Low Interest Rate Credit Cards
- Compare the lowest-rate credit cards in Australia from 40+ providers, starting from 0% p.a.
Featured offer: Low Rate Credit Card from American Express®
Enjoy a low interest rate of 10.99% p.a. on purchases and $0 annual fee.
Find out moreFind out moreLowest credit cards interest rates (ongoing rate)
Community First n0w Credit Card | |
|---|---|
| Purchase rate | 0% p.a. |
| Annual fee | $108 - $228 ($9 - $19 monthly) depending on credit limit |
| Key feature | Monthly fee waived if you don’t use the card during month |
| Visit provider | |
Westpac Flex Card | |
| Purchase rate | 0% p.a. |
| Annual fee | $120 ($10 monthly) |
| Key feature | Monthly fee waived if you don’t use the card during month |
| Visit provider | |
NAB StraightUp Card | |
| Purchase rate | 0% p.a. |
| Annual fee | $120 - $240 ($10-$20 monthly) depending on credit limit |
| Key feature | Monthly fee waived if you don’t use the card during month |
| Visit provider | |
CommBank Neo Card | |
| Purchase rate | 0% p.a. |
| Annual fee | $180 - $300 ($15 - $25 monthly) fee depending on credit limit |
| Key feature | Monthly fee waived if you don’t use the card during month |
| Visit provider | |
wizitcard | |
| Purchase rate | 0% p.a. |
| Annual fee | $228 ($19 charged monthly) |
| Key feature | Credit limits up to $1,000 |
| Visit provider | |
G&C Mutual Bank Low Rate Visa | |
| Purchase rate | $7.49% p.a. |
| Annual fee | $50 |
| Key feature | Up to 50 days interest free |
| Visit provider | |
Community First Low Rate credit card | |
| Purchase rate | 8.99% p.a. |
| Annual fee | $40 |
| Key feature | 0% on balance transfers for 12 months |
| Visit provider | |
Community First Low Rate Blue credit card | |
| Purchase rate | 8.99% p.a. |
| Annual fee | $40 |
| Key feature | 0% on balance transfers for 12 months |
| Visit provider | |
Community First Low Rate Pink credit card | |
| Purchase rate | 8.99% p.a. |
| Annual fee | $40 |
| Key feature | 0% on balance transfers for 12 months |
| Visit provider | |
Easy Street Bank Low Rate Visa | |
| Purchase rate | 8.99% p.a. |
| Annual fee | $40 |
| Key feature | 0% on balance transfers for 12 months |
| Visit provider | |
Defence Bank Foundation Credit Card | |
| Purchase rate | 8.99% p.a. (3.99% p.a. for first six months) |
| Annual fee | $45 |
| Key feature | 50% of annual fee donated to Defence Bank Foundation |
| Visit provider | |
Illawarra Credit Union Low Rate Credit Card | |
| Purchase rate | 8.99% p.a. |
| Annual fee | $50 ($0 in first year) |
| Key feature | Up to 45 days interest free on purchases |
| Visit provider | |
Move Bank Low Rate Credit Card | |
| Purchase rate | 8.99% p.a. |
| Annual fee | $59 ($0 in first year) |
| Key feature | 0% on balance transfers for 6 months |
| Visit provider | |
Bank Australia Low Rate Visa Credit Card | |
| Purchase rate | 9.39% p.a (0 interest-free days) |
| Annual fee | $59 |
| Key feature | Offers 24/7 fraud monitoring |
| Visit provider | |
Bank First Visa Platinum Credit Card | |
| Purchase rate | 9.59% p.a. |
| Annual fee | $99 |
| Key feature | Complimentary overseas travel insurance |
| Visit provider | |
Australian Unity Low Rate Visa Credit Card | |
| Purchase rate | 9.90% p.a. |
| Annual fee | $59 |
| Key feature | Up to 4 extra cards with no fee |
| Visit provider | |
Westpac Lite Card | |
| Purchase rate | 9.90% p.a. |
| Annual fee | $108 |
| Key feature | Up to 45 days interest free on purchases |
| Visit provider | |
Greater Bank Visa Credit Card | |
| Purchase rate | 9.95% p.a. |
| Annual fee | $49 (waived after 1st year if $12k spent annually) |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Bank of us Visa Credit Card | |
| Purchase rate | 9.99% p.a. |
| Annual fee | $39 (waived after 1st year if $8k spent annually) |
| Key feature | Up to 58 days interest free on purchases |
| Visit provider | |
Bendigo Bank Bright Credit Card | |
| Purchase rate | 9.99% p.a. |
| Annual fee | $59 |
| Key feature | 0% on balance transfers for 15 months |
| Visit provider | |
Australian Mutual Bank Visa Credit Card | |
| Purchase rate | 10.49% p.a. |
| Annual fee | $30 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
First Option Low Rate Visa Credit Card | |
| Purchase rate | 10.49% p.a. |
| Annual fee | $48 (waived for first year) |
| Key feature | Card is made from 82% recycled plastic |
| Visit provider | |
Bank of Heritage Isle Visa Credit Card | |
| Purchase rate | 10.76% p.a. |
| Annual fee | $30 (waived for first year) |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Border Bank Visa Credit Card | |
| Purchase rate | 10.76% p.a. |
| Annual fee | $30 (waived for first year) |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Police Bank Visa Credit Card | |
| Purchase rate | 10.76% p.a. |
| Annual fee | $30 (waived for first year) |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
American Express Low Rate Credit Card | |
| Purchase rate | 10.99% p.a. |
| Annual fee | $0 |
| Key feature | Offers card purchase and refund cover |
| Visit provider | |
Auswide Bank Low Rate Visa Credit Card | |
| Purchase rate | 10.99% p.a. |
| Annual fee | $50 (waived for under 25s) |
| Key feature | 0% on balance transfers for 12 months |
| Visit provider | |
Credit UnionSA Education Community Credit Card | |
| Purchase rate | 11.49% p.a. (0% p.a. for first 6 months) |
| Annual fee | $0 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Firefighters Mutual Bank Credit Card | |
| Purchase rate | 11.50% p.a. (7.90% p.a. for first 6 months) |
| Annual fee | $0 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Health Professionals Bank Credit Card | |
| Purchase rate | 11.50% p.a. (7.90% p.a. for first 6 months) |
| Annual fee | $0 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Teachers Mutual Bank Credit Card | |
| Purchase rate | 11.50% p.a. (7.90% p.a. for first 6 months) |
| Annual fee | $0 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Unibank Credit Card | |
| Purchase rate | 11.50% p.a. (7.90% p.a. for first 6 months) |
| Annual fee | $0 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Heritage Bank Gold Low Rate Credit Card | |
| Purchase rate | 11.80% |
| Annual fee | $0 |
| Key feature | 0% interest on balance transfers for 12 months |
| Visit provider | |
Hume Value Visa | |
| Purchase rate | 11.95% |
| Annual fee | $0 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
BCU Classic Credit Card | |
| Purchase rate | 11.95% |
| Annual fee | $45 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
ING Orange One Low Rate | |
| Purchase rate | 11.99% |
| Annual fee | $0 |
| Key feature | No ING international transaction fees (if you meet eligibility criteria) |
| Visit provider | |
AWA Alliance Bank Basic Blue Credit Card | |
| Purchase rate | 11.99% |
| Annual fee | $45 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Great Southern Bank Low Rate Credit Card | |
| Purchase rate | 11.99% |
| Annual fee | $0 first year ($49 after) |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Summerland Low Rate Credit Card | |
| Purchase rate | 11.99% |
| Annual fee | $49 ($0 in first year) |
| Key feature | Earn 1 point for every $2 spent on eligible purchases (get $10 back for every 1,000 points) |
| Visit provider | |
Australian Military Bank Low Rate Visa | |
| Purchase rate | 11.99% |
| Annual fee | $49 |
| Key feature | 0% p.a. for 12 months on balance transfers |
| Visit provider | |
Beyond Bank Low Rate Visa Credit Card | |
| Purchase rate | 11.99% |
| Annual fee | $49 |
| Key feature | Up to 62 days interest free on purchases |
| Visit provider | |
Geelong Bank Amigo Credit Card | |
| Purchase rate | 11.99% |
| Annual fee | $49 |
| Key feature | 4.99% p.a. on purchases balance transfers for first six months |
| Visit provider | |
Newcastle Permanent Value+ Credit Card | |
| Purchase rate | 11.99% |
| Annual fee | $49 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
P&N Bank Visa Classic Credit Card | |
| Purchase rate | 11.99% |
| Annual fee | $49 |
| Key feature | Up to 45 days interest free on purchases |
| Visit provider | |
Credit Union SA Visa Credit card | |
| Purchase rate | 11.99% |
| Annual fee | $59 |
| Key feature | 0% p.a. on balance transfer for six months |
| Visit provider | |
P&N Bank Visa Platinum Credit Card | |
| Purchase rate | 11.99% |
| Annual fee | $99 |
| Key feature | Complimentary overseas travel and interstate flight travel insurance |
| Visit provider | |
Virgin Money Low Rate Credit Card | |
| Purchase rate | 11.99% |
| Annual fee | $99 |
| Key feature | 0% p.a. on balance transfers for 15 months |
| Visit provider |
| Purchase rate | Annual fee | Key feature | Visit provider | |
|---|---|---|---|---|
Community First n0w Credit Card | 0% p.a. | $108 - $228 ($9 - $19 monthly) depending on credit limit | Monthly fee waived if you don’t use the card during month | |
Westpac Flex Card | 0% p.a. | $120 ($10 monthly) | Monthly fee waived if you don’t use the card during month | |
NAB StraightUp Card | 0% p.a. | $120 - $240 ($10-$20 monthly) depending on credit limit | Monthly fee waived if you don’t use the card during month | |
CommBank Neo Card | 0% p.a. | $180 - $300 ($15 - $25 monthly) fee depending on credit limit | Monthly fee waived if you don’t use the card during month | |
wizitcard | 0% p.a. | $228 ($19 charged monthly) | Credit limits up to $1,000 | |
G&C Mutual Bank Low Rate Visa | $7.49% p.a. | $50 | Up to 50 days interest free | |
Community First Low Rate credit card | 8.99% p.a. | $40 | 0% on balance transfers for 12 months | |
Community First Low Rate Blue credit card | 8.99% p.a. | $40 | 0% on balance transfers for 12 months | |
Community First Low Rate Pink credit card | 8.99% p.a. | $40 | 0% on balance transfers for 12 months | |
Easy Street Bank Low Rate Visa | 8.99% p.a. | $40 | 0% on balance transfers for 12 months | |
Defence Bank Foundation Credit Card | 8.99% p.a. (3.99% p.a. for first six months) | $45 | 50% of annual fee donated to Defence Bank Foundation | |
Illawarra Credit Union Low Rate Credit Card | 8.99% p.a. | $50 ($0 in first year) | Up to 45 days interest free on purchases | |
Move Bank Low Rate Credit Card | 8.99% p.a. | $59 ($0 in first year) | 0% on balance transfers for 6 months | |
Bank Australia Low Rate Visa Credit Card | 9.39% p.a (0 interest-free days) | $59 | Offers 24/7 fraud monitoring | |
Bank First Visa Platinum Credit Card | 9.59% p.a. | $99 | Complimentary overseas travel insurance | |
Australian Unity Low Rate Visa Credit Card | 9.90% p.a. | $59 | Up to 4 extra cards with no fee | |
Westpac Lite Card | 9.90% p.a. | $108 | Up to 45 days interest free on purchases | |
Greater Bank Visa Credit Card | 9.95% p.a. | $49 (waived after 1st year if $12k spent annually) | Up to 55 days interest free on purchases | |
Bank of us Visa Credit Card | 9.99% p.a. | $39 (waived after 1st year if $8k spent annually) | Up to 58 days interest free on purchases | |
Bendigo Bank Bright Credit Card | 9.99% p.a. | $59 | 0% on balance transfers for 15 months | |
Australian Mutual Bank Visa Credit Card | 10.49% p.a. | $30 | Up to 55 days interest free on purchases | |
First Option Low Rate Visa Credit Card | 10.49% p.a. | $48 (waived for first year) | Card is made from 82% recycled plastic | |
Bank of Heritage Isle Visa Credit Card | 10.76% p.a. | $30 (waived for first year) | Up to 55 days interest free on purchases | |
Border Bank Visa Credit Card | 10.76% p.a. | $30 (waived for first year) | Up to 55 days interest free on purchases | |
Police Bank Visa Credit Card | 10.76% p.a. | $30 (waived for first year) | Up to 55 days interest free on purchases | |
American Express Low Rate Credit Card | 10.99% p.a. | $0 | Offers card purchase and refund cover | |
Auswide Bank Low Rate Visa Credit Card | 10.99% p.a. | $50 (waived for under 25s) | 0% on balance transfers for 12 months | |
Credit UnionSA Education Community Credit Card | 11.49% p.a. (0% p.a. for first 6 months) | $0 | Up to 55 days interest free on purchases | |
Firefighters Mutual Bank Credit Card | 11.50% p.a. (7.90% p.a. for first 6 months) | $0 | Up to 55 days interest free on purchases | |
Health Professionals Bank Credit Card | 11.50% p.a. (7.90% p.a. for first 6 months) | $0 | Up to 55 days interest free on purchases | |
Teachers Mutual Bank Credit Card | 11.50% p.a. (7.90% p.a. for first 6 months) | $0 | Up to 55 days interest free on purchases | |
Unibank Credit Card | 11.50% p.a. (7.90% p.a. for first 6 months) | $0 | Up to 55 days interest free on purchases | |
Heritage Bank Gold Low Rate Credit Card | 11.80% | $0 | 0% interest on balance transfers for 12 months | |
Hume Value Visa | 11.95% | $0 | Up to 55 days interest free on purchases | |
BCU Classic Credit Card | 11.95% | $45 | Up to 55 days interest free on purchases | |
ING Orange One Low Rate | 11.99% | $0 | No ING international transaction fees (if you meet eligibility criteria) | |
AWA Alliance Bank Basic Blue Credit Card | 11.99% | $45 | Up to 55 days interest free on purchases | |
Great Southern Bank Low Rate Credit Card | 11.99% | $0 first year ($49 after) | Up to 55 days interest free on purchases | |
Summerland Low Rate Credit Card | 11.99% | $49 ($0 in first year) | Earn 1 point for every $2 spent on eligible purchases (get $10 back for every 1,000 points) | |
Australian Military Bank Low Rate Visa | 11.99% | $49 | 0% p.a. for 12 months on balance transfers | |
Beyond Bank Low Rate Visa Credit Card | 11.99% | $49 | Up to 62 days interest free on purchases | |
Geelong Bank Amigo Credit Card | 11.99% | $49 | 4.99% p.a. on purchases balance transfers for first six months | |
Newcastle Permanent Value+ Credit Card | 11.99% | $49 | Up to 55 days interest free on purchases | |
P&N Bank Visa Classic Credit Card | 11.99% | $49 | Up to 45 days interest free on purchases | |
Credit Union SA Visa Credit card | 11.99% | $59 | 0% p.a. on balance transfer for six months | |
P&N Bank Visa Platinum Credit Card | 11.99% | $99 | Complimentary overseas travel and interstate flight travel insurance | |
Virgin Money Low Rate Credit Card | 11.99% | $99 | 0% p.a. on balance transfers for 15 months |
Low credit cards interest rates (intro rates)
Bankwest Breeze Mastercard | |
|---|---|
| Purchase rate | 0% p.a. for 12 months then 12.99% p.a. |
| Annual fee | $49 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Bankwest Breeze Platinum Mastercard | |
| Purchase rate | 0% p.a. for 12 months then 12.99% p.a. |
| Annual fee | $69 |
| Key feature | Complimentary overseas travel insurance |
| Visit provider | |
Virgin Money No Annual Fee Credit Card | |
| Purchase rate | 0% p.a. for 12 months then 18.99% p.a. |
| Annual fee | $0 |
| Key feature | 0% p.a. on balance transfers for 12 months |
| Visit provider | |
Citi Rewards Card - Purchase and Balance Transfer Offer | |
| Purchase rate | 0% p.a. for 12 months then 21.49% p.a. |
| Annual fee | $199 |
| Key feature | Earn 1 Citi reward point per $1 spent (capped) |
| Visit provider | |
BOQ Blue Visa Credit Card | |
| Purchase rate | 0% p.a. for 9 months then 20.74% p.a. |
| Annual fee | $60 |
| Key feature | Earn 1 Q rewards credit card point per $1 spent on everyday purchases |
| Visit provider | |
Credit UnionSA Education Community Credit Card | |
| Purchase rate | 0% p.a. for 6 months then 11.49% p.a. |
| Annual fee | $0 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Suncorp Clear Options Standard Credit Card | |
| Purchase rate | 0% p.a. for 6 months then 12.74% p.a. |
| Annual fee | $55 (waived for first year) |
| Key feature | 0% p.a. for 6 months on balance transfers |
| Visit provider | |
Coles No Annual Fee Credit Mastercard | |
| Purchase rate | 0% p.a. for 6 months then 19.99% p.a. Apply by 30 June 2024. |
| Annual fee | $0 |
| Key feature | Get 20,000 Flybuys points when you spend $3k in first 90 days. Apply 31 Jan 2024. |
| Visit provider | |
Citi Simplicity Card | |
| Purchase rate | 0% p.a. for 6 months then 21.49% p.a. |
| Annual fee | $0 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Citi Rewards Card - Bonus Flybuys Points Offer | |
| Purchase rate | 0% p.a. for 6 months then 21.49% p.a. |
| Annual fee | $199 |
| Key feature | 100,000 Flybuys points when you spend $5k in the first 90 days. Apply by 30 April 2024. |
| Visit provider | |
Commbank Low Rate credit card | |
| Purchase rate | 0% p.a. for 3 months then 13.99% p.a. |
| Annual fee | $72 ($6 monthly) |
| Key feature | Earn $60 cashback each month when you spend $500 or more per month for the first four months. |
| Visit provider | |
People's Choice Visa Low Rate | |
| Purchase rate | 2.99% p.a. for 6 months then 12.95% p.a. |
| Annual fee | $59 |
| Key feature | Up to 62 days interest free on purchases |
| Visit provider | |
Defence Bank Foundation Credit Card | |
| Purchase rate | 3.99% p.a. for 6 months then 8.99% p.a. |
| Annual fee | $45 |
| Key feature | 50% of annual fee donated to Defence Bank Foundation |
| Visit provider | |
Geelong Bank Amigo Credit Card | |
| Purchase rate | 4.99% p.a. for 6 months then 11.99% p.a. |
| Annual fee | $49 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Qudos Bank Lifestyle Credit Card | |
| Purchase rate | 4.99% p.a. for 5 months then 12.84% p.a. |
| Annual fee | $0 |
| Key feature | 24/7 card protection monitoring services |
| Visit provider | |
Horizon Bank Visa Credit Card | |
| Purchase rate | 4.99% p.a. for 5 months then 12.95% p.a. |
| Annual fee | $0 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Qudos Bank Lifestyle Plus Credit Card | |
| Purchase rate | 4.99% p.a. for 5 months then 16.35% p.a. |
| Annual fee | $0 |
| Key feature | Up to 46 days interest free on purchases |
| Visit provider | |
Qudos Bank Visa Platinum Credit Card | |
| Purchase rate | 4.99% p.a. for 5 months then 19.49% p.a. |
| Annual fee | $199 |
| Key feature | Complimentary international travel insurance |
| Visit provider | |
Macquarie Credit Union Visa Credit Card | |
| Purchase rate | 6.95% p.a. for 6 months then 12.99% p.a. |
| Annual fee | $30 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Unity Bank Visa Card | |
| Purchase rate | 7.74% p.a. For 6 months then 13.49% p.a. |
| Annual fee | $60 (waived for first year) |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Firefighters Mutual Bank Credit Card | |
| Purchase rate | 7.90% p.a. for 6 months then 11.50% p.a. |
| Annual fee | $0 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Health Professionals Bank Credit Card | |
| Purchase rate | 7.90% p.a. for 6 months then 11.50% p.a. |
| Annual fee | $0 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
Teachers Mutual Bank Credit Card | |
| Purchase rate | 7.90% p.a.for 6 months then 11.50% p.a. |
| Annual fee | $0 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
UniBank Credit Card | |
| Purchase rate | 7.90% p.a. for 6 months then 11.50% p.a. |
| Annual fee | $0 |
| Key feature | Up to 55 days interest free on purchases |
| Visit provider | |
BankVic Low Rate Visa | |
| Purchase rate | 8.99% p.a. for 6 months then 13.95% p.a. |
| Annual fee | $0 |
| Key feature | Up to 44 days interest free on purchases |
| Visit provider | |
BankVic Qantas Visa | |
| Purchase rate | 8.99% p.a. for 6 months then 18.95% p.a. |
| Annual fee | $0 |
| Key feature | Earn uncapped Qantas points on spending |
| Visit provider |
| Purchase rate | Annual fee | Key feature | Visit provider | |
|---|---|---|---|---|
Bankwest Breeze Mastercard | 0% p.a. for 12 months then 12.99% p.a. | $49 | Up to 55 days interest free on purchases | |
Bankwest Breeze Platinum Mastercard | 0% p.a. for 12 months then 12.99% p.a. | $69 | Complimentary overseas travel insurance | |
Virgin Money No Annual Fee Credit Card | 0% p.a. for 12 months then 18.99% p.a. | $0 | 0% p.a. on balance transfers for 12 months | |
Citi Rewards Card - Purchase and Balance Transfer Offer | 0% p.a. for 12 months then 21.49% p.a. | $199 | Earn 1 Citi reward point per $1 spent (capped) | |
BOQ Blue Visa Credit Card | 0% p.a. for 9 months then 20.74% p.a. | $60 | Earn 1 Q rewards credit card point per $1 spent on everyday purchases | |
Credit UnionSA Education Community Credit Card | 0% p.a. for 6 months then 11.49% p.a. | $0 | Up to 55 days interest free on purchases | |
Suncorp Clear Options Standard Credit Card | 0% p.a. for 6 months then 12.74% p.a. | $55 (waived for first year) | 0% p.a. for 6 months on balance transfers | |
Coles No Annual Fee Credit Mastercard | 0% p.a. for 6 months then 19.99% p.a. Apply by 30 June 2024. | $0 | Get 20,000 Flybuys points when you spend $3k in first 90 days. Apply 31 Jan 2024. | |
Citi Simplicity Card | 0% p.a. for 6 months then 21.49% p.a. | $0 | Up to 55 days interest free on purchases | |
Citi Rewards Card - Bonus Flybuys Points Offer | 0% p.a. for 6 months then 21.49% p.a. | $199 | 100,000 Flybuys points when you spend $5k in the first 90 days. Apply by 30 April 2024. | |
Commbank Low Rate credit card | 0% p.a. for 3 months then 13.99% p.a. | $72 ($6 monthly) | Earn $60 cashback each month when you spend $500 or more per month for the first four months. | |
People's Choice Visa Low Rate | 2.99% p.a. for 6 months then 12.95% p.a. | $59 | Up to 62 days interest free on purchases | |
Defence Bank Foundation Credit Card | 3.99% p.a. for 6 months then 8.99% p.a. | $45 | 50% of annual fee donated to Defence Bank Foundation | |
Geelong Bank Amigo Credit Card | 4.99% p.a. for 6 months then 11.99% p.a. | $49 | Up to 55 days interest free on purchases | |
Qudos Bank Lifestyle Credit Card | 4.99% p.a. for 5 months then 12.84% p.a. | $0 | 24/7 card protection monitoring services | |
Horizon Bank Visa Credit Card | 4.99% p.a. for 5 months then 12.95% p.a. | $0 | Up to 55 days interest free on purchases | |
Qudos Bank Lifestyle Plus Credit Card | 4.99% p.a. for 5 months then 16.35% p.a. | $0 | Up to 46 days interest free on purchases | |
Qudos Bank Visa Platinum Credit Card | 4.99% p.a. for 5 months then 19.49% p.a. | $199 | Complimentary international travel insurance | |
Macquarie Credit Union Visa Credit Card | 6.95% p.a. for 6 months then 12.99% p.a. | $30 | Up to 55 days interest free on purchases | |
Unity Bank Visa Card | 7.74% p.a. For 6 months then 13.49% p.a. | $60 (waived for first year) | Up to 55 days interest free on purchases | |
Firefighters Mutual Bank Credit Card | 7.90% p.a. for 6 months then 11.50% p.a. | $0 | Up to 55 days interest free on purchases | |
Health Professionals Bank Credit Card | 7.90% p.a. for 6 months then 11.50% p.a. | $0 | Up to 55 days interest free on purchases | |
Teachers Mutual Bank Credit Card | 7.90% p.a.for 6 months then 11.50% p.a. | $0 | Up to 55 days interest free on purchases | |
UniBank Credit Card | 7.90% p.a. for 6 months then 11.50% p.a. | $0 | Up to 55 days interest free on purchases | |
BankVic Low Rate Visa | 8.99% p.a. for 6 months then 13.95% p.a. | $0 | Up to 44 days interest free on purchases | |
BankVic Qantas Visa | 8.99% p.a. for 6 months then 18.95% p.a. | $0 | Earn uncapped Qantas points on spending |
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What is a low-rate credit card in Australia?
Credit card interest rates in Australia start from 0% p.a., but most credit cards with an interest rate below 15% p.a. are generally advertised as being ‘low rate’.
Compared to credit products (like home loans and car loans), these rates probably don’t seem particularly low. But credit cards generally have higher interest rates than other products.
In fact, credit card interest rates often exceed 20% p.a. Higher rates tend to apply to cards that offer more perks to customers, like rewards credit cards and frequent flyer credit cards.
How to get the cheapest credit card
The cheapest credit card in Australia won’t always be the one with the lowest interest rate. In fact, a 0% interest credit card could actually work out more expensive than a card with a 20% interest rate.
It all comes down to how some credit cards work, how you use the card, and the fees.
For example, some no-interest credit cards charge a monthly fee for using the card, with a higher fee for a higher credit limit. Some low-rate credit cards charge a higher annual fee.
On the other hand, a card with a high interest rate but no annual credit card fee fee might not cost you anything, as long as you pay off the card’s balance in full every month.
Expert's top low-interest credit card pick
There are still low interest rate credit card bargains to be had. The G&C Mutual Bank Visa is my favourite. 7.49% p.a. on purchases with 50 interest free days, a $50 annual fee, and you can start with a low limit of $1,000 (the max is $75,000). Just don’t use the card for cash advances as the interest rate jumps to more than double – 15.49% p.a.
Brad Kelly, Money.com.au's credit card expert
How does a low-interest credit card work?
A low-interest credit card can be used in stores and online, with the lender providing funds (up to a limit) for transactions. You get a bill for the balance spent at the end of the month.
A card with a low interest rate can help you minimise costs, particularly if you can only pay the minimum amount on your bill each month.
Most low-rate credit cards come with interest-free days (e.g. up to 55 days). Interest-free days mean you don't incur interest on your purchases for a period of time.
It makes it possible to pay $0 interest on a low-rate credit card.
Generally the trade-off with a low interest rate credit card is you get fewer card perks and rewards compared to higher-rate cards.
However, some low-interest credit cards come with additional benefits such as:
- Rewards points (usually capped at a low level)
- Complimentary travel insurance (available on some travel credit cards)
- 0% balance transfer
- Price protection
- Purchase protection insurance
- Smartphone screen insurance
- Extended warranty insurance
- 0% international credit card transaction fees
How much does a low-interest credit card cost?
The annual fees for low-interest credit cards are typically lower than premium cards like gold, platinum, or black cards.
You can expect to pay between $29 to $100 per year to use your card (the average credit card fee is around $135). Other fees that may come with your card (depending on how you use it) include:
- Foreign currency conversion fee
- Balance transfer fee
- Over limit fee
- Late payment fee
- Cash advance fee (e.g. for withdrawing cash)
- Dishonour of direct credit fee
- Replacement card fee
Who can qualify for a low-interest credit card?
To qualify for a low-interest credit card you must meet the following qualifying criteria:
- Be over 18 years of age
- Be an Australian citizen or permanent resident
- Have a good credit rating
- Not be bankrupt
Before applying for a credit card it’s a good idea to do a free credit score check to make sure you’re in a good position to be approved.
Note, the eligibility criteria will be different for low-rate business credit cards and corporate credit cards.
Who offers low rate credit cards in Australia?
- American Express
- ANZ
- Australian Mutual Bank
- Australian Military Bank
- Auswide Bank
- Bank of Melbourne
- Bank of us
- BankSA
- BankVic
- Bankwest
- Bendigo Bank
- Beyond Bank
- BOQ
- Coles
- Community First Bank
- Defence Bank
- G&C Mutual Bank
- Geelong Bank
- Greater Bank
- Great Southern Bank
- Heritage Bank
- HSBC
- Hume Bank
- Horizon Bank
- ME Bank
- MOVE Bank
- NAB
- Newcastle Permanent
- Northern Inland CU
- People’s Choice
- Qudos Bank
- St.George Bank
- Summerland Credit Union
- Suncorp Bank
- Teachers Mutual Bank
- UniBank
- Virgin Money
- Westpac
How to apply for a low-rate credit card in Australia
The first step toward getting a low-interest credit card is completing an application form.
You’ll be asked to provide proof that you earn enough income to pay back the credit based on your approved limit.
- Income
- Employment details
- Assets and liabilities
- Expenses
Some credit card applications are approved almost instantly. After you submit your details, the card provider will give you a response within 60 seconds.
Alternatively, the lender may ask for additional information before approving your application.
What are the different types of credit card interest rate?
If you’re looking for a low-rate credit card, you need to look at a few different interest rates that could apply to your card depending on the situation.
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Purchase rate: This is the rate that most commonly applies, as it’s what’s charged to any in-store or online purchases and bill payments.
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Cash advance rate: This is the rate (usually higher than the purchase rate) charged for withdrawing cash from an ATM, or making cash transfer from your credit card account.
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Balance transfer rate: This is the special introductory interest rate offered on credit card balance transfers. This rate applies to the transferred balance only and for a limited time, after which the card’s purchase rate usually kicks in.
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Introductory rate: Some cards come with a special introductory offer rate. This rate can make certain cards appear to be cheap, low-interest credit card options. But a higher interest rate inevitably comes into effect when the special rate lapses.
What is the credit limit on a low rate credit card?
Low-interest credit cards generally have a minimum credit amount of $500, and a maximum credit limit of $100,000. The amount of credit that you can access from a lender is determined by your:
- Income
- Credit score
- Overall financial health
Credit limits vary from card to card, with platinum and black cards offering the highest limits with the most benefits but higher fees.
Top 3 uses for a low-interest credit card
Here are three reasons why people most commonly choose a low-interest credit card.
Balance transfers
Some people choose a low-interest credit card in order to transfer the balance of an existing credit card to a new card offering a special no-interest period.
Some cards offer 0% balance transfer up to a maximum of 24 months, which can save you on interest payments if you have a balance owing on your credit card.
Something to keep in mind with balance transfers is the balance transfer revert rate, which can be significantly higher than the standard purchase rate.
The card will automatically revert to this higher rate when the intro offer period ends.
Minimising ongoing interest costs
For people who anticipate carrying a balance on their credit card from time to time, a low-rate card may be an option.
Instead of going for a rewards card offering perks, a low-rate interest card will give the same access to credit, but with much lower interest costs.
For example, if you need to make a large one-off purchase, using your low rate credit card and paying it off over a few months will likely be more straightforward than applying for a personal loan, and depending on the interest rates, it could also work out cheaper.
However, using a credit card for large purchases will work out very expensive if you only make the minimum payment each month. Even if you have a low-interest card.
Access to certain perks
Low-interest rate credit cards rarely come stacked with features, perks and points, but some do offer a level of rewards.
This could include limited point-earning capacity, and insurance to cover the purchases you make using your card, or even credit card travel insurance.
If you're looking for perks without the interest, a charge card is another option. Charge cards do not incur interest but the balance must be paid off in full every month.
Low-rate credit cards FAQ
Is 0% APR low interest?
Some cards offer 0% APR as an introductory offer. The 0% rate can apply to purchases, balance transfers, or both. You’ll still need to make the minimum payments due on your statement to qualify for 0% APR, and if you don’t you may be charged a penalty rate that is significantly higher than the purchase rate.
Do low interest rates only apply to purchases?
The interest rate applies to purchases only and does not include services such as a cash advance or balance transfers.
What is the minimum payment on a low-interest rate credit card?
The minimum repayments vary between lenders and range from 2.5% to 3% of the balance owing.
Are low-interest credit cards the cheapest option?
Low-interest credit cards offer some of the lowest purchase rates, but there may be other fees and charges that make them more expensive. There may be fees for late payment, annual fees, and other penalties.
Which bank has lowest credit card interest?
This varies as banks change their offers frequently, but currently G&C Mutual Bank's Low Rate Visa Credit Card is among the lowest-rate credit cards available in Australia. It has an interest rate on purchases of 7.49% p.a.
However, there are a number of bank's offering 0% interest credit cards, including major banks CommBank, NAB and Wetstpac. These cards do not charge interest but come with fees instead.
AS FEATURED IN
Written by
Editor
Sean Callery
Reviewed by
Credit Cards Expert
Brad Kelly
*Order of products shown is as described in the heading. Where multiple cards have an identical primary attribute, we order the cards based on a secondary factor, such as annual card fee. Where all factors are identical, cards are ordered alphabetically by the name of the provider. We have carried out an extensive analysis of the market, but cannot guarantee that all cards available are shown.
