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Compare credit cards from top banks and find the one that works hardest for your wallet.
Benefits and optional extras
Credit cards come with a variety of perks, but these vary by provider and card type. Here are some common benefits:
How to apply for a credit card
To obtain your first credit card, you’ll need to meet specific eligibility criteria and provide various forms of documentation. Here’s an overview of what you may need:
- Step Eligibility requirements
- Age: You must be at least 18 years old.
- Residency: You need to be an Australian citizen or permanent resident.
- Credit history: A solid credit history is generally necessary, as credit card providers will assess your creditworthiness.
- Income: Meeting any minimum income requirements specified by the credit card issuer is essential.
- Step Documentation needed
- Identification: A government-issued ID, such as a driver’s licence or passport, to confirm your identity.
- Proof of income: Recent payslips or bank statements to show your income level. Credit card companies often require copies of your last three payslips to verify your employment status.
- Address verification: Documents like utility bills or bank statements that confirm your current address may be needed.
- Credit history details: If you have existing debts, such as personal loans or buy now pay later (BNPL) services, you’ll need to disclose this information. You can check your credit score for free*** on ASIC’s Moneysmart website
- Asset information: Details about any assets you own, such as savings accounts, cars, or property.
- Step Application process
- Compare options: Start by comparing different credit card products based on interest rates, fees, and benefits to find one that suits your financial needs.
- Check eligibility: Ensure you meet all eligibility requirements to avoid any impact on your credit score from declined applications.
- Submit application: You can apply online, in person, or over the phone, depending on the provider. Many issuers offer instant approval, meaning you’ll receive a response quickly.
Final considerations
Before applying, it's wise to review your credit score and ensure that you understand the responsibilities of managing a credit card, including making timely repayments to avoid high-interest charges. If you’re unsure about your ability to manage a credit card, you might consider starting with a debit card instead.
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- Pay off your credit card balance in full every month to avoid being stung high interest charges.
- Choose a rewards card that fits your lifestyle – Whether you're after cash back, travel points, or other perks, go for a card that gives you the most value based on how you usually spend but be sure to check what the annual fees are to make sure the rewards are worth it.
- Keep an eye on promotional interest rates, but don’t forget to check and note when those come to an end as often the revert rate after the promotional period ends can be pretty hefty.
- Watch out for annual fees – Some cards come with tempting perks, but if you're not making the most of them, you could end up paying more in fees than you're actually saving.
This depends on what you want from your credit card. Some people aren’t keen on paying an annual fee, or are happy to pay a small amount each year for an ultra-low interest rate. You might be keen on a card with very enticing introductory offers and rates, while your partner may want to rack up frequent flyer points.
It’s why taking a few minutes to compare credit cards is important. There’s no such thing as a best credit card, only what’s best for you. So whether you’re planning on a big immediate purchase or you know you need it to tide yourself over ahead of pay days, take a minute to make sure you know what you want from your card and how you’ll afford to pay it off.
If you’re after a cheap credit card, focus on the interest rate on the credit card and whether it has an annual fee. You can also look at the interest-free days, as this can help you reduce or avoid the amount of interest you pay on the card.
Comparing your credit card options with us doesn’t impact your credit score. It’ll result in a soft credit check, which will appear on your credit history but won’t impact your score. Once you apply for a credit card with Compare Club, this will result in a hard inquiry on your credit, which can impact your score if you are approved or rejected for the card.
There are a range of credit cards available, including low rate cards, low fee cards, balance transfer cards, frequent flyer credit cards, reward credit cards and premium cards. What card is right for you depends on what you want from your credit card.
Credit cards have lots of different types of fees. Here’s what to look out for.
Annual fees: This is a fee that is charged for having a credit card. Not all cards come with these.
Late payment fees: This is a fee charged to your credit card if you miss a payment. They vary between providers, but the best way to avoid any kind of late payment fee is to make sure you’re paying off the minimum amount each month.
Cash advance fees: This is a fee you get for withdrawing cash from your credit card. There may be times when using your card in this way is unavoidable, but using your debit card is the best way to avoid a cash advance fee.
Interest: You’ll get charged this if you don’t pay your balance off in full each month once any introductory interest free offers have run out. Even if you can’t get your balance down to zero, lowering the amount on the card will lower your interest payments.
Everybody budgets differently and if you’re really struggling, visit a financial counsellor rather than make out a new card. But keep the amount on your card low and paying off at least the minimum each month is a good way to avoid extra charges.
There’s lots of different ways to manage credit card debt, but the key thing is not to stress. Whether it’s transferring the balance for free to a lower interest card or planning your monthly payments, your card payments shouldn’t rule your bank balance.
You can apply for a credit card right here, with us. We compare over 80 credit cards and you can compare which ones you like side by side.
Credit cards explained
Whether you’re on your first, fourth, or 14th card, there’s always a few pieces of bank jargon that can really throw you. At Compare Club, we believe a little knowledge can go a long way towards better financial decisions. So here’s a few quick guides to help you hone in on the right card.
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