Low Interest Rate Credit Cards

Comparing Low Interest Rate Credit Cards can provide a lower interest credit solution giving you the flexibility and convenience to spend and make purchases on your credit card whilst taking advantage of lowest interest repayments.

Why you shouldn’t look past a Low Interest Credit Card:

Low interest cards provide the following key benefits:

• More affordable for making purchases on your card. You are able to make purchases on your card and repay them at a low interest rate, keeping down your credit card balance.
• Reduce your credit card balance and repayments. Paul Clitheroe, respected financial commentator, and chief commentator for Money Magazine recommends that if you are on a credit card with 15% interest or more, you should opt for a balance transfer to a lower rate credit card to pay off your existing card
• Ideal if you have a revolving credit balance. If you don’t completely pay off your card balance each statement, then it is important to have a low interest rate to ensure you pay the least amount of interest to your bank, taking advantage of low interest rates and saving you money in the long run.

To help in choosing which card to apply for, we have done the work for you and reviewed the best lowest interest VISA, MasterCard and American Express credit cards.

Editors Choice: Best Low Interest Rate Credit Card

The St.George Vertigo MasterCard is currently one of Australia's cheapest credit cards with an very low standard interest rate combined with a current special promotion and a good balance transfer offer

• $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
• Cannex 5 star rated credit card
• Easy linked access to your St.George accounts
• Instant 15% discounts & extras on Premium Wines Direct, Borders, RedBalloon, Rebel Sport, Movie Tickets & Theme park tickets
• Get a free additional card for a friend or family member

Click here to read the St George Vertigo terms and conditions

Comparison of Low Interest Rate Credit 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)
Bankwest Lite MasterCard	Editor's Choice: Best Card Benefit from a 1.99% balance transfer rate for up to 12 months, and a guaranteed low interest rate of 9.99% p.a. with the Bankwest Lite Mastercard. Reduce stress with a guaranteed low rate credit card that helps you manage your credit card debt.	9.99%	20.99%	1.99% for 12 months	$59	55
St George Vertigo	St George’s leading low interest card. The Vertigo MasterCard has won many awards over year from financial institutions such as Cannex and Money.	2.99% for 6 months (reverts to 11.99%)	20.74%	2.99% for 6 months	$55	55
Citibank Clear Platinum Visa Card	One of the top credit card offers currently available in Australia. Citibank offer a very low 11.49% p.a. on purchases, a fair $85 annual fee, a 0% p.a. BT offers, travel insurance and shopping/entertainment discounts.	11.49%	20.99%	0.99% for 6 months	$49 (First Year, Save $50)	55
NAB Low Rate Visa Card	A low purchase rate credit card. 0% p.a. on purchases and 4.99% p.a. on balance transfer for the first 6 months.	0% for 6 months (reverts to 12.24%)	20.74%	4.99% for 6 months	$49	55
Aussie MasterCard	Aussie offer one of the most appealing low rate cards on the market with their flagship Aussie MasterCard.	2.99% for 6 months (reverts to 12.29%)	18.79%	2.99% for 6 months	$49	55
Macquarie Bank RateSaver Visa Card	Macquarie Bank’s staple low interest rate credit card. Enjoy typical quality Macquarie security & protection and Visa worldwide acceptance.	12.70%	19.70%	0% for 4 months	$50.00	55
Citibank Clear Visa Card	Citibank’s Clear offer used to be the leading low interest offer until the introduction of the Citibank Clear ‘Platinum’.	15.49%	20.99%	2.90%% for 6 months	$65	55
ANZ Balance Visa Credit Card	ANZ offer a credit card with both a rewards program and annual percentage rate	13.74%	20.99%	0% for 6 months	$79	50

Complete Guide to Low Interest Credit Cards - Everything you need to know before you Apply!

We have provided all the information you need below to give you the knowledge and confidence to apply for your low interest credit card today, and begin saving money and reducing your credit card debt. Our guide will begin with the basics through to the finer details to ensure you have a complete understanding of Low Interest Rate Credit Cards.

What is Credit Card Interest?

Credit card interest is basically the repayment credit card users make back to banks for lending them credit. For instance, a financial provider allows you access to $2000, and the longer you take to repay the sum, typically the more ‘interest’ you will have to pay.

The longer it takes for you to repay a purchase or cash advance, the more interest will be accumulated. Credit card interest rates are also known as ‘APRs’ (Annual Percentage Rates).

Rates are given in figures of ‘p.a.’ (Per Annum). For instance, 10% p.a. implies that your credit card balance with accumulate 10% of its value in interest per year.

However, your credit card’s interest won’t accumulate in yearly periods – it accumulates daily, as a ‘Daily Percentage Rate’.

Although interest rates are given as an ‘Annual Percentage Rate’ (APR), such as ‘11.99% p.a.’ it is important to note that interest does not accumulate on a yearly basis. Your purchases will grow in interest every day on a ‘Daily Percentage Rate’ which can be calculated by dividing APR/365.

Low interest rate credit cards are typically most suited to people who can’t make the ‘55 day interest free period’ regularly. If you take advantage of the 55 day interest free period too often, the interest rate becomes obsolete and you’re credit card spendage is going to waste when you could be accumulating reward points on a rewards credit card.

With 55 days interest free on purchases being available on practically all credit cards, you don’t necessarily have to pay any interest at all.

What types of interest are charged on a Low Interest card?

• Purchase Interest
  This is the interest charged on your purchases – whether it be buying groceries at the supermarket, direct debits for bills (eg: memberships, or paying bills by credit card.
  

  On this page we have highlighted the purchase interest rates from each credit card in the table above to make it easy for you to compare the cards with the lowest purchase rate.

• Cash Advance Interest
  When you withdraw money directly from your credit card this is known as a cash advance. Cash transactions include ATM withdrawals, transferring funds from your low interest card to another bank account using telephone or internet banking
• Special Interest
  Special interest refers to interest charged on other amounts or transactions including balance transfers.
• Interest On Interest
  This is interest that is charged on any outstanding balance on your card as a result of the above three types of interest above, and is charged on your outstanding balance from your last statement period.

How is interest calculated on a low interest rate credit card?

Our easy to follow diagram explains how interest will be calculated on your new credit card:

How will I save money by applying for a Low Interest card?

Here are some key advantages of applying for a low interest rate card:

• Pay less interest on credit card purchases. With a low rate, when you make purchases on your card and if you don’t pay them back within the interest free period, you will be charged interest but at a lower rate meaning you will have a reduced interest repayment.
• Apply for a low interest card with a 0% for 6 months balance transfer offer. A balance transfer allows you to transfer your existing card’s balance on to your new low interest credit card and pay 0% p.a. interest for 6 months. At the end of the balance transfer period interest rate on the balance will return.

How much money will I save by applying for a Low Interest card?

This depends on your existing credit card balance and your spending habits. You can use our credit card calculators, and the details of the cards in our comparison table above to calculate how much you will save.

• Use our Balance Transfer Calculator – if you are planning to do a balance transfer
• Credit Card Repayment Calculator – if you want to work out the repayments on your new card

Example Scenario:

Jack makes a $1000 purchase on his credit card which has
an interest rate of 10% p.a. He repays the purchase 50 days later.

If he took a year to repay his purchase, he would repay $1100, with $100 of interest (10% of 1000 = 100)

His daily percentage rate would be 10/365 = 0.028%. Since his purchase took 50 days to repay, his interest repayment would be 0.027% of ($1000 x 50 days) = $13.70 of interest paid after 50 days. (Note: All calculations were rounded to 2 decimal places)

How and where can I apply for a Low Interest Card?

Go back to the top of this page and select a card from the comparison table, then click the Apply button. This will securely transfer you to the relevant banks website, and when you complete the application it will be through there secure online application service. There is no fee for applying from this page – consider it our favour to you! Click here to view the Low Interest Credit Card Options & Apply Now »

A: The Bankwest Low Rate MasterCard is the lowest interest rate MasterCard in Australia.

Question: When is purchase interest charged?

A: For cards with an interest free period, interest is charged on the last day of your statement period. Purchase interest is charged from the day the transaction takes place until the end of the statement period.

Question: What are interest free days?

A: Interest free days allow you a grace period to avoid paying interest on your credit card by paying back your credit card balance, in full, by the specified due date.

Question: Can I avoid paying Interest?

A: Yes. If you pay off your purchase within the interest free grace period, then you are paying $0 in interest repayments back on your purchase, no matter how expensive it was. However, interest free/grace periods do not apply to cash advances.

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from. ‘Best and ‘Top’ are ratings which are subject to our consideration and is not rated against all Australian credit cards. We recommend you take this information into account when comparing credit cards.

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Best Balance Transfer Credit Card Offer

The Bankwest Lite MasterCard is Australia's cheapest credit card offer, giving you the lowest MasterCard purchase rate of just 9.99% p.a. as well as a long balance transfer offer on your existing credit card balance at 1.99% p.a. for 12 months!






Click here to access the Bankwest Lite MasterCard terms & conditions.

Editor's Choice: Our Top Credit 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)
Bankwest Lite MasterCard	Editor's Choice: Cheapest Credit Card The lowest stress mastercard, with Australia's lowest MasterCard purchase rate of just 9.99% p.a.	9.99%	20.99%	1.99% for 12 months	$59	55
St George Vertigo	Editor's Choice: 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.	2.99% for 6 months (reverts to 11.99%)	20.74%	2.99% for 6 months	$55	55
Coles Group Source MasterCard	The Coles Group Source MasterCard has no annual fee, a 0% p.a. balance transfer offer for 6 months, with a rewards program including savings on fuel and FlyBuys Points	19.74%	21.99%	0% for 6 months	$0	62
Citi Clear Platinum Visa	Editor's Choice: Low Interest An excellent low interest credit card offer with 11.49%interest on purchases and 0.99% for 6 months on balance transfers .	11.49%	20.99%	0.99% for 6 months	$49 (First Year, Save $50)	55
Bankwest Zero Platinum MasterCard	Editor's Choice: 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	15.99%	15.99%	1.99% for 12 months	$0	55