Low Interest Rate Credit Cards

Save money on your credit card by enjoying lower interest rates when you carry a balance.

A low interest rate credit card is designed to reduce the cost of your repayments. This allows you to pay off card debt faster. Use this guide to learn how low interest rate cards work and compare the features and offers available to find the right card for your needs.

Compare the latest Low Interest Rate Credit Cards

Rates last updated February 19th, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Interest Free Period
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on balance transfers for 18 months. This card also comes with a low annual fee.
13.99% p.a. 0% p.a. for 18 months with a one off 3% balance transfer fee $59 p.a. Up to 55 days on purchases Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 0% p.a. for 6 months on purchases, plus a low annual fee.
0% p.a. for 6 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Up to 55 days on purchases Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Up to 55 days on purchases Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
Enjoy a low annual fee combined with 0% p.a. balance transfer offer for 18 months and 0% p.a. for up to 6 months on purchases.
0% p.a. for 6 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Up to 55 days on purchases Go to site More info
HSBC Low Rate Credit Card
This card comes with a balance transfer offer, a low interest rate and up to 55 days interest-free on purchases.
13.25% p.a. 0% p.a. for 15 months with 2% balance transfer fee $55 p.a. Up to 55 days on purchases Go to site More info
Bankwest Breeze MasterCard
Enjoy an introductory rate of 0% p.a. on balance transfers for 21 months (2% balance transfer fee applies). Limited time only.
12.99% p.a. 0% p.a. for 21 months with 2% balance transfer fee $59 p.a. Up to 55 days on purchases Go to site More info
ANZ Low Rate Platinum Credit Card
$250 Back plus 0% p.a. for the first 6 months on purchases from approval.
0% p.a. for 6 months (reverts to 13.49% p.a.) $99 p.a. Up to 55 days on purchases Go to site More info
NAB Low Rate Platinum Card
Offers a low introductory rate of 0% p.a. on balance transfers for 18 months plus enjoy premium benefits including international travel insurance.
13.99% p.a. 0% p.a. for 18 months with 3% balance transfer fee $100 p.a. Up to 55 days on purchases Go to site More info
Westpac Low Rate Card
A simple low interest rate card featuring a low ongoing rate on purchases, up to 55 days interest-free on purchases and a low annual fee.
0% p.a. for 6 months (reverts to 13.49% p.a.) 0% p.a. for 12 months $59 p.a. Up to 55 days on purchases Go to site More info

The finder.com.au list of Low Interest Rate Credit Cards

Compare the features of the low interest rate credit cards below.

Credit CardPurchase RateAnnual Fee
11.99% p.a.$0 p.a.
13.99% p.a.$59 p.a.
11.49% p.a.$49 p.a.

You can apply for any card listed here by clicking on the Apply button. This will securely transfer you to the relevant financial institution's website. There is no fee for applying from this page.

Complete guide to low interest credit cards

What is a low interest rate credit card?

Low interest rate cards offer a much lower interest rate for purchases than standard credit cards. While the typical range for interest rates on cards in Australia is 15% to 24% per annum, low rate cards offer standard variable rates as low as 10% p.a. Some cards even offer promotional 0% rates on purchases for a fixed period (you can learn more about those in finder's guide to 0% purchase credit cards).

A low interest rate credit card makes sense if you regularly pay with plastic and know you won't always pay off the balance in full each month. It gives you the flexibility to pay back purchases over time, without the higher interest charges of some other cards.

If you have a large existing credit card debt and want to pay it off, you may want to consider a balance transfer card instead. If you always pay your balance in full, then a card with interest-free days or extra benefits such as reward points makes more sense.

What types of low interest credit cards are available?

  • Standard low interest rate. These credit cards typically offer standard variable purchase rates below 15% p.a. and have a low annual fee. This type of credit card usually has all the non-essential features removed to keep charges low.
  • Low interest rate with introductory 0% purchase rate. These cards let you make purchases with 0% interest during the promotional period, usually for the first few months you have the card. After that period, the standard purchase rate for the card will apply.
  • Low interest rate with balance transfer. These cards charge a low rate on purchases and also let you transfer your existing balance from another credit card (usually with 0% interest on that balance for a fixed period).
  • Premium low interest rate. Some gold and platinum cards offer low purchase rates and include perks such as complimentary travel insurance or concierge services. Note that the annual fees for gold and platinum low rate cards will usually be higher than those charged for standard low rate cards as a result of the premium features available.

How much money can I save with a low rate credit card?

Even a small difference in credit card interest rates can save you a lot of money. Say you have $2,000 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 extra on your debt.

But if you had a card with a low interest rate of 12% p.a., you'd pay $70.60 in interest charges over the same time period. That's a saving of $47.70. And the bigger your expenditure, the bigger the difference gets.

How to compare low interest rate credit cards

If you're interested in getting a low interest rate card, comparing your options will help you find a card that suits your needs. Here are the key factors you should consider:

Interest rates

Credit card interest is typically calculated daily on your existing balance, and charged monthly to your account on the statement due date. The lower the rate, the less overall interest you'll pay. As well as the rate that applies to new purchases and your existing balance, consider the following:

  • Interest-free days. If there's an interest-free period for purchases (and you're eligible for it), interest won't be calculated on those purchases until after that period ends. However, interest will apply in full if you haven't paid off the total owed by the due date on your statement. Learn more about how this works in our guide to interest-free days.
  • Cash advances. The interest rate for cash advances is usually higher than the rate applied to purchases. This rate is charged for transactions such as ATM cash withdrawals, foreign currency purchases and gambling. There is also no interest-free period, so avoid making cash advances unless it's an emergency.
  • Revert rate. If you get a credit card with a 0% purchase rate or balance transfer offer, this is the interest rate that applies when the promotional period ends. Always check this rate before choosing a credit card and avoid offers with high revert rates. For example, if it's the same as the cash advance rate, that's a clear warning sign.

Fees and charges

  • Annual fee. Try to find a card with a low annual fee, but don't make this your sole deciding factor. A $0 annual fee isn't helpful if the base interest rate on purchases is a lot higher. Annual fees typically range from $0 for cards with basic features to $250 or more for gold and platinum cards.
  • Other fees and charges. Fees may apply for using your card in an ATM; for using the card overseas; or if you overdraw your credit limit. Make sure you're aware of the relevant charges that apply to your card. If you're a regular traveller, consider a card with no foreign currency fees.

Additional features

While most low rate credit cards have limited features, more premium cards could offer a few extra perks. Some of the most popular include:

  • Complimentary extras. Gold or platinum low rate credit cards may include perks such as travel insurance, purchase protection insurance or concierge services. If you use these extras, they have the potential to offset the cost of any annual fee you pay.
  • Rewards. Most low rate credit cards don't offer rewards points for your spending. Currently the American Express Essential is one of the only products that earns points per $1 and has a low standard variable purchase rate. Another option is the Coles Low Rate MasterCard, which doubles as a flybuys rewards card and offers a bonus 1 point per $2 spent at Coles Supermarkets.
  • No international transaction fee. If you plan to use your credit card when you travel overseas or shop online with international retailers, a low rate card that waives foreign transaction fees – such as the Bankwest Breeze Platinum – could help you save even more money.

Benefits and drawbacks of low rate credit cards

Pros

  • You'll pay less interest on purchases, making it easier to manage your credit card debt.
  • Many low rate cards also have low annual fees.
  • You can often combine low rate cards with other features such as balance transfers or zero foreign transaction fees.

Cons

  • You're less likely to receive reward points and other perks.
  • You'll still need to compare fees and charges to identify the best overall deal for you.
  • You may not qualify if you have a poor credit history.

If you often carry a balance, a low interest credit card could help you save on additional fees and charges. Just remember to consider the other features – such as introductory offers, annual fees, and complimentary extras – to help you find a card that suits your needs.

Back to top

Read more on this topic

ANZ Platinum Credit Card - Exclusive Offer
ANZ Platinum Credit Card - Exclusive Offer

Interest rate

19.74

Annual fee

87
American Express Essential Credit Card
American Express Essential Credit Card

Interest rate

14.99

Annual fee

0
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

149

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

60 Responses to Low Interest Rate Credit Cards

  1. Default Gravatar
    Brenton | January 23, 2017

    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

    • Staff
      May | January 24, 2017

      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

  2. Default Gravatar
    | September 23, 2016

    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.

    • Staff
      May | September 25, 2016

      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

  3. Default Gravatar
    Mia | June 21, 2016

    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.

    • Default Gravatar
      garry | January 11, 2017

      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

    • Staff
      Anndy | January 11, 2017

      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

    • Staff
      May | June 21, 2016

      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

  4. Default Gravatar
    gina | May 24, 2016

    i just wandering if i could get balance transfers,what could i do? if yet how much interest could i get each month.

    • Staff
      Sharon | May 26, 2016

      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

  5. Default Gravatar
    Meaghan | February 11, 2016

    Hi
    Can I call to speak to someone to compare credit card accounts

    • Staff
      Jonathan | February 11, 2016

      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

  6. Default Gravatar
    Kylie | February 3, 2016

    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

    • Staff
      Debbie | February 4, 2016

      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

  7. Default Gravatar
    | November 19, 2015

    Do you no anyone that will help people on disability pensioner with below average credit score to get a low limit credit card with below average credit score to rebuild my credit rating and give me a second chance

    • Staff
      Jonathan | November 20, 2015

      Hi Rhys, thanks for your inquiry!

      You can compare low income credit cards here which have lower requirements than higher tier credit cards.

      Cheers,

      Jonathan

  8. Default Gravatar
    Shani | August 5, 2015

    I have an existing credit card with a balance of 9000.I am looking to transfer to a new card which has 0% on balance transfers and a low interest rate with 55 days interest free. I can pay the balance off in about 12 months or less

    • Staff
      Jonathan | August 6, 2015

      Hi Shani, thanks for your inquiry!

      Please refer to the this page for how much banks allow you to balance transfer to their credit cards. It is a key point to note no interest-free days will be awarded when you have an outstanding balance, so until your balance transfer debt has been fully cleared you will be unable to utilise this feature. You may like to compare balance transfer credit cards on this page.

      Cheers,

      Jonathan

  9. Default Gravatar
    Majella | July 26, 2015

    Is there a low rate credit card for pensioners?

    • Staff
      Jonathan | July 27, 2015

      Hi Majella, thanks for your inquiry!

      Credit card eligibility for pensioners depends on whether you meet the application requirements. Generally the bank/ lender will request a specific minimum income per year. If your primary form of income is through Centrelink/ pension benefits, contacting the bank before completing the application process to determine whether Centrelink qualifies as a form of income would be ideal.

      Cheers,

      Jonathan

  10. Default Gravatar
    Jenna | June 29, 2015

    I am traveling overseas for 12 months in Oct this year to the USA. I have loan approval for money I really don’t need the full amount of (or the stupidly high interest rate) someone suggested I get a low interest credit card to take with me or emergencies and small purchases?

    Can you suggest a low interest rate card I can use whilst overseas?

    • Staff
      Sally | June 29, 2015

      Hi Jenna,

      Thanks for your question.

      As a financial comparison service, we can’t actually suggest one particular product to our users.

      However, you may want to consider a card with no annual fee, no foreign transaction fees and no currency conversion fees.

      You can compare your options on our comparison page.

      I hope this has helped answer your question.

      Thanks,

      Sally

Credit Cards Comparison

Rates last updated February 19th, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn 2 Velocity Points per $1 spent and save with a reduced annual fee and a 0% p.a. balance transfer offer for 18 months.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on balance transfers for 18 months. This card also comes with a low annual fee.
13.99% p.a. 0% p.a. for 18 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* 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.

Ask a question
feedback