Low Interest Credit Cards – Offers and Comparison
Posted December 1st, 2008
and last modified March 5th, 2010If you currently pay over 15% interest p.a. on your credit card, you should strongly consider applying for a low rate credit card that will save you money on credit card repayments, particularly if you carry a balance on your card each month. Compare the Low Interest card offers below and apply securely online!
While low interest credit cards are a category as a whole, specific sub-categories still exist within them. Since each credit card has a different selling point, such as a low cash advance or introductory purchase rate, it can’t simply resort down to the overall’ best low interest rate credit card’.
Note that if you regularly pay your balance in full on a month to month basis, a low interest card may not offer as many benefits as say a reward credit card.
Editor’s Choice: Best Low Interest Rate Credit Card
The St. George Vertigo is a great introductory credit card offers with a low on-going interest rate and balance transfer offer that will help you transfer your existing balance from your current credit card at a low cost. This is a great credit card if you love shopping, as you will enjoy a low interest rate on your credit card purchases.
- $55 annual fee
- 2.99% for 6 months p.a. on purchases
- 20.74% p.a. on cash advances
- 2.99% p.a. for 6 months on balance transfers
Compare Low Interest Rate Australian Cards
| Credit Card | Card Details | Interest Rate (p.a.) | Cash Advance Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Interest free days (up to) |
|
|---|---|---|---|---|---|---|---|
 St George Vertigo |
Enjoy one of Australia\’s lowest credit card rates with one of our big four banks. | 2.99% for 6 months (reverts to 11.99%) | 20.74% | 2.99% for 6 months | $55 | 55 |   |
 Citibank Clear Platinum Visa Card |
A low interest rate, balance transfer offer and countless Platinum benefits. | 11.49% | 20.99% | 0.99% for 6 months | $49 (First Year, Save $50) | 55 | |
 Aussie MasterCard |
An Aussie MasterCard will give you credit card relief with a low purchase rate and balance transfer offer | 2.99% for 6 months (reverts to 12.29%) | 18.79% | 2.99% for 6 months | $49 | 55 | |
 ANZ Low Rate MasterCard |
The ANZ Low Rate MasterCard is a no-frills credit card with a competitive purchase rate and balance transfer deal | 12.74% | 20.99% | 0% for 6 months | $58 | 55 | |
 Citibank Clear Visa Card |
Citibank\’s low interest rate card if you are interested in a Citibank card but do not meet the application criteria for the Clear Platinum. | 15.49% | 20.99% | 2.90%% for 6 months | $65 | 55 | |
For more information, visit our section on low interest credit cards in Australia.
Low Purchase Rate:
When the term ‘low interest rate credit card’ comes to mind, this would be what most Australians would associate the term with. Currently, one of the lowest purchase rates available for online application is the St George Vertigo card, with 2.99% for 6 months (reverts to 11.99%) p.a. on purchases.
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Best Promotional Purchase Rate:
The Aussie MasterCard offers 2.99% for 6 months (reverts to 12.29%) and 2.99% p.a. for 6 months on balances transferred. Reverts to a standard and yet still low 2.99% for 6 months (reverts to 12.29%) p.a. after the intro period is over.
Glossary of Credit Card Terms
Annual Percentage Rate (APR): An APR is the measure of the cost of credit, expressed as a yearly interest rate. There are two basic types of APR plans – variable and fixed rate plans.
- “Variable APR” allows the credit card issuer to change your APR when interest rates or other economic indicators; called indexes, change. These days, most credit card offers include variable rates. If you’re considering a variable rate card, the issuer must also provide information that discloses to you: how the rate is determined, which index is used, and what additional amount (”margin”) is added to determine your new rate. You will also receive information about how much, and how often your rate may change.
- “Fixed Rate” plans are not subject to adjustment like variable rates. They remain at the disclosed level indicated upon opening the account. But be aware: credit card companies often include disclosures which allow them to change this rate at any time. But they must provide a written notice at least 15 days prior to the change.
Grace Period: Also called a “free period,” a grace period lets you avoid finance charges by paying your balance in full before the due date. Knowing whether a card gives you a grace period is especially important if you plan to pay your account in full each month. Without a grace period, the card issuer may impose a finance charge from the date you use your card or from the date each transaction is posted to your account.
Annual Fee: Many issuers charge annual membership or participation fees. They range from $25 to $50, sometimes over $100 for “gold” or “platinum” cards.
Transaction Fees and Other Charges: A card may include other costs. Some issuers charge a fee if you use the card to get a cash advance, make a late payment, or exceed your credit limit. Some charge a monthly fee whether or not you use the card.
Balance Computation Method: If you don’t have a grace period, or if you expect to pay for purchases over time, it’s important to know what method the issuer uses to calculate your finance charge. This can make a big difference in how much of a finance charge you’ll pay — even if the APR and your buying patterns remain relatively constant.
Related posts:
- Save Money With Low Interest Rate Credit Cards
- New Credit Card Offers Comparison Tool
- Credit Cards Interest Free
- Credit Card Comparison: Comparison of Australian Credit Cards
- Why Consider a Lower Interest Rate Credit Card?
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Editor's Choice: Our Top Credit Cards
Bankwest Lite MasterCard
Cheapest Credit Card
The lowest stress mastercard, with Australia's lowest MasterCard purchase rate of just 9.99% p.a.
St George Vertigo
Best Bank
Low 2.99% for 6 months (reverts to 11.99%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.
Coles Group Source MasterCard
Citi Clear Platinum Visa
Low Interest
An excellent low interest credit card offer with 11.49%interest on purchases and 0.99% for 6 months on balance transfers .
Bankwest Zero Platinum MasterCard
No Annual Fee
Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 12 months on balance transfers