Compare the latest low interest rate credit card deals
Updated April 3rd, 2020
Compare these low interest rate credit cards
Bankwest Breeze Classic Mastercard. This card charges a competitive purchase interest rate of 12.99% p.a. and a reduced $39 annual fee in the first year.
Virgin Money Low Rate Credit Card. Offers a low purchase rate of 11.99% p.a. and 10% cashback (capped at $100) when you make an eligible purchase within 3 months of card approval.
ANZ Low Rate Credit Card. Receive an introductory rate of 0% p.a. on balance transfers for 22 months (with a one-time 1.5% BT fee). Plus, a $0 annual fee for the first year.
Coles Low Rate Mastercard. Pay 0% p.a. interest on balance transfers for 6 months and earn flybuys points as you spend.
If you regularly carry a balance, you can reduce your interest repayments and save with a credit card that charges a low interest rate. Competitive interest rates typically range between 8.99% p.a. and 14.99% p.a., but some cards also offer 0% on purchases for an introductory period. This could help you save significantly compared to other cards that charge interest rates between 18% p.a. and 22% p.a.
If you’re paying off an existing credit card debt, you can use a 0% balance transfer credit card to pay it off with no interest for a promotional period.
How do low interest rate credit cards work?
Who are low interest rate credit cards best suited to?
These cards are designed to help you save on interest costs. If you often struggle to pay your balance in full by the due date on your statement, you could benefit from one of these cards. You could also benefit from a low rate card if you’re a student or new to paying on plastic and want a cheaper credit card option.
How much money can I save with a low interest rate credit card?
Even a small difference in your credit card's interest rate can save you a lot of money. Say you have a $2,000 balance on your credit card and you take 6 months to pay it off. With an interest rate of 20% p.a., you'd pay $118.30 in interest on this debt.
But if you had a low interest rate card that charged 12% p.a., you'd pay $70.60 in interest over the same period of time. That's a saving of $47.70 compared to the higher interest card. And the bigger your credit card debt, the bigger the difference gets. So comparing interest rates before you apply for a new credit card can help you find one that's affordable based on your needs.
How are credit card interest rates calculated?
Credit card interest rates are usually advertised based on the annual rate that applies to the account, shown as "per annum" or p.a. However, interest on your account balance is typically calculated daily and then charged monthly on the statement due date. This means that for every day that you don’t make a payment, the interest charges will build up (or compound).
How to compare low interest rate credit cards
With so many competitive low interest rate credit cards on the market, here are some of the features that can help you narrow down your options:
Interest rates
From low ongoing interest rates to promotional 0% deals to interest-free days, these are the key factors to look at when comparing interest rates:
Promotional interest rates. Some Australian credit cards offer 0% interest rates on purchases for a promotional period. The length of the interest-free offer usually varies between 6 and 15 months depending on the card. These offers can give you breathing room to repay your purchases and save without any additional interest costs. At the end of the promotional period, any remaining debt will collect the standard interest rate. So it’s wise to know when this rate applies and aim to clear your debt beforehand.
Standard interest rate. On a low rate card, the purchase interest rates typically start at 8.99% p.a and go up to around 15% p.a. If you want a long-term option, a card with an ongoing low interest rate could potentially be a better fit than a card with 0% for a promotional period.
Balance transfer rates. Some low interest credit cards also come with 0% promotional balance transfer offers which can last for up to 26 months. If you’re paying off an existing debt, you can use a balance transfer to save interest and repay your debt faster. If you’re struggling with credit card debt, it’s wise to concentrate on paying it off instead of using a card to make additional purchases. You can compare 0% balance transfer credit cards on finder.
Cash advance rates. The interest rate for cash advances is usually higher than the rate applied to purchases and can be as high as 23% p.a. This rate is charged for transactions such as ATM cash withdrawals, foreign currency purchases and gambling. Cash advances also aren't eligible for interest-free days.
Interest-free days. Most credit cards also come with interest-free days when cardholders pay their balance in full in the previous statement period. The number of interest-free days will vary between products, but usually range between up to 44 or 55 days. Learn more about how this works in our guide to interest-free days.
Fees and charges
Annual fee. Some low rate cards come with $0 annual fee for the first year or for life, while others charge annual fees that can be as high as $100 or more. Before you apply, you should weigh up the savings you’ll get from the interest rate against the annual fee to determine which card is right for you.
International transaction fees. If you use your card to make a purchase overseas or online with an international merchant, you may be charged a foreign transaction fee (such as 3% of the transaction).
Minimum repayments. Each statement period, you’re required to make a minimum repayment. This is usually a small percentage (which can range from 2% to 10%) of your total balance owing. If you don’t pay this, you’ll usually be charged a late payment fee. However, if you want to minimise your interest payments and avoid falling into debt, it’s wise to pay as much you can before the statement due date.
Additional features
Credit cards with low interest rates generally come with fewer frills than costly cards, but here are some of the extra features you might want to consider:
Rewards programs. Competitive frequent flyer or rewards credit cards usually come with higher interest rates and fees, but you can earn points on some low rate cards in the market. These cards usually come with less competitive earn rates, but can still be rewarding without the high price tag.
Cashback. Some low rate cards also come with cashback offers, although you’ll usually need to meet a certain spend requirement to get the money back. As long as the spend requirements align with your budget and you can afford to pay it off, this can be another way to get extra value from your card.
Complimentary insurance. Some low rate cards offer cardholders complimentary travel insurance and purchase cover. These features can help you reduce other necessary costs, but make sure you check out the eligibility requirements, inclusions and exclusions of the cover before you apply.
Pros and cons of low interest rate credit cards
Pros
Savings. These cards can be a cheaper option as you pay less interest on purchases, which will help you save money and avoid falling into unmanageable debt.
Low fees. Many low interest rate credit cards are paired with low fees, which can also help you save.
Promotional offers. Low interest rate credit cards sometimes come with 0% promotions on purchases and balance transfers, allowing you to avoid interest altogether for an introductory period.
Cons
Less competitive rewards. Some low rate credit cards come with rewards programs, but they usually have lower earn rates and bonus points offers than more expensive cards.
Fewer extra features. Low rates generally come with fewer extra features, unlike platinum cards which often come with concierge services and airport lounge passes.
Revert rates. If your card charges 0% on purchases for a promotional period, it will revert to a higher purchase rate after that.
How can I get a low rate credit card?
You can apply for a low rate credit card online in around 10–20 minutes. Get started by comparing cards in the table above (or on individual review pages). When you find a card you like, click the "Go to site" button and you will be taken to the bank's secure application page.
From there, you'll need to provide details about yourself, your employment situation and your financial situation. In order to prove your identity, you will usually need your driver's licence, passport or Medicare card details. Most online credit card applications give you a response within 60 seconds of submitting the completed form.
If you often carry a balance, a low interest credit card could be right for you. However, as there is no one best low interest card on the market, it's wise to compare a few options before you apply. Just remember to compare interest rates and consider the other features, such as introductory offers, annual fees and complimentary extras, to help you find a card that best suits your needs.
FAQs about low interest rate credit cards
If you want to learn more about low rate cards, check out these answers to common questions. If you have a question of your own, you can also get in touch with us using the comment box below.
This depends on the credit card and any applicable balance transfer offers. If the card allows balance transfers, it may come with a 0% interest rate for a promotional period before reverting to a standard rate. Some low interest rate cards apply the standard purchase rate to balance transfers after the introductory period while others apply the cash advance rate. Read our guide to balance transfer revert rates to find out which providers apply the purchase rate.
Yes. Low interest rate credit cards also have a cash advance rate that applies to cash advance transactions. Depending on the card, the cash advance rate will apply to any or all of the following: cash withdrawals from an ATM or supermarket, foreign currency purchases, gift card and prepaid debit card purchases, gambling transactions, BPAY transactions, government charges and balance transfers after the introductory period.
When you compare credit card rates, it's important to consider both the purchase rate and the cash advance rate (as well as any promotional rates) so that you can find a card that's affordable based on how you plan to use it.
There is no one "best" low interest rate credit card in Australia. With so many cards on the market, the individual features have an impact on how well a card is suited to your circumstances. So the card that's right for you may not be right for someone else. Comparing low interest rate credit cards based on the features you're looking for will help you find a card for your individual needs.
Credit card interest rates are variable, which means they can change regularly. So the lowest interest rate card can vary depending on when you're comparing cards. You can click on the "Purchase rate" column of our comparison table to order the credit cards based on their current interest rates.
Just keep in mind that the lowest interest rate credit card could be listed as one with a promotional 0% interest rate. When that's the case, you can continue scrolling through the table to find the card with the lowest ongoing interest rate.
There isn't a single "cheapest" credit card option because everyone uses credit cards differently. There are also other costs to consider beyond the purchase rate, such as annual fees and interest rates for cash advances or balance transfers. On the flip side, some people might find cards with high rates and fees "cheap" because of all the complimentary extras.
Simply put, the term "cheapest credit card" is really subjective and varies from person to person. So when you're trying to find a credit card that's affordable, make sure you consider all of the potential costs based on how you plan to use the account. That way, you'll be able to find one with rates and fees that are affordable for you.
Sally McMullen is Finder's credit cards and frequent flyer editor by day and a music maven by night. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone.
Kindlycheck out this page to start comparing your credit card for Centrelink pensioner options. I suggest that you contact your chosen bank or credit card issuer before submitting your online application to know your chances of getting approved.
Please make sure though to read the eligibility criteria, features and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.
Depending on how much you would require to consolidate your debt as well as have a bit of extra for travel, a personal loan would be able to help you achieve this. You would not be able to have the extra cash when you use a different method in consolidating your debt. Please click on this link to be able to check our page on on personal loan options for you. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
While we do not provide specific product recommendations, we can help guide you through the process of comparing options. You may want to check our page on “Credit cards for retired and pensioner applicants”. The page will also advise you of what documents to provide during the application process. Please click here to be routed to that page. Hope this helps!
Hi I’m trying to find a better credit card than what I have at present. The interest rate I’m paying at the moment is 19.74 is there anything under 10%? Cheers Brenton
I’m afraid that there may not be a credit card which has an interest lower than 10%. At the moment, the credit cards with low interest are listed above. In case you want to check your options for a credit card with 0% interest on purchases for a limited time, you can find them here or for a credit card with no annual fees, please click this link.
When selecting a credit card, it’s always best that you factor in which one that best meets your preferences and fits into your financial situation.
Your income is one of the most important factors that a bank or credit card company considers for their applicants. Although credit card companies vary when it comes to income requirements, there are banks or card issuers that accept applicants with $15,000 p.a. or more and some require applicants to have earnings from $20,000 or $25,000. If you find that your income is below the minimum requirement, you may need to have an additional income source to present to be approved.
Nevertheless, on this page, you can compare your low-income credit card options.
Hi,
This morning I applied for a St George Vertigo Credit Card. I was approved for credit of $2000 and a balance transfer of $2000 (sorry if I’m incorrect) but does that mean that the total value of this card is $4000?
Thanks.
Hello
If the bank accepts my application for a credit card and i transfer my dept to them an I able to switch back at the end of the promotional period?
Is there a minimum time I have to stay with the new credit card?
kind regards
Garry
If you are referring to using your old credit card again after the promotional period of your new balance transfer card, the answer is yes, that is possible. When you transfer your balance to a new card, you have the option to cancel or retain your old card.
There is no time requirement for keeping your new card. You can also cancel it anytime, so long as you follow the correct procedure as we have listed on our credit card cancellation guide.
Essentially, when you apply for a credit card, the card institution will give you a credit card limit that you can use – either for purchases, cash advances and even balance transfers. As you mentioned, you were approved for a credit and balance transfer limit of $2,000 for the St. George Vertigo Credit Card, however, this does not imply that you’re given a total of $4,000 credit limit on the card (that you can spend). This means that St. George allows you to transfer a balance (a debt from your old credit card) up to $2,000 to this card. Unlike other card issuers (depending on the type of card), they would only allow you to transfer a total balance up to a percentage of your credit limit, usually 70%-95%.
You may check our balance transfer page first to compare credit cards that has this offer. You can check the complete details about a specific product by clicking the product name. This will direct you to the product review page where benefits, features, application requirements and other information that the product has to offer. When you’re done selecting for the right card, you can start the application process by clicking the “Go to site” button that is also available on the upper right side of the review page.
Hi i am in a situation where i am in need of 2000-5000 to pay for a solicitor as i don’t have the money. I am looking into credit cards that i can either afford by myself as i am on centrelink or one that my partner and i can get together with his income and mine. What would be the best way to go? As we have never applied for one before. Thank you
Thanks for your question.
Please note that you’ve come through finder.com.au and as a financial comparison service, we’re unable to recommend any specific product, service or strategy to our users as the ‘best’ option will always depend on the individual’s financial situation and needs.
Whether you can apply for a credit card will depend on how much you earn per year and what type of Centrelink payments you receive.
You might need to get in touch with the bank directly to confirm your likelihood of approval before applying.
* The credit card offers compared on this page are chosen from a range of credit
cards finder.com.au has access to track details from and is not representative
of all the products available in the market. Products are displayed in no particular
order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are
subject to our disclaimer.
You should consider seeking independent financial advice and consider your own
personal financial circumstances when comparing cards.
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Are there any credit cards available for people on disability pension Centrelink please?
Hi Jade,
Thank you for getting in touch with Finder.
Kindly check out this page to start comparing your credit card for Centrelink pensioner options. I suggest that you contact your chosen bank or credit card issuer before submitting your online application to know your chances of getting approved.
Please make sure though to read the eligibility criteria, features and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Am I better off to get a personal loan to pay credit cards off and get extra money for travel /
would like to consolidate credit card debt and have some money for travel
Hi Sue,
Thank you for reaching out to Finder.
Depending on how much you would require to consolidate your debt as well as have a bit of extra for travel, a personal loan would be able to help you achieve this. You would not be able to have the extra cash when you use a different method in consolidating your debt. Please click on this link to be able to check our page on on personal loan options for you. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
what card would be best for people on s.s?
Hi Willard,
Thank you for reaching out to finder.
While we do not provide specific product recommendations, we can help guide you through the process of comparing options. You may want to check our page on “Credit cards for retired and pensioner applicants”. The page will also advise you of what documents to provide during the application process. Please click here to be routed to that page. Hope this helps!
Cheers,
Reggie
My debt is over 70,000 AUD,I would like a loan one payment/month,and not five.
Hi Eric,
Thank you for getting in touch with finder.
Regarding your enquiry, if it is about consolidating debt please check out this link.
If you want to do a balance transfer and pay 0% for some months, you may want to visit this page to see your options.
I hope this helps.
Have a great day!
Cheers,
Jeni
Hi I’m trying to find a better credit card than what I have at present. The interest rate I’m paying at the moment is 19.74 is there anything under 10%? Cheers Brenton
Hi Brenton,
Thank you for your inquiry.
I’m afraid that there may not be a credit card which has an interest lower than 10%. At the moment, the credit cards with low interest are listed above. In case you want to check your options for a credit card with 0% interest on purchases for a limited time, you can find them here or for a credit card with no annual fees, please click this link.
When selecting a credit card, it’s always best that you factor in which one that best meets your preferences and fits into your financial situation.
Hope this helps.
Cheers,
May
if our salary is below 15000, then if we are interested to apply for a credit card at that time, what is the Secondary Process for that.
Hi Divya,
Thank you for your question.
Your income is one of the most important factors that a bank or credit card company considers for their applicants. Although credit card companies vary when it comes to income requirements, there are banks or card issuers that accept applicants with $15,000 p.a. or more and some require applicants to have earnings from $20,000 or $25,000. If you find that your income is below the minimum requirement, you may need to have an additional income source to present to be approved.
Nevertheless, on this page, you can compare your low-income credit card options.
Cheers,
May
Hi,
This morning I applied for a St George Vertigo Credit Card. I was approved for credit of $2000 and a balance transfer of $2000 (sorry if I’m incorrect) but does that mean that the total value of this card is $4000?
Thanks.
Hello
If the bank accepts my application for a credit card and i transfer my dept to them an I able to switch back at the end of the promotional period?
Is there a minimum time I have to stay with the new credit card?
kind regards
Garry
Hi Garry,
Thanks for your question.
If you are referring to using your old credit card again after the promotional period of your new balance transfer card, the answer is yes, that is possible. When you transfer your balance to a new card, you have the option to cancel or retain your old card.
There is no time requirement for keeping your new card. You can also cancel it anytime, so long as you follow the correct procedure as we have listed on our credit card cancellation guide.
Cheers,
Anndy
Hi Mia,
Thanks for your question.
Essentially, when you apply for a credit card, the card institution will give you a credit card limit that you can use – either for purchases, cash advances and even balance transfers. As you mentioned, you were approved for a credit and balance transfer limit of $2,000 for the St. George Vertigo Credit Card, however, this does not imply that you’re given a total of $4,000 credit limit on the card (that you can spend). This means that St. George allows you to transfer a balance (a debt from your old credit card) up to $2,000 to this card. Unlike other card issuers (depending on the type of card), they would only allow you to transfer a total balance up to a percentage of your credit limit, usually 70%-95%.
I hope this answers your question.
Cheers,
May
i just wandering if i could get balance transfers,what could i do? if yet how much interest could i get each month.
Hi Gina, thanks for you inquiry.
You may check our balance transfer page first to compare credit cards that has this offer. You can check the complete details about a specific product by clicking the product name. This will direct you to the product review page where benefits, features, application requirements and other information that the product has to offer. When you’re done selecting for the right card, you can start the application process by clicking the “Go to site” button that is also available on the upper right side of the review page.
I hope this helps,
Sharon
Hi
Can I call to speak to someone to compare credit card accounts
Hi Meaghan, thanks for your inquiry!
You can reach us on 1300 FINDER (346 337) and one of the specialists from our credit cards team will be happy to assist you.
Cheers,
Jonathan
Hi i am in a situation where i am in need of 2000-5000 to pay for a solicitor as i don’t have the money. I am looking into credit cards that i can either afford by myself as i am on centrelink or one that my partner and i can get together with his income and mine. What would be the best way to go? As we have never applied for one before. Thank you
Hi Kylie,
Thanks for your question.
Please note that you’ve come through finder.com.au and as a financial comparison service, we’re unable to recommend any specific product, service or strategy to our users as the ‘best’ option will always depend on the individual’s financial situation and needs.
Whether you can apply for a credit card will depend on how much you earn per year and what type of Centrelink payments you receive.
You might need to get in touch with the bank directly to confirm your likelihood of approval before applying.
I hope this helps.
Cheers,
Debbie