Credit card Key Facts Sheet explained: rates, fees and what the law requires

Every application form for an Australian credit card must include an up-to-date Key Facts Sheet, and a card issuer cannot enter into the contract unless you have been given one (sections 133BC and 133BD of the National Consumer Credit Protection Act 2009). The Key Facts Sheet sets out, in a standard format, the purchase rate, cash advance rate, any balance transfer rate and its length, the annual fee, the maximum interest-free period, the minimum repayment and key other fees. Reading it side by side for each card you shortlist is the fastest way to compare the cost of a rewards card, because rewards programs are marketed separately and the costs are easy to miss.

This guide is part of the comparison overview. Rates below are illustrative.

The lines that matter

Key Facts Sheet item	What it means	Why it matters for rewards cards
Annual percentage rate — purchases	Interest rate on purchases if the closing balance is not paid in full	Rewards cards often have higher purchase rates than low-rate cards
Annual percentage rate — cash advances	Interest on cash withdrawals and cash-like transactions, usually charged from the day of the transaction	Often higher than the purchase rate, with no interest-free days
Balance transfer rate and period	Promotional rate on debt moved from another card, and how long it lasts	The rate that applies afterwards (the revert rate) is shown in the terms
Interest-free period	The maximum days without interest on purchases, if you pay in full	"Up to" — the actual number depends on when you buy in the statement cycle
Minimum repayment	How the minimum monthly repayment is worked out	A low minimum means a very long payoff; see the minimum repayment example
Annual fee	Yearly card fee	Check for additional cardholder fees and separate rewards program fees
Other fees	Late payment, cash advance, foreign transaction, replacement card fees	Foreign transaction fees can cancel out points on overseas spending

The rewards program's earn rates, caps, exclusions and expiry rules are usually in a separate rewards terms and conditions document. Read both.

Four rates, one card: an illustrative example

Imagine a rewards card with these illustrative terms: purchase rate 20.99%, cash advance rate 21.99%, a 0% balance transfer for 12 months that reverts to the cash advance rate, and up to 55 interest-free days on purchases.

You pay in full each month: you pay no interest on purchases; only the annual fee and any other fees apply.
You leave $1,000 unpaid after the due date: interest at 20.99% applies, and on most such cards new purchases lose their interest-free days until the balance is cleared in full.
You withdraw $200 cash: a cash advance fee applies and interest at 21.99% starts the same day.
You transfer $5,000 from another card: 0% for 12 months, then whatever is left is charged 21.99%.

The same card can therefore cost nothing or a lot depending on how it is used. That is why the comparison starts with your behaviour, not the card.

Protections built into Australian credit card law

The NCCP Act and the National Credit Code contain card-specific rules, many introduced in 2012 and strengthened by the 2018 reforms (Treasury Laws Amendment (Banking Measures No. 1) Act 2018, mostly in force from 1 January 2019):

Payments go to the highest-rate debt first. Under section 133BQ, a payment is applied first to the part of the last statement's closing balance with the highest interest rate, then the next highest, and so on. If you have a cash advance and purchases on the card, your payment clears the cash advance first.
No retrospective interest. Section 133BS stops issuers charging a higher interest rate on a balance on a day because of something that happened later. In practice this ended the old practice of back-dating interest on purchases once an interest-free period was lost.
No over-limit fees without your consent. Under section 133BI an issuer cannot charge a fee or a higher rate because you went over your limit unless you expressly consented, and you can withdraw consent at any time.
No unsolicited limit increase invitations (section 133BE), and you can reduce your limit or close the card online (sections 133BFA and 133BU). See credit limits, reducing and cancelling.
Minimum Repayment Warning on statements; see the worked example.

How to compare Key Facts Sheets

Download the Key Facts Sheet for every shortlisted card from the issuer's website or application page.
Copy the same lines into one table: annual fee, purchase rate, cash advance rate, interest-free days, balance transfer terms, foreign transaction fee, late fee.
Mark which costs would actually apply to you. If you never take cash, the cash advance rate matters less; if you buy from overseas sites, the foreign transaction fee matters more.
Add the rewards side from the program terms and work out net value against the fee.
Re-check after approval: your contract and first statement should match the Key Facts Sheet you relied on.

Variable rates and changes

Credit card rates are almost always variable. Under the National Credit Code, an issuer must give written notice of an interest rate change no later than the day it takes effect (it can do this by newspaper advertisement, with details in the next statement), and at least 20 days' written notice before a change to a credit fee or charge (section 66) or to the amount or method of calculating minimum repayments (section 65). If your card's rate or fee changes, you can close it or move to a different card.

Frequently asked questions

Is the comparison rate shown for credit cards?

No. Credit cards are continuing credit contracts, and section 158 of the National Credit Code excludes continuing credit from the comparison rate rules that apply to personal loan advertising. Use the Key Facts Sheet lines instead.

Why does the Key Facts Sheet say "up to" 55 days?

Interest-free days are counted from the purchase date to the payment due date, so a purchase early in the statement period gets more days than one just before the statement closes. See interest-free days explained.

Are gambling and crypto purchases cash advances?

Many issuers treat certain transactions, such as gambling, purchasing gift cards or foreign currency, or funding digital wallets, as cash advances, and some block gambling transactions entirely. Check the card's terms; see cash advance costs.

Do Key Facts Sheets cover the rewards program?

Generally not in detail. Ask for the rewards terms and conditions, which set out earn rates, caps and expiry.

Sources and where to check

Federal Register of Legislation — National Consumer Credit Protection Act 2009, Part 3-2B (credit card contracts) and National Consumer Credit Protection Regulations 2010
ASIC — credit card regulation
ASIC Moneysmart — understanding credit card statements and fees
Australian Financial Complaints Authority — disputes about fees and interest