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Product Name Card

St.George Bank No Annual Fee Visa

Purchase Rate

Purchase Rate

0.00

% p.a

for up to 12 months, then 20.74%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$0

Late Payment Fee

$15

Go to site

Purchase Offers

0% for 12 months on APR
Product Name Card

Westpac Low Rate Card (Cashback offer)

Purchase Rate

Purchase Rate

13.74

% p.a

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$59

Late Payment Fee

$15

Go to site

Cashback

up to $400 Cashback when you take out a new Low Rate credit card. New cards only. T&Cs and exclusions apply.Get
Product Name Card

St.George Bank Vertigo Visa (Balance Transfer Offer)

Purchase Rate

Purchase Rate

13.99

% p.a

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$0

for 12 months then $55

Late Payment Fee

$15

Go to site

Balance Transfer

0% for 32m BT (0% fee) + $0 First Year annual Fee
Product Name Card

ANZ First

Purchase Rate

Purchase Rate

0.00

% p.a

for up to 20 months, then 20.24%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$30

Late Payment Fee

$20

Go to site

Purchase Offers

0% p.a. for 20 months on purchases and $30 back to your new ANZ First credit card. New card. T&Cs, eligibility criteria, fees and charges apply (including annual fee, currently $30). Access exclusive cashback offers with Cashrewards Max.
Product Name Card

ANZ Platinum

Purchase Rate

Purchase Rate

0.00

% p.a

for up to 25 months, then 20.24%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$0

for 12 months then $87

Late Payment Fee

$20

Go to site

Purchase Offers

0% p.a. for 25 months on purchases and $0 Annual Fee in First Year with an ANZ Platinum credit card.* Access exclusive cashback offers with Cashrewards Max.
Product Name Card

ANZ Frequent Flyer Black

Purchase Rate

Purchase Rate

20.24

% p.a

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$425

Late Payment Fee

$20

Go to site

Bonus Points

Earn 130,000 bonus Qantas Points and $255 back to your new ANZ Frequent Flyer Black credit card when you spend $3,000 on eligible purchases in the first 3 months from approval. New card. T&Cs, eligibility criteria, fees & charges apply (including annual fee, currently $425).
Product Name Card

ANZ Rewards Black

Purchase Rate

Purchase Rate

20.24

% p.a

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$0

for 12 months then $375

Late Payment Fee

$20

Go to site

Bonus Points

Earn 80,000 extra Reward Points* and $0 annual fee in the first year with your new ANZ Rewards Black credit card. *Extra Reward Points earned when you spend $2,000 on eligible purchases in the first 3 months from approval. New card. T&Cs, eligibility criteria, fees and charges apply (including an annual fee, currently $375 after the first year). Access exclusive cashback offers with Cashrewards Max.
Product Name Card

ANZ Rewards Platinum

Purchase Rate

Purchase Rate

20.24

% p.a

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$0

for 12 months then $95

Late Payment Fee

$20

Go to site

Bonus Points

Earn 50,000 extra Reward Points* and $0 annual fee in the first year with your new ANZ Rewards Platinum. *Extra Reward Points earned when you spend $1,500 on eligible purchases in the first 3 months from approval. New card. T&Cs, eligibility criteria, fees and charges apply (including an annual fee, currently $95 after the first year). Access exclusive cashback offers with Cashrewards Max.
Product Name Card

ANZ Frequent Flyer

Purchase Rate

Purchase Rate

20.24

% p.a

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$95

Late Payment Fee

$20

Go to site

Bonus Points

Earn uncapped Qantas Points on your everyday purchases with an ANZ Frequent Flyer card.*Access exclusive cashback offers with Cashrewards Max.
Product Name Card

ANZ Rewards

Purchase Rate

Purchase Rate

20.24

% p.a

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$80

Late Payment Fee

$20

Go to site

Bonus Points

Earn Rewards Points on your everyday purchases with an ANZ Rewards card.T&Cs, eligibility criteria, fees and charges (including current annual fee $80) apply. Access exclusive cashback offers with Cashrewards Max.

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Credit card providers we compare at RateCity

When it comes to applying for a credit card, the more “ideal” a customer seems, the more likely a lender will approve them and offer them a higher credit limit. And a good to excellent credit score rating increases your chances of all of this.

Let’s explore what a good credit rating is and how it relates to credit cards.

The importance of credit scores for credit cards

When it comes to applying for a new credit card, your credit score and credit report plays a huge role in determining whether you’ll not only be approved, but how much credit you may be given access to.

Your credit score showcases to a credit card issuer how trustworthy you are as a new customer. It indicates your level of risk to the card issuer around missing repayments or falling into debt and your overall creditworthiness. It is based on your credit report, and is influenced by your repayment history, the types of financial products you have or have applied for - including any rejections - as well as utilities your name is attached to

It also determines whether a credit card company will approve your application and what products you may be able to apply for. Put simply, a good credit score is invaluable and greatly influences your ability to get any credit products.

When you apply for a credit card – or any financial product – you will be assessed against the provider’s eligibility criteria. As credit providers cannot lend money to anyone who applies and must comply with responsible lending conduct, they enforce strict eligibility rules applicants must meet in order to be approved for credit.

This is in your best interest, as these rules prevent Australians from falling into debt and financial hardship.

A credit card issuers’ eligibility criterion will always include meeting a credit score requirement – usually having a good to excellent credit rating. The credit issuer will run a hard credit enquiry on your name to discover your credit history and score.

The other credit card eligibility requirements may include:

  • Being over 18 years of age
  • An Australian citizen or permanent resident
  • Meeting minimum annual income requirements
  • Meeting employment requirements (full-time employment being the most favourable)

What is a good credit score for getting a credit card?

When it comes to understanding a good credit score, it’s important you think in categories over actual numbers. This is because your credit score number may differ from one credit bureau to another.

Two of the biggest credit reporting bureaus in Australia – Equifax and Experian – both have different credit score scales. Equifax grades your credit history between 0 – 1200 and Experian grades it between 0 – 1000.

Although there is a 200-point difference between the highest scores of each bureau, Experian, Equifax and all credit reporting bureaus still section off each individual’s credit score into five bands.

    1. Below average
    2. Fair
    3. Good
    4. Very good 
    5. Excellent

If you want to know the exact credit score you need to be aiming for to sit in the “good” tier, it will depend on the credit reporting bureau you’re getting your report from.

For example, according to Experian’s website, a “good” credit score sits between 625-699. Anything in this range or higher may improve your chances of credit card approval.

Equifax’s website indicates that a good score sits in the 41-60 per cent of its 1200-point scale. Simplified, this means that if your score is between 481– 720, you may be able to assume it falls into the “good” tier.

This doesn’t necessarily mean being on the low side of good is the same as being on the high side. A credit card issuer will still look at your actual credit score number when you apply for a new card, but because of these scales the category you fall into does carry more weight on your application.

Does different credit scoring impact the credit card you can get?

A good to excellent credit score is seen as more favourable to card issuers, so, generally speaking, sitting in these tiers may mean cardholders given greater access to a variety of card offers.

This may include:

  • Higher credit limits
  • Lower purchase rates
  • Greater access to perks and benefits
  • Greater access to rewards programs, as well as frequent flyer points, bonus points or even cashback
  • Approval for longer interest-free periods

According to Experian’s website: “If someone has excellent credit, it's likely because they've made responsible financial decisions such as repaying bills on time, keeping debt low and having accounts in good standing over a long period of time. Because lenders can be more confident someone with a higher credit score will repay the debt in full and on time, they usually charge these borrowers a lower interest rate.” 

But on the flip side, having a bad credit score may mean a lender is more likely to offer someone a credit card with a higher interest charges or access to smaller credit limits. This is generally in the best interest of this individual, as the card issuer wants them to avoid falling into debt or hurting their credit history further.

According to Experian’s website: “When someone has less-than-stellar credit, it might be due to missed or late payments, high amounts of debt, or negative marks such as bankruptcy or accounts in collections. A lower score and negative items on a credit report make a borrower appear riskier to a lender.”

Frequently asked questions

How easy is it to get a credit card?

For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.

Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.

Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.

Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.

Does switching credit cards affect credit?

If you’re considering getting a new credit card to replace your existing one, there’s a strong possibility that switching these credit cards will affect your credit score. You might want to apply for a new credit card because it makes financial sense to do so or because there is a better deal on offer, but it could harm your credit score.

Each time you submit an application for a new credit card, a new inquiry is recorded on your credit profile. For lenders, having many credit enquiries on your file can imply that you aren’t reliable or in control of your finances and are desperately seeking credit. So, this is how changing credit cards can affect your credit score.

Do you need a credit card to get a loan?

You do not need a credit card to get a loan, but you usually need to have a credit history. Without a credit history, a financial institution cannot assess your ‘credit worthiness’, or your capacity to pay off the loan.

If you don’t have a credit card, your credit history can reflect any record of paying off an asset. Without any credit credit history, you’re limited in the type of loans you can apply for. But you may be able to obtain a secured loan against an asset. For more information on improving your credit score, go here

What should you do if your credit card is compromised?

Credit card fraud is a serious problem. If your credit card is compromised and you’re wondering what to do, here are a few precautionary steps to take.

Contact you credit provider – Get in touch will your credit card provider. If you feel your card has been compromised, you should be able to lock or block it.

Monitor your accounts – Keep an eye on your credit card accounts. Any unauthorised transactions could be a sign your credit card has been compromised.

Check your credit rating – It’s also important to check your credit rating, to ensure you’re not a victim of identity theft or some other financial mischief.

Increase your credit card limit with Westpac

You can apply to increase your Westpac credit card credit limit at any time, and most credit card providers have made it really easy to do so. You can use your online banking portal, the credit card provider’s mobile app, or even the telephone. 

Applying online to increase your credit limit with Westpac is the easiest option if you’ve already activated Westpac Live Online Banking. All you need to do is fill in the required information and then hit ‘submit’ to apply for an increase in your credit card limit.

Most banks will ask for details of your financial situation at the time of applying for a credit increase. This is done to ensure your new limit meets the lender’s criteria. 

You can apply for increasing your credit limit in any of the following ways:

  1. Visiting your nearest Westpac branch
  2. Calling Westpac on 1300 651 089
  3. Logging in on Westpac Live Online Banking

How to increase the NAB credit card limit?

If you use your NAB credit card regularly, you could consider requesting a higher credit limit. The good news is that it's fairly easy to do so using either the NAB app or NAB internet banking. 

NAB app: 

  • Step 1: Download the latest version of the NAB app.
  • Step 2: Select the ‘My Cards’ menu. 
  • Step 3: Select the card you want to increase the credit limit for. 
  • Step 4: Select ‘Usage Controls’ and then click on ‘Change Credit Limit’.

NAB internet banking: 

  • Step 1: Log into your account. 
  • Step 2: Choose the ‘My Cards’ menu. 
  • Step 3: Choose the card for which you want to increase the limit. 
  • Step 4: Choose ‘Change My Credit Card Limit’.  

If you don’t have the NAB app or cannot access NAB internet banking, you can even visit your local branch or call their contact center. 

Once you’ve applied to increase your NAB credit card limit, you’re likely to be asked for your

  • current employment details  
  • total income, before and after-tax deductions  
  • assets, liabilities, and expenses information

NAB will then assess this information to determine if your current financial situation suits the increased credit limit request, and your application will either be accepted or denied.

However, this process will only work if you’re attempting to increase your personal NAB credit card limit. For a business credit card, you can contact the NAB Corporate & Business Servicing team or speak to your NAB relationship manager. 

How can I increase my Bankwest credit card limit?

When you apply for a Bankwest credit card, you get assigned a pre-set credit limit, which will end up being the most that you can spend on your credit card before having to pay it off. Your credit limit is chosen for you and your current financial situation, and you should remember not to overspend, irrespective of the limit, in order to avoid racking up a massive bill.

However, banks and lenders understand that your needs will change, and have made it possible for you to increase your credit card limit, allowing you to get extra cash when you need it most. Moreover, with a higher spending limit, you may be able to get access to certain perks and benefits with your Bankwest credit card.

To increase your Bankwest credit card limit, you can visit any of the bank’s branches or call 13 17 19 and follow the steps outlined.

How do I apply for a BOQ credit card limit increase?

If you’re an existing BOQ customer, you can request a BOQ credit card limit increase over a phone call. However, you should remember that owning and using a credit card is a matter of financial responsibility, so it might be worth thinking this decision through. 

When requesting a credit card limit increase, you’ll need to be just as responsible in terms of how much you earn and can set aside to repay the outstanding card balance. A credit card company may approve a credit limit increase only if you can show that you have either the income or the disposable income, which is the amount you have left after all expenses have been paid out.

For this purpose, you may need to submit your latest income documents and bank statements for an increase. You may want to estimate how much you usually have left after deducting your expenses, and then use this amount to try and convince the credit card company. Also, you may prefer to pay off the card balance in full each month and thus avoid paying interest on the card, helping you back up any claims of financial responsibility, as well. 

Remember that you may not be able to apply for a credit card limit increase beyond any limitations on the type of card you own. For instance, if you own a card whose ceiling is $10,000, and your current limit is $5,000, you won't likely be able to apply for a $10,000 credit card limit increase.

Is instant approval possible for credit cards?

Instant approval may be possible – but please note that the term may be misleading. “Instant” approval tends to mean that when you apply online the lender will let you know the likeliness of your eligibility for a credit card within 60 seconds of receiving your application.

How to pay a credit card from another bank

Paying or transferring debt from one lender to the other is called a balance transfer. This involves transferring part or all of the debt from a credit card with one lender to a credit card with another. As part of the process, your new lender will pay out the old lender, so that you now owe the same amount of money but to a new institution.

Many credit card providers offer an interest-free period on balance transfers to help new applicants better handle their debt. During this period, cardholders are not required to pay interest on the debt they brought over from the other card. This can be a great opportunity for consumers to pay off credit card debt with no interest. There are often fees associated with balance transfers; normally, these are a percentage of the amount transferred.

So make sure you read the terms and conditions of the card before transferring any debt across.

How to calculate credit card interest

Credit card interest can quickly turn a manageable balance into unmovable debt. So being able to understand how interest rates translate into dollars is an important skill to acquire.

The common mistake people make is focusing on the credit card’s annual percentage rate (APR), which often sits between 15 and 20 per cent. While the APR does provide a rough idea of how much interest you’ll pay, it’s not entirely accurate.

This is because you actually accrue interest on your balance daily, not annually. So, you need to work out your daily periodic rate (DPR). To do this, divide your card’s APR by the number of days in a year (e.g. 16.9 per cent divided by 365, or 0.05 per cent). You can then apply this figure to the daily balance on your credit card.

Are credit checks mandatory?

In Australia it is impossible to get a credit card without the provider performing a credit check first. This is for your benefit, as it helps to prevent you from falling into avoidable debt.

What is the lowest monthly repayment on my credit card?

As a rule of thumb, this tends to be around 2-3 per cent of the outstanding balance. You can choose how much you want to repay each billing period as long as it is higher than this minimum required amount.

How do you apply for a credit card?

You can apply for a credit card online, over the phone or in person at the bank. Once you’ve compared the current credit card offers, the application process is quick and easy. Before you get your application started, you’ll need to gather your personal information like proof of ID, payslips and bank statements, proof of employment and details of your income, assets and liabilities. To be eligible for a credit card, you’ll need to be an Australian citizen over 18 and earn a minimum of $15,000 each year. Once you’ve applied for a credit card, you should get a response fairly instantly. If your credit card application has been approved, you should receive a welcome pack with your new credit card within 10-15 days.

What is the minimum income required for an American Express credit card?

The minimum income requirement for an American Express credit card will depend on the card of your choice. You must satisfy American Express’s minimum income criteria for the selected card to receive card approval. 

For instance, you should be earning a minimum of $100,000 annually if you wish to own an American Express Platinum Card. An Explorer Card eligibility criteria may be easier to meet with a lower minimum income requirement of $65,000 annually. You might also consider the David Jones Platinum American Express Card if your personal income is more than $65,000 per year and you’re interested in earning points on your daily shopping at your local DJs store. 

Can I pay my credit card bill with PayPal?

If you earn an income in a foreign currency, you’ll typically want to use Australian dollars to pay your Australian credit card bill. You can either transfer the money or use BPAY from your bank account for this. Another option is to use PayPal to pay the credit card.

PayPal can be used to receive and make payments in different currencies. International transfers via PayPal are also possible; however, the fees may be high. You can use the PayPal balance to transfer money to your Australian bank account and then pay your credit card bill.

What type of complimentary travel insurance is available with Citibank credit cards?

The Citi Prestige, Premier, Rewards, Emirates Citi World MasterCard, and Gold cards provide complimentary travel insurance to customers. These Citibank credit card insurance benefits are managed and issued by Allianz Global Assistance (AGA).

Depending on the type of card, the Citibank credit card insurance coverage may include:

  • Foreign travel insurance
  • A comprehensive insurance policy for foreign travel for up to six months
  • Transit accident insurance
  • Accidental injury or demise while travelling on aeroplanes, buses, trains, or ferries in foreign locations
  • Interstate flight inconvenience insurance
  • Cover for unexpected cancellations, damaged or lost baggage, flight delays, or rental vehicle excess expenses for up to 14 days while travelling within Australia.

To be eligible for the complimentary Citi credit card insurance, you must book tickets using your card or through the Citi Travel Program.

Can I use PayPal to transfer from a credit card to a bank account?

You can easily link your credit card to your PayPal account. When you need to make a payment, PayPal makes an instant transfer from your bank account, provided you’ve linked and confirmed your credit card details.For credit card holders, you can transfer funds from eligible cards listed in the “Instant” section of the money transfer page.

Here is how you can transfer money from PayPal to your bank account:

  1. On the “My Wallet” tab, select “Transfer Money” and then click on the “Transfer to your bank account” option.
  2. Choose the bank account where you want to transfer the money and click “Continue.”
  3. Enter the amount, review and click “Transfer Now.”
  4. When you confirm the transfer, the amount should be moved to the bank account linked from the chosen credit card.

What is the American Express credit card insurance coverage?

Several American Express credit cards, including the Gold, Platinum and Green cards, come with international and domestic travel insurance, shopping and purchase protection and smartphone screen insurance. All you have to do to activate your American Express credit card insurance cover is use it to pay for eligible purchases, travel, and a smartphone.

The complimentary travel insurance requires you to be less than 80 years old with no pre-existing diseases and your travel must begin and end in Australia.

To make an American Express credit card insurance claim, you’ll need to lodge your request with Chubb Claim Centre within 30 days. Submit the form along with supporting documents like medical reports, original invoices and receipts. You can also contact Chubb on 1800 139 149 or file a claim via the Chubb website.

How do I file a Virgin Money credit card insurance claim?

To make a claim, you can either call Allianz Global Assist at 1800 072 791 or visit their claims page. If you’re making a claim related to any travel-related complimentary insurance, such as international travel or transit accident insurance, you may need to visit their travel claims website. Again, for filing a claim while travelling overseas, you can call Allianz at +61 7 3305 7499.

Before filing your claim, consider checking which complimentary insurances are available with your Virgin Money credit card. Customers who own a ‘no annual fee’ or ‘low rate’ credit card don’t get these benefits, while some other credit cards only come with guaranteed pricing and transit accident insurance.

Remember that you’ll need to submit proof that your credit card offers the complimentary insurance benefit which you are claiming. You can read the credit card complimentary insurance terms and conditions for details regarding the benefits available on your credit card.