Best low interest rate credit cards

Best low rate credit cards

• Best Big 4 Bank low rate credit card: Westpac Lite Card
• Best low rate cashback credit card: St.George Vertigo Card - Cashback Offer
• Best low rate no annual fee credit card: American Express Low Rate Credit Card

Finder Score	Purchase rate p.a.	Interest-free period	Balance transfer rate p.a.	Annual fee
Best Big 4 Bank low rate credit card
Finder score 9.5 Excellent Westpac Lite Card	Finder score 9.5 Excellent	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	View details Compare product selection Compare	loading	Why we like it The 9.9% p.a. variable interest rate on purchases is much lower than the average standard credit card interest rate in Australia (currently 20.99% p.a.). This card charges 0% on foreign transaction fees, which can help you save around 2-3% compared to cards that charge a foreign transaction fee. Mobile payments through Apple Pay, Google Pay and Samsung Pay. Pros & cons Pros 0% foreign transaction fees $0 fee for missed payments Low purchase interest rate of 9.9% p.a. Cons Only offers up to 45 days interest-free on purchases as opposed to other cards that offer up to 55 days No rewards points or complimentary insurances
Best low rate cashback credit card
Finder score 9.1 Excellent St.George Vertigo Card - Cashback Offer	Finder score 9.1 Excellent	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 with 0% balance transfer fee, then 21.99%	Annual fee $55	View details Compare product selection Compare	loading	Why we like it With this card you'll get 10% cashback when you shop at major supermarkets and petrol stations for the first 180 days, capped at a total of $500. This is also a low rate card, and both the 13.99% p.a. interest rate for purchases and the $55 annual fee are quite competitive compared to similar offers on the market. Pros & cons Pros Up to $500 cashback offer Low $55 annual fee Shopping cashbacks through ShopBack Cons Cashback offer could make it tempting to spend more than usual No rewards program Does not offer travel perks or insurance covers
Best low rate no annual fee credit card
Finder score 9.5 Excellent American Express Low Rate Credit Card Most Loved	Finder score 9.5 Excellent	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	View details Compare product selection Compare	loading	Why we like it There is no annual fee for this card at all. It also has a low purchase rate and comes with complimentary card purchase cover. Pros & cons Pros Low 10.99% p.a. interest rate for purchases Ongoing $0 annual fee Complimentary card purchase cover and card refund cover Cons $30 late payment fee if you miss your minimum repayment 3% foreign currency conversion fee No rewards program

loading

How we calculate Low Rate Credit Card Finder Scores

Read full methodology

What different scores mean

9+

Excellent

These cards offer the lowest ongoing purchase rates, high number of interest free days, and competitive introductory and ongoing annual fees.

7+

Great

Reasonable ongoing purchase rates and fees, with the potential for additional perks.

5+

Standard

Low interest rates, but watch out for above average ongoing fees.

0+

Basic

These are generally cards with low interest rates, however could charge high ongoing fees.

• How does the Finder Score get you the best low rate cards?

  Number crunching the Finder Score

  • 9+ Excellent - These cards offer the lowest ongoing purchase rates, high number of interest free days, and competitive introductory and ongoing annual fees.
  • 7+ Great - Reasonable ongoing purchase rates and fees, with the potential for additional perks.
  • 5+ Satisfactory - Low interest rates, but watch out for above average ongoing fees.
  • Less than 5 – Basic - These are generally cards with low interest rates, however could charge high ongoing fees.

  Tell me more about the low rate credit card score

  Finding the perfect low rate card is about more than just the rate (although that is the most important thing).

  That's why we created the Finder Score. It's an easy, data-driven way to judge credit cards at a glance.

  • Every month, our insights team analyses over 250 credit cards.
  • We assess ten features for each card, rating each feature.
  • Then these ratings are combined via a weighted methodology to create a simple score out of 10.

  We give different scores for different categories. So a card might get a 9 in the low rate category but an 8 in the balance transfer category.

  The Finder Score is designed by our insights and editorial team. We score credit cards objectively. Commercial partnerships don't affect the scores at all.

  Remember that Finder Score is just one factor to consider. Look at other aspects like fees, features, benefits and risks to make sure a product is suitable for you. Double-check details that matter to you before applying or buying.

  Low rate credit cards - score weightings

  Feature	Definition	Assessment	Weight
  Purchase Rate	Interest rate on new purchases	Lower rates score higher	70%
  Interest Free Days	Number of days with no interest charged on new purchases	Higher number of days score higher	10%
  First-Year Fee	Annual fee charged in the first year of ownership	Lower fees score higher. $0 fee receives the maximum points	10%
  Ongoing Annual Fee	Annual fee charged from the second year onwards	Lower fees score higher. $0 fee receives the maximum points	10%

What is a low interest rate on a credit card?

In Australia anything under 15% is a fairly low purchase rate for a credit card. Some cards have interest rates as low as 8% or as high as 22%.

Some cards even offer 0% interest rates, but those are usually introductory offers that revert to a much higher rate after 6 months.

A low rate credit card gives you a way to spend money and then pay it off over time without getting hit with high interest rate charges.

2 ways to avoid or minimise interest charges on a credit card

1. Pay the card off completely each month and pay no interest at all. Any credit card becomes a 0% interest rate card if you pay your spending off in full before interest charges kick in.
2. Get a low rate credit card and pay it off as quickly as you can. If you can't afford to pay off your card spending fully, a low or 0% rate is the next best option. This lets you pay the card spending off over time while minimising the interest charges.

Why do people use low rate credit cards?

You can't afford to pay off your card spending in full

Sometimes in life it just isn't possible to pay off your card spending each month before you start getting charged interest. Life is expensive.

If you frequently find you spend more than you earn, you may be in deeper financial trouble long term. But it can't be helped sometimes, and a low rate credit card helps you cut down those interest costs.

You need to repay card debt via a balance transfer

The second scenario where people really need a low interest rate credit card is when their existing card spending has gotten them into trouble. That's a where a balance transfer can help.

A good balance transfer credit card offer gives you 0% or very low interest charges for 24 months (or more) on your existing credit card debt. You move the unpaid balance from the old card onto the new one, cancel the old one and then start paying it back.

What about 0% interest rate cards?

There are also cards that offer a 0% purchase interest rate. Some cards give you 0% for 6 months, others charge a monthly fee instead interest.

These cards are useful if you have large purchases, like a holiday, wedding or renovation coming up. You can spend now and pay it off over time without interest charges.

You just need to watch out for:

• The revert rate. Some credit cards give you 0% for 6 months. But on month 7 the rate jumps up to 20%. If you haven't paid off your spending, you're suddenly looking at big interest charges.
• The fees. Some of these cards never charge interest but do charge an ongoing fee. This fee could be small but still end up costing more than interest charges over a few months.

Pros and cons of low rate credit cards

How much can you save with a lower rate?

Most Australians pay their credit cards in full each month. This means they don't get charged any interest on their spending.

But Australians with an unpaid credit card balance have on average $1,655. Let's look at how much interest you end up paying on this balance with different interest rates (assuming you take 12 months to pay off the card:

The difference between a 20% interest rate and a 9% rate is over $100 in interest over 12 months.

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:

1. Compare interest rates. The lower the interest rate the better. Below 15% is good, below 10% is very good. If a card offers a 0% promotional rate, check how long it lasts and remember that it will be much higher after this period ends. Some 0% cards jump to 20% after 6 months!
2. Look at the card's annual fee. Low rate cards have annual fees of around $59 on the lower end but can go as high as $200. The lower the better, but cards with higher fees may offer useful features and perks. There are also some cards that offer $0 annual fee for the first year or for life.
3. Factor in other 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 2-3.5%. But certain credit cards are more tailored to international use and offer 0% foreign transactions fees.
4. Compare perks and features. 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. Some low rate cards offer you complimentary travel insurance and purchase cover.

What perks and benefits can you get with these credit cards?

Let's be clear: low rate credit cards are not the best cards for points, perks and other benefits. Those cards have higher rates and higher annual fees.

But the best low rate cards often come with decent benefits at the price point, such as:

• Cashbacks. Quite a few of the top scoring low rate cards in Finder's database offer some form of cashback on your spending. Cashbacks usually give you, say, 10% back on eligible spending, capped at a certain amount. This can save you a few hundred dollars.
• 0% balance transfers. Low rate cards often have some of the best 0% balance transfer deals. Just keep in mind that a balance transfer customer needs to focus on paying off existing debt rather than adding to it with more spending. So the low purchase rate doesn't matter as much because you should be paying the balance transfer off.
• 0% foreign transaction fees. A few low rate cards offer 0% foreign transaction/international transaction fees, which saves you money when travelling or shopping overseas.
• Complimentary insurance cover. While low rate cards are far less likely to offer complimentary travel insurance, some cards do offer this, or other types of cover like purchase protection insurance.

The bottom line

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 credit card offers and features to help find a card that you want.

2026 Finder Awards for Low Rate Credit Cards

Each year the Finder Credit Card Awards recognises Australia's top credit cards, with expert analysis of rates, fees and offers based on 12 months' worth of data. Here are the top performing low rate credit cards.

Best Low Rate Credit Card: G&C Mutual Bank Low Rate Visa Credit Card

G&C Mutual Bank's Low Rate Visa Credit Card is the winner of this year's low rate credit card award. It has, you guessed it, a very low interest rate. Plus a low annual fee.

G&C Mutual Bank's Low Rate Visa Credit Card is the winner of this year's low rate credit card award. It has, you guessed it, a very low interest rate. Plus a low annual fee.

Highly commended

Highly commended

Community First Low Rate Credit Card

Community First's Low Rate Credit Card finished highly commended in the Low Rate Credit Card category this year with a very low rate.

Easy Street Easy Low Rate Visa credit card

The Easy Street Easy Low Rate Visa credit card secured a highly commended distinction thanks to its competitive purchase rate.

MOVE Bank Low Rate Credit Card

MOVE Bank's Low Rate Credit Card scored well this year with one of the market's lowest credit card purchase rates.

Frequently asked questions

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

  The cheapest 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.

• Are low rate cards genuinely beneficial?

  A low rate credit card can be very useful if you carry a balance (can't repay all your card spending in one month) as it cuts down your interest charges. It's also useful if you need to make a large one-off purchase and pay it off over time.

  These cards are less useful if you're a big spender who can afford to pay your card spending off in full. You may get more value out of a reward or frequent flyer credit card.

  And if you only use the card occasionally and always pay it off, you might save money with a no annual fee credit card.

• What's the difference between low rate and low fee credit cards?

  Low rate and low fee credit cards can both save you money but in different ways. A low interest rate credit card reduces your interest charges if you can't repay your card balance fully each statement period.

  A low fee credit card saves you money on fees. They are more suited to customers who pay off the card in full and don't need to worry about interest charges.

• 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, which can be as high as 29.99% p.a. The average standard credit card interest rate is currently 20.99% according to Finder analysis of Reserve Bank of Australia data.

• 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 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.

  When you're looking to find a credit card, 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.

• Can I earn rewards with a low rate credit card?

  Most frequent flyer and rewards credit cards have higher interest rates and fees than low rate cards. But there is a small selection of low rate credit cards that offer points on eligible spending, including the Coles Low Rate Mastercard and Queensland Country Bank Visa My Rewards Credit Card. These cards typically earn fewer points per $1 spent, so it's important to consider whether rewards or a low rate will offer you more value before choosing a card.

• What is the interest-free period on a credit card?

  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.

• Is a $1,000 credit limit enough?

  A $1,000 limit can suit those new to credit or looking to build their credit score with minimal risk. It offers flexibility while limiting the risk of debt.

• Can you get a credit card with a $2,000 limit?

  Yes, many entry-level and low-fee credit cards offer credit limits starting from $2,000. Cards like the ANZ First or CommBank Low Fee cards are examples.

To make sure you get accurate and helpful information, this guide has been edited by Sarah Megginson as part of our fact-checking process.

Written by

Richard Whitten

Senior Money Editor

Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise

Richard has written 709 Finder guides across topics including:

• Home loans
• Credit cards
• Personal finance
• Money-saving tips