We will rank 20 of the most popular no annual fee credit cards into a tier list so you can know which are the best credit cards in Australia and the truth about which ones are good and which are just overrated. These are some of the best and most popular credit cards, which will help you decide which are best for you in Australia. Each credit card has been reviewed based on its sign-up bonus, additional perks and benefits, and the overall value it should give you.
SIGN-UP BOUNS
30,000 Flybuy PTS, Spend $3,000 in the first 3 Months from Sign up
ANNUAL FEE: 0$
0.5 Flybuy Points per $ on all purchases
Free
Complimentary Insurance on the Card
Free
24/7 Personal Concierge Service
SIGN-UP BOUNS
50,000 Rewards PTS, Spend $4,000 in the first 3 Months from Sign up
ANNUAL FEE: 395$
Complimentary Insurance on the Card
400$
Travel Credit for flights, Hotels etc.
2
Lounge passes at centurion Lounge
SIGN-UP BOUNS
70,000 Qantas PTS, Spend $4,000 in the first 3 Months from Sign up
ANNUAL FEE: 175$
Complimentary Insurance on the Card
0.5
Earn o.5 Qantas points per $ spent
$49
Reduced 1st year Annual fee
SIGN-UP BOUNS
100K QFF PTS + $250, Spend $5,000 in the first 3 Months from Sign up
ANNUAL FEE: 425$
Complimentary Insurance on the Card
FREE
Qantas Lounge Invitations in SYD/MELB
30K
Additional Qantas Points in 2nd Year
SIGN-UP BOUNS
90,000 Qantas PTS, Spend $6,000 in the first 120 Days from Sign up
ANNUAL FEE: 295$
Complimentary Insurance on the Card
FREE
Qantas Lounge Invitations in SYD/MELB
30K
Additional Qantas Points in 2nd Year
SIGN-UP BOUNS
90,000 Qantas PTS, Spend $3,000 in the first 3 Months from Sign up
ANNUAL FEE: 175$
Complimentary Insurance on the Card
$0
1st Year Annual free reduced for customers
30K
Additional Rewards Points in 2nd Year
SIGN-UP BOUNS
80,000 PTS + $50, Spend $2,000 in the first 3 Months from Sign up
ANNUAL FEE: 145$
Complimentary Insurance on the Card
1.5
Reward points per $ spent on purchases
24/7
Personal Concierge services
SIGN-UP BOUNS
100,000 Rewards PTS, Spend $6,000 in the first 120 Days from Sign up
ANNUAL FEE: 295$
Complimentary Insurance on the Card
$ 99
1st Year Annual Free Reduced For Customers
50k
Additional Rewards Points in 2nd Year
SIGN-UP BOUNS
180,000K PTS + $150, Spend $3,000 in the first 3 Months from Sign up
ANNUAL FEE: 375$
Complimentary Insurance on the Card
2.0
Earn 2.0 Reward Points per $ Spent
24/7
Personal Concierge Service
SIGN-UP BOUNS
No Sign Up Bonus
ANNUAL FEE: 35$
Complimentary Insurance on the Card
3.0
Earn 3.0 Reward Points per $ Spent
0%
International transactions fees – 0%
SIGN-UP BOUNS
120,000 Rewards PTS, Spend $3,000 in the first 60 Days from Sign up
ANNUAL FEE: 295$
$145 reduced 1st year annual fee
1.25
Earn 1.25 Reward Points per $ Spent
40k
Bonus Reward points in the 2nd year
SIGN-UP BOUNS
90,000 Qantas PTS, Spend $3,000 in the first 60 Days from Sign up
ANNUAL FEE: 295$
$100 reduced 1st year annual fee
1.25
Earn 1.25 Reward Points per $ Spent
30k
Bonus Reward points in the 2nd year
SIGN-UP BOUNS
60,000 Qantas PTS, Spend $3,000 in the first 3 months from Sign up
ANNUAL FEE: 375$
$100 reduced 1st year annual fee
1.25
Earn 1.25 Reward Points per $ Spent
30k
Bonus Reward points in the 2nd year
SIGN-UP BOUNS
100,000 Qantas PTS, Spend $3,000 in the first 3 months from Sign up
ANNUAL FEE: 450$
$100 reduced 1st year annual fee
2.25
Earn 2.25 Reward Points per $ Spent
30k
Bonus Reward points in the 2nd year
SIGN-UP BOUNS
275,000 Rewards PTS, Spend $10,000 in the first 3 months from Sign up
ANNUAL FEE: 700$
Complimentary Priority Pass Membership
Free
4th Night Free At Selected Hotels
$10
Cashback for uber rides once a month
SIGN-UP BOUNS
200,000 Rewards PTS, Spend $7,000 in the first 3 months from Sign up
ANNUAL FEE: 700$
2 Complimentary Airport Lounge passes
2
Reward Points per $ Spent on purchases
$150
1st year reduced annual fee
Best no annual fee credit card with rewards
Coles No Annual Fee MasterCard
Starting with the first overrated card, Kohl’s No Annual Fee MasterCard. Now, Kohl’s has no annual fee. MasterCard is a credit card that offers both rewards and has a $0.00 yearly fee, which is excellent at first glance. However, the signup card’s bonus is 30,000 bonus flyby points after spending $3000 on eligible purchases in the first three months from approval, which is only enough points to redeem for $150.00 worth of flyby dollars or shopping at Coles or other supermarkets.
Furthermore, on an ongoing basis, the flyby points you earn are low at 0.5 points per dollar spent. This card is overrated because plenty of other free credit cards have a $0.00 annual fee and significantly higher rewards as a signup bonus.
AMEX Explorer
The next card will be on the opposite side of the tier list because I ranked this card as an S tier, and that’s the American Express Explorer credit card. This credit card is suitable for nearly everyone, whether you’re a beginner looking for your first credit card or an experienced hacking enthusiast like myself. The annual fee is quite steep at $395. Still, the card pays for itself because it’s offset by a $400.00 yearly travel credit that Amex provides you that you can use on any eligible domestic or international travel overseas credit card Australia.
The signup bonus is often 50 1000 bonus membership reward points. Still, you can usually find an increased exclusive signup bonus for 75,000 reward points if you shop around, which you can redeem to over ten different partner airlines. On top of this, you’ll be gaining access to the American Express Centurion Lounge in Sydney and Melbourne. All American Express credit cards come with various complimentary travel insurances, such as domestic and credit card for international travel Australia fraud protection. The more unique one is the screen cover protection, which covers you for up to $500 in repairs if you break your screen.
Westpac Qantas Altitude Platinum
However, only some people want to pay an upfront annual fee of $395, which I understand. So, the next card will have a low yearly fee of just $49.00 for the first year before reverting to $175 after that. This best travel credit card is a must-have, but anyone who wants easy value will buy the Westpac Qantas Altitude Platinum card. For that $49.00 annual fee in the first year, you’ll receive 70,000 bonus Qantas points after spending $4000 in the 1st 90 days, which is enough for a return flight from Melbourne to Hong Kong in economy.
Note that to receive the $49.00 first-year annual fee, you will need to be an existing Westpac customer, but that’s easy enough to do if you aren’t one, as you can sign up for one of their everyday transaction accounts. The card’s ongoing earn rate is only 0.5 Qantas points per dollar spent, but for such an inexpensive card, I’m not expecting anything more than that.
As this is still a travel credit card, you’ll see the standard benefits and perks, such as complimentary international travel insurance, extended warranty, and purchase protection insurance. So the Westpac Qantas Altitude Platinum card will be added to the BTA here because of the great bonus and low annual fee, but the ongoing earn rate is just OK, which is why I’m not putting it up any higher.
ANZ FF Black Card
Now, If you want a low-interest credit card in Australia with a higher ongoing earn rate, then that’s where the ANZ Frequent Flyer Black Card shines, ANZ’s highest points earning credit card with an ongoing rate of 1 Qantas point per dollar spent. The ANZ frequent flyer Black card also has one of the highest bonus Qantas Points offers on the market. And on top of that, you’ll also earn an additional 30,000 bonus Qantas points in the second year.
It comes with a hefty annual fee of $425.00, but it also offers plenty of additional travel perks, including Qantas, lounge invitations, and complimentary travel insurance. Now, a quick tip with this credit card is that you can call ANZ and ask them to refund you the annual fee you’ve already paid when you close the credit card. This is only sometimes guaranteed to work, as it can depend on who you speak to, but I recently did this a few weeks ago and successfully received a full refund on my annual fee.
This is why I’m placing this card firmly in the ATR because you receive one of the highest sign-up bonuses with cash back. That helps offset that high annual fee. Also, it has a tremendous ongoing earning rate, and you can get a full refund on that yearly fee. I will bump this card up to the STR if you get the annual fee refunded.
Westpac Qantas Altitude Black
The Westpac Altitude Qantas Black card is another transfer credit card with a large signup offer for Qantas points. If you’re an existing Westpac customer, the annual fee will be reduced to $150.00 in the first year before reverting to $295 in the second year. For those reasons, I will also place this card in the ATR alongside the Black card for the ANZ frequent flyer.
Cashback Credits Cards
We’ve mainly focused on travel credit cars, which might only be for some. And if you’re not interested in travelling, receiving cashback is the next best thing, especially when things have gotten so expensive. Now, there is a range of different cards that offer good cashback credit cards. Still, both Westpac and ANZ offer some of the more popular ones on the market.
Westpac Platinum Card
Westpac Altitude business rewards credit card Black Card, the Rewards Platinum Card, and the ANZ Rewards Black Card and Reward Platinum Card. Now, when you boil everything down, the only difference between these four credit cards is the amount of bonus reward points that you’ll receive as part of your sign-up bonus, which essentially directly translates to how much cash back you’ll receive in the form of statement credits or gift cards, and additionally, the annual fee that you’ll also have to pay.
The Platinum card offered by both Westpac and ANZ can essentially be seen as a lower tier of credit card with lounge access in comparison to the black cards, so these will be perfect for any beginners who are looking for their first credit card or somebody who doesn’t want to have to meet high spend criteria to receive their sign up bonus. With the Westpac Altitude Platinum card, you’ll receive 90,000 bonus reward points in the first year if you spend $3000 on eligible purchases within the 1st 90 days and an additional 30,000 points after your first eligible purchase in the second year.
If you’re an existing Westpac customer, they’ll waive the annual fee in the first year to $0.00 before it reverts to $175. Now, the 90,000 reward points can be redeemed for $450 in gift cards, and since there’s no annual fee, this is the total cash back you’d walk away with. This means that if you decide to earn that additional 30,000 points, this is equivalent to earning an extra $150.00 in gift best-rate credit card, which is lower than the total annual fee of $175 in the second year.
ANZ Platinum Reward Card
With the ANZ Platinum best credit card money-back Rewards, you’ll receive 80,000 ANZ reward points after spending just $2000 in the first three months and $50.00 cashback to offset the $149 annual fee, bringing the total down to $99. Eight thousand reward points can be redeemed for $350.00 in gift cards, which, after taking into account the annual fee of $99, will give you a total cashback of around $260.00.
So, after comparing these offerings, I will place the Westpac in the BTR and then the ANZ in the Ctr due to the lower cash back you receive. See next with the higher-tier black card equivalents; these are the more premium credit cards, which means you’ll have higher ongoing earning rates. With the Westpac Black Card, you’ll earn 1.25 reward points per dollar spent instead of just one reward point with the Platinum Card. With the ANZ Black Card, you’ll earn two reward points instead of one for the Platinum version.
Westpac Black Card
You’ll also receive more perks, such as two complimentary Priory Pass Lounge access with the Westpac Black Card. Now, when it comes to the signup bonuses you’ll receive and the annual fee you’ll have to pay, both of these are also higher. So with the Westpac Black Card, you’ll receive 100,000 reward points in the first year after you spend $6000 in eligible purchases within the 1st 120 days and an extra 50,000 points after the first eligible purchase in the second year.
The annual fee in the first year will be reduced to $99.00 from existing Westpac customers before reverting to $295 in the second year. The 100,000 Altitude reward points are worth around $460 in gift Kogan credit cards. After considering the annual fee, the total cashback credit card Australia you’d receive with this is around 360 dollars. The extra 50,000 points you receive in the second year aren’t worth it due to the annual fee you’d have to pay in the second year.
ANZ Black Card
Let’s talk about the ANZ Black card. You’ll not only receive a whopping 180,000 ANZ reward points but also a fantastic $150.00 cash back after spending just $3000 in the first three months. The annual fee for this card is $375.00, but when you take into account the cash back, you’ll effectively pay only $225. And here’s the exciting part: 180,000 reward points can, at a minimum, be redeemed for $800 worth of gift cards, which, after deducting the effective annual fee of $225, brings the total cash back to a thrilling $575.00.
Based on the substantial cash back you received, I’m confident I can place the ANZ Black Krisflyer credit card in Australia. The Westpac Black card will be placed in the Ctr., which is lower than the Westpac Platinum card because you received less cash back overall. It’s interesting how these factors can influence card placement.
CBA Ultimate Awards
We’ve been talking a lot about Westpac and ANZ credit cards, but what about the other big banks like Commonwealth Bank and NAB? Well, let’s go through some of them, starting with one of the most popular Commonwealth Bank credit cards, and that’s the ultimate awards credit card, which is a Can Star Award winner three years in a row for outstanding value in the rewards and frequent flyer credit cards category. Hopefully, it doesn’t cause too much controversy, but I would place this card firmly in the overrated category.
This means it’s possible to have a fee-free Visa credit card if you spend at least $4000 a month or $48,000 a year, which is doable for couples and families. On the other hand, if you never get the monthly fee waived, then the maximum you’ll pay a year is $420.00, which is on par with most high-end credit cards like the Amex Explorer credit card. The one good thing about this card is that there are no international transaction fees, which you don’t see with other travel or cashback credit cards.
NAB Rewards Signature
When we look at some of the credit cards offered by NAB, the NAB Rewards Signature card and the NAB Qantas Reward Signature, These two are pretty comparable to the cards offered by both Westpac and ANZ. With the Rewards Signature Card, you’ll receive credit cards with no international fees and 120,000 bonus NAB reward points when you spend $3000 on everyday purchases within the first sixty days, plus an additional 40,000 points when you keep your card open for another 12 months.
You’ll also receive a reduced first-year annual fee of $145.00 before it reverts to $295 in the second year. The 120,000 bonus NAB reward points are worth around $570 in gift cards. After considering the annual fee in the first year, you’ll end up with around $425 in total cash back when we compare these to the ANZ and Westpac equivalents.
NAB slots right in the middle regarding the total cash back you receive. These charge cards in Australia have similar perks to complimentary insurance, but the earning rate for ANZ is the highest. For these three reasons, this card should slot right between ANZ and the Westpac cards in the BTR.
NAB Qantas Rewards
Next, the NAB Qantas Reward Signature states that you’ll receive 90,000 bonus Qantas points when you spend $3000 on everyday purchases in the first 60 days, plus an additional 30,000 bonus Qantas points when you keep your card open for over 12 months.
You’ll also enjoy $100 off your first-year cheapest credit card rate annual fee of $295 before it reverts to $395 in the second year. The bonus reward points are similar to those of Westpac. However, the yearly fee for NAB is the highest out of the three, with very similar benefits and travel perks.
No Annual Fee Credit Cards
Sometimes, we want credit cards with 0 balance transfer annual fee because these are your no-referral credit cards that do what they intend to do. But often, it’s also great to get additional perks and rewards.
AMEX Velocity Platinum Card
The Amex Platinum Edge credit card and the Commbank low-fee credit card shine. Both have a $0.00 annual fee in the first year for the Platinum Edge and a $0.00 annual fee with the Commbank as long as you spend at least $300.00 per month on the card, which I think is reasonable.
With the Amex Platinum Edge, you’ll also receive a $200 travel credit to spend on eligible domestic and international travel. You also have the luxury of having the highest spending multiplier of all American Express interest-free purchase credit cards, at three times reward points when you spend at major supermarkets and petrol stations.
So, while this credit card might not have any signup bonus, for a credit card with a $0.00 annual fee predominantly targeted at beginners, I’d place this card firmly in the ATR. Next, when it comes to the Commbank low-fee credit card, you’ll earn $50 each month when you spend $500 or more for the first four months, bringing total cashback up to $200. However, with this card, you don’t earn any award points like Amex does, and it doesn’t come with any additional travel insurance or purchase protection when you spend with the card.
For those reasons, are we placing this card in the Ctr. Now? So far, both American Express credit cards we’ve discussed have fallen high on the tier list. Let’s look at some others, only the American Express Velocity Platinum Card and the Qantas American Express Ultimate Card. Both of these cards are identical versions of each other when it comes to the signup bonus. One will provide you with bonus Qantas points, while the other will offer Velocity points. Once again, if you shop around, you’ll likely find higher signup offers for both credit cards than you’d see from just doing a quick Google search.
Qantas AMEX Ultimate Card
Now, when it comes to the annual fee and the associated costs, there are some minor differences. The Qantas variant has an annual fee of $450, while the Velocity has an annual fee of $375.00. But both of these, similar to the Explorer credit card, are offset by a $450 travel credit with Qantas and then a return economy domestic fight with Virgin. In both cases, this entirely offsets the annual fee. Both of these cards also give you complimentary airport lounge access.
Still, the Velocity card also comes with a bonus where if you spend $50,000 a year, you’ll receive 100 Velocity status credits, which is a significant amount if you’re a frequent traveler and want to earn a higher status with Velocity. Of all the travel-related credit cards or business credit card I’ve discussed today, both have the highest earning rates at 1.25 Qantas or Velocity points per dollar spent. And so for all of these reasons, I would place both cards firmly in the S tier as well. Now, what about the most premium credit card in Australia, with that being the American Express Platinum credit card?
Hopefully, I don’t offend anyone, but I will be placing this card into the BTR. Now, for people who nerd out on credit cards and look to maximize every dollar, this platinum card is great because it has many benefits that help offset that huge $1450 annual fee.
Citi Prestige Card
But to many other people, the joke is that it’s like an expensive metal coupon book because there are so many credits and benefits that you have to keep track of to maximize value. So, for the general public, it’s probably not the best card to own, so I’ve placed it lower in the rankings. And frankly, I would also place the City prestige card here within the same tier. While the annual fee is less than $700.00, which is less than half of that of the Platinum card, that is still a lot of money for people to hand over just for a credit card.
Citi Premier & Reward Cards
when you look deeper into the kind of benefits that come alongside the prestige card, it pales in comparison to the Platinum card now when it comes. Other credit cards offered by Citibank, namely the City Premier card and the City Rewards card, are a whole different story. Now, there are many variants to the Premier card and the Reward card, but I’m specifically talking about the City bonus point offers. With the Premier, you’ll receive 200,000 bonus city reward points after spending $7000 in the 1st 90 days, and the annual fee will be reduced to just $150.00 in the first year before reverting to $300.00.
Citibank is a flexible reward program like American Express, so there are three different airlines that you can transfer your reward points to. Or, if you just wanted to exchange those points for statement credits or gift cards, it will be worth a minimum of $800, which, after considering the annual fee, gives you a total benefit of $650. You’ll also receive 2 complimentary airport lounge access through Priority Pass, so I’m putting this card firmly in the ATR. The City Rewards card is essentially A tier below the Premier card, so you’ll receive a lower signup bonus and pay a lower annual fee.
Unfortunately, it doesn’t come with complimentary airport lounge access. So, for those reasons, I will place this card into the Ctr. Now, there are plenty of other credit cards that I haven’t mentioned on this list, such as some of the ones that are offered by Virgin Australia or the velocity variance to some of the bank credit cards that I’ve talked about so far, like the ones from NAB or ANZ. Most of these will fall between the B to Ctr. List, depending on the signup bonus, annual fee, and other perks and benefits.
You should choose a credit card that’s right for you and your lifestyle, whether just getting cash back or accumulating Qantas points so you can travel overseas. Suppose you’re indecisive about where to start. In that case, I’d recommend focusing on earning a flexible reward point like American Express or Citibank because it gives you more options and flexibility regarding how you redeem your reward points.
Pros and Cons of Best Value Credit Cards Australia
Pros
Cons
How do I find the Best Credit Card for me?
Ever wondered which credit card in Australia offers the best bang for your buck? First off, let’s talk about the rewards best credit cards offer. These cards, like the Qantas Premier Platinum Card and the American Express Explorer credit Card, offer points for every dollar spent.
However, remember that these best cards credit card rates might have higher interest rates and annual fees, so make sure the rewards you earn outweigh these costs. We have low-rate credit cards such as the HSBC Low Rate Credit Card and the Westpac Light Card. As the name suggests, these cards offer lower interest rates, making them ideal for those who cannot pay off their balance in full every month. On the downside, these cards typically don’t offer as many perks or rewards for frequent travelers. We have travel credit cards like the ANZ Frequent Flyer Black and Bank Westmore Platinum MasterCard.
However, they often come with hefty annual fees, so they’re best suited for those who travel often and spend a lot on their card. Lastly, we have balance transfer credit cards like the City Rewards Credit card and the Saint George Vertigo Platinum.
This can be a lifesaver for those struggling with credit card debt. Remember that new purchases are usually charged at the card’s standard interest rate. If you’re all about the rewards, a rewards or travel card might be your best bet. But if you’re more focused on saving money, then a low-rate or balance transfer card might be more up your alley. Always consider the interest rates, annual fees, and any other costs associated with the card. And, of course, always spend responsibly.
