Five credit cards that seem too generous to be real: April 2021

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Credit cards are staging a come-back in 2021, with a wave of fresh new card offers hitting the market that at first glance seem almost too generous to be true. But there’s a bigger story driving this wave of apparent generosity, and it’s one that cardholders are set to benefit from.

After years of declining rewards, steep fees and charges, and even steeper competition from new payment options like debit cards and buy now pay later, credit card providers are now being forced to reverse the trend and deliver real consumer value to combat competition from the likes of Afterpay and Zip.

As a result we’re now seeing 0% balance transfer offers extend out to as much as 28 months, purchase rates drop under 10% and annual fees on some low rate cards drop below $50. On the rewards and perks front, MoneyMe has launched an innovative virtual card that lets you earn cashback from 1,400 stores and Amex is offering 90,000 points and $300 back when you sign up for its popular Explorer card and meet spend criteria.

So no matter whether you’re looking to clear your debt with a 0% balance transfer, save on interest and fees or get better value out of your rewards, now is an ideal time to check out some of the top credit card offers on market.

1. Get credit back from 1,400 stores with this virtual card

MoneyMe Freestyle Virtual Mastercard
MoneyMe
  • A virtual card that’s available to use instantly once approved

  • Save with credit back offers from over 1,400 stores

The new MoneyMe Freestyle card is shaking up the credit card world with an innovative virtual credit card and cashback approach. The virtual card can be used instantly as soon as its approved, which according to MoneyMe typically takes less than 60 minutes. Once approved you can use the card to Tap n Pay, transfer money to friends and get credit back offers from over 1,400 stores.

2. Intro rate of 3.99% p.a. + low ongoing rate of 8.99% p.a.

Defence Bank Foundation Credit Card
Defence Bank
  • 3.99% p.a. for 6 months on purchases, balance transfers & cash advances

  • Low 8.99% p.a. ongoing rate and $49 annual fee

This hidden gem of a credit card from Defence Bank has one of the lowest ongoing rates around, and if that’s not generous enough they’ve also thrown in a 6-month intro rate of just 3.99% p.a. on purchases, balance transfers and cash advances. Cardholders enjoy up to 55 days interest free and the same low ongoing rate for purchases and cash advances. You don’t have to be a member of the Defence Force to get the card, just an Australian resident over 18.

3. Zero interest on balance transfers until September 2023

Westpac Low Rate
Westpac
  • 0% p.a. interest on balance transfers for 28 months

  • No annual fee in first year ($59 thereafter)

Featuring one of the most generous 0% balance transfer offers on the market, a low annual fee and competitive purchase rate of 13.74% p.a., the Westpac Low Rate credit card is a top contender for those looking to save on interest and get on top of credit card debt. There is no balance transfer fee and once you’ve cleared your balance you can enjoy up to 55 interest free days on purchases.

4. All-round generosity with a low rate, low fee and 0% BT offer

Bendigo Bank Low Rate Credit Card
Bendigo Bank
  • Low $45 annual fee and 11.99% p.a. purchase rate

  • 0% p.a. on balance transfers for 24 months (2% balance transfer fee applies)

The Low Rate Credit Card from people’s favourite Bendigo Bank offers a triple scoop of generosity with 0% p.a. interest on balance transfers for 24 months, a competitive purchase rate and balance transfer revert rate of just 11.99% p.a. and a low $45 annual fee. You’ll also enjoy up to 55 days interest free on purchases, 24/7 fraud monitoring and no liability for unauthorised transactions.

5. 90K bonus points plus $300 sign up bonus

American Express Explorer® Credit Card
American Express
  • Get 90,000 bonus Membership Rewards Points

  • $300 back when you apply online by 3 May 2021

For a limited time only, Amex is offering a 90,000 bonus points and a generous $300 back when you apply for an Amex Explorer card and spend $3,000 within the first 3 months. Combine this with a generous rewards program that lets you earn up to 2 points per dollar spent on purchases, $400 to spend on domestic and international travel each year and complimentary domestic and overseas travel insurance, and it's not hard to see why this card is flying off the shelves.

^See information about the Mozo Experts Choice Credit cards Awards

Want to compare more credit cards? Head over to our credit card comparison hub to see more top March 2021 credit card offers and compare over 200 cards from 60 providers.