credit card but now the commbank wants an extra 8 dollars a month in fees, they obviously need it, is there a credit card that has low interest n no ongoing fees other than the yearly fee?
Regards
Trek Bakr
Hi Trek, Is your card the Commonwealth Bank Awards Card? The fee is $8 per month instead of an annual fee; it works out to be $96 a month.
If you’re not happy with that card, you can browse a few options for low-fee or no-fee credit cards here.
Hope this helps!
American Express have just rejected an increase in my credit limit. I am very surprised as I have a high income, small mortgage, large amount of equity in my house and superannuation. I have no other debt or loans. Have had the card for 6 years and pay the balance in full every month.
I am trying to get information on what income, assets, credit rating they used to assess my eligibility for a card increase. They won’t tell me anything and have been incredibly unhelpful.
How can I get information.
Which Ombudsman should I complain to – financial services?
Is a Freedom of Information request possible.
I accept that they don’t have to give me an increase but I am concerned that there is an error in the data that they are using to assess my application and want the opportunity to correct any errors. If I can’t get an increase to $12,000 on an income of $210,000 with a mortgage of $400 a week I can’t see how anyone can get a credit card.
Hi Kylie,
Most banks and lenders don’t publicly share the data and criteria they use to assess applicants, which is frustrating. If it helps, banks generally use a formula of 2-3% per month. So, if your limit is $12,000, they assess your ability to make a repayment based on $240 to $360 per month at a minimum.
In regards to your application, it could be a mistake, or there could be a valid reason why.
Some of the reasons that could contribute to this could be:
– an issue with your credit score. You can check your credit score for free in the Finder app.
– having other credit cards, especially ones with high limits. Each one is assessed as requiring a payment worth 2-3% of the credit limit each month. So, they may assess you as not being able to afford a higher limit.
– having other personal debts and loans that impact your serviceability.
– consistently late or missed payments, resulting in late payment fees; this could indicate difficult managing your current repayments, therefore they don’t want to extend you any further credit. You mentioned you pay the balance in full each month, so this is unlikely to be the reason.
It would be worth checking your credit file as a first step, and then contact Amex again and ask if they won’t approve $12,000, what limit would they approve? If you’re still not satisfied, it might be worth shopping around for a card that better suits your needs.
Hope this helps!