October 19, 2018

What to look for to find the best credit card deals in Australia

If you need a credit card or can justify the convenience of using one, then you probably want to search among the best credit card deals available in Australia.

The best credit card deal is a balance between these cost and benefits.

Credit cards in Australia can appear to be fairly similar in terms of benefits, interest rate and fees. However, there are some slight variances that can make one card more suitable than another. The best deal will ultimately depend on your situation. Here’s a list of things to look for.


Interest rate

If you always pay your credit card off each month, then the interest rate is irrelevant. Focus on getting a low annual fee or more benefits. If you have a large debt, ask your bank to reduce your interest rate. They will be more cooperative if you threaten to switch to a competitor offering zero interest on balance transfers.

Annual fee

Annual fees are routinely waived by banks as a signup and retention tool; the catch is you have to ask for it yourself.

Merchant charges

Most business do not charge to process Visa and MasterCard transactions, but charge a 1-2% fee for other card brands. The additional ‘benefits’ of using these cards is only worth it, if ever, with a high annual spend.

Overseas transaction fees

Standard cards charge a 1-2% overseas transaction fee, and around 2% spread on currency conversion. If you travel regularly, then it could be worth having a specific travel card which doesn’t charge these fees.


Generally, the more benefits, the great the cost of a credit card. However, if you can avoid paying interest and fees, then card benefits can be a nice bonus.

Reward points

Rewards cards give you points for every dollar you spend. The rate you accumulate points at will depend on the cost of your card. Big banks have their own rewards programs. Otherwise airline or supermarket programs can work depending on where you spend your money.

Travel insurance

Travel insurance covers medical expense and lost belongings on international trips. Travel insurance is inexpensive, unless you travel a lot or intend to Heli ski in Antarctica. It’s only a benefit if you aren’t paying for the card!

Extended warranty on purchases

These programs either extent the warranty or offer short term cover for items purchased on the card.


A concierge is available to book events or make purchase on your behalf.

Dining or airport lounge passes

Airline rewards credit cards may come with airport lounge passes. Some credit cards offer discounts or bonus when used at partner restaurants.

The best credit card deal is a balance between these cost and benefits, and depends on how you will use the card. Remember a credit card is simply a way of accessing money, not a show bag.

About the author  ⁄ Adrian Allwood

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