Five credit cards that seem too generous to be real: June 2021

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Credit cards are staging a come-back in 2021, with a wave of fresh new card offers hitting the market that at first glance seem almost too generous to be true. But there’s a bigger story driving this wave of apparent generosity, and it’s one that cardholders are set to benefit from.

After years of declining rewards, steep fees and charges, and even steeper competition from new payment options like debit cards and buy now pay later, credit card providers are now being forced to reverse the trend and deliver real consumer value to combat competition from the likes of Afterpay and Zip.

As a result we’re now seeing 0% balance transfer offers extend out to as much as 36 months, purchase rates drop under 10% and annual fees on some low rate cards drop below $50. On the rewards and perks front, MoneyMe has launched an innovative virtual card that lets you earn cashback from 1,400 stores.

So no matter whether you’re looking to clear your debt with a 0% balance transfer, save on interest and fees or get better value out of your rewards, now is an ideal time to check out some of the top credit card offers on market.

1. Get credit back from 1,400 stores with this virtual card

MoneyMe Freestyle Virtual Mastercard
MoneyMe
  • A virtual card that’s available to use instantly once approved

  • Save with credit back offers from over 1,400 stores

The new MoneyMe Freestyle card is shaking up the credit card world with an innovative virtual credit card and cashback approach. The virtual card can be used instantly as soon as its approved, which according to MoneyMe typically takes less than 60 minutes. Once approved you can use the card to Tap n Pay, transfer money to friends and get credit back offers from over 1,400 stores.

2. Zero interest on balance transfers until June 2024

HSBC Platinum Credit Card
HSBC
  • 0% p.a. interest on balance transfers for 36 months

  • Discounted $29 annual fee in first year ($129 thereafter)

Featuring the most generous 0% balance transfer offer currently in the Mozo database plus a discounted annual fee in the first year, the HSBC Platinum credit card is a top contender for those looking to save on interest and get on top of credit card debt. There is no balance transfer fee and once you’ve cleared your balance you can enjoy up to 55 interest free days on purchases and earn points on your spending through the HSBC Rewards Plus program.

3. Big 4 Bank annual fee waiver and 0% balance transfer offer

Westpac Low Rate
Westpac
  • 0% p.a. interest on balance transfers for 28 months (1% balance transfer fee applies)

  • No annual fee in first year ($59 thereafter)

The popular Westpac Low Rate credit card is delivering extra generosity right now with a 28 month zero interest balance transfer offer plus a first year annual fee waiver. You'll also enjoy a competitive purchase rate of 13.74% p.a and a low annual fee after year one of just $59. A balance transfer handling fee of 1% applies to transferred balances, but once you’ve cleared your balance you can enjoy up to 55 interest free days on purchases.

4. All-round generosity with a low rate, low fee and 0% BT offer

Bendigo Bank Low Rate Credit Card
Bendigo Bank
  • Low $45 annual fee and 11.99% p.a. purchase rate

  • 0% p.a. on balance transfers for 24 months (2% balance transfer fee applies)

The Low Rate Credit Card from people’s favourite Bendigo Bank offers a triple scoop of generosity with 0% p.a. interest on balance transfers for 24 months, a competitive purchase rate and balance transfer revert rate of just 11.99% p.a. and a low $45 annual fee. You’ll also enjoy up to 55 days interest free on purchases, 24/7 fraud monitoring and no liability for unauthorised transactions.

5. Low purchase rate + annual fee plus generous 0% BT offer

Great Southern Bank Low Rate Credit Card
Great Southern Bank
  • 0% on balance transfers for 20 months

  • Low 11.99% p.a. ongoing rate and $49 annual fee ($0 in first year)

This hidden gem of a credit card from Great Southern Bank (formerly known as CUA) has a refreshingly low purchase rate and annual fee, and if that’s not generous enough they’ve also thrown in a 0% balance transfer offer for 20 months. Cardholders enjoy up to 55 days interest free and the low $49 annual fee is waived completely in the first year, making this card a top contender for anyone looking for a great value credit card for everyday purchases minus all the bells and whistles. 

^See information about the Mozo Experts Choice Credit cards Awards

Want to compare more credit cards? Head over to our credit card comparison hub to see more top May 2021 credit card offers and compare over 200 cards from 60 providers.