Bonus $150 Woolworths Supermarket Gift Card when you spend $1,000 on eligible purchases within 90 days of opening your account. 0% on purchases for 15 months from account opening (Reverts to 11.99% p.a) Annual fee of $45 and no fees for additional cardholders.
Bonus $150 Woolworths Supermarket Gift Card when you spend $1,000 on eligible purchases within 90 days of opening your account. 0% on purchases for 15 months from account opening (Reverts to 11.99% p.a) Annual fee of $45 and no fees for additional cardholders.
Read our Mozo Review to learn more about the Low Rate Credit Card
Enjoy 0% p.a on balance transfers for 26 months (2% BT fee applies) then 10.99% thereafter. No annual fee for the first year. Limited time only. Other fees, T&Cs apply. New Mastercard Breeze customers only.
Enjoy 0% p.a on balance transfers for 26 months (2% BT fee applies) then 10.99% thereafter. No annual fee for the first year. Limited time only. Other fees, T&Cs apply. New Mastercard Breeze customers only.
Read our Mozo Review to learn more about the Breeze Mastercard
Enjoy 0% p.a. interest on balance transfers for the first 24 months. Get $200 cashback with $1k minimum spend on eligible purchases within 90 days of card approval. 55 interest free days and low on-going rate of 13.74% on all purchases.
Enjoy 0% p.a. interest on balance transfers for the first 24 months. Get $200 cashback with $1k minimum spend on eligible purchases within 90 days of card approval. 55 interest free days and low on-going rate of 13.74% on all purchases.
Read our Mozo Review to learn more about the Low Rate
Meet Frank, a low rate credit card with up to 55 interest free days, no annual fee and no strings attached. If simple, hassle free spending is your goal, you and Frank might be a match made in heaven.
Meet Frank, a low rate credit card with up to 55 interest free days, no annual fee and no strings attached. If simple, hassle free spending is your goal, you and Frank might be a match made in heaven.
Read our Mozo Review to learn more about the frank Credit Card
0% p.a. for 24 months on balance transfers requested at card application. No balance transfer fee. Rate then switches to applicable variable cash advance rate. First year annual card fee waived for the first year ($55 thereafter). Available to new cards only, Eligibility criteria and T&Cs apply. Offer ends March 30th 2021. Mozo Experts Choice Balance Transfer Credit Card Winner 2020^.
0% p.a. for 24 months on balance transfers requested at card application. No balance transfer fee. Rate then switches to applicable variable cash advance rate. First year annual card fee waived for the first year ($55 thereafter). Available to new cards only, Eligibility criteria and T&Cs apply. Offer ends March 30th 2021. Mozo Experts Choice Balance Transfer Credit Card Winner 2020^.
Read our Mozo Review to learn more about the Vertigo
0% balance transfer rate for 20 months and up to 55 interest free days. No annual fee for the first year and $49 after. Mozo Experts Choice Balance Transfer Platinum Credit Card Winner 2020 20.
0% balance transfer rate for 20 months and up to 55 interest free days. No annual fee for the first year and $49 after. Mozo Experts Choice Balance Transfer Platinum Credit Card Winner 2020 20.
Read our Mozo Review to learn more about the Low Rate Credit Card
Defence Bank Low Rate Credit Card offers a 3.99% p.a. 6 month introductory rate on balance transfers, purchases and cash advances. Up to 55 days interest free on purchases.
Defence Bank Low Rate Credit Card offers a 3.99% p.a. 6 month introductory rate on balance transfers, purchases and cash advances. Up to 55 days interest free on purchases.
Read our Mozo Review to learn more about the Foundation Credit Card
0% p.a. for 18 months on Balance Transfers, reverts to cash advance rate thereafter. Earn up to 100,000 bonus Qantas Points when spending $4,000 or more on eligible purchases (T&Cs apply).
0% p.a. for 18 months on Balance Transfers, reverts to cash advance rate thereafter. Earn up to 100,000 bonus Qantas Points when spending $4,000 or more on eligible purchases (T&Cs apply).
Read our Mozo Review to learn more about the Qantas Premier Platinum
0% p.a. balance transfer, $0 annual fee for the first year and also receive 1 rewards point for every dollar spent. Purchase protection insurance. Mozo Experts Choice Balance Transfer Platinum Credit Card Winner 2020^.
0% p.a. balance transfer, $0 annual fee for the first year and also receive 1 rewards point for every dollar spent. Purchase protection insurance. Mozo Experts Choice Balance Transfer Platinum Credit Card Winner 2020^.
Read our Mozo Review to learn more about the Platinum Credit Card
Get in the air with a $129 Virgin Australia Gift Voucher each year. 0% p.a. for 26 months on balance transfers.
Get in the air with a $129 Virgin Australia Gift Voucher each year. 0% p.a. for 26 months on balance transfers.
Read our Mozo Review to learn more about the Virgin Australia Velocity Flyer Card - Balance Transfer Offer
No annual fee and up to 55 days interest free on purchases. Get a notification before your minimum payment is due by setting up Easy Alerts in the Bankwest app.
No annual fee and up to 55 days interest free on purchases. Get a notification before your minimum payment is due by setting up Easy Alerts in the Bankwest app.
Read our Mozo Review to learn more about the Zero Mastercard
Earn up to 200,000 Bonus Amplify Rewards Points over 2 years (130k yr 1, 70k yr 2) when you spend $12k on eligible purchases each year. $139 reduced first year annual card fee (normally $279). New cards only, Eligibility criteria and T&Cs apply. Offer ends 9 February 2021.
Earn up to 200,000 Bonus Amplify Rewards Points over 2 years (130k yr 1, 70k yr 2) when you spend $12k on eligible purchases each year. $139 reduced first year annual card fee (normally $279). New cards only, Eligibility criteria and T&Cs apply. Offer ends 9 February 2021.
Read our Mozo Review to learn more about the Amplify Signature
An everyday credit card with 0% p.a. for 25 months on balance transfers and $0 annual fee in First Year (1.5% Balance Transfer Fee applies). Apply online in just five minutes. A minimum credit limit of $1,000 applies.
An everyday credit card with 0% p.a. for 25 months on balance transfers and $0 annual fee in First Year (1.5% Balance Transfer Fee applies). Apply online in just five minutes. A minimum credit limit of $1,000 applies.
Read our Mozo Review to learn more about the Low Rate
Receive 100,000 bonus Suncorp Credit Card Rewards Points when you spend $3,000 on Eligible Transactions in the first 90 days from approval (T&Cs apply). Be rewarded for your purchases and enjoy premium benefits such as complimentary insurances.
Receive 100,000 bonus Suncorp Credit Card Rewards Points when you spend $3,000 on Eligible Transactions in the first 90 days from approval (T&Cs apply). Be rewarded for your purchases and enjoy premium benefits such as complimentary insurances.
Read our Mozo Review to learn more about the Clear Options Platinum
Get 24 months 0% p.a. on balance transfers requested at card application. No balance transfer fee. Rate then switches to applicable variable cash advance rate. Pay no annual card fee for the first year ($55 thereafter). New cards only, Eligibility criteria and T&Cs apply. Offer ends March 30th 2021.
Get 24 months 0% p.a. on balance transfers requested at card application. No balance transfer fee. Rate then switches to applicable variable cash advance rate. Pay no annual card fee for the first year ($55 thereafter). New cards only, Eligibility criteria and T&Cs apply. Offer ends March 30th 2021.
Read our Mozo Review to learn more about the Vertigo
Receive up to 1.75 Qantas Points for every $1 spent on Card purchases (T&Cs apply). No annual fee for the life of the card. T&C’s apply. Mozo Experts Choice Qantas Frequent Flyer Credit Card Winner 2020^.
Receive up to 1.75 Qantas Points for every $1 spent on Card purchases (T&Cs apply). No annual fee for the life of the card. T&C’s apply. Mozo Experts Choice Qantas Frequent Flyer Credit Card Winner 2020^.
Read our Mozo Review to learn more about the Qantas Discovery Card
^See information about the Mozo Experts Choice Credit cards Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
With another year officially done and dusted, Aussies across the country are gearing up for a fresh start. But for some, their first order of business is to take care of the ghost of Christmas past - aka holiday credit card debt.
To help Aussies get their debt sorted for the new year, many credit card providers have launched new 0% balance transfer offers to entice new customers or extended current offers. Depending on the card you opt for, you could lock in a 0% balance transfer period of between 6 and 30 months.
Aside from hot 0% balance transfer offers, the start of the year also means fresh bonus points offered across a range of programs. In fact, according to the Mozo database, more than 60 credit cards currently have a bonus points offer.
One standout in particular are the Qantas Frequent Flyer bonus points offers, which range from 15,000 to a whopping 150,000 bonus points. Just keep in mind that most of these bonus point offers come with a spending criteria following approval.
Lowest purchase rate: 7.49% on the G&C Mutual Bank Low Rate Visa Credit Card
Longest balance transfer offer: 30 months on the Citi Rewards Credit Card
Longest 0% introductory offer: 17 months on the ANZ Platinum Credit Card
Top introductory bonus points offer: 200,000 Amplify Points on the St.George Amplify Signature Credit Card, 150,000 Membership Points on the American Express Explorer Credit Card, 150,000 Qantas Points on the Qantas Money Premier Titanium Credit Card and 150,000 Altitude Points on the Westpac Altitude Black Credit Card.
Written by: Ceyda Erem, Credit Cards writer, 4 January 2021
From balance transfer cards that can help you ditch debt through to rewards credit cards offering a range of freebies to entice any big spender's appetite, there's never a shortage of plastic to choose from in the bustling credit card market. But what type of card is right for you and what are the features to consider and the fees to watch out for?
We're here to answer those questions in this tell all guide, aimed at helping you choose your perfect credit card match. Starting from the top:
As mentioned above, there's plenty of choice when it comes to choosing a credit card. So check out our list of card types below to decide which plastic is worthy of a spot in your wallet:
Balance transfer credit card: Have you racked up some debt on your current plastic? Then you could apply for a balance transfer credit card that allows you to roll your existing debt over to a new balance transfer card with a zero percent interest rate. However, the same principle applies as with an intro rate credit card, as the 0% balance transfer rate offer will only be available for a set period of time from 3 to 24 months depending on the card. If you still have debt to repay after this period the rate will revert back to the standard purchase rate or even the cash advance rate, which can be as high as 23% (ouch). So make sure you work out how much you will need to repay each month, using Mozo's credit card debt payments calculator, to ensure you blast the debt within the balance transfer term. Also be aware that the balance transfer rate only applies to the existing debt you transfer to the card, not to any new purchases you make using the card, and that if you have taken advantage of a BT offer to transfer debt, you won't get the advantage of any interest free days on new purchases until your balance is completely paid off. For this reason balance transfer credit cards are often best used only to pay off an existing debt, not for new spending.
Low interest rate credit card: If you're the type of person who sometimes carries a balance on your card rather than paying it off in full every month, a credit card with a low interest rate (starting from below 10% and definitely no higher than 14%) could be on your shopping list. That way, if you do have the odd big expense like a holiday or a big ticket purchase that you need a couple of months to pay off, you won't be hit with an excessive interest rate for the privilege. Low interest rate cards generally don't come with frills like rewards programs, travel insurance or other perks, but with the average credit card rate stuck above 17% they are significantly cheaper pieces of plastic. While most low interest credit cards require you to pay an annual fee, it will generally be much lower than an annual fee for a fancier platinum or rewards card, and the cost of the annual fee is likely to be far lower than paying a high interest rate on your spending each month.
Interest free credit card: If you intend to purchase some big ticket items in the near future and need some breathing space to pay them off, you could opt for a credit card with a zero interest “honeymoon” period. Interest free credit cards usually mean you'll get a 0% interest rate on purchases for an introductory period of anywhere between 3 - 12 months, however once the intro term has come to an end the purchase interest rate will then revert to a higher rate. So if you go for an intro rate card make sure it not only has a competitive “honeymoon” rate but a low revert rate as well. That said, interest free credit cards are generally well-suited to conscientious spenders who can commit to paying off their purchases before the interest free period ends and who won't be tempted by the 0% rate into buying more things than they really need.
No annual fee credit card: If you're someone who really only uses your credit card as a convenient payment method, doesn't value perks like rewards programs and diligently pays off your card balance in full each month, your credit card match could be a no annual fee credit card. You won't need to ensure the interest rate is also ultra-low, because there's no need to worry about being hit with interest when you pay your credit card bill in full and on time each month. There are some no annual fee credit cards on the market that do offer rewards programs and other perks, but for the most part these cards are no frills options suitable for those who don't want to have to pay a fee for the privilege of owning a credit card.
Rewards credit cards: Looking for a card that lets you earn rewards points on your spend? Then you're in the market for a rewards credit card. Rewards cards can either be directly linked to frequent flyer programs to let you earn Qantas Frequent Flyer, Virgin Velocity or other airline points on your spend, or they can be linked to a more general rewards program that lets you earn and redeem points for everything from gift cards to discounts on retail purchases to travel. The downside to rewards credit cards is that they generally come with higher annual fees and higher interest rates than no frills credit cards. This means you'll need to be sure that you'll earn and redeem enough rewards each year to make up for the annual fee and you'll also need to pay off your credit card balance in full each month to avoid interest charges that could negate the value of the rewards. Use Mozo's Rewards Revealer tool to find the perfect rewards card for your spend.
Platinum credit cards: Want to supersize the amount of rewards you can earn and the freebies you gain? A platinum credit card generally comes with all the perks of a standard rewards card but just more of them, as you'll typically gain bigger bonus points, more rewards points per dollar spent, exclusive entertainment offers and of course more privileges like inbuilt travel insurance, concierge and purchase protection. The catch to all this is higher interest rates and fees, so platinum cards are really suited to people who never miss a payment and always pay their balance in full each month. You'll generally need to meet some strict lending criteria to get a piece of platinum plastic in your wallet, like a minimum income amount, and in any case you'll likely need to be a big spender to be able to earn enough rewards to offset the higher annual fees that come with platinum cards.
Travel credit cards: Holidaying overseas is expensive enough with everything from flights to accommodation to factor into your budget - so don't add pricey currency conversion fees to that list! By searching Mozo's travel credit card hub for some plastic specifically designed for overseas use, you could save yourself big bucks. Let this example speak for itself: Say you went overseas with a standard credit card and spent $5,000 on the card, a currency conversion fee of 3% would set you back $150. But if you searched the travel money market for a competitive deal with no foreign exchange fee, you could keep that $150 in your pocket.
Whether you're a no frills kind of borrower or a big spender looking to rack up rewards points, you should always compare the credit card market to ensure you sign up with the right deal for you. Here are some features to look out for:
Interest free days: As the name suggests, your interest free days is the amount of time you will pay no interest on your purchases, which is usually 44 or 55 days and starts at the beginning of your statement period and ends on your credit card due date. Big catch coming up: If you fail to pay off your statement balance in full by the due date, you will no longer receive those interest free days for your next statement period. To start receiving interest free days again, you'll need to reduce your balance back down to zero first.
The best way to ensure you never miss a credit card monthly payment is to set up a direct deposit from your bank account to your credit card provider, so you can clear your balance in full by the due date each month and continue to enjoy interest free spending during the next period.
Complimentary insurance: As mentioned above, many reward and platinum credit cards come with some great complementary features including:
Card scheme: When you start looking for a credit card you will find there are three main schemes to choose from - Mastercard, Visa or American Express. But will choosing one from the other make a difference to your experience? Here's a quick comparison:
Credit cards are a great convenience, as they allow you to spend in-store, online and overseas and take advantage of features like interest free days and rewards points, but this convenience can come at a price. So watch out for these fees that could end up costing you big bucks:
Annual fee: Each year you may be charged a fee for using the credit card, which could be anywhere from $0 to $700. If you're paying a high annual fee, you should make sure it is worth your while with generous rewards points and other perks that you can make regular use of like international travel insurance. But if you're a no frills type of person who pays your credit card bill on time each month and doesn't use credit card perks like rewards, there's no reason you should be forking out money for an annual fee. Look for a no annual fee credit card instead.
Cash advance fee: Withdrawing cash on your credit card is a major money drain, as you will not only be charged the cash withdrawal fee (usually a percentage amount around 3% of what you withdraw) but will also incur a high cash advance rate that can soar over 20%. And unlike purchases, interest free periods don't apply for cash advances so you'll be charged interest from the day you make the cash advance until the day you clear your credit card balance.
Overseas currency conversion fees: If you regularly jetset overseas, a standard credit card could see your overseas travel money bills soar, as every time you spend on the card you could be hit up with a pricey currency conversion or foreign exchange fee which can be anywhere between 0%-4%. So when you're planning your next international vacay, search Mozo's travel credit card section for some plastic that has low or no foreign currency conversion fees whatsoever.
Late payment fee: When you don't pay your balance by the due date you could be hit up with a late payment fee of around $10-$30 on top of the interest charged. So as suggested above, set up automatic repayments so you never miss the due date.
Ah, the age old debate of plastic versus personal loans. The obvious benefit of a credit card is it provides you with the flexibility to pay as you please, but that flexibility can come at a cost with the standard credit card interest rate sitting at a hefty 17%. That's not a problem if you are able to pay off the card in full each month and thus avoid the interest charges, but as soon as you do rack up credit card debt it takes discipline to pay it off.
This brings us to the second problem with credit cards, which is that they don't come with an enforced repayment plan. In fact, the minimum monthly repayment on a credit card is generally around 2% - 3%, and if you only ever pay that each month it could take you decades to pay off your credit card debt!
For those who don't have the financial discipline and commitment to paying down credit card debt as fast as they can, a personal loan can be a good alternative, particularly for big ticket costs or purchases that may be impossible to repay within a 55 day interest free period.
A personal loan allows you to borrow a lump sum and pay it back over a set time frame (typically one to seven years) at a lower interest rate of around 10%. The monthly repayments are designed to actually pay off the whole loan over that period, and some personal loans also let you make extra repayments to pay it down even faster if you can afford to.
Personal loans can also be useful tools for debt consolidation, where you consolidate multiple credit card debts into a single personal loan at a lower interest rate to save on interest and reduce the stress and headache of multiple credit card bills all requiring payment.
For more information about the difference between the two, read our full comparison of personal loans vs credit cards.
Ready to start comparing? Our credit card comparison table at the top of the page can help you see some great-value deals in the market right now and comparing on the features that are most important to you, whether that be low interest rates or 0% balance transfer offers or rewards programs. Once you've found a card offering a great deal on the feature most important to you, be sure to check the other features of the card to make sure you're not going to get stung by a huge annual fee or a hefty purchase rate.
Alternatively you can use our credit card search tool to punch in your details for a personalised search result. And if you're looking to save on interest by switching from your current card to a card with a lower rate, our Switch & Save Calculator will show you how much you could save by finding a cheaper card.
There are two main things you will usually need to apply for a credit card in Australia:
1. Identification: The bank or credit card provider will ask for details of your identification like your Australian driver's licence number. You will also need to be an Australian resident and usually over the age of 18.
2. Financial details: They'll also want to know details of your employment and how much you earn. Each provider will have their own income requirements, for example if you're applying for a basic credit card you may only need to earn a minimum of $15,000 each year, compared to a premium card that will have a higher income requirement of generally over $65,000 per annum.
Credit card providers can, and commonly do, reject applications for a number of reasons. When assessing your application, the provider will take into account a number of factors including your job stability, earnings, expenses and credit history. Any of these areas can be grounds for rejection, as can other more basic issues such as not meeting citizenship or residency requirements, being under the minimum age limit and not earning enough to meet the minimum income requirement for the card.
A card provider may also reject your application if you've applied for several credit cards in a short space of time, as this may indicate that you are struggling financially. To maximise your chance of being approved, don't apply for a credit card without first checking that you can meet the application requirements and don't apply for a credit card unless you seriously intend to use it.
Finally, even something as simple as entering incorrect information on your application can be grounds for rejection, as a something like an incorrectly entered driver's licence number for instance can make it difficult for the card provider to verify your identity. Always read over your application before you submit it and double check that all the information you've entered is correct.
If you've been rejected for a credit card, don't make the problem any worse by immediately applying for another card. This could more than likely add another black mark on your credit record, as any credit card rejection will show up on your report.
The first thing to do is get in touch with a credit bureau to request a copy of your credit report. This will tell you if your credit rating needs improving, or if there are any mistakes on your report that could have led to your rejection. If your credit rating is less than stellar, make a plan to try and improve it. This could include consolidating outstanding loans or cards into a debt consolidation loan to help you pay off the debt faster. If you've spotted an error on your report, you can contact the credit agency to try and get it fixed.
The other area to review is your monthly expenses. See if there are big expenses you can cut down and set a simple budget to try and reduce your everyday spending.
Once a bit of time has gone by and you've been able to fix some of the above issues, you could try applying for another credit card again. Just because you've been declined once doesn't necessarily mean you will always be declined.
Written by: Kelly Emmerton, Mozo Money Editor
They are my bank and I have had no problems and they always helped me when I needed something. Thank you to staff at Beyond Bank.
Read full reviewThey are my bank and I have had no problems and they always helped me when I needed something. Thank you to staff at Beyond Bank.
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