Kayonews-Finding the best credit cards in Australia in 2026 requires more than comparing bonus points. Cardholders should also consider annual fees, purchase interest rates, reward conditions, travel benefits, insurance and eligibility requirements.
The Australian credit card market is changing significantly in September 2026. Major banks are adjusting rewards programs and fees ahead of the Reserve Bank of Australia’s card surcharge reforms taking effect on October 1.
That means a card that looks attractive based on its current bonus offer may have different benefits or costs later in the year.
Best Credit Cards Australia 2026
There is no single credit card that is best for every Australian. The right card depends on how you spend money and whether you repay the balance in full each month.
Current September 2026 comparisons include rewards, frequent-flyer, low-rate, balance-transfer and no-annual-fee cards. Money.com.au’s comparison, updated September 23, lists more than 200 Australian credit cards across different categories.
American Express Qantas Ultimate Card
The American Express Qantas Ultimate Card is a frequent-flyer option for consumers interested in earning Qantas Points.
Canstar’s September 22 comparison lists an offer of up to 120,000 bonus Qantas Points, with a $450 annual fee and minimum spending requirements. The offer has terms and an expiry date, so applicants should verify the current conditions before applying.
This type of card may appeal to frequent travellers, but the value of the rewards depends on how the cardholder uses the points and whether the annual fee is justified.
American Express Explorer Credit Card
The American Express Explorer Credit Card is another rewards-focused option.
Canstar’s September 22 comparison lists 115,000 bonus Membership Rewards Points, a $395 first-year annual fee and a minimum spending requirement of $4,000 within three months.
The offer is subject to eligibility requirements and terms. Consumers should calculate the value of the rewards before considering the annual fee.
Virgin Money Anytime Rewards Card
The Virgin Money Anytime Rewards Card is another option for consumers interested in rewards points.
Canstar’s September comparison lists up to 60,000 Virgin Money Points and a $149 first-year annual fee for the offer shown on its comparison page.
As with other rewards cards, the value depends on spending patterns, redemption options and fees.
Kogan Money Low Rate Credit Card
For consumers focused more on interest costs than rewards, low-rate cards may be worth considering.
Canstar’s September 18 comparison lists the Kogan Money Low Interest Rate Credit Card with a 9.99% purchase rate for 12 months, followed by 21.99%, and a $0 first-year annual fee under the listed offer.
Introductory rates have conditions and expiration dates, so borrowers should check the rate that applies after the promotional period.
Bankwest Zero Mastercard
A no-annual-fee option can be useful for consumers who want to avoid a recurring card fee.
Canstar’s September comparison lists the Bankwest Zero Mastercard with a $0 first-year annual fee and a promotional 0% purchase rate for six months, followed by an 18.99% rate under the listed offer.
The balance-transfer offer shown on the comparison page also has conditions and fees.
Rewards Credit Cards Are Changing in Australia
September 2026 is an important month for Australian credit card users.
The RBA’s card surcharge reforms are scheduled to take effect on October 1, 2026. At the same time, banks are changing rewards programs, annual fees, points earning rates and other benefits.
For example, Canstar reports that ANZ is increasing purchase rates on several rewards cards from September 28. Some cards will also have points caps or changes to complimentary insurance later in 2026.
Westpac, St.George, CBA and NAB have also announced changes affecting rewards programs, fees or points.
This makes it particularly important to check the effective date of every credit-card offer.
What Should You Compare?
MoneySmart recommends looking at how you intend to use the card before applying.
If you pay the balance in full every month, rewards and interest-free days may be important.
If you carry a balance, the purchase interest rate and annual fee can have a much greater impact on the total cost.
Important factors include:
- Purchase interest rate
- Annual fee
- Rewards program fee
- Bonus points
- Points earning rate
- Interest-free days
- Balance-transfer rate
- Balance-transfer fee
- Overseas transaction fees
- Travel insurance
- Other complimentary insurance
- Minimum spending requirements
- Credit limit
How Much Are Credit Card Rewards Worth?
A large bonus-point offer does not automatically mean a card provides better value.
For example, a card offering 100,000 bonus points may also have a significant annual fee and a high minimum spending requirement.
Consumers should calculate the likely value of the rewards and subtract annual and other applicable fees.
MoneySmart also recommends checking reward redemption rules, point caps and expiry conditions before applying.
What About Credit Card Interest Rates?
Credit card interest can become expensive when a balance is carried from month to month.
MoneySmart says the average Australian credit card interest rate is above 18%, and advises consumers to consider a lower-rate card if they expect to carry a balance.
A rewards card can therefore be less suitable for someone who regularly pays interest on outstanding balances.
Paying the statement balance in full by the due date can help avoid purchase interest when the card’s terms provide an interest-free period.
Credit Card Changes Coming in October 2026
Australians should pay particular attention to the October 1 changes.
The RBA’s surcharge reforms will remove card surcharges, while banks are adjusting their rewards economics. Some providers are increasing fees, reducing points or changing complimentary benefits.
Finder’s September 10 tracker shows announced changes involving ANZ, CBA, Westpac, St.George and NAB.
Therefore, an article about the best credit cards should be updated regularly rather than relying on information published several months earlier.
How to Choose a Credit Card in Australia
Start by deciding how you will use the card.
If you want rewards, calculate the value of points and compare that value with annual fees.
If you want to reduce interest costs, focus on the purchase rate and balance-transfer conditions.
If you travel frequently, check foreign transaction fees, travel insurance and travel-related rewards.
Finally, read the product disclosure statement and eligibility requirements before applying.
MoneySmart advises consumers to compare rates, annual fees, interest-free days and reward rules before making an application.
Best Credit Cards Australia 2026 FAQ
What are the best credit cards in Australia in 2026?
The answer depends on the cardholder’s needs. Australian cards include rewards, frequent-flyer, low-rate, balance-transfer and no-fee products. Current September comparisons include offers from American Express, ANZ, Bankwest, Virgin Money and other providers.
What is the best rewards credit card in Australia?
There is no universal choice. Compare bonus points, ongoing earn rates, annual fees, redemption options and eligibility requirements.
Are rewards credit cards worth it?
They can be useful when the value of rewards exceeds the annual and other applicable costs. However, carrying an unpaid balance can result in interest charges that outweigh the value of rewards.
Which credit card is best for low interest?
Low-rate cards may be more suitable for people who expect to carry a balance. Compare the ongoing purchase rate rather than focusing only on an introductory rate.
Are Australian credit card rewards changing in 2026?
Yes. Several major providers have announced changes to rewards points, fees, interest rates and complimentary benefits ahead of the October 2026 card surcharge reforms.
When are Australia’s card surcharge changes taking effect?
The RBA’s card surcharge reforms are scheduled to take effect on October 1, 2026. (*)
Editor : Fanda Yosephta
