The 6 best credit cards in Australia
Choosing a credit card can have a significant impact on your financial health. With so many options available, finding the right card for your needs is essential. Australia offers a variety of credit cards with different features, interest rates, and benefits.
This guide highlights six of the best credit cards available in the country, analysing their features, advantages, and disadvantages to help you make an informed decision.
Best credit cards
1. Coles No Annual Fee Mastercard
- Interest rate: 20.74%
- Annual fee: None
- Points: Earn Flybuys points.
The Coles No Annual Fee Mastercard is an excellent option for consumers looking to avoid annual fees. With an interest rate of 20.74%, this card offers a good opportunity to accumulate rewards points through the Flybuys program. By reaching the $3,000 spending target within the first three months, customers earn 10,000 points, which can be redeemed for discounts on future purchases or selected products.
In addition to having no annual fee, this card offers a quick approval rate, allowing new cardholders to start using their cards in a short amount of time. Fraud protection also provides peace of mind, ensuring that your transactions are secure. This card is particularly advantageous for those who frequently shop at Coles supermarkets or Flybuys partners.
2. St.George Bank Vertigo Visa
- Interest rate: 13.99%
- Annual fee: $55
- Balance transfer: 0.99% p.a. interest rate on balance transfers for 28 months.
The St.George Bank Vertigo Visa is a card focused on helping consumers manage their existing debts. With an interest rate of 13.99%, this option stands out for its balance transfer offer, allowing customers to transfer credit card balances from other institutions at a promotional rate of just 0.99% per annum for 28 months. This can lead to significant savings for those looking to pay off accumulated debts.
Although the annual fee is $55, the benefit of the balance transfer may offset this cost for many users. Additionally, the online application process is simple and fast, with approval within 24 hours, enabling quick access to the benefits. Fraud protection is an additional feature that ensures the security of transactions and provides peace of mind.
3. Westpac Annual Fee credit card
- Interest rate: 20.99%.
- Annual fee: $0 in the first year, then $30 annually
- Cashback: Up to $200 cashback
- Other benefits: Up to 55 interest-free days on purchases
This credit card is an affordable option, with a $0 annual fee in the first year and in subsequent years, provided the cardholder spends a minimum of $5,000 annually. It offers up to 55 interest-free days on purchases and cashback of up to $200 in the first four months, giving $50 back each month when $1,000 or more is spent on eligible purchases. The interest rate on purchases is 20.99% p.a..
The card allows purchases to be split into four payments with the PartPay feature and includes benefits such as cashback, exclusive discounts, fraud protection, and financial management tools via the Westpac app. Additionally, there’s a 3% fee on foreign currency transactions and a $15 fee for missed payments. Cardholders can manage the card, change their PIN, and view transactions through the Westpac app, helping to track cash flow and spending.
4. Kogan Money Credit Card
- Interest rate: 0% p.a. for six months on balance transfers.
- Annual fee: Waived.
- Points: earn 2 or 1 points per dollar spent on purchases.
- Exclusive offers: Free FIRST membership and $3,000 on qualifying purchases at kogan.com.
The Kogan Credit Card features a promotional 0% rate on balance transfers for the first six months, making it an ideal choice for those planning larger purchases with the flexibility to pay them off over time. After the promotional period, the interest rate reverts to 21.99% on purchases.
Additionally, with no annual fee and an exclusive offer of a complimentary FIRST membership, cardholders can enjoy added benefits. Fast 24-hour approval and robust fraud protection make this card a secure and appealing choice for those seeking payment flexibility and a fee-free experience, especially during the initial use period.
5. ANZ Rewards Black Card Credit Card
- Interest rate: 20.99% p.a. on purchases.
- Annual fee: $375
- Points and rewards: Welcome points and cash rewards.
- Additional perks: Travel insurance, purchase insurance, and additional cards.
As a more elite option, the ANZ Frequent Flyer Black Card is ideal for those looking to make the most of the Qantas points program, offering a generous amount of welcome points and ongoing points accumulation with each purchase. The card also includes added benefits like travel services and insurance, adding convenience and security for frequent travellers. This card suits those aiming to maximise travel perks, despite its higher annual fee.
6. HSBC Qantas Premier Platinum
- Interest rate: 19.99% on purchases.
- Annual fee: Waived for the first year; $299 from the second year.
- Benefits: Accumulation of Qantas points and access to travel perks.
Balance transfer: 0% for the first 12 months.
The HSBC Qantas Premier Platinum credit card is perfect for frequent travellers looking to maximise their travel rewards. With an interest rate of 19.99% on purchases and an annual fee of $299 (waived in the first year), it also offers 55 days interest-free on purchases. Cardholders can earn Qantas points on eligible purchases as well as everyday spending. Additionally, this card includes benefits such as travel insurance, covering various travel-related eventualities. Fraud protection and the convenience of managing the card through the HSBC app further enhance its value.
Final considerations
Choosing the right credit card depends on several factors, including your spending needs, financial habits, and personal goals. The credit cards featured in this guide represent some of the best options available in Australia, each with unique features tailored to different consumer profiles.
However, it’s essential to assess your finances and consider each card’s terms and conditions before deciding. Watch out for promotions and offers that may arise over time. Credit cards can be valuable tools for managing your finances, but it’s crucial to use them responsibly to avoid accumulating debt.
When choosing a credit card, consider factors such as annual fees, interest rates, rewards, and fraud protection. Comparing different cards will help you find the best option that aligns with your financial needs and lifestyle. If you’re ready to apply for a credit card, consider applying online for a quick and convenient approval process.
Remember, responsible credit card use is key to maintaining your financial health. Spend mindfully, pay on time, and stick to your budget to make the most of your credit card benefits.
