How do I switch my credit card?

woman sitting on the couch with her laptop holding her credit card considering switching credit cards

If you are a credit cardholder stuck with a deal that isn’t working for you anymore or the card is costing you too much, and you’re just not satisfied, then it could be time to make a stress free switch to a more worthy and valuable piece of plastic.

Although it might seem daunting, switching credit cards can be a relatively straightforward process. We’ve broken it down into 7 simple steps to make it even simpler

Where do credit card rates sit now compared to when I took out my original card? What can I afford to pay in fees? These are important questions to consider before beginning your search for a new credit card.

  • Decide on a credit card type.

Finding a card that suits your spending needs is the first step. Ultimately no one card will be right everyone, so you will need to consider what will suit you and your finances best.

If you pay off your balance in full each month and are looking for more perks, you could benefit from a rewards credit card. If you only use a credit card occasionally, then finding a card with a low or no annual fee could be more suitable. If you think you’re likely to carry a balance on the card occasionally, you’ll want a card with a low interest rate, and if you travel often, you’re likely to want a card with low or no foreign exchange margins.

If you're struggling to decide, check out the best credit cards in Australia this month for Mozo Experts Choice Award winners and editor’s picks.

  • Consider balance transfer options.

If you’re already changing cards, it could be a great opportunity to clear a lingering debt. Find a card with a great balance transfer offer to help clear your old balance faster and save on interest repayments.

  • Search for a card that meets your needs.

Once you know what you’re looking for, it’s time to research and compare. The Mozo credit card comparison hub lets you compare over 200 credit cards from 60 providers, so you can search one with the features you’re looking for.

  • Cancel your old account.

Just because your credit card might have expired, this doesn’t mean your account with the issuer has closed. To avoid any extra charges on a credit card you don’t plan to use (such as annual fees), it’s a good idea to cancel that account. It’s important to keep in mind that you need to make sure your balance is paid in full and there aren’t any pending transactions on the account before you close your account.

  • Activate your new card.

Before you start spending, go online or follow the prompts provided by your credit provider to activate your card. Generally, this can all be done online, allowing you to use your new plastic in no time.

  • Update any old information.

Once you’ve activated your new card, you need to update the credit card information on any direct debits, such as Netflix or gym memberships, so they don’t go to your now cancelled account.

TOP TIP: Every time you apply for a credit card, it goes on your credit history, so you should take the time to ensure you meet the eligibility requirements before making an application.

Feel like you know what you want? Start comparing credit card options right now below. Or if you’re looking for more info, head over to our credit cards hub for more guides and comparisons. Also, check out the Mozo credit card best page for the best credit card deals in Australia this month, highlighting Mozo Experts Choice Award-winners^ and editor picks.

Top low rate credit cards - last updated 13 August 2022

Search promoted credit cards below or do a full Mozo database search . Advertiser disclosure
  • Virgin Money No Annual Fee Card

    Virgin Money No Annual Fee for the life of the card. 0% p.a. for 12 months on purchases (reverts to ongoing purchase rate) and balance transfers (reverts to cash advance rate).

    Purchase rate
    0% p.a. for 12 months then 18.99% p.a.
    Balance transfer rate
    0% p.a. for 12 months and then 20.99% p.a.
    Annual fee
  • Apply By 31 Oct 2022
    Westpac Low Rate - Cashback Offer

    Enjoy a super low rate of 13.74% with 55 days interest free plus up to $200 cashback - $50 cashback for each month you spend $1,000 or more on eligible purchases in the first 4 months from card approval. New Cards only. T&C's and exclusions apply.

    Purchase rate
    13.74% p.a.
    Balance transfer rate
    6.99% p.a. for 12 months and then 21.49% p.a. (1.00% balance transfer fee)
    Annual fee
  • Apply By 31 Aug 2022
    St.George Vertigo - Balance Transfer Offer

    0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply.

    Purchase rate
    13.99% p.a.
    Balance transfer rate
    0% p.a. for 32 months and then 21.49% p.a.
    Annual fee
    $55 $0 in the first year
  • Virgin Money Virgin Australia Velocity Flyer Card - Balance Transfer Offer

    Get in the air with a $129 Virgin Australia Gift Voucher each year. 0% p.a. for 28 months on balance transfers.

    Purchase rate
    20.74% p.a.
    Balance transfer rate
    0% p.a. for 28 months and then 20.99% p.a.
    Annual fee
    $129 $0 in the first year

^See information about the Mozo Experts Choice Credit Card 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.