Low interest rate credit cards

Save money when you make purchases or carry a balance on a low interest rate credit card.

A low interest rate credit card can help you cut down on costs and pay off your balance faster by charging less interest than other credit cards. Depending on the card you choose, you could even get an introductory 0% interest rate for purchases or balance transfers before the standard rates apply.

Here, you can compare credit cards with ongoing variable low interest rates as well as cards with introductory low interest rate offers. You can also find out how low interest rate cards work and different features to compare, so you can choose a credit card that works for you.

Low Interest Rate Credit Card Offer

HSBC Low Rate Credit Card

0% p.a. for 20 months
on balance transfers
with a one-time 2% balance transfer fee

Offer ends 30 June 2018

Eligibility criteria, terms and conditions, fees and charges apply

Low Interest Rate Credit Card Offer

Benefit from a long-term balance transfer promotion, a low ongoing purchase rate and complimentary domestic travel insurance with the HSBC Low Rate Credit Card.

  • 0% p.a. on balance transfers for 20 months with a one-time 2% BT fee. Reverts to the cash advance rate (currently 21.99% p.a.)
  • A low ongoing interest rate of 13.25% p.a. on purchases and an interest-free period of up to 55 days.
  • Receive complimentary domestic travel insurance when you use your HSBC Low Rate card to book eligible travel.
  • Get access to over 4,500 participating partner offers across Australia and New Zealand with a free Frequent Values membership.
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Compare the latest low interest rate credit card deals

Rates last updated January 24th, 2018
Name Product Purchase rate (p.a.) Interest Free Period Annual fee Balance transfer rate (p.a.) Product Description
HSBC Low Rate Credit Card
13.25% p.a.
Up to 55 days on purchases
$79 p.a.
0% p.a. for 20 months with 2% balance transfer fee
Add additional cardholders for $0 and pay using Apple Pay. Also enjoy exclusive offers with the home&Away Privilege Program.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
0% p.a. for 24 months
Platinum card benefits plus 0% p.a. for 24 months on balance transfers (with no BT fee) and $0 annual fee in the first year. Ends 31 January 2018.
Westpac Low Rate Card - Online Only Balance Transfer Offer
13.49% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
0% p.a. for 30 months with 2% balance transfer fee
Take advantage of 0% p.a. for 30 months on balance transfers with a 2% balance transfer fee when you apply online by 28 February 2018.
Virgin Money Low Rate Credit Card
11.99% p.a.
Up to 44 days on purchases
$49 p.a.
0% p.a. for 14 months
Receive a discounted annual fee, $100 cashback when you meet the spend requirement and up to 14 months interest-free on balance transfers.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 14 months (reverts to 20.74% p.a.)
Up to 44 days on purchases
$129 p.a.
0% p.a. for 6 months
Until 31 January 2018, save with 0% p.a. on purchases for 14 months. Plus, up to 0.66 Velocity Points per $1 spent.
ANZ Low Rate Platinum
11.49% p.a.
Up to 55 days on purchases
$99 p.a.
0% p.a. for 15 months
Enjoy 0% p.a. on balance transfers for 15 months with no BT fee, combined with platinum card privileges and complimentary insurances.
Bankwest Breeze Classic Mastercard
12.99% p.a.
Up to 55 days on purchases
$79 p.a.
0% p.a. for 24 months with 2% balance transfer fee
Receive a long-term balance transfer offer of 0% p.a. for 24 months, a low ongoing purchase rate and up to 55 interest-free days on purchases.
Bendigo Bank Low Rate Mastercard
11.99% p.a.
Up to 55 days on purchases
$45 p.a.
A no-frills card with a competitive annual fee, a low variable purchase interest rate of 11.99% p.a. and up to 55 interest-free days on purchases.
St.George Amplify Card
19.49% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
3% p.a. for 36 months
Take advantage of a 3% p.a. interest rate on balance transfers for 36 months. Plus, a $0 first year annual fee and 1 Amplify Point per $1 spent.
Bankwest Breeze Platinum Mastercard
12.99% p.a.
Up to 55 days on purchases
$99 p.a.
0% p.a. for 24 months with 2% balance transfer fee
Receive a 0% p.a. interest rate on balance transfers for 24 months, complimentary travel insurance and 0% foreign transaction fees.
Bank of Melbourne Vertigo Visa Credit Card
13.24% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
0% p.a. for 18 months with 1% balance transfer fee
Save with a $0 first year annual fee and a 0% p.a. for 18 months balance transfer offer. Plus, up to 55 days interest-free on purchases.
Westpac Lite Card
9.90% p.a.
Up to 45 days on purchases
$108 p.a.
Keep credit card costs low with a maximum credit limit of $4,000, a 9.9% p.a. purchase interest rate and no foreign transaction fees.
NAB Low Rate Platinum Card
0% p.a. for 9 months (reverts to 13.99% p.a.)
Up to 55 days on purchases
$100 p.a.
4.99% p.a. for 6 months
A platinum card that offers 0% p.a. for 9 months on purchases. Plus 4.99% p.a. on balance transfers for 6 months.
Bendigo Bank Low Rate Platinum Mastercard
11.99% p.a.
Up to 55 days on purchases
$89 p.a.
Offers premium features such as mobile phone and tablet insurance and purchase protections, plus, up to 55 days interest-free on purchases.
ANZ Low Rate
12.49% p.a.
Up to 55 days on purchases
$58 p.a.
0% p.a. for 15 months
With a low minimum credit limit of $1,000, this no frills card allows you to add up to 3 additional cardholders for $0 and has Mastercard PayPass.
Bank of Melbourne Vertigo Platinum
12.74% p.a.
Up to 55 days on purchases
$99 p.a.
0% p.a. for 24 months with 1% balance transfer fee
Get a range of complimentary insurance covers, access to a 24/7 concierge and the convenience of Visa payWave contactless technology.
St.George Vertigo Visa
13.24% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
0% p.a. for 18 months with 1% balance transfer fee
Save with a $0 first year annual fee and a 0% p.a. for 18 months balance transfer offer. Plus, up to 55 days interest-free on purchases.
American Express Essential Credit Card
14.99% p.a.
Up to 55 days on purchases
$0 p.a.
0% p.a. for 12 months with 3% balance transfer fee
Get Smartphone Screen Insurance of up to $500 when you pay for your phone or contract with this card. Plus, a $0 annual fee for life.
BankSA Vertigo Visa
13.24% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
0% p.a. for 18 months with 1% balance transfer fee
A no-frills Visa with the protection of a zero liability policy and a 24/7 fraud monitoring service.
NAB Low Rate Credit Card
0% p.a. for 6 months (reverts to 13.99% p.a.)
Up to 55 days on purchases
$59 p.a.
4.99% p.a. for 6 months
This card offers a low introductory rate of 0% p.a. for 6 months on purchases. Plus 4.99% p.a. on balance transfers for 6 months.

Compare up to 4 providers

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

The finder.com.au list of low interest rate credit cards

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

How do low interest rate credit cards work?

 

What is a low interest rate credit card?

Low interest rate cards offer you a lower ongoing interest rate for purchases than standard credit cards. While credit cards in Australia typically have interest rates that range from 15-22% per annum (p.a.), low interest rate cards offer standard variable rates as low as 7.99% p.a. Some cards even offer promotional 0% rates on purchases for a fixed period (you can learn more about these in finder's guide to 0% purchase credit cards).

If you regularly pay with plastic or carry a balance on your credit card, a low interest rate card offers you the flexibility to pay off your balance over time, without the higher interest charges of some other cards. But 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. Or, if you always pay your balance in full, a card with a low annual fee or extra benefits such as reward points might make more sense.

AUCCF-NEW-LowInterestRateCreditCardsgraphics-A.1

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

Even a small difference in credit card interest rates can save you a lot of money. Say you have a $2,000 balance on your credit card and you take six 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 time period. That's a saving of $47.70. And the bigger your credit card debt, the bigger the difference gets. So if you compare credit card rates before you apply, you'll be able to find a card that's affordable based on your needs.

How to compare low interest rate credit cards

cards-research-250x250With a wide range of low interest rate credit cards on offer in Australia, comparing your options will help you find one that suits your needs. Here are the key factors you should consider:

Interest rates

Put simply, the lower the rate, the less interest you'll pay. But when it comes to your rates, the following factors can all impact on your potential savings and costs:

  • Promotional interest rates. Some credit cards give you an introductory low or 0% interest rate for purchases or balance transfers. This can be useful if you have planned purchases or existing debt that you want to pay off. But keep in mind that when the introductory period ends, a higher revert rate will apply.
  • Standard interest rate. The "standard" or "revert" rate is the variable interest rate that applies at the end of any introductory 0% period. Depending on the card you choose, this rate could be much higher and not considered a "low interest rate" option. So always check the standard rate to make sure the card you're applying for provides an ongoing low interest rate.
  • Cash advances. The interest rate for cash advances is usually higher than the rate applied to purchases. This rate is 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. If there's an interest-free period for purchases (and you're eligible for it), interest won't be calculated for those purchases until after that period ends. However, interest will apply in full if you don't pay off the total owed by the due date on your statement. Learn more about how this works in our guide to interest-free days.

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 is typically calculated daily based on your existing balance and then charged monthly on the statement due date.

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 when you use your card at an ATM, overseas, online with international retailers or even when you apply for a balance transfer. Make sure you're aware of the relevant charges that apply to your card.

Additional features

While most low interest rate credit cards have limited features, more premium cards could offer extra perks. The following are some of the most popular perks:

  • Complimentary extras. Gold or platinum low interest 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 interest rate credit cards don't offer rewards points for your spending as they are somewhat conflicting propositions. Currently, the American Express Essential is one of the only products that earns points per dollar spent 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 low standard purchase rate.
  • No international transaction fee. If you plan to use your credit card when you travel overseas or shop online with international retailers, a low interest rate card that waives foreign transaction fees, such as the Bankwest Breeze Platinum Mastercard, could help you save even more money.

Pros and cons of low interest rate credit cards

Pros

  • You'll pay less interest on purchases, making it easier to manage your credit card debt.
  • Many low interest rate cards also have low annual fees.
  • You can often combine low interest 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 may not qualify if you have a poor credit history.
  • If you opt for a card with a 0% purchase rate, it'll only be available for a promotional period.

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 best suits your needs.

How to get a low interest rate credit card

After you've compared your options, applying for a low interest rate credit card is easy. Click the "Go to site" button from the table above and you will be taken to the bank's secure application page. From there, you'll need to provide details about yourself, your employment, your financial situation and prove your identity. In order to prove your identity, you will usually need your driver's licence or passport. Applications usually take about 15 minutes and most provide a response within 60 seconds.

Pictures: Shutterstock

Answers to frequently asked questions about low interest rate credit cards

If you want to learn more about low rate cards, check out these answers to common questions. Or, if you have something specific you want to ask, you can get in touch with us using the comment section below.

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Credit Card Offers

Important Information*
NAB Premium Card - Exclusive Offer
NAB Premium Card - Exclusive Offer

Interest rate

19.74

Annual fee

90
St.George Vertigo Platinum - Online Offer
St.George Vertigo Platinum - Online Offer

Interest rate

12.74

Annual fee

99
Woolworths Everyday Platinum Credit Card
Woolworths Everyday Platinum Credit Card

Interest rate

19.99

Annual fee

49
Virgin Money Low Rate Credit Card
Virgin Money Low Rate Credit Card

Interest rate

11.99

Annual fee

49

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60 Responses

  1. Default Gravatar
    BrentonJanuary 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
      MayJanuary 24, 2017Staff

      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
      MaySeptember 25, 2016Staff

      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
    MiaJune 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
      garryJanuary 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
      LouJanuary 11, 2017Staff

      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
      MayJune 21, 2016Staff

      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
    ginaMay 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
      SharonMay 26, 2016Staff

      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
    MeaghanFebruary 11, 2016

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

    • Staff
      JonathanFebruary 11, 2016Staff

      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
    KylieFebruary 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
      DebbieFebruary 4, 2016Staff

      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
      JonathanNovember 20, 2015Staff

      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
    ShaniAugust 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
      JonathanAugust 6, 2015Staff

      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
    MajellaJuly 26, 2015

    Is there a low rate credit card for pensioners?

    • Staff
      JonathanJuly 27, 2015Staff

      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
    JennaJune 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
      SallyJune 29, 2015Staff

      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 January 24th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
Exclusive to finder.com.au, enjoy a no BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
Woolworths Everyday Platinum Credit Card
19.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.

Compare up to 4 providers

* 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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