Mozo Experts Choice Awards reveal best value credit cards
Article by Ben Tosi
Crunching the data on a whopping 190 credit cards from 60 providers, Mozo today announced the winners in its annual Experts Choice Credit Cards Awards.
Mozo uncovered a host of credit card products and providers who are offering serious value for Aussie customers in a range of categories ranging from Low Rate Credit Cards to Premium Rewards Cards.
“The Mozo Experts Choice Credit Card Awards exist to help everyday consumers navigate the marketing maze, and choose a credit card that is going to deliver outstanding value for them over the long term,” said Mozo Director, Kirsty Lamont.
And it has never been more important to clamp down on unnecessary credit card debt. According to Mozo data released earlier this week, Aussie households are paying almost $700 in totally avoidable credit card interest each year.
“Credit card debt is a major contributor to household financial strain, and by simply shopping around for a credit card consumers have the potential to save hundreds of dollars every year,” said Lamont.
The card providers who found themselves in the winners circle this year have ranked within the cheapest 10 per cent in the market for their respective categories
But who are they? To check out a full list of winners click here or read on for a quick summary of the major takeaways below.
Amex tops the award haul
Bettering its seven awards from last year, American Express lived up to its reputation to take out a whopping 11 Experts Choice Awards across eight categories, earning itself the title of Mozo’s credit card ‘Provider of the Year’.
Headlining the haul was its Essential Credit Card which took home awards in the Balance Transfer, No Annual Fee and Retail Rewards categories.
ANZ and NAB best of the big four
For Aussies who value the security of a big four bank, ANZ and NAB’s credit card products performed well, taking home eight and six awards respectively across categories such as Low Rate, Balance Transfer and Rewards cards.
If you’re after a credit card without that annoying annual fee, it is also worth noting that the Commonwealth Bank’s Low Fee Credit Card was the only big four credit card to take a home a prize in the No Annual Fee category.
Best Frequent Flyer CardsTravel-loving Aussies will be keen to know which products provide the best value when it comes to Frequent Flyers Cards and Mozo crunched the data, with these four products coming out on top.
- Qantas Money - Qantas Premier Credit Card
- American Express - Qantas Ultimate Card
- Virgin Money - Virgin Australia Velocity High Flyer Card
- American Express - Velocity Platinum Card
Best Complimentary Insurances
Credit card providers have turned into insurance providers over recent years and in response, Mozo reviewed Complimentary Card Insurances like purchase protection, travel, extended warranty and price protection insurance.
ANZ took out this category with all of its premium cards offering the same, comprehensive set of insurances.
Supermarkets offer good value beyond the checkoutFeaturing in our winners list once again this year was Woolworths and Coles, proving that supermarket chains don’t just offer good value on groceries. Here is the rundown on who won what from these two Aussie retailer giants.
- Woolworths Everyday Platinum Card - Premium Balance Transfer Credit Card, Low Fee Platinum Credit Card, Premium Retail Rewards Card
- Woolworths Qantas Platinum Credit Card - Premium Rewards Card
- Coles Rewards Mastercard - Retail Rewards Card, Rewards Card
No matter what credit card you’re after, Mozo’s Experts Choice Awards is the perfect place to start shopping around. From there you can move on to our dedicated credit card tables which compare a range of products on the market so you can find a piece of plastic that is perfect for you.