Comparing Australia’s Best Credit Card Features: Your Ultimate Guide
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Comparing Australia’s Best Credit Card Features: Your Ultimate Guide

Angelica Silva

Angelica Silva

26/03/2021 • 11 minute read

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Oiyo’s credit card comparison for 2020

With just three months left of 2020, we know that no one is near ready to be thinking about 2021, let alone a credit card comparison.

In our opinion, finding the best credit card is part art, part science. No single credit card is better than all the others in all categories – or for all people. But by understanding your options and asking the right questions, you can find the card that’s the best fit for your spending habits and credit situation.

From travel insurance to frequent flyer points and rewards schemes, credit cards today come with more moving parts than ever before. With so many on the market, there really isn’t a one-size-fits-all card for every person. To offer you the cream of the (credit) crop, here’s a comparison on which cards we consider the best of their breed, along with the reasons that make each card so unique and useful.

Check out our full breakdown of the categorisations we used to classify credit cards in Australia. Consider this guide the ultimate credit card comparison of Australia’s best 2020 credit cards.

Rewards

NAB Qantas Rewards Signature Card

NAB Qantas Rewards Signature Card

  • Purchase rate:/ 19.99% p.a.
  • Interest free days: 44 days
  • Annual fee: $295 p.a. for the first year, reverts to $395 p.a.

NAB Qantas Rewards allows you to earn up to 130,000 Qantas Points when you spend $3,000 (on eligible purchases) in the first 60 days from account approval date. This applies if you have been able to keep your card open for 12 months.

For the first $5,000, you’ll earn up to 1 Qantas point for every $1 spent, but after this, it reverts to 0.5 Qantas Points per $1 between $5,001 and $20,000 for each statement period. So, although you get a reward point for every dollar spent, unfortunately, this is capped at $20,000.

On the bright side – if you’re able to earn the 120,000 bonus points, this could get you a plane ticket from Melbourne or Sydney to Hong Kong and back in the premium economy class.

Qantas Premier Platinum Credit Card

Qantas Premier Platinum Credit Card

  • Purchase rate: 19.99% p.a.
  • Interest free days: 55 days
  • Annual fee: $199 in the first year

The Qantas Premier Platinum Card has 100,000 bonus Qantas Points, 75 bonus Status Credits on offer for new cardholders until 30 November 2020. It also includes two complimentary airport lounge passes and 0% p.a. for 18 months on Balance Transfers.

This card is focused on maximising the points you earn from day-to-day spending, with 1 Qantas Point per $1 up to $10,000 per statement period, and 0.5 Qantas Points per dollar afterwards. There are also additional bonus points for spending on Qantas products and services, such as flights and Qantas Club membership, and a bonus half-point for overseas purchases.

To get the best mileage out of this card, it is advised you take advantage of its competitive rate and boost the reward bonuses you can get.

ANZ Rewards Black

ANZ Rewards Black

  • Purchase rate: 20.24% p.a.
  • Interest free days: 55 days
  • Annual fee: $375 in the first year

If you love being rewarded and especially enjoy treating yourself to prestige perks, the ANZ Rewards Black Card could well be worth taking a closer look at. This card offers 150,000 bonus ANZ Rewards Points when you spend $4,000 on eligible purchases in the first three months from approval.

You can also earn 2 Rewards points per dollar spent on eligible purchases up to $5,000 per statement period, and 1 Rewards Point per dollar spent on eligible purchases above $5,000.

However, when it comes to cards packed with features and offers, it’s important to pay attention to the small print. With the ANZ Rewards Black card, it’s worth taking into account the ample annual fee you’ll pay, along with the relatively high rates of interest on purchases and cash advances.

Balance Transfer

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What is a balance transfer card?

Moving outstanding debt from one credit card to another card - usually a new one - is a balance transfer. Credit card balance transfers are typically used by consumers who want to move the amount they owe to a credit card with a much lower interest rate and better benefits.

Citi Rewards Card Balance Transfer Offer

Citi Rewards Card Balance Transfer Offer

  • Balance transfer rate: 0% for 30 months
  • Purchase rate: 21.49% p.a.
  • Interest free days: 55 days
  • Annual fee: $0 in the first year

This Citi Rewards Balance Transfer Offer Card is by far the strongest 0% balance transfer card on the market. It allows you to rest easy with its generous 30 months interest-free on balances from non-Citi accounts you move over to a Citi Rewards credit card. Over that time, you could save on interest payments, making it easier to get on top of your credit card debt.

You’ll pay no annual fees in the first year, giving you some extra breathing room to manage your existing debt. After the first year, the annual fee rises to $199. On regular spending, you’ll get up to 55 interest-free days, plus you’ll be able to earn 1 point per $1 spent, up to $10,000 a month.

This card is a great pick for anyone looking to clear their existing credit card debt, and have a premium piece of plastic in their wallet for future spending. In saying this, bear in mind that the leftover balances after the 30 months interest-free period will start attracting interest at a revert rate of 22.24%.

HSBC Platinum Credit Card Balance Transfer Offer

HSBC Platinum Credit Card Balance Transfer Offer

  • Balance transfer rate: 0% for 22 months
  • Purchase rate: 19.99% p.a.
  • Interest free days: 55 days
  • Annual fee: $129 in the first year

Currently offering an interest-free balance transfer period of 22 months, the HSBC Platinum Card is one of the longest introductory periods on the market. On top of this, cardholders will pay no annual fee when they spend at least $6,000 on their card each year. The HSBC Platinum’s balance transfer offer allows transfers from non-HSBC credit cards up to 90% of their approved credit limit. This provides cardholders with the possibility of saving big on interest.

Intro offers aside, this card offers some pretty sweet premium perks, including the potential to earn bulk points on the HSBC Rewards Plus program, two airport lounge passes every year, and complimentary domestic and international travel insurance.

A pro-tip: If you have existing credit card debt and are planning to take advantage of the balance transfer offer, be mindful to not overspend and accrue more debt just for the sake of rewards.

ANZ Low Rate Card

ANZ Low Rate Card

  • Balance transfer rate: 0% for 22 months
  • Purchase rate: 12.49 % p.a.
  • Interest free days: 55 days
  • Annual fee: $0 in the first year

A simple and affordable credit card – the ANZ Low Rate Credit Card. With a 0% balance transfer offer and an array of useful features, this card could provide you with everything you need. What makes this card stand out the most has to be its affordability. As a cardholder, you will benefit from a low purchase rate and a low annual fee, while still enjoying access to credit and multiple decent features.

As for the annual fee, you pay nothing in the first year and after that, it’s a low $58 per annum. Yep, $58.

Interest-free

Bankwest Breeze Mastercard

Bankwest Breeze Mastercard

  • Balance transfer rate: 2.99% p.a. For 9 months
  • Purchase rate: 0% for 15 months, reverts to 10.99% p.a.
  • Interest free days: 55 days
  • Annual fee: $49 p.a.

Keeping things easy and BREEZy. The Bankwest Breeze Mastercard focuses on offering a low ongoing purchase rate, helping cardholders who tend to carry a balance to save on interest. With an affordable $49 annual fee compared to most cards, this card provides standard security features up to 55 days interest-free on purchases. This can offer valuable savings on both everyday spending and on larger items, but to utilise this feature, you have to clear your balance each month.

While it may not have a list of extras, the Bankwest Breeze Mastercard does offer one pretty neat feature if we do say so ourselves. Enter – the Bankwest Halo payment ring. This fairly new feature offered by Bankwest provides contactless technology in the form of a ring. Yes, you read that right. For a fee of $49, Bankwest will create your ring according to your size and then, anytime you’re at a checkout paying for something, simply tap your ring against the payment terminal, just as you would your card.

 

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NAB Low Fee Card

NAB Low Fee Card

  • Balance transfer rate: 0% p.a. for 20 months
  • Purchase rate: 0% for 20 months, reverts to 21.74% p.a.
  • Interest free days: 55 days
  • Annual fee: $59 p.a.

It’s all about money-saving with the NAB Low Rate Credit Card. One way to save money is to pay using a credit card with a low purchase rate – this is exactly what this card is made for.

The card offers 0% p.a. for 20 months, with a 2% balance transfer fee, allowing you to save on interest paid out on your existing credit card debt. However, it’s worth noting that any balance left unpaid will revert to the card’s high cash advance rate. Something else to keep in mind is that this card is a low rate, low annual fee card, meaning you shouldn’t expect any flashy features and rewards. No rewards aside, it’s a money-saver, this does exactly what you would expect – helps you save money.

No Annual Fees

ME Frank Credit Card

ME Frank Credit Card

  • Balance transfer rate: 11.99% p.a.
  • Purchase rate: 11.99% p.a.
  • Interest free days: 55 days
  • Annual fee: $0 p.a.

After a credit card with no hidden catches? Meet Frank, the low-interest credit card from ME. Everything about this card is black and white (just look at its design). We’re talking everything from the low 11.99% interest rate, to the 55-day interest-free period and of course the crown jewel, its $0 annual fee.

While you’ll only be charged 11.99% p.a. on cash advances, there is an additional cash advance fee of $4 or 2% of the cash advance rate. So while Frank is generous with interest-free days on purchases, you should be aware that with any cash advance, you will start paying interest from the get-go.

Bankwest Zero Mastercard

Bankwest Zero Mastercard

  • Purchase rate: 19.99% p.a.
  • Interest free days: 55 days
  • Annual fee: $0 p.a.

The savings don’t just stop at its $0 annual fee with the Bankwest Zero Mastercard. This no-frills credit card could help you keep costs down by giving you the opportunity to save on interest fees. Offering free interest shopping, the card gives up to 55 days on purchases, which could come in handy on larger items as well as everyday shopping.

Its helpful tech features include a digital version of the card, compatibility with Google Play, Apple Pay and the option to use this card with our earlier-mentioned futuristic Bankwest Halo ring. An added bonus of the Bankwest Zero Mastercard is its absence of a foreign transaction fee. So whether you’re using the card while travelling overseas or using it at home to shop online at overseas retailers (we know you do), this feature could save you some serious cash.

Looking for more helpful info on credit cards?

Check out our articles here.

Learn More

 

Oiyo is a consolidated online resource, we are not financial advisors. We work with a range of industry professionals and compliance check our articles to ensure factual accuracy. However, we do not provide professional financial advice. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented in this article relate to your unique circumstances.


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Angelica Silva

Written by Angelica Silva

Angelica Silva is a contributing writer for Oiyo. Over the years, Angelica has worked as a journalist for a range of publications with her work appearing in SBS, Business Insider, and Brown Girl Magazine. She has a Bachelor of Journalism and Arts from the University of Queensland.

More about Angelica Silva

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