Australia’s cheapest credit cards

Today, leading financial comparison site Mozo is thrilled to announce the winners of the 2024 Mozo Experts Choice Awards for Credit Cards, after the meticulous analysis of 199 personal credit cards from 67 Australian financial institutions.

"The Mozo Experts Choice Awards play a crucial role in helping Australians navigate the complex landscape of credit cards," says Peter Marshall, Mozo Experts Choice Awards Judge. 

"In a market flooded with options, our awards spotlight those credit cards that truly deliver exceptional value and benefit to consumers."

“Credit card interest rates can make a real difference to the cost of carrying a balance on the card, and the winners list provides Aussies with a host of options to start their comparisons and start reducing the total interest they pay.”

Mozo experts reviewed 157 credit card products from 67 providers for the Low Rate, No Annual Fee and Balance Transfer credit card categories, focusing on the key aspects of credit cards that impact the overall cost, to find the best value credit cards on the market

Australia’s Cheapest Credit Cards 

"Different people need different cards based on their financial behaviours, the size of the debt they’re paying off and their financial needs," adds Peter Marshall. 

“For those who find it challenging to pay off their credit card balance in full, are dealing with high-interest debt, or need affordable credit to manage increasing living costs, the Mozo Experts Choice Award winners offer a curated selection of the most cost-effective cards available. 

Credit Card Provider of the Year: Bankwest

This year, Bankwest was recognised as the standout Credit Card Provider of the Year, due to the bank’s exceptional performance across various categories. 

“Bankwest’s commitment to offering competitive rates, low fees, and valuable features has set them apart from the competition,” said Marshall. “With a comprehensive range of cards catering to a number of consumer needs, Bankwest is a top choice both in regard to affordability and generous benefits.”

Awards: Low Rate Credit Card (Bankwest Breeze Classic Mastercard), No Annual Fee Credit Card (Bankwest Zero Mastercard), Balance Transfer Credit Card (Bankwest Breeze Platinum Mastercard).

Best Low Rate Credit Cards

For the low rate category, Mozo experts identified the winning credit cards by assuming a continuous interest-accruing balance of $4,000* over 5 years. This allowed Mozo to find the best credit cards for Australians who struggle to pay off their balance in full each billing cycle.

Ongoing interest rates, interest free days, introductory rates and fee reductions or waivers, annual fees, balance transfer fees, balance transfer terms and the interest rates charged after introductory or balance transfer terms expired were analysed in the calculations.

“For Aussies who tend to carry a balance, Mozo’s Low Rate winners offer exceptional value with interest rates as low as 12% and annual fees under $59, ensuring you pay the lowest interest rate possible.”

• Community First Bank: Low Rate Blue Credit Card
• Community First Bank: Low Rate Credit Card
• Community First Bank: Low Rate Pink Credit Card
• Credit Union SA: Education Community Visa Credit Card
• Defence Bank: Foundation Credit Card
• Easy Street: Easy Low Rate Visa Credit Card
• G&C Mutual Bank: Low Rate Visa Credit Card
• Illawarra Credit Union: Low Rate Credit Card
• MOVE Bank: Low Rate Credit Card

Best No Annual Fee Credit Cards

“Mozo’s No Annual Fee winners focus on annual fees with competitive interest rates under 15%,” says Marshall. “These cards are well suited to credit card holders who typically pay off their balance each month, and prioritise cards with zero annual fees.”

The winners in the No Annual Fee Credit Card category were chosen with a keen eye on value and practicality. To make the cut, each card had to offer at least 45 days of interest-free period and come with no annual fee. 

Each card that qualified was then ranked on the purchase rates to ensure that the No Annual Fee winning cards delivered not just cost savings but low rates, and all winners boasted rates under 15%. 

• American Express: Low Rate Credit Card
• Bank First: Visa Classic Credit Card
• Bankwest: Zero Mastercard
• Credit Union SA: Education Community Visa Credit Card
• Firefighters Mutual Bank: Credit Card
• Health Professionals Bank: Credit Card
• Hume Bank: Value Visa Card
• ING: Orange One Low Rate Credit Card
• QBANK: Bluey Card
• Teachers Mutual Bank: Credit Card
• UniBank: Credit Card

Best Balance Transfer Credit Cards

“Balance transfers can be a game-changer if you have a large balance accruing double-digit interest,” says Marshall. 

“Transferring your balance over to one of Mozo’s Balance Transfer Credit Card winners,  which were chosen based on the most competitive rates and terms on the market, could help you pay down that outstanding debt quicker, and at a much lower cost.”

Mozo experts awarded the winners based on the scenario of an Australian credit card holder transferring over an outstanding balance of $4,000, and repaying the debt at a rate of $200 per month. 

The calculation included the balance transfer interest rate, the interest rate applicable beyond any discounted period, any fees that may be charged to gain access to a balance transfer rate, annual fees, and the allowance of interest free days.

• Bank of Melbourne: Vertigo - Balance Transfer Offer
• Bank of Queensland: Low Rate Visa Credit Card
• BankSA: Vertigo - Balance Transfer Offer
• Bankwest: Zero Mastercard
• NAB: Low Rate Card - Balance Transfer Offer
• QBANK: Bluey Card
• St.George: Vertigo - Balance Transfer Offer
  

About the Mozo Experts Choice Awards

The Mozo Experts Choice Awards were established in 2014 to help Australian consumers find the best value offers across a range of products and services.

For the 2024 Credit Card Awards, Mozo’s experts analysed 199 personal credit card products, issued by 67 Australian financial institutions, based on data contained in Mozo’s product database as at 5 June 2024. Access the full winners list and research methodology report here.

For more information about the Mozo Experts Choice Awards, reach out to our partnerships team at account.management@mozo.com.au.