A caucasian lady holding a no interest card

No Interest Credit Cards

Information verified correct on December 5th, 2016

Cut your credit card costs and kickstart your savings with a no interest credit card.

It may sound too good to be true, but there are credit cards out there that offer no interest when  you transfer balances, take out cash or make a purchase. This is typically a part of a promotion that will last for a limited time, after which it will revert to a higher rate. Before jumping on board with one of these credit cards, you’ll need to compare your options to find the right one for you.

Comparison of 0% balance transfer & purchase Credit Cards

Rates last updated December 5th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months (reverts to 19.74% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $30 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 18 months $99 p.a. 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 1% p.a. for up to 12 months on purchases.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Earn Velocity Rewards and access an interest-free offer on purchases and balance transfers.
0% p.a. for 12 months (reverts to 20.74% p.a.) 0% p.a. for 6 months $129 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low balance transfer offer of 0% p.a. interest for 18 months and 1% p.a. for 12 months on purchases combined with complimentary insurance covers.
1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 18 months $99 p.a. Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee, a long term balance transfer offer of 0% p.a. for 18 months and an introductory offer of 1% p.a. for 12 months on purchases.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
BankSA Vertigo Platinum
Enjoy 0% balance transfer rate for 18 months and 1% purchase rate for 12 months if you apply and are approved by 4 January 2017.
1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 18 months $99 p.a. Go to site More info
NAB Premium Card
Benefit from Premium credit card advantages including travel insurance, higher credit limits and VIP Lost Card Cover. 0% p.a. for 15 months on purchases and balance transfers.
0% p.a. for 15 months (reverts to 19.74% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $90 p.a. Go to site More info
Citi Clear Platinum Card
A platinum credit card with a low interest rate on balance transfers and purchases.
0% p.a. for 9 months (reverts to 14.99% p.a.) 0% p.a. for 9 months $99 p.a. Go to site More info

What types of no interest credit cards are available?

No interest credit cards come in many forms, with different terms to think about. It’s important that when comparing these types of offers, you understand those terms explicitly and pick the card that offers the greatest value for your lifestyle.

0% purchase rate cards

For the Australian who wants a credit card for large expenses, a zero interest on purchases card could be beneficial. If you choose one with long enough terms, you can buy that big screen TV and pay it off as if paid with cash before the promotional period ends. With this type of card, the interest rate will revert back to the standard purchase rate that the card usually offers.

Compare credit cards with 0% interest rates on purchases

Rates last updated December 5th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
NAB Low Fee Card
Get 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months (reverts to 19.74% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $30 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Earn Velocity Rewards points with your purchases and pay no interest with 0% p.a. for 12 months on purchases and 0% p.a. for 6 months on balance transfers.
0% p.a. for 12 months (reverts to 20.74% p.a.) 0% p.a. for 6 months $129 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
NAB Premium Card
Benefit from Premium credit card advantages including travel insurance, higher credit limits and VIP Lost Card Cover. 0% p.a. for 15 months on purchases and balance transfers.
0% p.a. for 15 months (reverts to 19.74% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $90 p.a. Go to site More info
NAB Velocity Rewards Premium Card
0% p.a. on purchases and balance transfers for 15 months and 25,000 bonus Velocity Points when you make an everyday purchase in the first 90 days of opening your account. You gain both Visa and American Express cards which are linked to one single account and annual fee.
0% p.a. for 15 months (reverts to 19.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $150 p.a. Go to site More info
NAB Qantas Rewards Premium Card
Get 25,000 bonus Qantas Points plus enjoy a low promotional offer of 0% p.a. for 15 months on purchases and balance transfers.
0% p.a. for 15 months (reverts to 19.99% p.a.) 0% p.a. for 15 months with a one-off 3%% balance transfer fee $250 p.a. Go to site More info
NAB Velocity Rewards Card
This card offers a 15,000 bonus Velocity Points plus a low interest rate of 0% p.a. on purchases and balance transfers for 15 months.
0% p.a. for 15 months (reverts to 19.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $95 p.a. Go to site More info
NAB Qantas Rewards Card
Enjoy an introductory offer of 0% p.a. for 15 months on balance transfers and purchases, plus 15,000 bonus Qantas Points on eligible spend.
0% p.a. for 15 months (reverts to 19.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $95 p.a. Go to site More info
NAB flybuys Rewards Card
Earn flybuys rewards points on your everyday purchases. Also enjoy a 0% p.a. on purchases and balance transfers for 15 months.
0% p.a. for 15 months (reverts to 19.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $95 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
Citi Clear Platinum Card
A low rate platinum credit card with a low interest rate on purchases and balance transfers.
0% p.a. for 9 months (reverts to 14.99% p.a.) 0% p.a. for 9 months $99 p.a. Go to site More info
ANZ Low Rate
$100 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.) $58 p.a. Go to site More info

0% balance transfer cards

If you have an existing debt, a no interest balance transfer credit card could be a good way to consolidate it. Cardholders generally need to apply for the transfer at the time of application, so make sure you have the details of the balance handy. These cards typically work better if you use them sparingly and repay the balance during the promotional period, as a revert interest rate will kick in at the end of the introductory offer. This rate usually reverts to the one used for either purchases or cash advances, so you’ll want to confirm and compare these details before applying.

Rates last updated December 5th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
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 Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months (reverts to 19.74% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $30 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 18 months $99 p.a. Go to site More info
Virgin No Annual Fee Credit Card
No annual fee for the life of the card with $100 cashback and a 0% p.a. offer on balance transfers for 18 months. Spend criteria applies for cashback offer.
18.99% p.a. 0% p.a. for 18 months with 2% balance transfer fee $0 p.a. Go to site More info
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 16 months on balance transfers and 1% p.a. for 12 months on purchases.
1% p.a. for 12 months (reverts to 13.49% p.a.) 0% p.a. for 16 months $59 p.a. 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. Go to site More info

Low cash advance rate cards

Currently, no credit cards in Australia offer credit cards with 0% interest on cash advances. These transactions usually collect the highest interest rate on the card (between 20% and 22%), but there are some credit cards that offer a lower ongoing cash advance rate. These cards are suited to cardholders who regularly use their credit card to withdraw cash from an ATM or other cash-equivalent transactions.

Interest-free days offers

Although this isn’t a type of card, it is a feature offered on a number of cards that allows you to make purchases without paying interest on them for up to a specific number of days. This offer is usually only available to cardholders who make their monthly payments in full, so that’s something you’ll need to strive towards to take advantage of such an offer. The number of interest-free days will vary from card to card, but they're usually between 44 and 55 days. You can compare credit cards that offer interest-free days here.

Comparison of credit cards with up to 55 interest-free days

Rates last updated December 5th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Interest Free Period
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 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
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 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 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. 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 1% p.a. for up to 12 months on purchases.
1% p.a. for 12 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 Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Up to 55 days on purchases Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Up to 55 days on purchases Go to site More info
Citi Clear Platinum Card
A low rate platinum credit card with a low interest rate on purchases and balance transfers.
0% p.a. for 9 months (reverts to 14.99% p.a.) 0% p.a. for 9 months $99 p.a. Up to 55 days on purchases Go to site More info
28 Degrees Platinum MasterCard
Benefit from no international transaction fees on purchases, no currency conversion fees and no annual fee.
21.99% p.a. 4.99% p.a. for 6 months $0 p.a. Up to 55 days on purchases Go to site More info
ANZ Low Rate
$100 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.) $58 p.a. Up to 55 days on purchases Go to site More info
American Express Platinum Edge Credit Card
Receive 10,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy a $200 travel credit every year and get 0% p.a. for 12 months on balance transfers.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $195 p.a. Up to 55 days on purchases Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee, a long term balance transfer offer of 0% p.a. for 18 months and an introductory offer of 1% p.a. for 12 months on purchases.
1% p.a. for 12 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
Citi Rewards Platinum Card - Cashback Offer
Earn $250 cashback on eligible spend, plus enjoy 0% p.a. balance transfer offer for 12 months, discounted annual fees for the life of the card and a complimentary travel insurance.
20.99% p.a. 0% p.a. for 12 months $99 p.a. annual fee for the first year ($199 p.a. thereafter) 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
American Express Explorer Credit Card
Receive 100,000 Membership Rewards Bonus Points on eligible spend within the first 2 months of Card Membership. Also enjoy a $400 travel voucher and two complimentary airline passes per year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $395 p.a. Up to 55 days on purchases Go to site More info
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How does a no interest credit card work?

As the name implies, a no interest credit card don’t charge interest on specific services on the card. This could be on balances transferred, cash advances or purchases made with the card. Credit card companies will usually make this offer for a limited time, and for a promotional period that could last anywhere from 5 to 18 months. Since you will only be enjoying the no interest period for a set time, it’s important to look at the rate it will revert to once the offer ends.

How can I compare no interest credit cards?

If you’re unsure which card is for you, considering some of the below factors could help you determine which card is of most value to you:

  • Length of promotional offer. This is particularly relevant for no interest balance transfer cards. If you don’t think you can realistically repay your balance during the introductory period, you could end up paying more if you have to pay for the bulk of it at the much higher revert rate.
  • Annual fee. If the annual cost of the card isn’t outweighed by the savings and rewards you receive from the card, then it probably isn’t of value to you.
  • Rewards program. Some of these cards come with rewards programs, so you’ll want to pay attention to the earn rates and how you can earn and redeem your points to determine whether the card will be beneficial.
  • Complimentary insurance. Complimentary insurances for travel or purchases are another bonus that could set your options apart.
  • Revert rate. As the relevant interest rate will revert to a higher rate at the end of the promotional period, it’s important to compare these to ensure that the amount you’ll be paying won’t counteract any savings you would’ve made during the introductory period.

What else should I consider when comparing no interest credit cards?

No interest credit cards are an enticing offer, but to get the most advantage from them you should consider the following:

  • Spending habits. Try to only spend, withdraw or transfer a balance that you know you can pay off before the promotional period ends.
  • Is it compatible with your financial situation? If you typically don’t need extra cash to make it between paychecks, then a no interest on cash advances card will not be useful for you.
  • Terms and conditions. If you are trying to consolidate your debt, you’ll want a card where the no interest period for balance transfers allows you enough time to pay it off.
  • The credit limit. Make sure that the minimum credit limit is both feasible and of value to you.
  • Other features. Not having to pay interest should not overshadow other important features such as the revert rates, rates on other services, fees and the type of card.
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What are the pros and cons of no interest credit cards?

Pros

  • Save money. You can save money by avoiding interest accruing.
  • Consolidate your debt. Pay down your debt faster and with fewer interest costs by using an interest-free balance transfer offer.
  • Make larger purchases. If you have a no interest on purchases card you can make a large purchase and pay as if with cash.
  • Multiple benefits. Some cards offer 0% interest on more than one feature, such as balance transfers and purchases, which can further increase your potential savings.

Cons

  • Revert rate. At the end of the introductory period, the no interest offer will return to a higher rate.
  • Repaying multiple balances. If you’re carrying multiple types of balances, the interest-free offer may not apply to balance you want.
  • Temptation to spend. For some shoppers, the no interest on purchases may be used as an excuse to overspend.
  • High annual fees. You might find that you are paying higher annual fees to make up for the 0% interest benefit on the credit card.
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How to apply for a no interest credit card

What is the eligibility criteria?

The eligibility requirements will vary from card to card, but here are some of the conditions you can expect during the application process.

  • Age. You'll need to be 18 years old or older to apply.
  • Residential status. Most Australian credit cards require cardholders to be permanent Australian residents or citizens. You can compare credit cards that accept temporary residents here.
  • Income. Your income will help determine how much of a credit limit the bank offers to you. Some issuers will state a minimum income that you must meet to receive approval.

What documents will I need to provide?

You’ll also be required to provide certain information during your application, so make sure to have the following handy:

  • Verifying your identity. To confirm your identity, the bank may ask for you to provide evidence such as your driver’s licence, passport or Medicare card.
  • Employment verification. You be asked to provide evidence of your income, including pay slips, tax documents and your employer’s contact details.

No interest credit cards offer you a way to save money on interest payments for a limited time. To receive maximum benefit, you’ll need to compare your options by considering the relevant features and terms and conditions.

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Frequently asked questions

Will I have to make monthly payments during the no interest promotional period?

Yes, you will still receive statements and be required to make monthly payments. In some cases, the no interest offer may be rendered void if you miss a payment.

What will my monthly payments be?

These will vary from card to card and will also depend on your balance, so make sure to compare these details before applying.

What happens if I am unable to pay the balance before the promotional period ends?

Any leftover unpaid balance will be charged at the revert rate described in the Product Disclosure Statement. To avoid any nasty surprises, make sure to read over these before applying.

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2 Responses to No Interest Credit Cards

  1. Default Gravatar
    tracey | October 22, 2014

    I want to combine my two credit cards what be the best way or option

    • Staff
      Elizabeth | October 23, 2014

      Hi Tracey,

      Thanks for your question.

      You can consider a balance transfer credit card. These cards allow you to bring over the balance from one or more existing cards to the balance transfer card. You’ll pay a lower rate, usually 0% p.a., for a set amount of time on the balance you bring over. You can compare these cards on this page.

      I hope this has helped.

      Thanks,

      Elizabeth

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