Low Interest Rate Credit Cards

Save money on your credit card by paying lower interest rates

Comparing low interest rate credit cards can provide a lower interest solution, giving you the flexibility and convenience to spend and make purchases on your card whilst taking advantage of lowest interest repayments. Low interest rate credit cards offer promotional interest rates on purchases, balance transfers and cash advances. The information below will give you the knowledge and confidence to apply for your low interest credit card.

Comparison of Low Interest Rate Credit Cards

Rates last updated May 26th, 2016.

Commonwealth Bank Low Rate Gold Credit Card

BT offer extended + cashback updated from $150 to $250 and will be available until 30 June 2016.

April 15th, 2016

NAB Low Rate Credit Card

0% for 15 months on purchases and balance transfers w/ one off 2% balance transfer fee

May 2nd, 2016

NAB Low Fee Card

Balance transfer and purchase rate offer has been extended

May 2nd, 2016

View latest updates

Jonathan Choi Jonathan
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Interest Free Period
ME Bank frank Credit Card
A low interest rate on purchases and cash advances with no annual fee charge.
9.99% p.a. $0 p.a. Up to 55 days on purchases Go to site More info
Coles Low Rate MasterCard
A low rate MasterCard with a competitive rate on purchases and a low annual fee.
9.99% p.a. 0% p.a. for 6 months $49 p.a. Up to 62 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.
14.99% p.a. 0% p.a. for 12 months $0 p.a. Up to 55 days on purchases Go to site More info
NAB Low Rate Credit Card
Manage your existing credit card balance with 0% for 15 months on balance transfers 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 2% balance transfer fee $59 p.a. Up to 55 days on purchases Go to site More info
St.George Vertigo Visa
A low rate shopping credit card offering a low ongoing rate on purchases plus a low balance transfer offer of 0% p.a. for 18 months.
0.99% p.a. for 4 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
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 2% balance transfer fee $30 p.a. Up to 44 days on purchases Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
Enjoy a low annual combined with 0% p.a. balance transfer offer for 18 months and 0.99% p.a. for 4 months on purchases.
0.99% p.a. for 4 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
Commonwealth Bank Low Rate Credit Card
A $250 limited time cashback offer if you apply by 30 June 2016 and spend $500 on eligible purchases by 31 July 2016 and a low ongoing purchase rate.
13.49% p.a. 5.99% p.a. for 5 months $59 p.a. Up to 55 days on purchases Go to site More info
St.George Vertigo Platinum
Enjoy platinum card benefits with a long term balance transfer of 0% for 20 months and a low annual fee.
0.99% p.a. for 4 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. Up to 55 days on purchases Go to site More info
Commonwealth Bank Small Business Credit Card - Low Rate
Get $250 cash back if you apply by 30 June 2016 and spend $500 on eligible purchases before 31 July 2016. A business credit card with $0 annual fee, a low ongoing interest rate with higher credit limits.
14.55% p.a. $0 p.a. Go to site More info
ANZ Low Rate
Save on your existing credit card interest with 0% for 18 months on balance transfers with a low annual fee and low ongoing purchase rate.
13.49% p.a. 0% p.a. for 18 months with 3% balance transfer fee $58 p.a. Up to 55 days on purchases Go to site More info
Commonwealth Bank Low Rate Gold Credit Card
Take advantage of the $250 cash back offer if you apply by 30 June 2016 and spend $500 on eligible purchases by 31 July 2016. A low rate card that comes with up to 55 days interest-free on purchases combined with complimentary international travel insurance.
13.49% p.a. 5.99% p.a. for 5 months $89 p.a. Up to 55 days on purchases Go to site More info
Citi Simplicity Card
Enjoy a interest-free days and a low interest rate on purchases plus enjoy free bottles of wine from Citibank Dining Program. Offer ends on 31 March 2017.
11.99% p.a. for 24 months (reverts to 19.99% p.a.) $0 p.a. Up to 55 days on purchases Go to site More info
BankSA Vertigo Visa
A low rate credit card with 0% for 18 months on balance transfers and low ongoing purchase rate from BankSA.
0.99% p.a. for 4 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
Bankwest Breeze MasterCard
Enjoy a 5% cash back* offer for a limited time, 2.99% for 9 months on balance transfers and up to 55 interest-free days on purchases.
12.99% p.a. 2.99% p.a. for 9 months $59 p.a. Up to 55 days on purchases Go to site More info
Citi Clear Platinum Card
Enjoy 0% p.a. for 9 months interest-free purchasing and 0% p.a. for 9 months on 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
BankSA Vertigo Platinum
Experience Platinum card benefits with complimentary insurance policies and 24/7 Visa Platinum Concierge Service. Get 0% for 20 months on balance transfers and annual fee if you apply by 23 June 2016.
0.99% p.a. for 4 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. Up to 55 days on purchases Go to site More info

Complete guide to low interest credit cards

What is a low interest rate credit card?

Pay less interest with low interest rate credit cards. This type of credit card offers lower interest rates making it an ideal option if you carry a balance on your account/ don’t repay your balance in full every month. Low interest rate promotions can apply to purchases, balance transfers and cash advances.

Credit card interest explained

Credit card interest are the repayments made back to the financial institution for lending you credit. The longer you take to repay the sum, typically the more interest you will need to pay. The longer it takes to repay a purchase or cash advance, the more interest will be accumulated.

Types of credit card interest

  • Purchase interest. This is the interest charged on your purchases – whether it be buying groceries at the supermarket, direct debits for bills (e.g: 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. Interest on cash advances generally ranges around 20% p.a. and is charged when you withdraw money directly from your credit card. 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 outstanding balance. 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.

What are the types of low interest credit cards?

  • Standard low interest rate. These include credit cards that are often below 14% p.a. and have a low annual fee. This type of credit card has all the non-essential features removed to keep the price low.
  • Low interest rate with introductory purchase rate. Introductory purchase rates allow you to make purchases whilst paying less interest. It is important to check how long the introductory purchase period is and what the interest rate will revert back to after that introductory period.

How much money will I save by applying for a low interest rate credit card?

Citibank Clear Platinum credit card (low interest)ANZ Platinum credit card
Interest Rate12.00% p.a.19.74% p.a.
Credit Card Balance$1,000$1,000
Minimum Repayment2% = $202% = $20
Amount paid including interest$1,393.24$2,119.11
DifferenceSave $725.87

How to compare low interest rate credit cards

Here are some of the most important things you should look for when doing a card comparison.

 Interest rates

  • Interest rate. When you are comparing interest rates you want to look for the lowest APR. This is the annual percentage rate including the annual fee and interest charges. It is especially important to find low interest rate credit cards if you are not able to always pay off your balance in full every month and will probably have to pay some interest charges from time to time.
  • Interest free days. If your credit card doesn’t have an interest free day period then you will immediately get charged interest. Have a look out for any offers like 55 days interest free days, but please keep in mind that these offers usually apply when you’ve paid back the balance in full by the due date listed on your statement.
  • Introductory rates and balance transfers. You may be able to find a great deal on a card with very low introductory rates. Some cards will even offer a 0% interest rate on purchases or balance transfers for a limited amount of time. If you want to transfer a debt over from an existing card, or have a big purchase that you want to make, you may want to look for one of these deals. If you use smart shopping to pick out the right low rate credit cards, you will come out ahead in the end.
  • Revert rate. After the introductory period of your balance transfer or purchase rate, it is essential to know what the rate will revert to. Sometimes it can revert back to the cash advance rate, which on average can up to 20% more. By reading through the terms and conditions properly, you will save yourself from any nasty shocks.

 Fees and charges

  • Annual fee. Try to find a card that meets your needs and has the lowest annual fee. The annual fee should not be a deciding factor for choosing the right low interest rate credit cards, but if you find two cards that are very comparable the one with the lowest annual fee should win.
  • Hidden fees and charges. You should find out what types of fees and charges apply to the card. You will be able to find out this information by reading the small print on the website before you fill out your application. You may be charged a fee for using an ATM, for using your credit card abroad or for various other transactions. If you find out all about these charges then you’ll be better prepared to use your card resourcefully.

Extra tips to help you compare and choose a low interest rate credit card

Low interest rate credit cards imply that, even if you don’t pay off the bill in full each month, you don’t get slammed with big interest charges on the unpaid balance. Choosing a low interest rate credit card can seem like a no brainer. But getting the most benefit can actually require a lot of research.

  • Extra benefits. Aside from the lower interest rate ask yourself what other features may benefit your needs. Comparing different types of credit cards can inform you to the other benefits available.
  • When low rate cards should stay in your wallet. Low rate cards are not good for large one-off purchases like white ware for the home or big pieces of furniture. If you’re going to make those kinds of purchases, do it with an introductory rate credit card, which sometimes give you 15 months’ worth of purchases with 0% interest.
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Are low interest rate credit cards suitable for you?

Low interest rate credit cards are suitable for people who are looking to take advantage of lower interest rates to help them manage their budget and purchases. If you pay off your balance every month then you may like to compare other types of credit cards.

A low interest rate credit card may benefit you if: 

  • You use your card regularly to make frequent purchases
  • You make your payments on time, but typically don’t pay them off in full
  • You have a good, well established, credit history

A low interest rate credit card may not be suitable for you if: 

  • You don’t use your card very often
  • You tend to use your card to make large purchases and pay them off right away
  • You almost always pay your balance in full from month to month
  • You always pay off your balance before the end of interest free periods
  • You are looking for a way to consolidate and transfer your balance to another card
  • Your credit history is poor
  • You have had problems in the past making payments on time

Pros and cons of a low rate credit card

Pros

  • You pay less interest on purchases you make after the interest free period passes.
  • If you’re a regular credit card user who doesn’t clear their balance each month then you could save a lot in interest charges, compared to a card that has a higher rate.
  • If you want to reduce and consolidate your credit card debt, low interest credit cards can help. You may be able to combine all your credit card balances onto one card and reduce the balance.
  • Sometimes its may be possible to pay zero interest on balance transferred, for a set period of time. If you’re committed to paying off your debt, then a low rate credit card is a good place to start.

Cons

  • You need to know what type of purchases will qualify for your low interest rate. If your applying for a balance transfer with zero percent, the low introductory rate only applies to amount that you’ve transferred from your previous card.
  • Even with low interest, timely payments are very important, some credit card companies could revoke the introductory rate period and charge a higher rate.
  • You have to do your homework, while low interest rate cards can be a great benefit if used properly, they can a huge disadvantage if you don’t fully understand them.
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Frequently asked questions about low rate interest cards

How do promotional interest rates work?

Does the low rate apply to all transactions?

When you read the advertising for low rate interest cards you might assume that this rate is applied to all the transactions you make. This gets a lot of people into trouble because they don’t realise that the rate only applies to purchases and not to any other transactions necessarily. Most cards have a separate interest rate for cash withdrawals, balance transfers and other transactions done on the card.

If you use your credit card abroad you may have to pay extra fees. Almost all credit cards have a foreign transaction fee, which is charged whenever the card is used overseas. You can compare no foreign currency fee credit cards to avoid this charge.

When is purchase interest charged?

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.

How do interest free days work with the promotional rate?

Interest free days provide an extension with 0% interest on your purchases when you pay back your credit card balance in full by the specified due date. If you have a 0% purchase promotion, interest-free days will have no effect until the 0% promotion has ended.

How do I apply?

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 their secure online application service. There is no fee for applying from this page.

I have bad credit - can I still get a low interest card?

Most credit card providers require a strong credit history to be eligible for a low interest credit card.

Are there any low interest rate credit cards suitable for students?

Student credit cards are widely offered and provide unique features including purchase financing and other benefits to make managing expenses easier.
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Was this content helpful to you? No  Yes
ME Bank frank Credit Card
ME Bank frank Credit Card

Interest rate

9.99

Annual fee

0
More info
American Express Essential Credit Card
American Express Essential Credit Card

Interest rate

14.99

Annual fee

0
More info
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

149
More info
St.George Vertigo Platinum
St.George Vertigo Platinum

Interest rate

12.74

Annual fee

99
More info
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52 Responses to Low Interest Rate Credit Cards

  1. Default Gravatar
    gina | May 24, 2016

    i just wandering if i could get balance transfers,what could i do? if yet how much interest could i get each month.

    • Staff
      Sharon | May 26, 2016

      Hi Gina, thanks for you inquiry.

      You may check our balance transfer page first to compare credit cards that has this offer. You can check the complete details about a specific product by clicking the product name. This will direct you to the product review page where benefits, features, application requirements and other information that the product has to offer. When you’re done selecting for the right card, you can start the application process by clicking the “Go to site” button that is also available on the upper right side of the review page.

      I hope this helps,

      Sharon

  2. Default Gravatar
    Meaghan | February 11, 2016

    Hi
    Can I call to speak to someone to compare credit card accounts

    • Staff
      Jonathan | February 11, 2016

      Hi Meaghan, thanks for your inquiry!

      You can reach us on 1300 FINDER (346 337) and one of the specialists from our credit cards team will be happy to assist you.

      Cheers,

      Jonathan

  3. Default Gravatar
    Kylie | February 3, 2016

    Hi i am in a situation where i am in need of 2000-5000 to pay for a solicitor as i don’t have the money. I am looking into credit cards that i can either afford by myself as i am on centrelink or one that my partner and i can get together with his income and mine. What would be the best way to go? As we have never applied for one before. Thank you

    • Staff
      Debbie | February 4, 2016

      Hi Kylie,

      Thanks for your question.
      Please note that you’ve come through finder.com.au and as a financial comparison service, we’re unable to recommend any specific product, service or strategy to our users as the ‘best’ option will always depend on the individual’s financial situation and needs.

      Whether you can apply for a credit card will depend on how much you earn per year and what type of Centrelink payments you receive.

      You might need to get in touch with the bank directly to confirm your likelihood of approval before applying.

      I hope this helps.

      Cheers,
      Debbie

  4. Default Gravatar
    | November 19, 2015

    Do you no anyone that will help people on disability pensioner with below average credit score to get a low limit credit card with below average credit score to rebuild my credit rating and give me a second chance

    • Staff
      Jonathan | November 20, 2015

      Hi Rhys, thanks for your inquiry!

      You can compare low income credit cards here which have lower requirements than higher tier credit cards.

      Cheers,

      Jonathan

  5. Default Gravatar
    Shani | August 5, 2015

    I have an existing credit card with a balance of 9000.I am looking to transfer to a new card which has 0% on balance transfers and a low interest rate with 55 days interest free. I can pay the balance off in about 12 months or less

    • Staff
      Jonathan | August 6, 2015

      Hi Shani, thanks for your inquiry!

      Please refer to the this page for how much banks allow you to balance transfer to their credit cards. It is a key point to note no interest-free days will be awarded when you have an outstanding balance, so until your balance transfer debt has been fully cleared you will be unable to utilise this feature. You may like to compare balance transfer credit cards on this page.

      Cheers,

      Jonathan

  6. Default Gravatar
    Majella | July 26, 2015

    Is there a low rate credit card for pensioners?

    • Staff
      Jonathan | July 27, 2015

      Hi Majella, thanks for your inquiry!

      Credit card eligibility for pensioners depends on whether you meet the application requirements. Generally the bank/ lender will request a specific minimum income per year. If your primary form of income is through Centrelink/ pension benefits, contacting the bank before completing the application process to determine whether Centrelink qualifies as a form of income would be ideal.

      Cheers,

      Jonathan

  7. Default Gravatar
    Jenna | June 29, 2015

    I am traveling overseas for 12 months in Oct this year to the USA. I have loan approval for money I really don’t need the full amount of (or the stupidly high interest rate) someone suggested I get a low interest credit card to take with me or emergencies and small purchases?

    Can you suggest a low interest rate card I can use whilst overseas?

    • Staff
      Sally | June 29, 2015

      Hi Jenna,

      Thanks for your question.

      As a financial comparison service, we can’t actually suggest one particular product to our users.

      However, you may want to consider a card with no annual fee, no foreign transaction fees and no currency conversion fees.

      You can compare your options on our comparison page.

      I hope this has helped answer your question.

      Thanks,

      Sally

  8. Default Gravatar
    jlb | June 5, 2015

    I want a low interest credit card for purchase of sewing machine
    I won’t be able to pay back in full for the first few months
    however I endeavour to pay off as quick as possible after 6 months.
    What are some options please

    • Staff
      sally.mcmullen@hiveempire.com | June 5, 2015

      Hi Jlb,

      Thank you for your question.

      If you think you’ll have difficulty paying off your credit card each month, a low interest rate credit card may be of value to you.

      Please visit our Low Interest Rate Credit Cards comparison page here.

      I hope this has answered your question.

      Thanks,

      Sally

  9. Default Gravatar
    Kristy | June 3, 2015

    Hi,

    I am wanting to purchase a caravan for $10,000. I’ve looked into personal loans but am also considering credit card as interest can be lower. What would you suggest on a type of credit card?

  10. Default Gravatar
    Diane | May 27, 2015

    If we move our balance to a new credit card do we have to close the account it came from?

    • Staff
      Jonathan | May 27, 2015

      Hi Diane, thanks for your inquiry!

      That is correct, it is the primary cardholders responsibility to close the existing credit cards when transferring to a new credit card.

      Cheers,

      Jonathan

Credit Cards Comparison

Rates last updated May 26th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 20 months and an introductory purchase offer of 0.99% p.a. for 4 months with a low annual fee.
0.99% p.a. for 4 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 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.
14.99% p.a. 0% p.a. for 12 months $0 p.a. 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 Frequent Flyer Black
Earn up to 75,000 bonus Qantas Points when you spend $2,500 within the first three months and 1.5 points per $1 spent. Get complimentary airport lounge access, 24/7 concierge with $0 annual fee in the first year.
19.99% p.a. $0 p.a. annual fee for the first year ($425 p.a. thereafter) Go to site More info

* 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 and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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