Australia’s Best Credit Cards February 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 17.11%. 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 20.28%. 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 February 2024
- NAB Low Rate Credit Card
- NAB Rewards Signature Card
- American Express Velocity Platinum Card
- American Express Essentials Credit Card
- NAB Rewards Signature Credit Card
- Bankwest Breeze Mastercard
- American Express Platinum Edge Credit Card
Editor’s pick of the month: best credit card deals on Mozo in February
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 + Annual Fee Waived
NAB Low Rate Credit Card
- No annual fee in the first year ($59 afterwards)
- Low ongoing purchase rate of 13.49% p.a
- Up to 55 days interest free
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 no annual fee in the first year ($59 afterwards). If you’re looking to consolidate debt there is an enticing 0% p.a. balance transfer offer for 28 months but a 2% 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 but all overseas transactions carry a 3% foreign exchange margin. The minimum credit limit with this card is $1000.
Bonus point offer
NAB Rewards Signature Card
- Earn up to 3.75 points per $1 spent (terms and conditions apply)
- 140,000 bonus points offer available (terms and conditions apply)
- Annual fee reduced to $195 in the first year ($295 annual fee thereafter)
Key details: With the highest NAB Rewards Point earn rate available, you could make your spending count for more with the NAB Rewards Signature Credit Card. You’ll earn 1.25 points per $1 spent on eligible purchases, but purchases with certain retailers will score even higher earn rates: shop online with Webjet to earn 3.75 points per $1 spent, or instore and online at major department stores like Myer, David Jones, Kmart, Target, Bunnings, and more to earn 2.5 points per $1 spent. There is an annual fee of $295 and a purchase rate of 20.99% p.a., but the annual fee is reduced to $195 in your first year. You can also take advantage of the standard NAB balance transfer offer, where you can bring over an existing credit card balance for 12 months interest free (3% balance transfer fee applies). Right now, you can also get 100,000 bonus points when you spend $3,000 on everyday purchases within the first 60 days of opening your account, and a further 40,000 bonus points when you keep your card for over 12 months (terms and conditions apply).
Earning velocity points
American Express Velocity Platinum Card
- 100,000 bonus Velocity Points offer (T&Cs apply)
- Up to 2.25 Velocity Points per $1 spent, uncapped
- Annual complimentary domestic Virgin Australia flight
Key details: If you’re interested in Velocity points, there’s a lot to be interested in with the American Express Velocity Platinum Card. The points earning potential is uncapped, which means you can earn as much as possible with $1 spent at Virgin Australia netting you 2.25 Velocity points, and 1 Velocity Point earned for $1 spent anywhere else (apart from government bodies, which will earn 0.5 points per $1). The purchase rate on this card is a relatively high 23.99%, and it comes with an annual $375 fee. That said, there are also some impressive perks: an annual complimentary domestic flight with Virgin Australia, 2 complimentary passes to Virgin Australia lounge passes per year, and 2 complimentary passes to the Centurion Lounge in either Melbourne or Sydney.
Expert picks: Mozo Experts Choice Award-winning best credit cards
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 2023, our data analysts compared 201 personal and 48 business credit card products issued by 70 Australian financial institutions, with only the best value in each category taking the titles.
In this year’s awards, Bankwest took out the title of the 2023 Credit Card Provider of the Year, winning a total of 11 awards including the Low Rate Credit Card, No Annual Fee Credit Card and Balance Transfer Credit Card awards.
In terms of rewards credit cards, American Express won the award for Rewards Credit Card Provider of the Year, winning 12 awards for its credit cards.
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:
Best Rewards Credit Card
American Express Essentials Credit Card
- Earn up to 1.25 points per $1 spent (terms and conditions apply)
- Smartphone screen protection (terms and conditions apply)
- No annual fee
Why it won: The experts were impressed with the American Express Essentials Credit Card, allowing it to take out the 2023 Mozo Experts Choice Award^ for Best Rewards Credit Card. With this card, you can earn 1.25 points per $1 spent on purchases in Australia excluding government bodies, where you can earn 1 point per $1 spent. You can also 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 18.99% p.a., and there is no annual fee attached.
Best Premium Benefits Credit Card
NAB Rewards Signature Credit Card
- Best premium benefits credit card - NAB Reward Signature
- Reduced annual card fee for the first year (from $295 to $195)
- Add an additional cardholder at no extra cost
Why it won: The NAB Rewards Signature Credit Card won a 2023 Mozo Experts Choice Award^ for Premium Card Benefits. With this card, card holders can earn up to 3.75 points per $1 spent and these points can be transferred to one of NAB’s partner programs such as flybuys, Velocity, Cathay Pacific and more. This card also gives you access to NAB’s concierge service and Visa Premium Access. You can also add an additional cardholder at no extra cost. The purchase rate on this card is 20.99% and the annual fee is $295 (reduced to $195 for the first year).
Best Low Rate Credit Card
Bankwest Breeze Mastercard
- 0% purchase rate for 15 months (then 12.99% p.a. thereafter) (T&Cs apply)
- Up to 55 interest free days on purchases
- $49 annual fee ($0 annual fee for the first year)
Why it won: The Bankwest Breeze Mastercard impressed Mozo Experts Choice judges with its great features and low purchase rate. As a result, this credit card took out a 2023 Mozo Experts Choice Award^ for Best Low Rate Credit Card. This card comes with a 0% p.a. purchase rate for the first 15 months which then reverts to 12.99% p.a. It also has a 0% p.a. Balance transfer rate (2% BT fee applies) for the first 15 months (T&Cs apply) and customers can transfer up to 95% of their approved credit limit. There is also an interest free period of up to 55 days and a relatively low annual fee of $49 however this fee is waived for the first year so you won’t have to worry about it!
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. Check a card from one of the 2023 Mozo People Choice Award winners in the credit card category.
American Express Platinum Edge Credit Card
- $200 annual travel credit (terms and conditions apply)
- Earn up to 3 points per $1 spent (terms and conditions apply)
- Annual fee waived in the first year ($195 thereafter)
Key details: American Express won a 2023 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). There is a $195 annual fee for this card, but it is waived in the first year. 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.
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.