Australia’s Best Credit Cards December 2024
With the cost of living continuing to rise you may find yourself needing to break out your credit card more frequently. Many credit card providers have spent the past months reducing their offers for bonus rewards points or shrinking their balance transfer options, so if these things are important to you, it's now more important than ever to find the card that suits you best.
The Mozo database compares over 200 cards from 60 providers. It’s vital 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.
The average interest rate across all credit cards in the Mozo database is currently 17.46%. Rewards credit cards, which come with the ability to earn redeemable points and shopping perks, generally have higher rates and have a current average rate of 20.77%. There are low rate credit cards, which have fewer perks but competitive rates (usually under 14% p.a.), as well as 0% p.a. interest rate introductory offer credit cards, which charge no interest for a set 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 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 December 2024
- Amex Explorer
- Amex Qantas Ultimate
- Kogan Money Black Credit Card
- NAB Low Rate Credit Card
- Citi Rewards
- Citi Rewards
- American Express Essentials Credit Card
- American Express Platinum Edge Credit Card
- Bendigo Bank Ready Credit Card
Editor’s pick of the month: best credit card deals on Mozo in December
Each year, Mozo’s team of experts assess and compare every credit card in our data base to determine the winners of the prestigious Mozo Experts Choice Awards^.
In 2024, our data analysts compared 199 personal and 47 business credit card products issued by 67 Australian financial institutions, with only the best value in each category taking the titles.
In this year’s awards, American Express won the award for Rewards Credit Card Provider of the Year, winning for five of its credit cards, while Bankwest took out the title of the 2024 Credit Card Provider of the Year, winning a number of awards including the Low Rate Credit Card, No Annual Fee Credit Card and Balance Transfer Credit Card awards.
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:
Expert picks: Mozo Experts Choice Award-winning best credit cards
Get up to 50,000 bonus points
Amex Explorer
- Earn 50,000 bonus points by spending $4000 on eligible purchases in the first three months
- Get $400 to spend on travel each year
- Two complimentary passes to the Centurion lounge each year
- No limits on the amount of points you can earn
You can turn your everyday spending into adventures with the American Express Explorer credit card starting with the 50,000 bonus points you’ll receive when you spend $4000 in the first three months on eligible purchases (T&Cs apply). This card is packed with travel benefits including: complimentary domestic and international travel insurance, two passes to the Centurion Lounge at Sydney or Melbourne airport each year, and a $400 travel credit to use on flights, hotels or car hire when you book through American Express Travel.
You’ll earn 2 points per dollar spent (excluding government bodies in Australia in which you only earn 1 point per dollar) and there isn’t a limit to the amount of points you can earn. You can also add up to 4 additional cards for no extra fee to help you earn rewards faster. And when it comes to redeeming those points you have a choice between redeeming them with airline partners, retailer gift cards, paying for charges on your account or shopping online at Myer. Get up to 55 days interest free when you pay your balance off in full each month. There is a 22.99% p.a. interest rate on purchases and a $399 annual fee to consider as well as a $3000 min credit limit.
Earn 50,000 Bonus Qantas Points
Amex Qantas Ultimate
- Earn 50,000 bonus Qantas points by spending $3000 on eligible purchases in the first three months
- Get 2.25 Qantas points for every $1 spent on Eligible Qantas products and services
- $450 Annual Qantas credit
As the name suggests, this is the ultimate card for Qantas enthusiasts. First up, if you apply and are approved before 14 January, 2025, and spend $3000 on the card in the first three months you’ll earn 50,000 Qantas bonus points. Each year you’ll also receive a $450 credit to use on Qantas flights when you book through American Express Travel, two complimentary entries to The Centurion Lounge, plus two Qantas Club Lounge invitations (after purchasing select Qantas products and services). You will get 2.25 Qantas Points for every $1 spent on eligible Qantas products and services and 1.25 Qantas Points on everyday purchases (excluding government bodies in Australia in which you only earn 0.5 point per dollar) After a total of 100,000 Qantas Points are earned in a calendar year after the everyday earn rate will change to 1 Qantas Point per $1 spent. You can have up to 4 additional cards at no extra fee to help you earn rewards faster. The annual fee on this card is $450, there’s a 44 day interest free period and the purchase rate is 23.99% p.a. $3000 min credit limit applies. T&Cs apply.
No annual fees to pay PLUS 0% on purchases and balance transfers for 9 months
Kogan Money Black Credit Card
- 0% p.a. on purchases for 9 months
- 0% p.a. on balance transfers for 9 months (1% balance transfer fee)
- $0 annual fees to pay
Earn 2 rewards points per dollar on your eligible purchases at Kogan.com and enjoy 0% p.a on purchases for 9 months (reverts to variable retail purchase rate, currently 21.99% p.a). If you want to consolidate debt there’s also a 0% p.a. balance transfer for 9 months with a 1% balance transfer fee (reverts to cash advance rate of 22.74% p.a.). There are no annual fees on this card and for every dollar you spend you will earn 2 rewards points on eligible purchases at Kogan.com and 1 rewards point per dollar on eligible everyday purchases too. You’ll be able to add up to 4 additional cardholders at no cost and stay safe with security and fraud protection with Fraudsheild and Visa Zero Liability (T&Cs apply). $6000 minimum credit limit.
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 view more detailed product reviews.
Low Rate and 0% balance transfers for 28 months
NAB Low Rate Credit Card
- Low ongoing purchase rate of 13.49% p.a
- Up to 55 days interest free
- 0% p.a. on balance transfers for 28 months (3% BT fee)
The NAB Low Rate Credit Card has the key card basics covered: a low ongoing interest rate of 13.49% p.a., up to 55 days interest free days and a low annual fee of $59. If you’re looking to consolidate debt there is an enticing 0% p.a. balance transfer offer for 28 months but a 3% balance transfer fee applies (T&Cs apply). Any balance at the end of the balance transfer period will revert to the high cash advance rate of 21.74% p.a. As part of the Visa network, you’ll be able to use the NAB Low Rate card at millions of locations around the world. Plus, there are no foreign transaction fees. The minimum credit limit with this card is $1000.
Get up to 15 months 0% p.a. on purchases and balance transfers
Citi Rewards
- 0% on purchase for 15 months
- 0% on balance transfers for 15 months (2% balance transfer fee)
- Rewards your way: travel, shopping or cash back
Right now, with the Citi Rewards credit card you can enjoy 0% p.a. on all purchases for 15 months (reverts to the standard purchase rate of 21.49% p.a.). You’ll earn 1 Citi reward points for every dollar you spend domestically (capped at 10,000 per statement period) on eligible transactions and 1 point for every dollar internationally on eligible transactions which you can then spend in a number of different ways from travel to shopping. The card comes with up to 3 months complimentary travel insurance when you pay at least $500 of your upfront travel costs on the card, are under 81 years and have a return ticket before departing Australia. The annual fee is $199 and you can have up to 4 additional cardholders ($90 per card, annually). There is also a 0% p.a. balance transfer offer of 15 months available (which will revert to the cash advance rate of 22.99% p.a.) with a 2% balance transfer fee. The minimum credit limit on this card is $2000.
Get a Bonus 100,000 Citi Reward Points
Citi Rewards
- 100,000 Bonus Citi Rewards Points
- Rewards your way: travel, shopping or cash back
- Up to 44 days interest-free on retail purchases.
If boosting your rewards point balance is more your thing, the Citi Rewards Card has an alternate offer of 100,000 bonus Citi Reward points when you spend $5,000 on eligible purchases within 3 months from approval. You’ll also earn 1 Citi reward points for every dollar you spend domestically (capped at 10,000 per statement period) on eligible transactions and 1 point for every dollar internationally on eligible transactions which you can then spend in a number of different ways from travel to shopping. The card comes with up to 3 months complimentary travel insurance when you pay at least $500 of your upfront travel costs on the card, are under 81 years and have a return ticket before departing Australia. The annual fee is $99 in the first year ($199 ongoing) and you can have up to 4 additional cardholders ($90 per card, annually). The minimum credit limit on this card is $2000.
Earn up to 5x points for the first 10,000 points per month
American Express Essentials Credit Card
- 40,000 bonus membership points (apply before 28 Jan 2025, T&Cs apply)
- Earn up to 5x Points for the first 10,000 points per month (Earn 1 point per $1 spent thereafter)
- $9 monthly card fee
The American Express Essentials Credit Card has a 40,000 bonus membership points offer when you apply online by 28 January 2025, are approved, and spend $3,000 on eligible purchases on your new card within the first 3 months. How many points you'll earn per dollar spent depending on what your spending your money on but you'll earn up to 5 x the points for the first 10,000 points per month (after which you'll earn 1 point per dollar spent). You can choose to transfer your points to a range of airline programs, including Virgin Australia’s Velocity and Emirates’ Skywards. This card also comes with some additional bonuses, like Smartphone screen protection up to $500 when you use it to pay for your phone outright, and there is no fee for additional cardholders for up to 4 additional cards. The purchase rate on this card is 23.99% p.a., and there is a $9 monthly card fee.
Customer favourites: Best credit cards from Mozo People’s Choice Award winners
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, trust and whether customers would recommend them to others.
Here are a few credit card options from some of the 2024 Mozo People Choice Award winners from the credit card category:
American Express Platinum Edge Credit Card
- $200 annual travel credit (T&Cs apply)
- Earn up to 3 points per $1 spent (T&Cs apply)
- Annual fee waived in the first year ($195 after that)
American Express won a 2024 Mozo People’s Choice Award for credit card customer satisfaction. The Platinum Edge Credit Card puts rewards front and centre, giving you access to a $200 annual travel credit to be used on eligible hotels, flights and car hire booked through American Express Travel (terms and conditions apply). Amex rewards points can be redeemed with a range of different airline and hotel rewards programs, redeemed for gift cards, or used for Ticketmaster experiences (terms and conditions apply). You’ll earn 3 points for every $1 spent at major supermarkets and petrol stations, 2 points for every $1 spent on purchases in foreign currency overseas and online, and 1 point for every $1 spent on all other purchases (terms and conditions apply). This card has a $195 annual fee, but it is waived in the first year if you’re a new American Express Card Member applying online and are approved. The purchase rate on this card is 23.99% p.a., so you’ll want to make sure you’re paying off your balance each month.
Bendigo Bank Ready Credit Card
- $0 international transaction fee
- Complimentary international travel insurance
- 2023 Mozo Experts Choice Award-winner
Not only did the Bendigo Bank Ready Credit Card win two 2023 Mozo Experts Choice Awards for Best Travel Credit Card and Platinum Travel Credit Card, but Bendigo Bank itself won three 2024 Mozo People’s Choice Awards for customer satisfaction and customer service. This card has no annual fees; however, there is a $15 late payment. The card has a 19.99% p.a. purchase rate - which you won’t need to worry about if you pay your balance off each month. With no international transaction fees and travel insurance included (T&Cs apply), this card might be worth considering for an upcoming trip. There is, however, a $5 fee for overseas ATM withdrawals, though. The card comes with 55 interest-free days.
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.
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.
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