Balance Transfer
There isn't one best credit card on the market. And all credit cards can't be compared equally. So our experts have chosen a top pick for each type of credit card offer that appeals to a wide variety of people in Australia.
Our picks for the best credit cards for January:
- Best balance transfer credit card: St.George Vertigo Card
- Best rewards credit card: American Express Velocity Platinum Card
- Best no annual fee credit card: Kogan Money Credit Card
- Best low rate credit card: Westpac Low Rate Card
- Best frequent flyer credit card: Qantas Premier Platinum Card
- Best 0% purchase credit card: Virgin Money No Annual Fee Credit Card
- Best 0% foreign fee credit card: Bankwest Zero Platinum Credit Card
- Best business credit card: Amex Qantas Business Rewards Card
The top picks were updated by our team of credit card experts and reviewed by senior writer Amy Bradney-George on 2 January 2024.
Top pick for balance transfer
St.George Vertigo Card
- 0% Balance Transfer Offer
- $55 Annual fee
- 13.99% Purchase rate
Pros & cons
- Balance transfer rate of 0% p.a. for the first 32 months, with no BT fee
- A low ongoing annual fee
- Competitive purchase interest rate of 13.99% p.a.
- Additional cardholder at no extra cost
- The balance transfer rate reverts to the 21.49% p.a. cash advance rate at the end of the introductory period
- No rewards program
- Does not offer travel perks or insurance covers
Why we like it
- 13.99% p.a. variable interest rate on purchases. That's much lower than the average standard credit card interest rate in Australia, which is currently 19.82% p.a.
- Long 0% p.a. balance transfer offer for 32 months (with no fee), which can help you save on interest and pay off existing debts faster.
- Unlike many other cards, you still get interest-free days when you have a balance transfer.
- Mobile payments through Apple Pay, Google Pay and Samsung Pay.
Top pick for rewards
American Express Velocity Platinum Card
- 100,000 Bonus Velocity Points
- $375 Annual fee
- 23.99% Purchase rate
Pros & cons
- 100,000 bonus Velocity Points offer
- Up to 2.25 points per $1 spent, uncapped
- 100 Velocity Status Credits when you spend at least $50,000 in your first year
- Complimentary Virgin Australia return economy domestic flight per year
- Relatively high $375 annual fee
- 3% foreign transaction fee
- The 23.99% p.a. interest rate for purchases is high among other credit cards in Australia
Why we like it
- Offers 100,000 bonus Velocity Points. That's enough for a one-way business flight between Sydney and Los Angeles.
- 100 Velocity Frequent Flyer Status Credits when you spend $50,000 in the first year.
- Complimentary Virgin Australia economy domestic flight every year between selected cities.
- A bunch of complimentary travel perks, including 4 lounge passes per year and travel insurance.
Top pick for $0 annual fee
Kogan Money Card – Exclusive Offer
- 0% Balance Transfer Offer
- $0 Annual fee
- 20.99% Purchase rate
Pros & cons
- No annual fee
- 0% p.a. on balance transfers for 18 months
- Uncapped reward points
- Complimentary Kogan First membership
- Balance transfer offer has a 1% BT fee
- High 21.74% p.a. interest rate for balance transfers after the introductory period
- No interest-free days if you have a balance transfer
- Purchase interest rate of 20.99% p.a. is relatively high
Why we like it
- The ongoing $0 annual fee can save you around $30 to $700 (or more) compared to other credit cards with an annual fee. It also offers 0% p.a. interest on balance transfers for 18 months with a 1% balance transfer fee, which means you can repay existing card or personal loan debt interest-free for up to 1.5 years.
- Earns 2 Kogan reward points per $1 on Kogan.com purchases and 1 point per $1 on all other eligible spending, with 1,000 points = $10 of credit at Kogan.com. The equivalent value of 1 cent per point is competitive for this type of reward.
- Complimentary Kogan First Membership means you can get free shipping on thousands of products, exclusive offers and express shipping upgrades that add value if you're a loyal Kogan shopper.
Top pick for low rate
Westpac Low Rate Card
- 0% Balance Transfer Offer
- $59 Annual fee
- 13.74% Purchase rate
Pros & cons
- 0% p.a. for up to 28 months on balance transfers, with no BT fee
- Low 13.74% p.a. interest rate on purchases
- Balance transfer reverts to the high cash advance rate of 21.49% p.a. after the introductory period
Why we like it
- Offers a long 0% p.a. balance transfer offer for 28 months, which means you could transfer debt to this card and repay it with no interest for the first 2 years and 4 months.
- There is no balance transfer fee with this offer, which could save you 1-3% compared to some other offers currently on the market.
- The relatively low $59 annual fee also helps keep your account costs down.
- Has a 13.74% p.a. interest rate for purchases, which is competitive with other low rate cards.
Top pick for frequent flyer
Qantas Premier Platinum
- Up to 80,000 Bonus Points
- $349 Annual fee
- 19.99% Purchase rate
Pros & cons
- Up to 80,000 bonus Qantas Points
- Up to 2 Qantas Points per $1 spent
- Balance transfer offer of 0% p.a. for 12 months
- Discounted $349 first-year annual fee
- The standard $399 annual fee is relatively high
- You will not get interest-free days on purchases if you’re carrying a balance transfer debt
- While most Australian spending earns 1 point per $1, anything over $10,000 in a statement period earns a lower rate of 0.5 points per $1
Why we like it
- Offers up to 80,000 bonus Qantas Points, which is enough to redeem 2 return economy reward flights from Sydney to Fiji (not including fees and taxes) or $375 of Woolworths digital gift cards.
- Up to 2 Qantas Points per $1 for eligible spending with Qantas and between 0.5 and 1.5 Qantas Points per $1 on other eligible spending. And most everyday spending in Australia would earn 1 Qantas Point per $1 (unless you spent more than $10k in a month).
- 2 complimentary airport lounge invitations each year and up to 20% off eligible companion fares for domestic flights with Qantas or Qantas Link once a year
Top pick for 0% purchases
Virgin Money No Annual Fee Credit Card
- 0% Interest Offers
- $0 Annual fee
- 18.99% Purchase rate
Pros & cons
- $0 annual fee for the life of the card
- 0% p.a. interest rate for 12 months on balance transfers and purchases
- Fraudshield security and Visa Zero Liability to help protect your account
- The revert interest rates are relatively high
- Although the card is issued by Virgin Money, you will not earn Velocity Points for your spending
Why we like it
- Offers 0% p.a. interest on purchases for the first 12 months. This means you could do your holiday shopping (or other spending) and have a year to pay it off interest-free.
- Also offers 0% p.a. on balance transfers for 12 months, which could help you save on interest as you pay off existing debt.
- The ongoing $0 annual fee could save you around $25 to $1,450 compared to credit cards that charge an annual fee.
Top pick for 0% foreign fee
Bankwest Zero Platinum Mastercard
- No Annual Fee & 0% Balance Transfer Offer
- $0 Annual fee
- 14.99% Purchase rate
Pros & cons
- 0% p.a. on balance transfers for 28 months
- Complimentary overseas travel insurance
- 0% foreign transaction fees online and overseas
- 3 additional cardholders at no extra cost
- Even with a $0 annual fee and 14.99% p.a. purchase rate, you must still be approved for a $6,000 minimum credit limit.
- Charges a one-time 3% balance transfer fee
Why we like it
- The Bankwest Zero Platinum Mastercard has a $0 annual fee and 0% foreign transaction fees.
- It also includes overseas travel insurance for trips of up to 31 days, with no activation requirement and the option of upgraded cover through Cover-More.
- Bankwest is one of the few providers that offers a digital card you can use straight away once you're approved and activate your account.
Top pick for business
American Express Qantas Business Rewards Card
- 150,000 Bonus Qantas Points Offer
- $450 Annual fee
- N/A Purchase rate
Pros & cons
- 150,000 bonus Qantas Points
- No pre-set spending limit and up to 51 days cash flow
- Complimentary travel insurance
- 2 complimentary domestic Qantas Club lounge passes per card membership year
- $450 annual fee
- 3% foreign currency conversion fee
Why we like it
- Offers 150,000 bonus Qantas Points, which, as an example, you could redeem for a one-way business class flight between Sydney and Tokyo.
- Up to 2 Qantas Points per $1 spent and triple Qantas Points on eligible flights booked through Qantas Business Rewards.
- 2 complimentary Qantas Club lounge invitations per year.
- Lots of business benefits and offers, including up to $200 back with Dell Technologies each year and up to 99 employee cards.
🧪 Methodology: How we chose our top picks
To determine the top picks for different credit card categories, Finder’s experts examine over 250 cards in our database every month. We narrow it down to cards available through Finder and analyse them based on the rates, fees, offer details and other factors specific to the category.
In addition to the factors listed, we may consider any additional features or introductory offers that are relevant and have the potential to offer additional value. All our top picks are from credit card brands Finder has a commercial partnership with and may not always be best for you. Based on your situation, you may find certain features to be more or less important, so compare your options before you apply.
Why you can trust Finder's research
250+ credit cards compared
Analysis from the experts
Picks updated regularly
A credit card can be a great tool to help you buy what you need, earn rewards or pay off other debt. But credit cards aren't right for everyone. If you're carrying a balance from month to month and paying interest, it might be worth comparing personal loans or even a buy now pay later service for smaller purchases.
Alanna Glenn
Finder's lead publisher for money
How do I find the best credit card for me?
The ideal credit card is different for everyone (which is why there's not a single "best" credit card). But there are a few things that have universal appeal, including:
- Low fees and interest rates to help you save on credit card costs
- Rewards, travel perks or other extras that you can use to get more value
- A long 0% balance transfer period if you want to pay off existing debt without interest
- A bank you want to deal with (think good service, a cool app or mobile payments)
Types of credit card offers and how to find the right one for you
There are hundreds of credit cards in Australia for both personal and business spending. These cards can be narrowed down into 5 main categories or "types". Different cards will work for different people. Here's how to find one based on your credit card habits:
If you want to earn points for your spending
If you use your card for everyday spending and want to be rewarded, you could check out frequent flyer, cashback or rewards credit cards that offer extra value per $1 spent. New cards usually offer thousands of bonus points as an incentive for new customers and sometimes discount the annual fee (which can be higher than on some no-frills cards). With these types of cards, always aim to pay off your balance in full every month.
If you only use your credit card for emergencies
This is one of the most common reasons Australians get a credit card, with Finder research showing 41% of Australians got their last credit card for emergencies. When that's the case, a no annual fee card costs you nothing to keep. And if you pay it off in full each month, it could cost you nothing at all.
If you carry a balance from month to month
Carrying a balance from month to month can be handy but also expensive, with the average credit card interest rate currently at 19.82% p.a. A card with a low interest rate (typically around 8–15% p.a.) would save you money in the long run.
If you already have credit card debt
A balance transfer credit card can help you save money and simplify your payments by offering a low or 0% interest rate on debt you move to the new card. Balance transfer offers usually last 6–32 months, giving you some time to pay off your debt without having to pay interest. If you have a few debts, combining them can also help you save on rates and fees.
If you want a credit card for your business
Some sole traders and small business owners will choose a personal credit card for their work spending. But business credit cards offer you more expense management tools and features such as detailed statement breakdowns, automatic feeds for accounting software and cards for employees. They're also more likely to offer rewards for spending with the ATO and other government bodies.
New to credit cards?
If you're not sure what some of the terms on this page mean, you can check out Finder's guide to credit cards for beginners to learn how they work. It also has a comparison of cards typically suited to new cardholders, including low rate, no annual fee and student credit cards.
Compare to find the best credit card for you
When I first moved to Australia 9 years ago, I took out an Amex that earned Velocity Points and gave me a solid earn rate of 1.2 points per dollar spent. The card had an annual fee of $375, 2 free lounge passes, a free return domestic flight and 120,000 bonus points and away we went. After Virgin halted many of its international flights – especially to LAX – the novelty of earn rates and lower annual fees was trumped by wanting airline miles I could more easily use. On top of this, there is only a Woolies near my house which means my groceries earn Qantas Points and Amex is not accepted everywhere. Very happy with my ANZ Qantas Visa.— Taylor Blackburn, personal finance specialist
Why you can trust Finder's credit card experts
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We've researched and rated hundreds of cards as part of our Finder Awards. We've published 200+ guides and our in-house experts regularly appear on Sunrise, 7News and SBS News.We're independent
Unlike other comparison sites, we're not owned by a bank or lender. That means our opinions are our own and you can compare nearly every credit card in Australia on Finder.
We're here to help
Since 2012, we've helped almost 6 million people find a credit card by comprehensively comparing offers. We'll never ask for your personal information. We're here to help you make a decision.Frequently asked questions
2023 Finder Awards winners and finalists
Find out which brands took first place at the 2023 Finder Awards.
Every year the Finder Credit Card Awards celebrate Australia's top credit cards, with expert analysis on rates, fees and offers based on 12 months' worth of data. The awards cover categories including balance transfers, travel and frequent flyer rewards – with separate categories for cards that earn Qantas Points and Velocity Points.
As offers change frequently, these cards might not currently have the most competitive deals but you can use them as a benchmark against current offers.
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