⚡️⚡️⚡️
With energy prices rising, switch to a cheaper plan
💡
Compare Prices Now
⚡️⚡️⚡️

Low rate credit cards

A low interest rate credit card will help you save money on your bill if you don't pay it off in full every month.

PROMOTED
Citi Rewards Card - Purchase and Balance Transfer Offer
Long-Term 0% Purchase and Balance Transfer Offer & $0 First-Year Annual Fee
  • Interest-free offers
  • $0 first year fee
  • Ends 31 August 2022
  • Interest-free offers
  • $0 first year fee
  • Ends 31 August 2022
Eligibility criteria, terms and conditions apply.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

We consider interest rates below 14.99% p.a. to be competitive, and the average Aussie cardholder could save about $100 per year just by switching. Some low rate credit cards offer promotional 0% interest or low rates for an introductory period.
Name Product Purchase rate p.a. Interest-free period Balance transfer rate p.a. Annual fee

Citi Rewards Card - Purchase and Balance Transfer Offer

Citi Rewards Card - Purchase and Balance Transfer Offer
0% for 14 months, reverts to 21.49%
Up to 55 days on purchases
0% for 14 months
$0 for the first year ($149 thereafter)
Save with 0% on purchases and balance transfers for 14 months with no balance transfer fee. Plus, $0 first-year annual fee.

St.George Vertigo Card

St.George Vertigo Card
13.99%
Up to 55 days on purchases
0% for 32 months
$0 for the first year ($55 thereafter)
Get a 0% interest rate on balance transfers for 32 months (with no balance transfer fee) and a $0 annual fee for the first year.

Coles Low Rate Mastercard

Coles Low Rate Mastercard
12.99%
Up to 55 days on purchases
0% for 36 months
$58
Enjoy 0% p.a. on balance transfers for the first 36 months (with no balance transfer fee).

ANZ Low Rate

ANZ Low Rate
12.49%
Up to 55 days on purchases
0% for 30 months
$0 for the first year ($58 thereafter)
Now eligible for Cashrewards Max. Save with 0% p.a. on balance transfers for 30 months (with no BT fee) and $0 first-year annual fee. Plus a 12.49% p.a. purchase interest rate.

Citi Clear Card - Cashback Offer

Citi Clear Card - Cashback Offer
14.99%
Up to 55 days on purchases
0% for 15 months
$49 for the first year ($99 thereafter)
Get $250 cashback when you spend $3,000 in the first 90 days. Plus, free wine when you dine and purchase insurance cover.

Westpac Low Rate Card - Cashback Offer

Westpac Low Rate Card - Cashback Offer
13.74%
Up to 55 days on purchases
6.99% for 12 months
$59
A no-frills card offering up to $400 cashback: $100 each month you make at least $1,000 of eligible purchases for the first 4 months.

Citi Clear Card - Balance Transfer Offer

Citi Clear Card - Balance Transfer Offer
14.99%
Up to 55 days on purchases
0% for 36 months
$49 for the first year ($99 thereafter)
Offers 0% p.a. on balance transfers for 36 months with no balance transfer fee. Plus, a first-year annual fee discount and complimentary insurance covers.

BankSA Vertigo

BankSA Vertigo
13.99%
Up to 55 days on purchases
0% for 32 months
$0 for the first year ($55 thereafter)
Offers 0% p.a. for 32 months on balance transfers (with no balance transfer fee). Plus, a $0 first-year annual fee.

Bank of Melbourne Vertigo Card

Bank of Melbourne Vertigo Card
13.99%
Up to 55 days on purchases
0% for 32 months
$0 for the first year ($55 thereafter)
Save with a 0% interest rate on balance transfers for 32 months (with no balance transfer fee) and a $0 annual fee for the first year.

American Express Essential Credit Card

American Express Essential Credit Card
14.99%
Up to 55 days on purchases
$0
Get a $200 credit when you spend $1,500 on eligible purchases in the first 3 months. Plus, a $0 annual fee for life.

American Express Low Rate Credit Card

Finder Award
American Express Low Rate Credit Card
8.99%
Up to 55 days on purchases
$0
Offers a low ongoing interest rate of 8.99% p.a., up to 55 days interest-free on purchases and global card support. Ongoing $0 annual fee.

St.George No Annual Fee

St.George No Annual Fee
0% for 12 months, reverts to 20.74%
Up to 55 days on purchases
$0
Save with a 0% p.a. interest rate offer and a $0 annual fee. Plus, a minimum credit limit of $500.

Bendigo Bank Low Rate Credit Card

Bendigo Bank Low Rate Credit Card
0% for 20 months, reverts to 11.99%
Up to 55 days on purchases
0% for 20 months with 2% balance transfer fee
$45
Save money on interest for up to 20 months with 0% p.a. on purchases and balance transfers (11.99% p.a. after). Plus, a $45 annual fee.
loading

Compare up to 4 providers

Who are low interest rate credit cards best suited to?

Low interest credit cards are suited to people who want to save on interest costs. As most cards have 44-55 days interest-free, you'll only pay interest if you carry a balance from month to month. So low rate cards can help if you don't usually pay your balance in full by the due date on your statement.

🗓 What is the interest-free period?

This is the maximum number of days where interest is not charged on new purchases. For example, if your credit card offers 55 interest-free days and you make a purchase on the first day of your statement period, you'll have 55 days to pay it back before you're charged interest. If you make that purchase on the twelfth day of your statement period, you'll have 43 interest-free days, and so on. This only applies if you pay the amount required by the provider by the due date that is listed on your statement.

There are also cards that offer a 0% purchase interest rate for an introductory period, which is basically the lowest rate you can get (even if it's only for a limited time). These cards are ideal if you have some large purchases, like a holiday, wedding or renovation coming up. They allow you to pay no interest during that period and can give you the breathing room you need as long as you're making the minimum repayment.


Pros and cons of low interest 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 also have lower annual fees, which will also help you save.
  • Promotional offers. Low interest rate credit cards sometimes offer 0% promotions on purchases and/or balance transfers, allowing you to avoid interest altogether for an introductory period.

Cons

  • Less competitive rewards. If a low rate credit card offers a rewards program, it usually has a lower earn rate and smaller bonus points offer than more expensive cards.
  • Fewer extra features. Lower rates generally mean fewer extra features, unlike platinum cards which often come with insurance covers and concierge services.
  • Revert rates. If your card charges 0% on purchases for a promotional period, it will revert to a higher purchase rate after that.

How to compare low 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

Credit cards have different types of interest rates, including ongoing low rates and promotional offers. So here are the key factors to look at:

  • Promotional interest rates. If you're looking at cards that offer an introductory 0% interest rate on purchases, the promotional period is usually between 6 and 17 months, depending on the card. After that, any remaining balance from your purchases 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 around 8% p.a. and go up to around 15% p.a. If you want a credit card for long-term use, one with an ongoing low interest rate could 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% balance transfer offers that can last for up to 36 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.
  • Cash advance rates. The interest rate for cash advances is usually higher than the rate applied to purchases and can be as high as 24% 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, which you can make use of when you pay your balance in full for the previous statement period. The number of interest-free days will vary between products, but is usually up to 44 or 55 days.

Fees and charges

These credit card costs can also have an impact on how much value you get – and how much you can potentially save compared to other cards.

  • Annual fee. Some low rate cards come with a $0 annual fee for the first year or for life, while others charge annual fees of $100 or more. Look for an annual fee that's affordable for you so that this cost doesn't offset any value you get from the low interest rate.
  • International transaction fees. If you use your card to make a purchase online with a business that's based overseas – or when you're actually overseas – you will usually be charged a foreign transaction fee (for example 3% of the transaction). But there are some credit cards that are more tailored to international use and offer 0% foreign transactions fees.
  • 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 as 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. If the spend requirements fit 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 you complimentary travel insurance and purchase cover. These features can help you save on buying insurance policies, but make sure you check out the eligibility requirements, inclusions and exclusions of the cover before you apply.

If you often carry a balance, a low interest credit card could be right for you. While there is no "best" low rate care, the mix of credit cards available in Australia means you can compare different offers and features to help find a card that you want.

Frequently asked questions

What is the lowest interest rate credit card?

As of 2 May 2022, Finder's database shows that the lowest credit card interest rate in Australia is 7.49% p.a. on the G&C Mutual Bank Low Rate Card.

But 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.

I'm looking for a cheap credit card. Which is the cheapest?

The cheapest credit card will depend on how you use it. If you pay off your balance every month, a $0 annual fee credit card would likely be the cheapest option.

If you regularly carry a balance from month to month, the cheapest credit card will have a low interest rate and a modest annual fee (less than $100). There aren't many cards on the market that offer both a $0 annual fee and a low rate, but using the table above you can find what you consider to be a cheap credit card.

What is the best low interest rate credit card?

There is no one "best" low interest rate credit card in Australia. With so many cards on the market, a card's individual features have an impact on how well it suits 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.

How are credit card interest rates calculated?

Credit card interest rates are usually advertised by 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).

If you want to learn more about credit card interest in detail, you can check out Finder's comprehensive guide to interest rates.

Does the low interest rate on a credit card apply to balance transfers?

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.

Is a low interest rate card the cheapest credit card option?

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.

Pictures: Shutterstock

More guides on Finder

    Ask an Expert

    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

    Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

    66 Responses

    1. Default Gravatar
      JadeSeptember 3, 2019

      Are there any credit cards available for people on disability pension Centrelink please?

      • Avatarfinder Customer Care
        JeniSeptember 4, 2019Staff

        Hi Jade,

        Thank you for getting in touch with Finder.

        You can start comparing credit cards for pensioners and retirees. 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. When you are ready, press the ‘Go to site’ button to apply.

        I hope this helps.

        Thank you and have a wonderful day!

        Cheers,
        Jeni

    2. Default Gravatar
      sueFebruary 24, 2019

      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

      • Avatarfinder Customer Care
        JohnFebruary 25, 2019Staff

        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. You may refer to our list of personal loan. 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 deciding on whether it is right for you. Hope this helps!

        Cheers,
        Reggie

    3. Default Gravatar
      willardDecember 20, 2018

      what card would be best for people on s.s?

      • Avatarfinder Customer Care
        JohnDecember 20, 2018Staff

        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

    4. Default Gravatar
      EricApril 26, 2018

      My debt is over 70,000 AUD,I would like a loan one payment/month,and not five.

      • Avatarfinder Customer Care
        JeniApril 26, 2018Staff

        Hi Eric,

        Thank you for getting in touch with Finder.

        If you are looking to consolidate your debt in one loan, you may refer to our list of debt consolidation loans in Australia.

        If you want to do a balance transfer and pay 0% for some months, see our table with a list of balance transfer credit card offers.

        The links above have a comparison table you can use to see which card or lender suits you. Once you have chosen a particular provider, you may then click on the “Go to site” button if available and you will be redirected to the credit provider’s website where you can proceed with your application or get in touch with their representatives for further assistance.

        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. You can also contact the provider if you have specific questions.

        I hope this helps.

        Have a great day!

        Cheers,
        Jeni

    5. 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

      • Avatarfinder Customer Care
        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.

        The following pages might help you explore your credit card options:

        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

    Go to site