Visa, Mastercard or Amex: which credit card is the best?

Trying to decide between Visa, Mastercard and Amex? This guide breaks down the key differences, from rewards and fees to where it works and what it offers, so you can choose the best credit card for your lifestyle and money goals.

When it comes to picking the best credit card, the choices can feel endless, and oddly similar. Wondering whether Visa, Mastercard or Amex is the better choice? These comparisons, Visa vs Mastercard, Visa vs Amex, and the all-in-one Visa vs Mastercard vs Amex, are some of the most searched credit card questions online for good reason. But while they might all swipe the same, the differences can impact your financial position.

Let’s unpack the big three, Visa, Mastercard and American Express (Amex), so you can decide which credit card best fits your lifestyle (and budget goals).

What’s the difference between Visa and Mastercard?

Short answer: not a whole lot, at least on the surface.

Both Visa and Mastercard are payment networks, not banks. That means they don’t issue cards or set your interest rates; they simply process credit card transactions. The real differences usually come from the credit card issuer, like NAB, CommBank or Westpac, and what perks they include for you as a cardholder.

That said, Visa and Mastercard do offer some consistent perks:

• zero liability protection for fraud protection on unauthorised credit card transactions
• emergency credit card replacement for lost or stolen cards
• access to credit card rewards programs, concierge services and exclusive cardholder offers (depending on your card tier)
• balance transfer fee offers and options for consolidating existing debt
• digital wallet compatibility, including Apple Pay and other mobile payment apps.

So when you’re choosing Visa or Mastercard, look at the specific card’s rewards, fees, bonus offers, and your existing credit habits. Not just the logo.

Is American Express worth it?

Amex (American Express) is in its own lane. It’s a credit card issuer and payment network, meaning it calls the shots on everything from customer service to Membership Rewards, statement credits, and fraud protection.

Some highlights:

• cashback, travel perks and statement credits are typically more generous with rewards credit cards from Amex.
• exclusive airport or hotel lounge access and premium services make Amex a hit with travellers
• but store acceptance is still limited, especially with small or regional merchants.

What about Amex fees?

Yes, American Express cards often carry higher annual fees and interest rates compared to standard Visa or Mastercard offerings, but for some cardholders, the travel benefits, gift card redemptions, and access to reward cards with premium features might be worth it.

“It all comes down to how you spend, where you shop, and what perks you value.”

Tammy Barton, MyBudget Founder & Director

Are credit card rewards programmes worth it?

Yes, rewards credit cards can be worth it, but only if you play it smart. The key is using them strategically, without letting the shiny perks lead you into overspending.

A rewards credit card can work in your favour if:

• you have a budget and track your everyday spending
• you always pay off your balance in full by the due date
• you’re spending on things you’d already buy (grocery stores, petrol, bills)
• you understand your points structure and how to transfer points or redeem them effectively.

Otherwise, you could end up spending more to earn less. That $100 gift card might seem exciting, until you realise you had to spend $20,000 to get it, and your card has a $250 annual fee. That’s a 0.5% return, not exactly impressive.

And let’s not forget the sting of interest. Rewards cards can charge rates of 19–24%. If you’re not paying off the balance, your so-called rewards are going straight to the merchant’s bank.

A Mozo study found Australians could save up to 23% over 10 years by reducing credit card use.

Visa vs Mastercard vs Amex: which card should I choose?

Here’s a quick side-by-side of the three credit card networks:

Still unsure which credit card is right for you?

Think about your needs and habits and ask yourself these questions:

• do I want a card from a widely accepted card network, or one packed with premium features?
• will I actually use the travel benefits, reward points or statement credits?
• do I need a card issuer that offers flexible payment options and strong customer support?
• am I building my credit score or managing an existing balance?
• do I want a card that works almost everywhere, or one packed with premium perks?
• will I actually use the travel benefits and rewards?
• do I need a low-fee card while building my credit score?

What should I watch out for when choosing a credit card?

It’s easy to get dazzled by reward points, but don’t forget the fine print:

• high interest rates: the average Australian credit card charges 18% p.a. 
• minimum payments trap: making only the minimum? Read this blog
• overrated rewards: many reward cards lure you in with exciting benefits but deliver underwhelming returns
• return protection and complimentary access perks can be helpful, but only if you actually use them
• hidden payment fees and charges for using your card at certain merchants
• poor credit habits: if your balance is creeping up or you’re juggling multiple cards, rewards may be the least of your concerns.

We break down rewards cards in full in our recent blog: The reality of credit card rewards programs: are they worth it?

Which credit card should I choose: Visa, Mastercard or Amex?

At the end of the day, there’s no one-size-fits-all. It’s about finding a card that supports your lifestyle and your financial wellbeing. Whether it’s Visa’s widespread acceptance, Mastercard’s global travel offers, or Amex’s premium perks, the key is using your credit card wisely.

Set yourself up with a solid budget, make repayments in full where possible, and reap the rewards without the regret.

If you think a points card might not be best for you, use our free Savings Calculator to see how fast you could build actual savings instead.

Is a credit card the right choice for you? MyBudget can help!

MyBudget has helped over 130,000 Aussies tackle credit card debt, avoid fees, and actually use their budget to get ahead. We can help you by building rewards that actually last, like savings, peace of mind and knowing your card isn’t in charge of you.

Book a  free consultation with a Personal Budgeting Specialist today, or call MyBudget on 1300 300 922.

Want to know more about credit cards?

Read our blog: How to get out of credit card debt and stay debt free

Download our free eBook: 6 steps to eliminate credit card debt