I Ranked Every Credit Card (This Is What's ACTUALLY GOOD)
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- Опубліковано 2 чер 2024
- In this video, we ranked over 20 credit cards into a tier list to see what the best credit cards in Australia that are worth getting! These are some of the best credit cards and the most popular, so hopefully this will help you make a better decision as to which is the best credit card for you in Australia. Each credit card has been reviewed based on its sign-up bonus, additional perks and benefits as well as the overall value it should give you.
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💳 AMEX Explorer - bit.ly/3HltgwQ
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▼ ▽ TIMESTAMPS
0:00 Intro
0:10 Coles No Annual Fee Mastercard
1:35 AMEX Explorer
3:06 Westpac Qantas Altitude Platinum
4:37 ANZ FF Black Card
6:10 Westpac Qantas Altitude Black
7:00 Cashback Credit Cards
11:49 CBA Ultimate Awards
13:24 NAB Rewards Signature
14:42 NAB Qantas Rewards
15:23 No Annual Fee Credit Cards
17:06 AMEX Qantas & Velocity Cards
18:40 AMEX Platinum Card
19:39 Citi Prestige Card
20:04 Citi Premier & Reward Cards
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I love how this is for the Australian market and it gets pushed in my algorithm where we have the same version of these videos, in the good way, but for the American market from my side :) Keep going Raymond!!
Thanks for the support from the other side of the world!
@@raymondla You know how it is, especially as a fellow content creator in the same space! 🙌
Very good and informative video, always love your content. Thank you for this
My pleasure!
You’re the man brother ! Appreciate the content bro! Subbed and liked , thanks for helping us Aussie’s out!
Thanks for the sub, glad you are finding the content helpful!
Agreed
Great video! Though I’m a bit surprised you didn’t cover the Citi Payall card? A lot of people that watch your videos rent
Hey mate thanks for the feedback! The Citi Pay is a good feature to earn points for your rent payments etc. but it does come with a fee of 0.95%, which I'm not so sure I would necessarily want to be incur especially when rent prices are already increasing significantly across the country!
Thanks Ray, the background music is quite distracting when attempting to listen intently, found my self replaying to hear at times. Great content thanks
Thanks for that feedback, I’ll take that into consideration for my future videos!
Thank you for the analysis. Hope you can also make a video about HSBC Star Alliance credit card
I've included it in one of my upcoming videos!
Very good card pity my wage is too low
Thank you very much for this content.
Glad you enjoy it!
Hey Raymond,
Thanks for sharing your knowledge on credit cards.
I'm a complete noob when it comes to this so your content has been helpful.
Could I recommend you do a video on the basics of where to start. I'm unsure if you can transfer points between cards, or you'd have to withdraw the points in the way of gift cards.
There's quite a few questions that a beginner tutorial would most likely be able to answer.
Thanks
It's awesome that you're getting into the world of credit cards! I actually have a video coming up focusing solely on the American Express Reward Program covering all the basics etc. which will apply to most other credit cards as well, I think you'll find a lot of value in that one so stay tuned!
First here! Good to see some fresh stuff, Raymond!
damn u
Thanks for your support mate, glad you're enjoying the content!
Love the content Raymond! Always look forward to your videos mate 🤝🏼
Legend! I should get you to do a budget breakdown for me one day haha 👍
Hi Raymond, love the content and research your putting behind this. I trying to figure out the best course of action to transfer 1 million NAB reward points to anywhere in order to get the best value in terms travel.
Hi Raymond! Great video as per usual. Just wondering what your thoughts were on the CBA smart awards card? Main drawbacks would definitely be the lower earn rate and conversion rate for rewards. But having no INTL transaction fees, travel insurance and an achievable monthly rebate on the annual fee, surely this would be a good deal. Cheers!
I definitely like that card more than the CBA Ultimate Awards Card! The only other drawback you'll need to consider is that the sign-up bonus isn't that great when you compare it to other offers on the market. I think it's main selling point is having no intl transaction fees, if you want to just hold one credit card that does it all then this might be a decent option.
Awesome, good advice! Keep up the great content, really refreshing to see quality finance comparisons on Australian cards :)
Thanks mate. Although I was offended with the Amex platinum card bit Haha
Haha sorry mate! If its any redemption I am planning to get the platinum in the future
Hi Raymond,
Thanks your videos are great.
I would like the ANZ black reward card which suits my spending.
I usually spend 2k per month.I been with Cba for years.Now listening to you I have changed my mind.
Would this be a good option in the next year to keep this going for me ? Please your thoughts.
Love you videos and because of it I want to get in churn cards. I'm tore between chosing which of the two cards I want to start first, either the
- ANZ Frequent Flyer Black (5k mini spend within 3 months)
- Qantas American Express Ultimate Card (3k mini spend within 3)
which card do you recommend I start first ?
If you're planning to travel in the next year with Qantas, I'd probably opt for the AMEX as you get the $450 travel credit to offset the annual fee. Also the spend criteria is also $3K in 3 months! :)
I have 2 credit cards ANZ low rate and CBA commbank NEO . I like how you present the videos Raymond
Appreciate the feedback mate 👌
Thanks for the video mate! I recently spied for the AMEX quantas ultimate as per one of your videos, I just found out about the amex explorer though! What are the differences and should I cancel and apply for the explorer if I want to collect points and travel ( to Canada as well as other destinations)? Appreciate your help!
The main difference to call out is that one earns Qantas Pts whilst the other earns AMEX reward points. Now that you've signed up to the Qantas Ultimate I wouldn't cancel it and re-sign up, as you're no longer eligible to receive the sign-up bonus for the Explorer anymore. You can still fly to Canada with Qantas, so I'd just stick with the card you already have! It's an awesome card so don't sweat the smaller details!
@@raymondla thank you!
CBA ultimate smart awards offered 100K points 2 years back, and the monthly spend was $2500. Currently, CBA changed monthly spend to $4000. If minimum spend is not met, they charge $35. Thanks for the video mate. I am gonna change asap :)
Thanks for sharing, that would've been a much better offer and probably would've gone a little higher on the tier list!
@@raymondladoes changing from higher limit to lower limit impact credit scores in anyway ? TIA
I've got the wealth package and they have waived the annual fee/minimum spend by moving the bonus to the ultimate instead of my previous one. I had it before when it was $2,500 and was going to change. Can vouch that it is good for international travel :O but still might change.
Hi Raymond! Thanks a lot for the video! extremely well done and clear.
I just have a quick question, on the Westpac cards there is an additional 75$ fee for "Annual Altitude Qantas Rewards Program fee".
do you know what it that fee for? Thanks
Hey mate, it's kind of a fee to be able to earn Qantas FF points. If you look at the normal Westpac Altitude Platinum card (the one that just earns Altitude Reward Points), there's no award fee required.
Thanks a lot for the answer!@@raymondla
Great Video. Just a couple of things missing but understandable as you have to look for so many things. 1 being NAB Signature Qantas actually has an offer currently to get the whole $120K qantas point upfront if you meet some criteria which I think should make it a A grade card, only issue being absense of lounge access.
Also wanted to ask, I am looking to apply for a bendigo zero dollar card for the 0% foreign transaction fee. This is not for Churning but to keep on my wallet. My last card was was only approved on 20th December, when do you think I can apply for the Bendigo card? I normally apply for a card every 6/7 months, Can I sneak this in between now or is it too early? I am going for a trip in late February and was wondering if I should get this before going.
Hey mate glad you enjoyed the video! What’s the criteria for getting the full 120k upfront? I wasn’t able to see any reference on their site, but that would be awesome!
I think you’re fine to open up the card now, I usually open one up every 3-4 months. Your credit score will take a slight dip, but it’ll bounce back in a month or two! Don’t sweat it too much 👍
@@raymondla hey mate. So basically for getting the points upfront you basically need a nab login. So just create a nab login and apply through your own login and that's it. Also $295 fee is fixed for every renewal (not suggesting you should). Also Amex ultimate is giving 100k qantas/velocity points for promotion till april which is very good value in the current climate.
I know you like the bendigo card but what's your thoughts about 28 global card. Zero dollar and no foreign transaction fee like bendigo. Travel insurance is missing but as a secondary card seems very good specially given the low credit limit.
Problem with Amex is that half the retailers punch you in the face with transaction fees while the other half just flat out refuse it. Makes it pointless for Australian markets.
I'm an international student who recently relocated to Melbourne, Australia. I want to know if the Amex Explorer is a wise decision. I would like to know if it is commonly accepted at different stores and if there is a higher surcharge compared to a Visa or Mastercard.
Hi Raymond, great video! I just checked out the Westpac Qantas Altitude Platinum card and found out there is a $75 annual Altitude Qantas Rewards Program fee on top of the $45 dollar annual card fee.Which essential makes this card less valuable? Correct me if I'm wrong :p
I think the $75 is actually already included in the $450 fee (ie the card fee is $375 and the rewards fee is $75)
Hey there! Yes good call out there is sometimes an additional fee added on top for frequent flyer reward programs. I find that they mostly apply to Qantas and not so much Velocity. Obviously if you go with a flexible reward program there should be none at all!
Hi Raymond I have a AMEX Virgin Card, would you say the AMEX Explorer Card is better, when you do the points transfer does it work out better than just using my Virgin Card?
Great videos.Which credit also has the longest interest free period.Commonwealth award credit card just reduced their 55 days interest free period to 40days now ?.
Also with the American express card the merchant charge a transaction fees for any purchase.
Please advice.
Hey mate, the ANZ FF Black card has 55 days of interest free, so that might be a good alternative. There are transaction fees regardless of the card type these days, sometimes AMEX can be higher than VISA/Mastercard (but not always the case). This is why I like to hold at least two card types so I can pick and choose based on the transaction I am making.
Thankyou Raymond for your reply.I will look into this card.❤
You don’t take into account that when purchasing, vendors often add a higher charge when using Amex than Mastercard or Visa.
In the USA vendors don't add fees. This might be a regulation.
@@LongevityDeprocessed That is interesting 🤔 but considering these are Australian credit cards and many vendors do add a % fee it is worth taking into account.
Hi Raymond,
Thank you for your videos it’s really informative. I want to ask quick question.
I travel domestic and international once or twice a year. I would also like to get benefit for travel and collects rewards point for grocery and shopping. Which card will be best in that case please help me!
Hey Lisa, there's plenty of choices that you could look at, the AMEX Explorer or AMEX Qantas Ultimate are both great options. Or if you want an alternative to AMEX then ANZ FF Black Card is a great option too.
I'm similar to you Raymond. I've just signed up to the ANZ black credit card for the qantas points and the Everyday Rewards program at Woolies. My reasoning is I get extra points when I use the Everyday Rewards and purchase with the ANZ card.
Hi Raymond, what did you say to ANZ to have the annual fee refunded for the frequent flyer card ? I am just tossing up between getting the ANZ and AMEX frequent flyer card. Thanks :)
Hey mate, I simply called them up and asked them for a refund on my annual fee and there was no pushback at all! If you do receive some pushback I would ask for a pro-rata refund based on the time you had the card open, or alternatively you can also try telling them the reason behind you closing your credit card was that your fixed rate home loan is coming to an end and you need to refinance.
Amex not being accepted everywhere is a challenge...thanks
Hey Raymond, what are the most valuable ways to use the $400 amex travel credit?
Hey there! I wouldn’t say there’s any best way per se, but I typically use the credit to book my hotel stays. Just make sure you’re cross referencing the price to what you can get elsewhere from Booking or Agoda etc. as I’ve often found the prices through the AMEX travel portal isn’t the best
Im no longer living in Australia and earn money online. I already have a credit card and would like to change but i dont have payslips from earnings. Is there any way around this?
Hey Raymond, I am applying city prestige card to use citi pay all function. What are your thoughts on this?
Hey mate, just be aware of the 0.95% fee on the citi pay all function. If you think that fee is worth it for the functionality of being able to pay for your rent etc. via credit card then go for it, however personally for me I don't think it is worth it.
Thoughts on CBA Smart Awards CC?
Hi Raymond,
Does churning through credit card affect your credit score? I have heard each enquire into your account may affect your credit score. How do you justify opening a credit card for signup bonus and credit score?
Cheers!
Hey Lawrence, it does impact your credit score as the bank will do a hard enquiry on your credit report. However from tracking my own credit score, it typically takes around ~3 months for your credit score to bounce back up to where it was originally. You can look at my video I did here on credit scores where I showed my own credit score history ua-cam.com/video/IjzG69wo3_4/v-deo.html
My understanding is that to convert points from the Westpac Altitude rewards program to Velocity is approx 2:1 so 100k Altitude points would become 50k Velocity points - is this correct?
If correct, then is it correct to say that a sign on bonus of, say, 100k velocity points would be the equivalent of 200k Altitude points?
If this logic is right, then any reference to Velocity bonus of 80k+ is actually very good wouldn’t you say ?
Correct the transfer rate to Velocity is 2:1. And I definitely agree, anything 75k+ as a sign up bonus, whether it be Qantas / Velocity is usually pretty good and one that I would consider signing up for after weighing up the other benefits + annual fee.
Is yours 2:1? Mine shows as 3:1 for all transfers to velocity
hey mate, out of the 3 S tier cards, what one would you personally choose to use ?
thechampagnemile is offering the american express velocity card with 100k velocity points also. 40k more than the american express website
Hey mate, the velocity card is currently running a promotion at the moment for an upsized sign-up bonus of 100k so that one is indeed enticing. You can also get the Qantas Ultimate with a 100k QFF sign-up bonus as well (get this offer by searching for it in incognito) Both of these are excellent deals right now and I wouldn't hesitate to sign up to either, depends on which program you want to go with.
Can you compare Amex Platinum Personal vs Amex Platinum Business
i am wondering if booking flight ticket through AMEX to utilise the annual credit actually cost more than booking directly on the airline website?
They are sometimes more expensive, but other times it'll be the same price. You just have to compare and ensure you're getting a good deal!
Can i have American Express if I don't have any passive income but do have a healthy bank balance of 6 figures??
where does HSBC premier card place?
I would have to disagree on the Amex explorer card. Not everyone travels every year therefore it would be a waste of 400 dollars per year. And honestly the Cole’s card is great. It’s a free credit card, no ongoing annual fee and gives you some points. Also the Cole’s no fee credit card would be one of the better beginner credit cards like the Amex essentials card.
Fair enough you make valid points there. This tier list is only my thoughts at the end of the day so it may not be the best for everyone depending on your own lifestyle choices. I agree that the Essential Card is one of the best beginner cards, I've personally had that card in the past!
What's the background song?
What would you say is the best card to earn rewards points for a tax bill of 35k?
Most credit cards have a reduced earn rate for ATO payments and there's also a payment processing fee if you decide to use a credit card to pay a tax bill. I have personally always just paid via BPAY and opted to not earn any points.
@@raymondla ok some great points to ponder thanks for the info
It's it usually more worth it to spend frequent flyer points on flights rather than cash back on gift cards
Yes, definitely!
Yes it definitely is! But of course some people might just opt for cashback which is okay as well.
Just got the qantas anz card for 75000 qantas Point, 100 cashback and 295 annual fee and earn 0.75 qantas point per dollar, is that B or C tier😅
Also love your content ❤
That's a solid card between B or C if I had to make a call. But make sure you try and call up and get your annual fee refunded when you cancel your card and it'll be an A/B tier card!
@@raymondla can you expand on calling up to get your annual fee refunded I didn't know abiout this!
@@joshyoung3848 when you go to cancel the card. AFTER you receive the sign up bonus points into your qantas FF account. Ask the bank whether they can pro rata the annual fee. I’ve tried this before and it hasn’t worked. But that was with commbank and ANZ. If you’re lucky certain banks may refund the annual fee when you cancel the card.
Good video but the background music is utterly annoying
Agree that the Commbank Ultimate is overrated.
💯
It was great for me in 2023 - 70k sign-up QFF points and no fees as we hit the minimum spend. I am however looking to change cards now and noticed that CBA scrapped the sign-up bonus which defs makes this card terrible for new sign-ups