So you finally decided to get a credit card because you want to build up your credit score and you’re not sure which one to get.
Well in this video, I’m going to share what I think are the 6 best credit cards for beginners in Australia. In terms of my criteria, I’ve picked cards that have no annual fee, relatively low interest rate and additional benefits or rewards of some sort.
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*Disclaimer: I am not a financial adviser, I am not an accountant, I am not a tax adviser. This video and my channel is for general information only, as with anything in life you should do your due diligence and seek independent advice.*
6. Latitude 28° Global Platinum Mastercard
Starting with number 6 we have the Latitude 28° Global Platinum Mastercard. I’ve included this credit card in this video because it has no international transaction fees, no currency conversion fees and no annual fee.
This is one of the best options when you’re shopping online and have to pay in a foreign currency or when you’re travelling overseas. If you didn’t know, most credit cards charge around a 3% foreign exchange fee when you make purchases in a foreign currency.
It also has two additional benefits aimed at travelers, the first one is free global wifi through a wireless provider called Boingo. Card holders can register and get access to more than one million hotspots worldwide, the hotspots are usually at airports, hotels, gyms and cafes.
The other benefit is called Flight Delay Pass. Card holders need to register their upcoming flight at least 6 hours before departure. If the flight is delayed by 2 hours or more, Latitude will send you a one time lounge pass. The actual lounge you’ll get access to will depend on the airport that you’re departing from.
5. Bankwest Zero Platinum Mastercard
Next credit card for beginners is the Bankwest Zero Platinum Mastercard.
There’s no annual fee, no foreign transaction fees and up to 55 interest free days on purchases.
4. ME Bank Frank Credit Card
And in 4th palace, we have the ME Bank Frank Credit Card. One word to sum up this no annual card is LOW. It has a low 11.99% p.a. interest rate, up to 55 interest free days on purchases and a low minimum credit limit of $1,000.
3. The Qantas American Express Discovery Card
In 3rd place, we have the Qantas American Express Discovery Card and it’s the first card on this list that lets you earn reward points - which isn’t that common when it comes to no annual fee credit cards.
Card holders can earn 0.75 Qantas Points for every $1 spent on Card purchases
Earn 0.5 Qantas Points per $1 spent on government bodies in Australia
Earn 1.75 Qantas Points per $1 spent on eligible Qantas products and services
This card also offers Refund and Purchase Protection when you make an eligible purchase.
Refund protection means that AMEX will cover the cost of eligible items when a store refuses a return for eligible items purchased with your Card.
Purchase Protection covers eligible stolen or damaged items purchased with your Card. Both of these protections do have terms and conditions, so make sure you read the fine print.
2. Citi Simplicity credit card
And in 2nd place we have the Citi Simplicity credit card.
This no annual fee credit card has quite a few benefits, as of filming this video - cardholders can:
- Get free wine at selected restaurants when they dine out as part of the citibank dining program. The program also offers free or discounted tickets to the Good Food + Wine show and the Night Noodle markets C- omplimentary Purchase Cover Insurance and Extended Warranty insurance
- Access to the Mastercard Priceless Cities program,
- Citi World Privileges which offers exclusive deals
1. The American Express Essential Credit Card
And the best credit card for beginners in Australia, in my opinion is the American Express Essential Credit Card.
Membership Rewards is AMEX’s own points program and you can redeem your points for a variety of rewards including frequent flyer points at 9 airlines including Virgin Australia, Emirates, Singapore and Cathay Pacific.
Cardholders can earn 1.25 Membership Rewards points for every $1 spent on purchases excluding government bodies in Australia.
Earn 1 Membership Rewards point for every $1 spent at government bodies in Australia
With this card you get Refund and Purchase Protection when you make an eligible purchase. You also get buyer’s Advantage, which extends the manufacturers' warranty by up to 12 months on eligible items purchased with the Card.