Advantages of Having Low Interest Rate Credit Cards

Low interest rate credit cards sound like a highly sensible idea for anyone to consider if they intend to owe any money on credit cards, but the picture is not quite that simple.

Low interest cards will only give you advantages if you are in certain financial situations, and other rate cards may be better.

Westpac Low Rate Card

The Westpac Low Rate Card offers a low interest rate on purchases, low annual fee and introductory balance transfer offer.

• $45 annual fee
• 0% p.a. for 6 months (reverts to 13.49% p.a.) on purchases
• 0% p.a. for 6 months on balance transfers
• Cash Advance Rate of 21.49% p.a.
• 55 days interest free

Read the Westpac Low Rate Card terms and conditions.

If you are the right candidate for low interest rate credit cards however, you can reap some excellent benefits.

• If you have a large balance that will remain revolving for several years, a lower interest card will always mean lower minimum repayments, or if you pay the same amount will mean more is directed towards reducing the capital amount owed. This will reduce compound interest and will rapidly escalate until a card balance can be paid off much faster than you thought.
• If you have been struggling to make the minimum payments on a higher rate card, perhaps you recently lost a job or similar, low interest rate credit cards will eliminate some of the risk of punitive penalty fees and damage to your credit rating, while allowing you a bit of breathing space to get better equipped to repay the money.
• Low interest rate credit cards tend to have better introductory offers, even in some cases offering 0% on balance transfers and new purchases for quite some time. These deals are also available in the higher interest card sphere, but they are much more standard at the lower end of the scale.
• Lower interest rate credit cards will often offer a higher credit limit for the same income level, so making it easier to pay for extremely large items on the same card. This too does vary hugely between the card issuers so a little research is required.
• Increasing desire for low interest credit cards in recession times means that the competition for customers is slightly higher in this part of the market than in the higher rate cards, so now is a good time to benefit from small perks and extras, and some very favourable rates.
• Low interest rate cards are more likely to reward customer loyalty over a long period than other credit cards, so there are often upgrades and special deals available as time goes on that are less common at the higher interest end of the spectrum.
• Low interest rate credit cards will have a less serious effect on your credit score than higher rate cards, particularly when outstanding balance is considered as it is scored differently.

Check out today's featured offers:

Westpac Low Rate	Citibank Clear Platinum	Qantas AMEX Discovery	ANZ Platinum
0% p.a. for 6 months on purchases & balance transfers	2.9% p.a. for 12 months on balance transfers	$0 annual fee Up to 10,000 Bonus QFF Points	0% p.a. for 6 months on purchases & balance transfers

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Popular Credit Card Offers

			Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
	Westpac Low Rate Card - 0% Offer	A credit card with a low rate offer on both balance transfers and purchases, plus a low annual fee.	0% for 6 months (reverts to 13.49% )	0% for 6 months	$45	21.49%
	Citibank Clear Platinum Card	Competitive interest rate on purchases and balance transfers offer.	11.99%	2.9% for 12 months	$99	21.74%
	St George Vertigo	Take advantage of this great offer from St.George with a low rate on purchases and a low balance transfer offer.	13.24%	0.99% for 12 months	$55	21.49%
	ANZ Platinum Credit Card	An introductory interest rate offer on balance transfers and purchases, plus a $0 first year annual fee.	0% for 6 months (reverts to 19.24% )	0% for 6 months	$0 annual fee for the first year( $87 thereafter)	20.99%