Australia’s Best Credit Cards July 2022

woman leaning back in a chair on her porch looking on her mobile for the best credit card deals in australia

It’s July, and as we come to the end of the financial year, Aussies are considering how to spend their tax return money. It could be the perfect time to finally cash in those credit card frequent flyer rewards points and jet off on a sunny vacation. If you’re taking your first post-pandemic overseas trip, you might want to check out a new more travel-friendly card for your holiday.

In Australia, there are a huge variety of credit cards on the market, so it’s important to consider what you want and find a credit card that suits your lifestyle and budget best.

The Mozo database compares over 200 cards from 60 providers. From premium rewards credit cards to cards with no annual fee, it’s key to know what you’re looking for in order to take advantage of the best credit card deals available.

The interest rate of a credit card will depend on the type of card you choose. 

While the average interest rate across all credit cards in the Mozo database is 17.00%, rewards credit cards, which come with the ability to earn redeemable points and shopping perks, generally have higher rates - with an average rate of 19.95%. There are low rate credit cards, which have fewer perks but competitive rates (usually under 10% p.a.), as well as 0% p.a. interest rate offer credit cards, which charge no interest for an introductory period.

The money experts at Mozo keep track of credit cards from all types of Australian banking and finance institutions, from the Big Four banks to smaller customer-owned and specialist card providers - all of which are regulated by the Australian Securities and Investments Commission (ASIC).

There are many ways to define which credit cards are the best, and ultimately the answer will depend on what’s most important to you and your financial circumstances. We have pulled together information about a range of credit card options, some of which have won Mozo awards, and others the Mozo team has chosen to highlight great deals available right now.

Best credit cards July 2022

Expert picks: Mozo Experts Choice Award-winning best credit cards

mozo expert choice awards for credit cards badge in front of a woman in her kitchen looking for the best credit card in australian on her laptop

To decide the winners of the 2021 Mozo Experts Choice Awards^, each year, Mozo’s team of finance experts assess and compare every credit card in our database to determine which ones offer Australians the best deals. In 2021, our data analysts compared 222 personal and 48 business credit card products issued by 75 Australian financial institutions, with only the best value in each category taking the titles.

Learn more about our rigorous selection process on the credit card awards page. Check out a selection of some the of Mozo Experts Choice Award winners:

Best Low Rate Credit Card

American Express Low Rate Credit Card
  • 8.99% purchase rate and no annual fee
  • No annual fee
  • AMEX purchase protection

Why it won: With a low purchase rate of 8.99% p.a., the American Express Low Rate Credit Card caught the attention of our experts again in 2021. While offering one of the lowest rates in the Mozo database, as well as no annual fee, this card does not skimp on benefits. It comes with up to 55 days interest-free days and cardholders are also covered by American Express’ refund and purchase protection. This means that Amex could repair or refund the cost of eligible items bought on the card that are damaged or stolen within 90 days of purchase (terms and conditions apply). Although it is a low rate card, keep in mind that there is a $30 late payment fee, so make sure you stay on top of your repayments.

Best balance transfer credit card

Bank of Melbourne Vertigo
  • 0% p.a balance transfer rate for 32 months
  • Up to $400 cashback
  • Competitive 13.99% p.a. purchase rate

Why it won: The Mozo experts took notice of the Vertigo card’s very competitive 0% p.a balance transfer rate for 32 months (offer ends 31 August 2022), which could be helpful for anyone wanting to pay off any existing debt. Just bear in mind if you still have debt left on the card after that time, the balance will revert to the cash advance rate of 21.49% p.a. If you’re not looking for a balance transfer, you can choose the up to $400 cashback offer: Shop with your new Vertigo credit card at any eligible supermarket, and you’ll receive 5% cashback as a statement credit on your Card Account within 30 days, up to a total maximum of $400 (offer ends 31 August 2022, conditions apply). The card also offers a competitive 13.99% p.a. purchase rate and up to 55-days interest free. There are some fees including a a $15 late payment fee, and the annual fee is $55 – although this fee is waived in the first year.

Best rewards credit card

Coles Rewards Mastercard
  • 40,000 bonus flybuy points
  • 0% p.a. balance transfer for 12 months (0% BT fee)
  • 2 flybuys points per $1 on eligible spends for the first $3,000
Find out more

Why it won: Help your rewards points fly higher with the Coles Rewards Mastercard. You can earn 2 flybuys points per $1 on eligible spends for the first $3,000 - and 1 point thereafter (conditions apply). Then, once you've clocked up 2,000 flybuys points you can use that to redeem $10 off your shopping at Coles Supermarkets. Plus, there are 40,000 bonus flybuy points up for grabs if you spend at least $3,000 on eligible purchases within 90 days of approval (offer ends 31 July 2022, conditions apply). The Coles Rewards Mastercard has a purchase rate of 19.99% p.a. and you can have plenty of breathing room with up to 55 interest free days. If you’re looking to pay down a credit card debt, you can take advantage of the 12-month 0% p.a. balance transfer offer (offer ends 31 July 2022). Keep in mind that this card does come with a $99 annual fee to budget for, as well at a $30 late payment fee.

Best Payment Plan Credit Card

Bank SA No Annual Fee
  • No annual fee
  • Introductory 0% p.a. purchase rate for first 12 months
  • Plan & Pay instalment plan option
Find out more

Why it won: The Bank SA No Annual Fee card comes with a bunch of great features, such as the 0% p.a. purchase rate offer for 12 months (offer ends 31 December 2022) and up to 55 interest free days. However, be aware that after the first 12 months, the interest rate will increase to 20.74% p.a.. The card also comes with a $15 late fee if you’re not on time with your payments. Bank SA also makes paying off your balance manageable with its Plan & Pay instalment option. You can select up to eight purchases over $200 on your statement and then choose the repayment timeline that suits you best - all with no interest. Plan & Pay does come with a minimal upfront fee - between 1% and 3% of the purchase price, based on your chosen payment plan.

Customer favourites: Best credit cards from Mozo People’s Choice Award winners

silver badge for mozo's people's choice awards credit cards 2021

Mozo People’s Choice Awards^ are awarded to financial institutions based on a national survey of everyday Australians. These providers are assessed on factors such as customer satisfaction, customer service, friendliness, trust and whether customers would recommend them to others. Check out some of the 2022 Mozo People Choice Award winners in the credit card category.

American Express Essentials Credit Card
  • Earn 1.25 points for every $1 of eligible spend
  • $200 cashback offer
  • No annual fee

Key details: American Express won a 2022 Mozo People’s Choice Awards^ for credit card customer satisfaction. Its Essentials Credit Card offers a 14.99% p.a. purchase rate and a leisurely 55 interest free days. You can also get $200 back in your pocket when you apply, are approved and use your card to spend $1,500 on eligible purchases in the first three months (terms and conditions apply, new members only). The card also comes with The ability to earn 1.25 points for every eligible $1 spent (conditions apply). While it comes with no annual fee, you will be charged a $30 late payment fee if you miss a payment.

Coles No Annual Fee Mastercard
  • No annual fee
  • 20,000 bonus flybuy points
  • 0% balance transfer rate for 12 months
Find out more

Key details: The Coles No Annual Fee Mastercard is linked to the flybuys program, so you'll collect 1 point per $2 on eligible spends, plus you'll also earn 1 point per $1 spent at select partners (conditions apply). You could also receive 20,000 flybuys points when you spend $3,000 on eligible purchases in the first 90 days of card approval (offer ends 31 July 2022, conditions apply). If you are interested in transferring debt from one card to another, the Coles Mastercard offers a 0% p.a. balance transfer rate for the first 12 months (offer ends 31 July 2022). Be aware that the rate reverts to the 19.99% p.a. cash advance rate after the introductory period. The card also has a purchase rate of 19.99% p.a. and offers up to 55 interest free days. Although it has no annual fee, you’ll want to keep up with your repayments, as there is a $30 late payment fee.

Editor’s pick of the month:  best credit card deals on Mozo in July

man sitting at a cafe on his laptop and mobile comparing the best credit card deals in australia

Below are some of the top deals available currently in the Mozo database, specially selected by our editors. These are a selection of offers that we believe are worth paying attention to if you’re looking for a great credit card. Check out our credit card hub to do a full database search, read guides or more detailed product reviews.

Earning Frequent Flyer Points

Westpac Altitude Black Card - Qantas Frequent Flyer
  • 0.75 Qantas points per $1 you spend
  • 120,000 bonus Qantas Points
  • 0% p.a. balance transfer (1% BT fee) offer for 24 months

Key details: If you’re looking for a card that earns you serious Qantas Points, then the  Westpac Altitude Black Card - Qantas Frequent Flyer card could be worth checking out. Not only can you pick up 0.75 Qantas points per $1 you spend, apply before 31 December 2022, and you can score up to 90,000 bonus Qantas Points when you spend at least $6,000 on eligible purchases within 120 days from approval. Plus, you can grab an additional 30,000 Points after 12 months (conditions apply to all Qantas Points offers). If getting debt-free is your priority, you'll be able to take advantage of the 0% p.a. balance transfer offer for 24 months (then reverts to 21.49% p.a.) - just don't forget the 1% BT fee. The purchase rate on the card is a relatively high 19.99% p.a. and there is a $250 annual fee, discounted to $99 the first year, as well as an additional $50 annual Qantas fee.

Earning Membership Points

St George Amplify Rewards Signature Credit Card
  • Earn up to 150,000 bonus Amplify Points
  • 24-month 0% p.a. balance transfer offer (1% BT fee)
  • Earn 1.5 Amplify Points on every $1

Key details: With the St George Amplify Signature card, you can earn 1.5 points for every $1 spent. If you apply by 31 December, 2022 you can also score 150,000 bonus Amplify Points in the first year, when you spend at least $12,000 on eligible purchases. Additionally, you can earn double points on overseas purchases (including from international merchants online) and, on your birthday, you can receive 10% of the points you earned in the previous year as bonus points. The St George Amplify Signature card comes with a 19.49% p.a. interest rate with up to 55 days interest free and there's also currently a 0% p.a. interest rate, 24-month balance transfer offer (1% BT fee applies, offer ends 31 December 2022). The card comes with a $279 annual fee - reduced to $139 the first year, a $15 late fee if you miss a payment and a foreign exchange fee of 3% on overseas purchases. Conditions may apply to all points offers.

Balance Transfer Credit Card

BankSA Vertigo - Balance transfer offer
  • 32-month 0% balance transfer offer (0% BT fee)
  • 13.99% p.a. purchase rate
  • No annual fee the first year

Key details: The BankSA Vertigo credit card could be a good choice if you’re looking to shift some debt, offering a 32-month 0% balance transfer offer (0% BT fee). Keep in mind that after the transfer period, the rate reverts to the cash advance rate of 21.49% p.a. As well as a competitive 13.99% p.a. purchase rate, you can also enjoy 55 days interest-free on your buys, but you’ll be wise to stay on top of repayments to avoid the $15 late payment fee. The card has a $55 annual fee to budget for, but it is waived for the first year.

Most common FAQs about credit cards

What is a credit card?

A credit card is a physical or digital card that can be used as payment for purchases in advance. Credit cards are issued by a bank or financial institution as a line of credit loan. 

A credit card has a fixed spending limit, which is the maximum amount you can borrow up to. You can use a credit card to purchase pretty much anything and then pay it back incrementally, usually with interest applied. 

Like most other loans, the debt accrued on a credit card needs to be repaid - with interest. Credit cards have a wide spectrum of interest rates, which apply to your unpaid balance. Each month, there is a minimum repayment that you must pay to avoid a late fee. Additionally, a lot of cards have an annual fee.

What are the differences between credit cards?

There are plenty of choices when it comes to choosing a credit card. Before getting a credit card, you should learn the difference between the types of cards available in order to know what will best work for you. These are the main types of credit cards we compare at Mozo:

Low rate credit card

While many credit cards charge 20% p.a. or more on purchases, low interest rate credit cards have an interest rate of >15% p.a. and can save you hundreds of dollars a year. These cards are a cheaper way to manage purchases if you tend to carry your balance from month to month. Or perhaps you simply forget to pay off your balance from time to time and want to be more budget-conscious.

Balance transfer credit card

Balance transfer credit cards let you transfer your existing credit card balance to a new credit card with a low or 0% introductory interest rate so that you can clear existing debt faster. These cards can save you money on interest costs and fees.

No annual fee credit card

No Annual Fee Credit Cards skip the required yearly payment that many credit cards charge. Generally, the lower the annual fee, the fewer bells and whistles. These cards suit someone who pays their balance on time and wants to save money by avoiding an annual fee.

Rewards credit card

Rewards credit cards allow you to earn points as you spend, which can then be cashed in for products or perks such as free flights, upgrades, cash back or gift cards. The value and type of rewards points vary depending on the card’s earn rate and the rewards program.

Are credit cards free?

While you don’t have to pay to apply for a credit card, they often come with associated fees and interest. One of the most common additional costs to a credit card is an annual fee, which can be steep and is unavoidable - even if you pay your balance in full within the interest-free period. Consider a no annual fee credit card to avoid this extra payment.

Additionally, when choosing a card, be sure to thoroughly read through the features to learn which transactions will incur an additional fee. Withdrawing cash from an ATM with your credit card, transferring an existing debt, and foreign transactions are most commonly charged a credit card fee, as well as a late fee for failing to make your minimum payment. Know these fees before you start using the credit, especially if you’re trying to avoid incurring extra fees.

What is the best type of credit card?

It is impossible to select a best credit card for everyone, as what is important is to find the best credit card for you. This depends on what you’re looking to get from your credit card. For example, are you hoping to earn rewards or airline points on your purchases? Then a rewards credit card will likely suit your needs best. Are you looking to transfer debt? You should check out credit cards with 0% p.a. balance transfer offers. No matter what it is that you prioritise, there are a lot of good credit card options. Head to our credit card hub for comparisons and guides.

How can I get the best chance of getting approved for a credit card?

One of the best ways to ensure getting approved for your chosen credit card is to make sure you meet the eligibility criteria before applying. Generally, these can include:

  • Be at least 18 years of age

    Hold Australian citizenship or an eligible visa and reside in Australia.

    Meet minimum income requirements

    Pass a credit check

To put your best foot forward, remember that each credit provider, and even individual credit cards, have their own set of requirements. So, be sure to thoroughly review that you meet the criteria of the particular card you are applying for.

How do I best prepare to apply for a credit card?

Nearly all credit card applications will ask for the same information and documentation, so to be best prepared, it’s a good idea to have these ready before starting the application:

  • Personal details - You should be prepared to share some basic personal information on your application, including your name, date of birth, address and contact information. Some creditors may also ask for your marital status and number of dependants in order to provide a complete picture of your financial situation. Additionally, you will likely need to provide a form of identification, such as your driver’s license number, passport number or Medicare number.
  • Proof of financial status - As well as your regular work income, you will likely need to share any other money you have, such as shares or savings. Applicants should also be prepared to provide information on any debts and liabilities. Additionally, you will likely be asked to estimate your weekly or monthly expenses, such as rent or mortgage payments, bills and food costs.
  • Employment information - Most credit card applications will require you to provide information on your current employment status, including your salary, job title, place of work and contact information for your employer. Some creditors may ask for your employment history, or if you’re self-employed, you might be asked to provide details of your work. Sometimes, the provider can contact you with follow-up questions or might request further documentation, such as payslips, a recent tax assessment or your employment contract.

Long term, preparing your credit score to be closely analysed by a creditor will put you in the best position to be easily approved for the card of your choice. An applicant with an excellent credit score is always more likely to be approved for a financial product than someone with good or poor credit.

Are these credit cards best for me?

We have provided some of our editor’s picks and information about credit cards that have got Mozo’s seal of approval through the Mozo Experts Choice Awards^ or Mozo People’s Choice Awards. That said, there is a wide variety of credit cards on the market, and you need to decide which option best suits your financial needs and spending style. Be sure to read the product information available on the card providers’ website thoroughly before applying for a credit card.

If you are looking to get your first credit card or you’re interested in learning more about how credit cards work, check out our credit card guides section where you’ll find dozens of helpful buyer guides and credit card payments info written by Mozo’s team of financial journalists.