Low Interest Credit Cards To Beat Debt
Posted March 10th, 2010
and last modified May 31st, 2010
Discover the financial benefits of choosing a low interest credit card. Understand the difference between the ongoing low interest rate and the introductory low interest rate so you can pick the right card to suit your situation.
Best Low Interest Balance Transfer Credit Card
Beat debt with the Bankwest Lite MasterCard – it has the lowest MasterCard purchase rate in Australia combined with a long balance transfer period making it the a great credit card to help you get ahead and repay your credit card balance
- $59 annual fee
- 10.75% p.a. on purchases
- 1.99% p.a. for 9 months on balance transfers
- Cash Advance Rate of 21.74%
Click here to read the Bankwest Lite MasterCard terms and conditions
In these tough economic times, consumers are watching their outgoings more than ever, and one way to save yourself some money is by taking out a low interest credit card. These are exactly as they sound – they offer low rates of interest – but you must choose which type of low interest rate you want to match with your specific personal circumstances.
There are two main types of low interest credit card:
The ongoing low interest credit card
These credit cards are designed for the consumer who sometimes or usually maintains a balance on their credit card from one month to the next. A low interest rate means that they keep their interest charges as minimal as possible. The following credit cards offer low purchase interest rates, and these will give you a good idea of what to expect. The closer you can get to 10% – provided everything else about the card suits your requirements – the better.
- Bankwest Lite MasterCard – 9.99%
- Citibank Clear Platinum – 11.74%
- St.George Vertigo – 11.74%
- NAB Low Rate Visa – 12.24%
- Aussie MasterCard – 12.29%
- ANZ Low Rate MasterCard – 12.74%
The introductory low interest rate credit card
These low interest credit cards are for consumers who are carrying a debt on a credit card from another provider and wish to significantly reduce the rate they are paying for a certain period of time. The idea with these cards is to pay the debt off completely within the allotted offer period and save hundreds or even thousands of dollars in the process. Currently, you have the following balance transfer offers to choose from, although this is not a definitive list and you are always advised to check the market thoroughly before you choose because offers, rates and features may change.
- ANZ Low Rate MasterCard – 0% p.a. for 6 months
- ANZ Balance Visa – 0% p.a. for 6 months
- Citibank Clear Platinum Visa Card – 0% p.a. for 7 months
- St George Vertigo – 2.99% p.a. for 6 months
- HSBC Credit Card – 0% p.a. for 6 months
- Bankwest Lite MasterCard – 1.99% p.a. for 9 months
- Citibank Silver Card – 2.9% p.a. for 12 months
- Citibank BP Card – 1.9% p.a. for 12 months
- ANZ Frequent Flyer – Balance Transfer Option – 2.9% p.a. for 12 months
- CUA Gold Rewards MasterCard – 2.90% p.a. for 9 months
- IMB Reward MasterCard – -
- Suncorp Clear Options Platinum – 3.9% p.a. for life
Remember that the headline rate on low interest credit cards should not be taken in isolation. You need to make certain that the other features of the credit card are also to your liking, such as the annual fee (you can avoid one with some credit cards), and the revert-to interest rate if you are choosing an introductory balance transfer offer.
Choose wisely and you can ease your debt problems almost overnight.
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