Australia’s Best Credit Card

Credit cards are a financial staple for a lot of Australians. They allow you to access a limited amount of credit to give you some leeway when it comes to managing your finances. Different types of credit cards come with different features and offer a variety of benefits.

We break down what to consider in deciding whether a credit card is the “best” in Australia.

What makes a credit card the best?

When it comes to credit cards, the term ‘best’ is subjective. What makes a credit card right for one person, doesn’t mean it’s right for everyone.

For example, a 32-year-old, single parent of two might use a credit card to give her some wriggle room in her budget. Let’s call her Sarah. Sarah uses her credit card to help cover the cost of her bills, as well as her children’s extra-curricular activities. When Sarah gets paid each month, she transfers a portion of her income straight to her credit card.

Unfortunately, she’s not always able to pay off the credit card charges during the interest-free period. So, to keep her interest payments down, Sarah chose a low rate credit card.

But someone like Peter, a 40-year-old, full-time worker, uses his credit card to maximise his financial situation without sacrificing his lifestyle. He uses his credit card to pay for everything, so he can take advantage of the rewards program linked to the credit card. But he’s very careful with his budget – paying off each charge within the interest-free period. The best credit card for someone like Peter is likely to be a rewards credit card.

Matching credit cards to your financial situation

To help you work out what type of credit card is the best for you, ask yourself the following questions:

• What will you use your credit card for? Is the credit card just for emergencies? Or will you be using it to live a certain type of lifestyle? Do you want to get rewards? Do you already use a specific rewards program?
• How long will it take you to pay off your credit card? Find out how long your interest-free period is. If you’re confident you can pay off the charges within this time frame, the interest rate might not be as big a priority. If not, consider the interest rate carefully.
• Do you need another card? Will anyone else in your family need access to the account? Certain products will offer additional card/s at no extra fee. When comparing simply select the product, this will direct you to the specific product page and it will list if there’s additional costs.

Once you’ve got the answers to these questions, you can start to prioritise the different features of a credit card, including the:

• Interest rates.
• Interest-free period.
• Minimum credit limit.
• Fees and charges.
• Rewards program.

Comparing the best credit cards

Now that you’ve got an idea about which type of card will be the best for you, you can compare here.

What information do you need to apply for a credit card?

You’ll need to provide a few details when you apply for a credit card. This allows the financial institution to make an informed decision. We’ve compiled a list of information to have handy when going through the application process.

1. Identification and personal details
Name
Date of birth
Address

2. Proof of identity
Current driver’s license
Australian or international passport
A birth certificate or Australian citizen certificate

3. Employment details, income and expenses
In some cases you may need to provide additional information, such as;
Employer name and address
Recent utility bill/s
Copies of recent pay-slips

Now you know what you need to apply, it's time to compare. A thorough credit card comparison is the best way to find the credit card that is right for you. Luckily there are hundreds of Australian credit cards and even more features for you to choose from and compare.

If you’re still unsure about which credit card is best for you, learn more about the different types of credit cards on offer.

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