The cheapest travel and most generous rewards credit cards for savvy spenders

Today, leading financial comparison site Mozo has revealed the best travel and rewards credit cards, after thoroughly reviewing 199 personal credit cards from 67 financial institutions as part of the Mozo Experts Choice Awards for Credit Cards 2024.

"The Mozo Experts Choice Awards are crucial in helping consumers find the best credit cards out there, and shine a light on those that offer the best value and the most generous benefits," says Peter Marshall, Mozo Experts Choice Awards Judge. 

“The travel and rewards credit card winners provide a fantastic starting point for Aussies looking to compare options without the hassle of sifting through countless products from multiple providers.” 

“With the right Mozo-winning credit card, Australian consumers can maximise savings and perks, while managing their credit wisely.”

Mozo experts reviewed 199 personal credit cards to find the best value cards for budget-conscious travellers, and 91 rewards credit cards to find which credit ones offer the most enticing perks for savvy spenders.

Australia’s Best Travel Credit Cards 

Mozo identified the best credit cards for international travel by focusing on value. To make the cut, these cards needed to offer a 0% foreign exchange margin, free travel insurance with just a $500 spend, unlimited medical cover, and at least $10,000 cancellation cover. 

“Mozo’s winning travel credit cards can cut down holiday costs, with benefits like complimentary travel insurance and zero foreign exchange fees,” says Marshall. 

“Using a credit card overseas can also add an extra layer of security, keeping your bank account details private from scammers.”

For the Low Rate Travel Credit Card category, Mozo reviewed all cards with a purchase rate of less than 15%, looking at both the annual fee and the foreign exchange margin for overseas purchases to find the cheapest travel credit cards.

For the Rewards Travel Credit Card category, Mozo considered all cards offering rewards programs, focusing on cards with no foreign exchange margin, with the ability to earn points for travel, and travel insurance with reasonable activation requirements, as well as strong medical and cancellation cover. 

"Since our last review, we've seen some credit card providers scaling back their benefits," says Peter Marshall. "But don’t worry—there are still fantastic deals out there for savvy travellers.” 

“For instance, last year there were 14 issuers demanding that you book 100% of your travel tickets with your credit card to get travel insurance, but now just three issuers have that requirement. Most now only need a $500 spend on the card, making it much easier to get cover without jumping through too many hoops."

Travel Credit Card Provider of the Year: Bankwest

“Bankwest has been named Travel Credit Card Provider of the Year for its exceptional travel card offerings,“ says Marshall. “With features like zero foreign exchange fees and comprehensive travel insurance, Bankwest provides value for Aussies who want to make the most of their international adventures.”

Awards: Best Low Rate Travel Credit Card (Bankwest: Breeze Platinum Mastercard), Best Rewards Travel Credit Card (Bankwest: More World Mastercard, Qantas World Mastercard), Best Qantas Frequent Flyer Credit Card (Bankwest: More World Mastercard)

Best Low Rate Travel Credit Cards

• Bank First: Visa Platinum Credit Card 
• Bankwest: Breeze Platinum Mastercard  
• HSBC: Low Rate Credit Card 
• Westpac: Lite Card 

Best Rewards Travel Credit Cards

• Bankwest: More World Mastercard, Qantas World Mastercard
• Commonwealth Bank: Ultimate Awards Credit Card, Ultimate Awards Credit Card (Qantas Awards)
• Macquarie: Black Card (Macquarie Rewards), Platinum Card (Macquarie Rewards)

Australia’s Most Generous Rewards Credit Cards

Mozo evaluated the rewards credit card landscape to uncover the top options for savvy spenders that had the most generous perks. With so many rewards cards available, Mozo judges focused on those that delivered the most value. 

This involved examining how many points were earned per dollar spent and the actual worth of those points when redeemed for popular rewards. Mozo also considered the annual fees to highlight the cards that provided the best rewards without excessive costs.

For the Frequent Flyer categories, Mozo assessed Qantas and Velocity Frequent Flyer cards, focusing on the value of rewards points and additional perks. For Qantas cards, judges looked at the overall rewards value, discounts, and benefits like free flights and lounge access. For Velocity cards, judges evaluated point conversion, the value of rewards, and available discounts.

“Mozo’s top rewards credit cards were distinguished by their impressive point-earning capabilities and reasonable fees that offer consumers the best value for every dollar spent,” says Marshall. 

“While these cards can often come with higher annual fees, they provide significant benefits that can make those fees worth it. For Australians with family overseas or frequent travellers, these cards can enhance your travel experience with fantastic rewards and perks.”

Rewards Credit Card Provider of the Year: American Express

“American Express has been the market leader in the field of rewards credit cards for years now,” says Marshall. “They’ve consistently delivered outstanding benefits, and their cards continue to set the benchmark, with exceptional rewards programs for Aussies who want to get the most out of their spending.”

Awards: Best Rewards Travel Credit Card (American Express: Qantas Discovery Card), Best Qantas Frequent Flyer Credit Card (American Express: Qantas Discovery Card), Best Velocity Frequent Flyer Credit Card (American Express: Velocity Escape Card)

Best Rewards Credit Card

• Coles: Rewards Mastercard 
• Kogan Money: Black Card

Best Qantas Frequent Flyer Credit Card

• American Express: Qantas Discovery Card

Best Velocity Frequent Flyer Credit Cards

• American Express: Velocity Escape Card 
• Coles: Rewards Mastercard 

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 cards, issued by 67 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.