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There isn't one best credit card on the market. And all credit cards can't be compared equally. So our experts have chosen our top pick for each type of credit card offer that appeals to a wide variety of cardholders in Australia.
Here are our picks for the best credit cards for July 2023:
High 21.74% p.a. interest rate for balance transfers after the introductory period
No interest-free days if you have a balance transfer
Purchase interest rate of 20.99% p.a. is relatively high
Get 0% p.a. interest for the first 18 months on balance transfers, with a one-time 1% balance transfer fee. Offers end on 31 August 2023.
Why we like it
What we like about the Kogan Money Card - Balance Transfer Offer:
0% interest on balance transfers for 18 months with a 1% balance transfer fee. That's up to one and a half years to not worry about paying interest.
Ongoing $0 annual fee. This means annual fees won't eat into your balance transfer savings and if you hold onto your card after the balance transfer, it won't cost you anything to keep.
Earns 2 Kogan rewards points per $1 on Kogan.com purchases and 1 point per $1 on all other eligible spend elsewhere. 1000 Points = $10 of credit at Kogan.com.
Offers a complimentary Kogan First Membership - giving you free shipping on thousands of products, exclusive offers and express shipping upgrades. This could offer a lot of value if you're a loyal Kogan shopper.
Charges a payment handling fee of $0.95 for BPAY payments and $3.95 for payment at Australia Post. You can avoid the fee by using Latitude’s Online Service Centre or via direct debit.
Save with an ongoing $0 annual fee and no international transaction fees on purchases. Plus, complimentary flight delay passes and global data roaming.
Why we like it
What we like about the Latitude 28° Global Platinum Mastercard:
0% international transaction fees on purchases while you travel overseas or shop online.
$0 annual fee and no cost to add an additional cardholder.
Free data roaming with Flexiroam, which gives you a choice of SIMs and 3GB of free data for 15 days each calendar year to use in over 150 countries.
Free lounge access when your flight is delayed with the Flight Delay Pass at select airport lounges.
Up to 2.25 Qantas Points per $1 spent on eligible purchases in Australia, uncapped
$450 Qantas Travel Credit each year
2 complimentary Qantas Club lounge invitations each year
Complimentary travel insurance
High $450 annual fee
High 23.99% p.a. interest rate for purchases
3% foreign currency conversion fee
Only offers up to 44 days days interest-free on purchases, compared to other cards that offer 55 days
Receive 60,000 bonus Qantas Points when you apply online, are approved and spend $3,000 on your new card within the first 3 months.
Why we like it
What we like about the Qantas American Express Ultimate Card:
Offers 60,000 bonus Qantas Points. That's enough for return economy flight from Sydney to Singapore or a one-way business class flight from Melbourne to Denpasar, Indonesia.
$450 Qantas Travel Credit each year, which offsets the $450 annual fee.
Highest Qantas Points earn rate in Australia at 1.25 Points per $1 spent. Plus, an additional point for spending with Qantas.
Complimentary travel perks, including lounge passes and travel insurance.
🧪 Methodology: How we chose our Top Picks
Based on extensive user testing and thousands of credit card comparisons, we've evaluated cards based on criteria that people care about and narrowed it down into a few broad categories.
However, keep in mind that our top picks may not always be best for you. Based on your situation, you may find certain features to be more or less important, so compare your options before you apply.
While we looked at our full database of 270 cards for our top picks, we did not consider all the products available in the market. Within each category, we narrowed down our choices based on the cards available through Finder.
Why you can trust Finder's credit card experts
We're free
Our comparison tables are completely free to use. We link you directly to the lender's secure application page. Better still, we regularly have exclusive offers that you won't find on any other site.
We're experts
We've researched and rated hundreds of cards as part of our Finder Awards. We've published 200+ guides and our in-house experts regularly appear on Sunrise, 7News and SBS News.
We're independent
Unlike other comparison sites, we're not owned by a bank or lender. That means our opinions are our own and you can compare nearly every credit card in Australia on Finder.
We're here to help
Since 2012, we've helped almost 6 million people find a credit card by comprehensively comparing offers. We'll never ask for your personal information. We're here to help you make a decision.
How do I find the best credit card for me?
The best credit card is different for everyone (which is why there's not a single "best" credit card). But there are a few things that have universal appeal, including:
Low fees and interest rates to help you save on credit card costs
Rewards, travel perks or other extras that you can use to get more value
A long 0% balance transfer period if you want to pay off existing debt without interest
A bank you want to deal with (think good service, a cool app or mobile payments)
Types of credit card offers and how to find the best one for you
There are hundreds of credit cards in Australia for both personal and business spending. These cards can be narrowed down into 5 main categories or "types". Different cards will work for different people. Here's how to find one based on your credit card habits:
If you want to earn points for your spending
If you use your card for everyday spending and want to be rewarded, you could check out frequent flyer, cashback or rewards credit cards that offer extra value per $1 spent. New cards usually offer thousands of bonus points as an incentive for new customers and sometimes discount the annual fee (which can be higher than on some no-frills cards). With these types of cards, always aim to pay off your balance in full every month.
If you only use your credit card for emergencies
This is one of the most common reasons Australians get a credit card, with Finder research showing 41% of Australians got their last credit card for emergencies. When that's the case, a no annual fee card costs you nothing to keep. And if you pay it off in full each month, it could cost you nothing at all.
If you carry a balance from month to month
Carrying a balance from month to month can be handy but also expensive, with the average credit card interest rate currently at 19.94% p.a. A card with a low interest rate (typically 8.99% - 14.99% p.a.) would save you money in the long run.
If you already have credit card debt
A balance transfer credit card can help you save money and simplify your payments by offering a low or 0% interest rate on debt you move to the new card. Balance transfers offers usually last 6-36 months, giving you some time to pay off your debt without having to pay interest. If you have a few debts, combining them can also help you save on rates and fees.
If you want a credit card for your business
Some sole traders and small business owners will choose a personal credit card for their work spending. But business credit cards offer you more expense management tools and features such as detailed statement breakdowns, automatic feeds for accounting software and cards for employees. They're also more likely to offer rewards for spending with the ATO and other government bodies.
Brand new to credit cards?
If you're brand new to credit cards and not sure what some of the terms on this page mean, you can check out Finder's guide to credit cards for beginners to learn how they work. There, you can also compare cards typically suited to new cardholders, including low rate, no annual fee and student credit cards.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
A credit card can be a great tool to help you buy what you need, earn rewards, or pay off other debt. But credit cards aren't right for everyone. If you're carrying a balance from month to month and paying interest, it might be worth comparing personal loans or even a buy now, pay later service for smaller purchases.
A credit card with no foreign transaction fees such as the Bankwest Zero Platinum Mastercard can save you around 2-3% on purchases you make overseas or online with international retailers.
Getting a credit card from your current bank can make it easier to manage because you'll see your accounts in one place. You could also be able to make repayments easily between your transaction account and the credit card.
But loyalty doesn't always pay. And your bank may not have the best credit card with the features you want. So it's better to compare different brands and choose the one that offers you the most value.
Credit cards with low interest rates and low or $0 annual fees are typically the cheapest, because they help you save on 2 of the biggest potential credit card costs. When you're looking for a cheap credit card also consider:
If you usually carry-over a balance from month-to-month, a lower interest rate will offer more savings compared to a card with a higher rate.
If you pay off your balance each month, an ongoing $0 annual fee means you'll save on account costs and could take advantage of interest-free days on purchases.
When you're comparing cards, consider what you plan to use a credit card for and weigh up the potential costs to find one that's cheapest for you.
If you're focused on earning points 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 to get you a business class flight or holiday.
But a rewards credit card gives you better options if you're a member of a few loyalty programs and want to transfer points between. These cards also offer more choice if you're or you're more interested in cash rewards 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 interest on the balance, but it will usually cost you less than a card with no annual fee (and so, a higher interest rate).
A $0 annual fee card is great if you pay as you go or repay everything when it's due to make use of interest-free days on purchases. When combined, these 2 features mean you can effectively pay nothing to use your card.
A 0% balance transfer credit card works well for credit card debt if you can pay it off within 3 years. This is because the 0% introductory rate usually lasts for between 6 and 36 months.
If you want smaller repayments spread out over a longer period of time, personal loans have terms from 1 to 5 years – and some offer up to 10 years. You'll pay interest, but it could make it easier to chip away at what you owe. Personal loans also let you consolidate more types of debts, including from credit cards, other loans and even some buy now pay later debt.
A no interest credit card with a flat, monthly fee can 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 usually charge late fees, unlike buy now pay later. They 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.
The Amex Low Rate Credit Card is potentially a suitable choice for your first credit card. Credit cards with low interest rates, low fees and low or modest credit limits are typically the best options because these features help keep costs down. A low credit limit can also reduce the risk of unmanageable debt.
Some people may also consider no interest credit cards with a flat, monthly fee for their first credit card. These cards are similar to BNPL and have clear, structured repayment details and only offer credit limits between $1,000 and $3,000.
We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But Finder may receive compensation when you click links on our site. Learn more about how we make money from our partners.
2023 Finder Award winners and finalists
Find out which brands took first place at the 2023 Finder Awards.
The NAB Low Rate Credit Card won this year's Finder Award for Best Balance Transfer Credit Card, offering 0% interest on balance transfers for 32 months with no balance transfer fee during the 12-month period analysed. The annual fee is waived in the first year.
ANZ has won the Finder Award for Best Frequent Flyer Credit Card - Qantas, with a big bonus Qantas Point offers throughout the 12-month scoring period. It also had a good earn rate, Qantas Club lounge invitations each year and travel insurance.
The Amex Express Velocity Platinum Credit Card won the Finder Award for Best Velocity Frequent Flyer Credit Card. It had strong scores for bonus point offers and points per $1 spent. Other perks include complimentary insurance and airport lounge passes.
The American Express Low Rate Credit Card won the Finder Award for Best Low Rate Credit Card. During the 12-month period of analysis, it offered a very low interest rate of 8.99% p.a. on purchases (now 10.99%) and an ongoing $0 annual fee.
Every year the Finder Credit Card Awards celebrate Australia's best credit cards, with expert analysis of rates, fees and offers based on 12 months' worth of data. The award categories include Best Balance Transfer Credit Card, Best Card for Travellers and Best Frequent Flyer Credit Card – with separate categories for Qantas and Velocity Points.
Because credit card offers change regularly, these cards might not currently have the most competitive deals. But you can use them as a benchmark for current offers.
Amy Bradney-George is the senior writer for credit cards at Finder, and acting editor for Finder X and Finder Green. She has over 14 years’ experience as a journalist, with a particular focus on personal finance, and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald.
When you apply for a credit card online, you could receive a response within 60 seconds. Find out how you to find a card that you're eligible for and increase your chances of approval.
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