Compare popular credit cards

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Purchase Rate

Purchase Rate

0.00%

for 17 months then 20.24%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$0

for 12 months then $87

Late Payment Fee

$20

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More details
Purchase Rate

Purchase Rate

12.99%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$59

Late Payment Fee

$15

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More details
Purchase Rate

Purchase Rate

20.24%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$30

Late Payment Fee

$20

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More details
Purchase Rate

Purchase Rate

20.24%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$375

Late Payment Fee

$20

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More details
Purchase Rate

Purchase Rate

19.74%

Interest Free Days

Interest Free Days

44

Annual Fee

Annual Fee

$30

Late Payment Fee

$15

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More details
Purchase Rate

Purchase Rate

20.24%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$425

Late Payment Fee

$20

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More details
Purchase Rate

Purchase Rate

16.99%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$125

Late Payment Fee

$20

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More details
Purchase Rate

Purchase Rate

19.99%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$129

Late Payment Fee

$30

Go to site
More details
Purchase Rate

Purchase Rate

20.24%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$0

for 12 months then $30

Late Payment Fee

$20

Go to site
More details
Purchase Rate

Purchase Rate

20.24%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$95

Late Payment Fee

$20

Go to site
More details
Purchase Rate

Purchase Rate

20.24%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$95

Late Payment Fee

$20

Go to site
More details
Purchase Rate

Purchase Rate

8.99%

Interest Free Days

Interest Free Days

45

Annual Fee

Annual Fee

$0

for 12 months then $59

Late Payment Fee

$15

Go to site
More details

Learn more about credit cards

There is no one-size-fits-all credit card, so if you’re thinking about getting a credit card, it’s important to do some research to choose one that will give you the most benefits in the long term.

Here are some of the key factors to consider when comparing credit cards.

Your spending habits

The way you plan to use your credit card will influence which type of credit card is best for you. Typically, credit card usage falls into one of the two categories:

  • Paying off the balance in full each month – Whether you spend a lot or a little on your credit card, if you plan to pay off the balance in full in each month, you may not be so concerned with finding a low-interest credit card. In this instance, you may want to look for a card that offers rewards and benefits for spending instead.
  • Making some payments each month – If you’ll need your credit card for expenses but probably won’t be able to pay it off each month, you may want to choose a card with a low interest rate so you minimise the amount of interest charges you accrue.

Compare credit card interest rates

Once you’ve considered your spending habits, you’ll be in a good position to choose which type of interest rate card is going to suit you. There are some common types of interest rates for most credit cards:

  • Low interest rate – The draw of these types of cards is that they have a relatively low interest rate, but they usually don’t come with many other rewards or benefits. They also typically come with an annual fee.
  • Standard interest rate – These credit cards generally have a higher interest rate, but also come with other benefits such as the ability to earn rewards for spending, cashback, or waive an annual fee.
  • Introductory offer – Some cards offer a low interest rate or interest-free period for a specified timeframe after you sign up. Keep in mind that the interest rate can rise steeply after the introductory period expires.

Compare credit card rewards

If you’re comfortable with the interest rate, you may want to consider a credit card with a rewards program. Some of the perks you may be able to receive for spending include:

  • Travel rewards – Frequent flyer miles to put towards flight upgrades, airport lounge access, travel insurance, accommodation, etc.
  • Merchandise – Points to put towards items such as electronics, appliances and event tickets.
  • Cashback – Points you can redeem for cash, usually credited back to your account.
  • Gift cards – Department store vouchers, fuel vouchers and the like.
  • Events – Exclusive access to pre-sale tickets, discounted tickets, VIP event access, etc.

Compare credit card fees

Aside from the interest rate, many credit cards come with a number of fees. Some of the common fees to consider include:

Annual fee – Annual fees can range from $0 to well into the hundreds. Make sure to weigh up whether the benefits and other perks of the card are worth the cost.

Cash advance fee – When you withdraw money at an ATM, you might have to pay a fee and a higher interest rate on that transaction amount.

Late payment fee – If you don’t make your minimum repayment on time each month, you may be charged a late payment fee.

Overseas fees – There are a number of fees associated with overseas spending, such as currency conversion fees, foreign transaction fees and foreign ATM charges.

There are other credit card fees out there as well, so it’s always advisable to read the fine print before committing to a credit card.

Frequently asked questions

How does credit card interest work?

Generally, when we talk about credit card interest, we mean the purchase interest rate, which is the interest charged on purchases you make with your credit card.

If you don’t pay your full balance each month (or even if you pay the minimum amount), you are charged interest on all the outstanding transactions and the remaining balance. However, interest is also charged on cash advances, balance transfers, special rate offers and, in some cases, even the fees charged by the company.

The interest rate can vary, depending on the credit card. Some have an interest-free period, otherwise you start paying interest from the day you make a purchase or from the day your monthly statement is issued. So avoid interest by paying the full amount promptly.

How is credit card interest charged?

Your credit card will be charged interest when you don’t pay off the balance on your credit card. Your card provider or bank charges you the individual interest rate that is associated with your card, which is usually between 10 and 20 per cent. 

The interest will be added onto your bill each month or billing period if you don’t pay off the balance, unless you are in an interest-free period.

You will be charged interest on anything that hasn’t been paid for inside the interest-free period. Usually you will receive a notice on your bill or statement saying you will be charged interest so you have some form of notice before you’re charged.

Can a pensioner get a credit card?

It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:

  • Annual income. Look for credit cards with minimum annual income requirements you can meet. 
  • Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee. 
  • Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.

Which credit card has the highest annual percentage rate?

The credit card market changes all the time, so the credit card with the highest annual percentage rate is also liable to change.

Keep in mind that credit card interest rates are expressed as a yearly rate, or annual percentage rate (APR). A low APR is generally good but also consider:

  • There can be different APR's for each feature of the card (e.g. purchases may have an APR of 14 per cent, while cash advances on same card could have an APR of 17 per cent.
  • Credit cards with a variable rate can change throughout the year, affecting your APR, so check the full details.
  • If you pay your balance in full every month, having the lowest APR is not as important as the other fees associated with the card. However, if you carry a balance from month to month, then you want the lowest APR possible.

Should I get a credit card?

Once you've compared credit card interest rates and deals and found the right card for you, the actual process of getting a credit card is quite straightforward. You can apply for a credit card online, over the phone or in person at a bank branch. 

How to calculate credit card interest

Credit card interest can quickly turn a manageable balance into unmovable debt. So being able to understand how interest rates translate into dollars is an important skill to acquire.

The common mistake people make is focusing on the credit card’s annual percentage rate (APR), which often sits between 15 and 20 per cent. While the APR does provide a rough idea of how much interest you’ll pay, it’s not entirely accurate.

This is because you actually accrue interest on your balance daily, not annually. So, you need to work out your daily periodic rate (DPR). To do this, divide your card’s APR by the number of days in a year (e.g. 16.9 per cent divided by 365, or 0.05 per cent). You can then apply this figure to the daily balance on your credit card.

How do you use a credit card?

Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.

How do you use credit cards?

A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.

Current Interest Rate

This is the current interest rate on your existing credit card.

How to get a free credit card

There's no such thing as a free lunch. All credit cards come with associated costs when used to make purchases, even if it’s simply the cost of making repayments.

However, many lenders offer incentives for customers such as a $0 annual fee or 0 per cent interest on purchases during an introductory period. Additionally, paying off your balance in full during an interest-free period means you could only have to pay back the cost of purchases without interest. You could also be eligible for additional rewards such as cashback during that time, saving you more money.

How easy is it to get a credit card?

For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.

Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.

Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.

Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.

What is a balance transfer credit card?

A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card. 

What should you do when you lose your credit card?

Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.

Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.

Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.

Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.

Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.

What is a credit card?

A credit card is a payment method which lets you pay for goods and services without using your own money. It’s essentially a short-term loan which lets you borrow the bank’s money to pay for things which you can pay back – potentially with interest – at a later date. Credit cards can also be used to withdraw money from an ATM, which is known as a cash advance. Because you’re borrowing money from a bank, credit cards charge you interest on the money you use (unless you repay the entire debt during the interest-free period). When you apply for a credit card, the bank gives you a credit limit which sets the maximum amount you can borrow using your card. Credit cards are one of the most popular methods of payments and can be a convenient way of paying for goods and services in store, online and all around the globe.

How do you cancel a credit card?

It’s important to cancel your old cards to avoid any additional fees. Unless you’re doing a balance transfer, you’ll need to pay the outstanding balance before you cancel your credit card. If you’ve opted for a card with reward points, make sure you redeem or transfer the points before you close your account. To avoid any bounced payments and save yourself an admin headache, redirect all your direct debits to a new card or account. Once you’ve done all the preparation, call your bank or credit card provider to get the cancellation underway. Once you receive a confirmation letter, destroy your card and make sure the numbers aren’t legible.

How to get money from a credit card

You can get money from a credit card, but generally it will cost you.

Withdrawing money from a credit card is called a cash advance, as it operates more as a loan than a simple cash withdrawal. Because it is a loan, you may be charged interest on your cash advance as soon as you make the withdrawal. Interest rates are also usually much higher for cash advances than standard credit card purchases.

In addition to the interest rate, you may also be charged a cash advance fee. This could be a flat rate, or a percentage of your total cash advance. If you are considering a cash advance, make sure to add up how much it will cost you before committing.

What should you do if your credit card is compromised?

Credit card fraud is a serious problem. If your credit card is compromised and you’re wondering what to do, here are a few precautionary steps to take.

Contact you credit provider – Get in touch will your credit card provider. If you feel your card has been compromised, you should be able to lock or block it.

Monitor your accounts – Keep an eye on your credit card accounts. Any unauthorised transactions could be a sign your credit card has been compromised.

Check your credit rating – It’s also important to check your credit rating, to ensure you’re not a victim of identity theft or some other financial mischief.

What's the best credit card for rewards?

There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice. 

Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward. 

How to make a credit card online

If you’re wondering about how to make a credit card online application, here are some steps to follow:

  • Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
  • Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
  • Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
  • Review details. Ensure the information you’ve entered is correct.

How to pay a credit card

There are a few ways to pay a credit card bill. These include:

  • BPAY - allows you to safely make credit card payments online.
  • Direct debits - set up an automatic payment from your bank account to pay your credit card bill each month. You can choose how much you want to pay of your credit card bill when you set up the auto payments.
  • In a branch.
  • Via your credit card provider's app.