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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.

1 - 10 of 122
Name Purchase rate p.a. Interest-free period Balance transfer rate p.a. Annual fee
Kogan Money Card – Exclusive Offer
Exclusive
Kogan Rewards Program
Purchase rate p.a.
9.99% for 18 months, then 20.99%
Interest-free period
Up to 55 days on purchases
Balance transfer rate p.a.
0% for 18 months with 2% balance transfer fee, then 21.74%
Annual fee
$0
Go to siteMore Info
Save with 0% p.a. interest on balance transfers (with a 2% BT fee) and 9.99% p.a. on purchases, both for 18 months, plus, an ongoing $0 annual fee.
St.George Vertigo Card
Purchase rate p.a.
13.99%
Interest-free period
Up to 55 days on purchases
Balance transfer rate p.a.
0% for 28 months with 1% balance transfer fee, then 21.49%
Annual fee
$55
Go to siteMore Info
Get a 0% p.a. interest rate on balance transfers for 28 months (with a 1% balance transfer fee).
NAB Low Rate Credit Card
Purchase rate p.a.
13.49%
Interest-free period
Up to 55 days on purchases
Balance transfer rate p.a.
0% for 28 months with 2% balance transfer fee, then 21.74%
Annual fee
$0 first year ($59 after)
Go to siteMore Info
Get a 0% p.a. interest rate on balance transfers for the first 28 months (with a 2% BT fee). Plus, save with a $0 first-year annual fee.
Westpac Low Rate Card
Purchase rate p.a.
13.74%
Interest-free period
Up to 55 days on purchases
Balance transfer rate p.a.
0% for 28 months with 2% balance transfer fee, then 21.49%
Annual fee
$59
Go to siteMore Info
Save with a 0% p.a. interest rate on balance transfers for 28 months (with a 2% BT fee). Plus, a low 13.74% p.a. purchase interest rate.
ANZ Low Rate - Credit Back Offer
Purchase rate p.a.
13.74%
Interest-free period
Up to 55 days on purchases
Balance transfer rate p.a.
21.99%
Annual fee
$58
Go to siteMore Info
Get $250 back on your card when you spend $1,500 on eligible purchases in the first 3 months.
Westpac Low Rate Card - Cashback Offer
Purchase rate p.a.
13.74%
Interest-free period
Up to 55 days on purchases
Balance transfer rate p.a.
N/A
Annual fee
$59
Go to siteMore Info
A no-frills card offering up to $350 cashback: $50 each month you make at least $1,000 of eligible purchases for the first 7 months.
St.George Vertigo Card - Cashback Offer
Purchase rate p.a.
13.99%
Interest-free period
Up to 55 days on purchases
Balance transfer rate p.a.
6.99% for 12 months, then 21.49%
Annual fee
$55
Go to siteMore Info
Get up to $400 cashback at eligible supermarkets and petrol stations in the first 180 days. Plus, a low interest rate for purchases.
American Express Low Rate Credit Card
Finder Award
Purchase rate p.a.
10.99%
Interest-free period
Up to 55 days on purchases
Balance transfer rate p.a.
N/A
Annual fee
$0
Go to siteMore Info
Offers a low ongoing interest rate of 10.99% p.a. and a $0 annual fee. Plus, complimentary purchase cover.
Westpac Lite Card
Purchase rate p.a.
9.9%
Interest-free period
Up to 45 days on purchases
Balance transfer rate p.a.
N/A
Annual fee
$108
Go to siteMore Info
Save with 0% foreign transaction fees, a low interest rate for purchases and cashback offers through Westpac Extras.
Credit Union SA Education Community Credit Card
Purchase rate p.a.
0% for 6 months, then 11.49%
Interest-free period
Up to 55 days on purchases
Balance transfer rate p.a.
0% for 6 months, then 11.49%
Annual fee
$0
More Info
Save with an ongoing $0 annual fee and 0% p.a. interest on purchases, balance transfers and cash advances.
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Lowest credit card interest rates for May 2024

According to the Finder database, these credit cards offer the lowest standard interest rates for purchases:

  1. P&N Bank & Visa Platinum Credit Card: 7.22% p.a. variable purchase rate and $0 annual fee. Eligible home loan customers only.
  2. G&C Mutual Bank Low Rate Visa Credit Card: 7.49% p.a. variable, with a $50 annual fee.
  3. Illawarra Credit Union Low Rate Credit Card: 8.99% p.a. variable, with a $0 first-year annual fee (then $50 per year).
  4. MOVE Bank Low Rate credit card: 8.99% p.a. variable, with a $0 first-year annual fee (then $59 per year).
  5. Community First Low Rate Credit Card: 8.99% p.a. variable, with a $40 annual fee.

There are a few other low rate credit cards on the market in Australia that offer 8.99% p.a. purchase rates. But the Community First Low Rate and MOVE Bank Low Rate cards were both finalists in the Finder Credit Card Awards for 2024.

Finder Credit Card Award Winner 2024

The Illawarra Credit Union Low Rate Credit Card won the Finder Awards for the top low rate credit card in 2024, after finishing a finalist last year. During the 12-month period of analysis, it scored highly for its 8.99% interest rate on purchases and $0 first-year annual fee. A $50 annual applies after the first year but it's still competitive with other low rate cards on the market.

Tip: When you're comparing low rate credit cards, keep in mind that most of these cards don't offer perks like rewards or complimentary insurance. So the best card for you might have a different low interest rate and offer value in other ways.

Who are low rate credit cards best suited to?

Low interest credit cards suit people who make purchases that they won't be able to pay off in full during the interest-free period. These cards also suit those who want to minimise interest charges and don't care about the perks and benefits that come with more premium cards, such as rewards programs or complimentary travel insurance.

🗓 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 day 15 of your statement period, you'll have 40 interest-free days, and so on.

This only applies if you pay the amount required by the provider by the due date listed on your statement. See Finder's guide to interest-free days for full details.

Tip: 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 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 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 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 offers 0% interest on purchases for a promotional period, it will revert to a higher purchase rate that could be up to 26.99% p.a.

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, the promotional period typically ranges from 6 to 12 months (or more) for purchases and up to 32 months for balance transfers. After that, a standard interest rate applies to any unpaid balance, as well as new purchases. So it’s wise to know when this rate applies and aim to repay your debt beforehand.
  • Standard interest rates. On a low rate card, purchase interest rates are typically between around 8% p.a. and 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 and a higher rate after that.
  • Cash advance rates. The interest rate for cash advances is usually higher than the rate applied to purchases and can be as high as 29.99% p.a. This rate is charged for transactions such as ATM cash withdrawals, foreign currency purchases and gambling. It may also apply after an introductory 0% balance transfer period ends. Cash advances also aren't eligible for interest-free 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. Low rate credit card annual fees typically range from $30 to $108, but there are also some cards that offer $0 annual fee for the first year or for life. In general, platinum low rate cards will have higher annual fees than a no-frills card from the same issuer. Make sure the annual fee cost doesn't outweigh the value you get from the low interest rate.
  • International transaction fees. If you use your card for foreign currency or overseas purchases (including online), you will usually be charged a foreign transaction fee of around 2-3%. But certain credit cards 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 percentage of the total amount owing, ranging from 2% to 10%. If you don’t pay this, you’ll usually be charged a late payment fee. To lower your interest payments and avoid ongoing debt, try to pay as much as you can before the statement due date.
  • Balance transfer fee. Some balance transfer cards charge a one-time fee worth around 1-3% of the balance you transfer. Even when you get an introductory 0% interest rate, this adds to the cost and may change the amount that you save through an offer.

Additional features

Credit cards with low interest rates generally come with fewer perks than costly cards, but here are some of the extra features you might want to consider:

  • 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 over a balance from one month to the next, a low interest credit card could help you save on interest charges. 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.

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68 Responses

    Default Gravatar
    JamesOctober 26, 2023

    hi i’m trying to find a best credit card that suits me , first time holder I never hold one in my life .

      AvatarFinder
      AmyOctober 27, 2023Finder

      Hi James,
      It’s helpful to consider what’s important to you when choosing a credit card. For example, a low rate credit card can help you save on interest charges if you want to pay off spending over time. A card with low fees or no annual fee could also help keep account costs down. Rewards and extras like complimentary insurance are also features you may want to consider. Finder’s guide to credit cards has more details about the different types of cards and what else to consider. I hope this helps.

    Default Gravatar
    JadeSeptember 3, 2019

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

      AvatarFinder
      JeniSeptember 4, 2019Finder

      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

    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
      JohnFebruary 25, 2019Finder

      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

    Default Gravatar
    willardDecember 20, 2018

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

      AvatarFinder
      JohnDecember 20, 2018Finder

      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

    Default Gravatar
    EricApril 26, 2018

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

      AvatarFinder
      JeniApril 26, 2018Finder

      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

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