Happy new year! If the end of 2022 left you with a bit of a spending hangover, you might be relying on your credit card a little more than normal in January. If so, it’s important that you’ve got the best credit card for the job in your pocket, which can be a hard call to make with so many credit cards on the market and so many things to take into consideration.
The Mozo database compares over 200 cards from 60 providers. From premium rewards credit cards to cards with no annual fee, it’s key to know what you’re looking for in order to take advantage of the best credit card deals available.
The interest rate of a credit card will depend on the type of card you choose.
The average interest rate across all credit cards in the Mozo database is currently 17.13%. Rewards credit cards, which come with the ability to earn redeemable points and shopping perks, generally have higher rates and have a current average rate of 19.49%. There are low rate credit cards, which have fewer perks but competitive rates (usually under 10% p.a.), as well as 0% p.a. interest rate offer credit cards, which charge no interest for an introductory period.
The money experts at Mozo keep track of credit cards from all types of Australian banking and finance institutions, from the Big Four banks to smaller customer-owned and specialist card providers - all of which are regulated by the Australian Securities and Investments Commission (ASIC).
There are many ways to define which credit cards are the best, and ultimately the answer will depend on what’s most important to you and your financial circumstances. We have pulled together information about a range of credit card options, some of which have won Mozo awards, and others the Mozo team has chosen to highlight great deals available right now.
Best credit cards January 2023
Editor’s pick of the month: best credit card deals on Mozo in January
Below are some of the top deals available currently in the Mozo database, specially selected by our editors. These are a selection of offers that we believe are worth paying attention to if you’re looking for a great credit card. Check out our credit card hub to do a full database search, read guides or view more detailed product reviews.
Earning Velocity Points
American Express Velocity Platinum Card
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Key details: If you’re interested in Velocity points, there’s a lot to be interested in with the American Express Velocity Platinum Card. The points earning potential is uncapped, which means you can earn as much as possible with $1 spent at Virgin Australia netting you 2.25 Velocity points, and 1 Velocity Point earned for $1 spent anywhere else but government bodies (which will earn 0.5 points per $1). Right now, you can also earn 75,000 bonus Velocity Points when you apply online and spend $3,000 on your new card within the first 3 months. The purchase rate on this card is a relatively high 20.74%, and it comes with an annual $375 fee. That said, there are also some impressive perks: an annual complimentary domestic flight with Virgin Australia, 2 complimentary passes to Virgin Australia lounge passes per year, and 2 complimentary passes to the Centurion Lounge in Melbourne or Sydney per year.
Earn Points With 7 Different Airlines
HSBC Star Alliance Credit Card
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Key details: A world first, the HSBC Star Alliance Credit Card is partnered with 7 international airlines, allowing you to earn and redeem points across all of them. This card could be an attractive choice for globe-trotters, where your points and status can be redeemed with Air New Zealand, Thai Airways, Singapore Airlines, United Airlines, Air Canada, Eva Air, and South African Airways. You’ll earn 1 Star Alliance point for every $1 spent up to $3,000 per statement period, and 0.5 Star Alliance points for every $1 beyond that. If you spend $4,000 on eligible transactions within the first 90 days of your account opening, you’ll be fast-tracked to gold (or equivalent) status with your nominated Alliance member airline. Bear in mind that to maintain this status after the first year, you’ll need to spend $60,000 annually on eligible purchases with the card (or $30,000 for silver status). There are other perks - 6 months interest free on flights booked directly through Star Alliance member airlines websites on this credit card, for example. Keep in mind that you will have to pay a $450 annual fee (waived in the first year), and that the purchase rate sits at 19.99% p.a.
Balance Transfer Offer
HSBC Platinum Credit Card
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Key details: The HSBC Platinum Credit Card offers a very competitive 0% p.a balance transfer rate for 36 months, which could be helpful for anyone wanting to pay off any existing debt. Just bear in mind if you still have debt left on the card after that time, the balance will revert to the cash advance rate of 21.99% p.a. The HSBC Platinum Credit Card also offers excellent reward point earning capacity with one point for every dollar spent, and $2 per $1 on international spend (conditions apply). The card also offers a 19.99% p.a. purchase rate and up to 55-days interest free. There are some fees including a $30 late payment fee, and a $129 annual fee - reduced to $29 in the first year.
Expert picks: Mozo Experts Choice Award-winning best credit cards
To decide the winners of the Mozo Experts Choice Awards^, each year, Mozo’s team of finance experts assess and compare every credit card in our database to determine which ones offer Australians the best deals. In 2022, our data analysts compared 221 personal and 49 business credit card products issued by 75 Australian financial institutions, with only the best value in each category taking the titles.
In these awards, American Express took out the title of 2022 Credit Card Provider of the Year for the sixth year straight, winning 15 awards across different categories. 11 different American Express cards won awards, including the Low Rate Credit Card, No Annual Fee Credit Card, Cashback Credit Card, and Rewards Credit Card.
Learn more about our rigorous selection process on the credit card awards page. Check out a selection of some the of Mozo Experts Choice Award winners:
Best Low Rate Credit Card
American Express Low Rate Credit Card
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Why it won: With a low purchase rate of 8.99% p.a., the American Express Low Rate Credit Card caught the attention of our experts once again in 2022. While offering one of the lowest rates in the Mozo database, as well as no annual fee, this card does not skimp on benefits. It comes with up to 55 days interest-free days and cardholders are also covered by American Express’ refund and purchase protection. This means that Amex could refund the cost of eligible items bought on the card that are damaged or stolen within 90 days of purchase or pay for their repair (terms and conditions apply). Although it is a low rate card, keep in mind that there is a $30 late payment fee, so make sure you stay on top of your repayments.
Best Balance Transfer Credit Card
NAB Low Rate Card
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Why it won: Mozo’s experts took notice of NAB’s Low Rate Card in the 2022 Mozo Expert’s Choice Awards^ Best Balance Transfer Credit Card category. Offering a competitive 0% p.a. balance transfer rate for 32 months (with no balance transfer fee), this card could be an attractive option for those trying to pay down some debt. Just be aware that after the 32 months, the remaining balance will accrue interest at the cash advance rate of 21.74% p.a. This card is quite a standout aside from its balance transfer offer, with a 12.49% p.a. purchase rate and $59 annual fee (waived in the first year). There is a late payment fee of $15, so you’d better not slip on those due dates!
Best Rewards Credit Card
Coles Rewards Mastercard
Why it won: The experts were impressed with the Coles Rewards Mastercard, allowing it to take out the 2022 Mozo Expert’s Choice Award^ for Best Rewards Credit Card. You can earn 2 flybuys points per $1 on eligible spends for the first $3,000 - and 1 point for every $1 thereafter (conditions apply). Then, once you've clocked up 2,000 flybuys points you can use that to redeem $10 off your shopping at Coles Supermarkets. The Coles Rewards Mastercard has a purchase rate of 19.99% p.a. and you can have plenty of breathing room with up to 55 interest free days. Right now, you’ll also score 15 months with a purchase rate of 0% if you sign up by 31 January 2023. If you’re looking to pay down a credit card debt, you can take advantage of the 6-month 0% p.a. balance transfer offer (offer ends 31 January 2023). Keep in mind that this card does come with a $99 annual fee to budget for, as well at a $30 late payment fee.
Customer favourites: Best credit cards from Mozo People’s Choice Award winners
Mozo People’s Choice Awards^ are awarded to financial institutions based on a national survey of everyday Australians. These providers are assessed on factors such as customer satisfaction, customer service, friendliness, trust and whether customers would recommend them to others. Check out some of the 2022 Mozo People Choice Award winners in the credit card category.
American Express Essential Credit Card
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Key details: American Express won a 2022 Mozo People’s Choice Awards for credit card customer satisfaction. Its Essential Credit Card offers a 14.99% p.a. purchase rate and a leisurely 55 interest free days. You can also get $100 back in your pocket when you apply, are approved and use your card to spend $1,500 on eligible purchases in the first three months (terms and conditions apply, new members only). The card also comes with the ability to earn up to 1.25 points for every eligible $1 spent (conditions apply). While it comes with no annual fee, you will be charged a $30 late payment fee if you miss a payment.
Coles No Annual Fee Mastercard
Key details: The Coles No Annual Fee Mastercard is linked to the Flybuys program, so you'll collect 1 point per $2 spent on eligible purposes. Right now, you can receive a purchase rate of 0% for the first 15 months when you apply before 31 January 2023. The card will revert to a purchase rate of 19.99% p.a. afterwards. If you are interested in transferring debt from one card to another, the Coles Mastercard offers a 0% p.a. balance transfer rate for the first 6 months (offer ends 31 January 2023). Be aware that the rate reverts to the 19.99% p.a. cash advance rate after the introductory period. Although it has no annual fee, you’ll want to keep up with your repayments, as there is a $30 late payment fee.
Most common FAQs about credit cardsWhat is a credit card?
A credit card is a physical or digital card that can be used as payment for purchases in advance. Credit cards are issued by a bank or financial institution as a line of credit loan.
There are plenty of choices when it comes to choosing a credit card. Before getting a credit card, you should learn the difference between the types of cards available in order to know what will best work for you. These are the main types of credit cards we compare at Mozo:
While you don’t have to pay to apply for a credit card, they often come with associated fees and interest. One of the most common additional costs to a credit card is an annual fee, which can be steep and is unavoidable - even if you pay your balance in full within the interest-free period. Consider a no annual fee credit card to avoid this extra payment.
It is impossible to select a best credit card for everyone, as what is important is to find the best credit card for you. This depends on what you’re looking to get from your credit card. For example, are you hoping to earn rewards or airline points on your purchases? Then a rewards credit card will likely suit your needs best. Are you looking to transfer debt? You should check out credit cards with 0% p.a. balance transfer offers. No matter what it is that you prioritise, there are a lot of good credit card options.
Head to our credit card hub for comparisons and guides.How can I get the best chance of getting approved for a credit card?
One of the best ways to ensure getting approved for your chosen credit card is to make sure you meet the eligibility criteria before applying. Generally, these can include:
To put your best foot forward, remember that each credit provider, and even individual credit cards, have their own set of requirements. So, be sure to thoroughly review that you meet the criteria of the particular card you are applying for.How do I best prepare to apply for a credit card?
Nearly all credit card applications will ask for the same information and documentation, so to be best prepared, it’s a good idea to have these ready before starting the application:
Long term, preparing your credit score to be closely analysed by a creditor will put you in the best position to be easily approved for the card of your choice. An applicant with an excellent credit score is always more likely to be approved for a financial product than someone with good or poor credit.Are these credit cards best for me?
We have provided some of our editor’s picks and information about credit cards that have got Mozo’s seal of approval through the Mozo Experts Choice Awards^ or Mozo People’s Choice Awards. That said, there is a wide variety of credit cards on the market, and you need to decide which option best suits your financial needs and spending style. Be sure to read the product information available on the card providers’ website thoroughly before applying for a credit card.
Ava is an experienced journalist with a degree in English Literature from New York University. At Mozo, she covers credit cards, personal loans and Buy Now Pay Later platforms.
Sara has a Communications degree and has contributed to academic and literary publications in the US and Australia. She aims to bring an accessible point of view to credit cards and loans for Mozo readers.
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Where can I pull out cash from my credit card?
Go to an ATM and insert the credit card. Enter the credit card PIN (call the number on the back of the card to find out the credit card PIN or to set one up). Select the appropriate options if offered: “cash withdrawal” or “cash advance.” If asked to select between “credit” or “debit,” select “credit.”
Can I get cash back from credit card at store?
No, you can't use your credit card for cash back at stores; this is a transaction generally reserved for debit cards and, in fact, is only possible at some stores even then. In general, you'll want to use a debit card for cash back, whether via a transaction at an eligible store or through an ATM withdrawal.
Can I get cash off my credit card at any bank?
Most credit card companies allow cardmembers to use their credit card at an ATM, which will show up as a cash advance on your credit card statement. You can use your credit card at most ATMs the same way you'd use a debit card, but you aren't drawing from a bank account.
Can you get cash back with a credit card at an ATM?
Yes, you can withdraw cash using a credit card, though it is expensive to do so. However, there may be situations where you're unable to withdraw cash from an ATM using your credit card because you've reached the credit limit for a cash advance on your card.