When searching for the best credit cards, it's important to figure out which type your spending habits. The most common credit card types in the market are low rate, low annual fee, rewards or balance transfer. For each of these types, we have listed links to our handpicked best credit cards.
Low Rate Credit Cards
Low Purchase Rate:
Click on the link to see the list of best low interest rate credit cards.
Choosing a low rate credit card is a great pick if you cannot pay off your balance each month. By paying only the minimum payment every month you'll be charged interest.
Typically, credit cards have a purchase rate of around 20% p.a. While some low interest rate cards can get you a purchase rate of around 9% p.a. This means having a low rate card you can half the interest you pay every month.
Interest Free Offers:
Click on the link to see the list of top interest free offer credit cards.
Generally, the interest free offers work well for big ticket purchases. Buying a new fridge or plane ticket on interest free then allows you to not fork one lumpsum payment.
However, do dedicate to paying the balance off by the expiry date. Because at expiry the interest rate reverts to the standard purchase rate which is usually around 20% p.a. But you can always select a low rate credit card with a smaller reverted standard rate.
Click on the link to see the list of best balance transfer credit cards.
Balance transfer deals are handy when you have a balance that you're struggling to make disappear. Depending on how high the balance, sometimes the interest charges consume a large portion of the monthly repayment. Thus, a balance transfer can give you a break by paying no interest and help you squash that balance faster.
When comparing balance transfer offers, remember to also compare the balance transfer fee too. Plus, do a check on the offer's reverted interest rate. The reverted rate is the rate subjected to any remaining transferred balances unpaid. Some credit cards do actually offer a lower reverted interest than others.
Rewards or Bonus Points Credit Cards
Rewards and Bonus Points:
Rewards credit cards have a wide range of different reward features. In exchange for your well-earned points you can get gift items, gift cards or cash. Actually, most reward point programs do have a cash back option.
The best rewards cards usually have the highest point earnings per dollar spend. Some offer points for everyday purchases, government spending or international purchases. But don't worry we clear up the point earnings structure on our list of credit cards.
Nothing beats giving yourself a big head start by collecting bonus points. Take a look at the big bonus point offers from our list of best credit cards. This way you can earn yourself a free flight or cashback in the first few months, which is super!
If instead, you want to exchange points for flights or hotels, check out frequent flyer points below.
Cash Back Offers:
Click on the link to see the list of best cash back offer credit cards
A cash back offer is like having bonus points but instead in the form of cash. There aren't that many cash back offers available in the market. Though do try to find a cash back offer that's higher than the annual fee. This way you end up with a surplus of cash.
Besides, there are cash back offers with a high annual fee that provides value with a full suite of benefits.
Travel or Frequent Flyer Points Credit Cards
Click on the link to see the list of best travel credit cards.
It's always comforting to have a credit card that serves you specifically for travel. One of the most important benefits for travel cards is having no foreign transaction fees. On return back home from your holiday, you don't want to find that you've paid 3% fee for every transaction made.
Plus, there are other cool benefits available like complimentary travel insurance, lounge access, travel credits and more. Some of the best travel credit cards have a wide range of travel benefits at a reasonable annual fee cost.
Frequent Flyer Points:
Click on the link to see the list of best frequent flyer credit cards.
Frequent flyer points can earn you free flights or hotels stays around the world. The two major frequent flyer points programs are Qantas Points and Velocity Points. The Qantas Frequent Flyer program allows you to Qantas Points use with Jetstar and partners. Its partner airlines are the oneworld 13 global airlines alliance.
While Velocity Points belong to the Virgin frequent flyer program. Virgin has 15 airline partners that you can use your Velocity Points on.
No Annual Fee Credit Cards
No Annual Fee:
Click on the link to see the list of best no annual fee credit cards.
When it comes to choosing a no annual fee credit card you should consider if there are any extra benefits you really want. Usually, the annual fee cards don't have as many extra benefits.
But there are some $0 annual fee cards that do have a few extra benefits. Instead, if you want to stack more perks then you should consider paying an annual fee for a better credit card.