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In search of your first credit card for students Australia? Australian banks have moved on, and what were once university-only cards have become consumer credit cards for the general public.
With the discontinuation of dedicated student offers by major banks, the key to finding the best credit card for students Australia lies in focusing on Low Rate or Low Fee options.
Understanding this change and knowing which factors truly matter is the difference between a good card and one that will only leave you in debt.
By the end of this article, you will have a comparison and the necessary analysis to choose the ideal credit card for students Australia for your profile.
What is important to analyze? (Credit Card for Students Australia)
For students, three factors dominate the cost-benefit analysis.
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The first is the Purchase Interest Rate, crucial for those who may occasionally not be able to pay the full balance.
The second factor, and perhaps the most relevant for international students, is the Foreign Transaction Fee. Therefore, you should focus on cards that charge 0% FX Fee.
Finally, Zero Annual Fee is a relevant point, as being new, a zero-cost monthly card will undoubtedly help you in your daily life.
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Analysis of the Main Credit Cards for Students in Australia
1. Latitude 28° Global Platinum Mastercard
The Latitude 28° Global Platinum Mastercard is issued by Latitude Financial Services, Australia’s largest non-bank consumer finance company.
This card is an interesting international alternative, offering 0% Foreign Transaction Fee. Making it a great alternative for students who shop online or travel.
Although the Purchase Rate is 27.99% p.a., it only applies if the balance is not paid in full, and the annual fee is zero in the first year (then $96).
Its benefits include a $100 bonus when spending AU$1,000 in the first three months. Access to Flight Delay Pass and Free Flexiroam Global Data Roaming.
In addition to complementary E-Commerce insurance. Additional fees include $45 for late payments and 3.5% or $4 (whichever is greater) for cash advances.
2. HSBC Low Rate Credit Card
The HSBC Low Rate Credit Card has a low and constant Purchase Rate of 12.99% p.a.
In addition to 0% Foreign Transaction Fee, it offers 0% p.a. on Balance Transfers for 12 months and Complementary Domestic Travel Insurance. Thus assisting students with stability in Australia who seek to consolidate small debts.
However, it charges an annual fee, with the annual value of $99.
Thus, this card is an excellent opportunity to build a credit history with a global institution.
3. Westpac Lite Card (Credit Card for Students Australia)
The Westpac Lite Card is the best when it comes to the Purchase Interest Rate, with the lowest in the market (9.9% p.a.).
It also offers 0% Foreign Transaction Fee and access to Cashback offers through Westpac Extras. In fact, that’s why it’s one of the main balance transfer credit card deals.
The $108 annual fee is offset by savings on international transactions and Zero Liability Protection.
However, not everything is advantageous, its credit limit is low and manageable, ideal for beginners.
4. NAB Low Rate – Cashback Offer
The NAB Low Rate – Cashback Offer has a Purchase Interest Rate of 13.49% p.a. and an annual fee of $59. Being a competitive rate for one of the Big Four.
Firstly, its main benefit is the $400 Cashback Offer, conditioned on spending AU$5,000 in 150 days.
The card includes 0% on Balance Transfers for 12 months and installment payment options similar to Buy Now Pay Later (BNPL).
However, it applies the standard rate of 2.5% to 3% on foreign transactions.
5. ANZ Low Rate – Credit Back Offer
The ANZ Low Rate – Credit Back Offer has a very low annual fee of $58, and a Purchase Rate of 13.74% p.a.
You will receive a $400 credit back on the card (when spending AU$5,000 in six months). And the conservative entry credit limit of AU$1,000 makes it accessible and attractive.
6. Westpac Low Rate Card (Credit Card for Students Australia)
The Westpac Low Rate Card offers a Purchase Rate of 13.74% p.a. and an annual fee of $59.
Its competitive differential is the offer of 0% p.a. on Balance Transfers for 20 months. A crucial benefit for consolidating existing debts.
As one of the most stable credit card for students Australia cards. It benefits from the security and digital tools of the Big Four. Although it applies the standard foreign transaction fee.
7. Latitude Low Rate Mastercard
The Latitude Low Rate Mastercard is ideal for those who need an interest-free grace period, offering 0% p.a. on purchases for nine months.
After the promotion, the rate reverts to 13.99% p.a., which is still a low rate.
The annual fee is $69 and it provides 3% back in Latitude Rewards on recurring payments.
8. Bankwest Zero Classic Mastercard (Credit Card for Students Australia)
The Bankwest Zero Classic Mastercard is an entry-level option.
Its advantage is the lifetime Zero Annual Fee and a minimum credit limit of AU$1,000.
As a subsidiary of Commonwealth Bank, it offers the security and infrastructure of a large issuer.
Although it applies a Foreign Transaction Fee of 2.95%. The fact that it has no fixed annual costs makes it the best way to start a credit history without financial commitment.
9. CommBank Low Rate Card
The CommBank Low Rate Card from Australia’s largest retail bank, Commonwealth Bank (CBA), offers a Purchase Rate ranging from 10.99% p.a. to 15.99% p.a., depending on the applicant’s risk profile.
For those with a good score, the 10.99% p.a. rate is very competitive.
The MySpend/CommBank App financial management application is excellent for budget control. And its minimum credit limit is estimated at AU$1,000.
10. Latitude Low Rate Mastercard
Finally, the Latitude Low Rate Mastercard mirrors the Purchase Offer version, but focuses on zero annual fee in the first year (then $69) and a constant Purchase Rate of 13.99% p.a.
Undoubtedly, this is a robust Low Rate option, focused on helping students establish credit through responsible use, and also includes access to Latitude Rewards and fraud protection.
Conclusion (Credit Card for Students Australia)
The search for the best credit card for students Australia is not about finding a luxury card, but rather a low-cost one.
The market has moved to the Low Rate and Low Fee categories, and the best options are those that minimize annual fees and eliminate the cost of foreign transactions.
Remember that a credit card for students Australia with a low limit is not an invitation to consume, but rather an opportunity to create a good credit history and migrate to a better card.