Visa cards are some of the most accepted and popular cards around the globe, and also some of the cheapest.
Visa is one of the biggest card schemes in the world. Everywhere you go you can be sure you'll find a merchant or ATM which accepts Visa cards, so they're a popular choice for many Australians. Add to this the other benefits Visa cards can come with—Visa payWave, Visa Entertainment and added security features, and it's clear to see why you'd want one.
0% p.a. for 24 months on balance transfers with no BT fee
Offer ends 28 February 2018
Eligibility criteria, terms and conditions, fees and charges apply
St.George Credit Card Online Offer
A platinum card that features a no BT fee balance transfer offer, first year annual fee waiver and a low variable interest rate on purchases.
- $99 p.a. annual fee.
- 12.74% p.a. on purchases
- Cash advance rate of 21.49% p.a.
- Up to 55 days interest free
Visa Credit Cards Comparison
This page lists Visa credit cards which have a low rate or are otherwise considered 'cheap' due to their lower fees.
Types of cheap low rate visa credit cards
Different cards can fall into this category. These include;
These cards may offer a low rate on balances transferred from an existing credit card. Rates can range from as low as 0% to as high as 6% and sometimes higher, and are offered for periods of between 6 months to 24 months.
This type of card will offer a low rate on purchases which can range from between 0% and 10%. As is the case with balance transfer cards, these cheap cards will generally give you the low purchase rate for a number of months ranging from five to as many 48 months. Some cards have ongoing low purchase rates, which means they aren't limited to a number of months.
This type of card has a lower rate for cash advances, which are carried out when you use a credit card to withdraw money from an ATM or at a branch. Other transactions are also classified as cash advances, such as using your card to pay for gambling transactions, foreign cash or some bill payments.
These cards are cheap because they have low annual fees, although the two types above may also have low or $0 annual fees too.
How do cheap low rate visa credit cards work?
A low rate card works by charging you a lower rate of interest for balance transfers, purchases or cash advances. This means you pay less in interest, hence why they're referred to as being 'cheap'. As mentioned above a card can also be classified as cheap if it has a low or $0 annual fee.
When it comes to credit cards, 'cheap' can mean different things to different spenders. Those who pay their balance in full each month may not actually require a low rate for a card to be cheap, instead opting for a lower annual fee, whereas those who pay off a balance regularly may find a low rate is a better indicator that a credit card is cheap.
The Visa difference
If you're on this page you're looking for cheap low rate cards that are also Visa cards. This can be for a large number of reasons: maybe you prefer Visa's services or find they're accepted more readily accepted when you travel. Here are some other benefits all Visa cards grant their cardholders.
- Visa Entertainment - This is a program for Visa cardholders which gets them access to presale concert and event tickets. With this program you won't miss out on seeing your favourite band, comedian or any other show.
- Verified by Visa - This is one of the security features which Visa has developed, and allows you to get extra security when shopping online at participating stores.
- Visa Zero Liability Policy - This is the second notable security feature offered by Visa, and is a policy that states you won't be held responsible for fraudulent transactions. Just review your statements and let your card issuer know if something isn't right.
- Visa payWave - Visa payWave is an innovative way to pay for items by tapping your card on a payWave terminal as opposed to swiping or inserting your card. Any card displaying the payWave logo can use this feature for purchases under $100.
How to compare low rate Visa credit cards
You can compare these cards based on a number of factors. The first of which obviously begins with rates and fees.
- Rates and revert rates - As mentioned above 'cheap' means different things to different people, so this point and the point underneath are interchangeable. Nevertheless, comparing cheap low rate cards will obviously include looking at the interest rates they offer for purchase rates, cash advance rates or balance transfer rates—whichever is more important to you.If the low rate is promotional and not ongoing you'll want to know what the rate will revert to once it's over.
- Fees - Those who pay off their balances in full each month, and therefore avoid paying interest, will want to consider the annual fee in their comparison. Even if you are focussed on finding a low rate card, pay attention to the annual fee in your comparison otherwise you may find the savings you make in interest aren't worth as much.
- Additional benefits - Once you've compared these you'll want to start comparing the other extras offered. Possible benefits include complimentary insurance policies for travel, buying items and much more. Some cards may offer rewards programs, complimentary flights and discounts on a range of partner services and experiences. Cheaper cards aren't usually noted for being strong in this area but it still pays to factor this into your comparison.
Pros and cons of cheap low rate Visa credit cards
- Low rates mean you'll pay less in interest or pay your balance off quicker
- Low fees mean you pay less in return for using your card each year
- Visa cards, along with Mastercards, often have the smallest credit card surcharge when compared to American Express and Diners Club cards.
- Visa cards are accepted at millions of merchants worldwide
- Cards with lower annual fees may sacrifice the number of interest-free days you get
- Cheaper cards generally don't offer as many features as platinum or gold cards
- Some balance transfer offers may revert to cash advance rates, which are generally around the 20% mark
Frequently asked questions about cheap low rate Visa credit cards
What's the difference between Visa and Mastercard?
Visa and Mastercard generally offer the same features. The major difference is in how much you enjoy using their services. You may find the customer service or complaint resolution of one better than the other.
Are there any countries where Visa isn't accepted?
Some countries don't accept Visa. These include:
- Islamic Republic of Iran
How is interest calculated on a credit card?
Credit card interest is calculated each day and charged at the end of the statement cycle. The interest rate used is the annual rate advertised divided by 365 days.