Low rate credit cards

A low interest rate credit card will help you save money on your bill if you don't pay it off in full every month.

PROMOTED
ANZ Low Rate
0% Balance Transfer
  • 13.74% purchase rate
  • $0 first year fee
  • 13.74% purchase rate
  • $0 first year fee
Eligibility criteria, terms and conditions apply.

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Low rate credit card comparison

We consider interest rates below 15% p.a. to be competitive, and the average Aussie cardholder could save about $100 per year just by switching. Some low rate credit cards offer promotional 0% interest or low rates for an introductory period.

Name Product Purchase rate p.a. Interest-free period Balance transfer rate p.a. Annual fee

ANZ Low Rate

ANZ Low Rate
12.49%
Up to 55 days on purchases
0% for 28 months with 2% balance transfer fee, then 21.24%
$0 first year ($58 after)
Save with a 0% p.a. balance transfer for 28 months (with a one-time 2% BT fee). Plus, a $0 first-year annual fee.

NAB Low Rate Credit Card

Finder Award
NAB Low Rate Credit Card
12.49%
Up to 55 days on purchases
0% for 32 months, then 21.74%
$0 first year ($59 after)
Get a 0% interest rate on balance transfers for the first 32 months (with no BT fee). Plus, save with a $0 first-year annual fee.

Westpac Low Rate Card

Westpac Low Rate Card
13.74%
Up to 55 days on purchases
0% for 28 months with 2% balance transfer fee, then 21.49%
$59
Save with a 0% interest rate on balance transfers for 28 months. Plus, a low 13.74% purchase interest rate. Ends 14 June 2023.

ANZ Low Rate - Cashback Offer

ANZ Low Rate - Cashback Offer
12.49%
Up to 55 days on purchases
21.24%
$58
Get $250 back on your card when you spend $1,500 on eligible purchases in the first 3 months.

Westpac Low Rate Card - Cashback Offer

Westpac Low Rate Card - Cashback Offer
13.74%
Up to 55 days on purchases
$59
A no-frills card offering up to $250 cashback: $50 each month you make at least $1,000 of eligible purchases for the first 5 months.

St.George Vertigo Card - Cashback Offer

St.George Vertigo Card - Cashback Offer
13.99%
Up to 55 days on purchases
$55
Get up to $400 cashback at eligible supermarkets and petrol stations in the first 180 days. Plus, a low interest rate for purchases.

Bankwest Breeze Classic Mastercard

Bankwest Breeze Classic Mastercard
0% for 15 months, then 12.99%
Up to 55 days on purchases
0% for 15 months with 2% balance transfer fee, then 12.99%
$0 first year ($49 after)
Save with 0% p.a. on purchases and balance transfers for 15 months (with a 2% BT fee). Plus, a $0 first-year annual fee.

Bankwest Breeze Platinum Mastercard

Bankwest Breeze Platinum Mastercard
0% for 15 months, then 12.99%
Up to 55 days on purchases
0% for 15 months with 2% balance transfer fee, then 12.99%
$0 first year ($69 after)
Get 0% interest on purchases and balance transfers for 15 months (with a 2% BT fee). Plus 0% foreign fees and complimentary overseas travel insurance.
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Lowest credit card interest rates June 2023

According to the Finder database, these credit cards offer the lowest standard interest rates for purchases in June 2023:

  1. G&C Mutual Bank Low Rate Visa Credit Card: 7.49% p.a. variable, with a $50 annual fee
  2. Community First Low Rate Credit Card: 8.99% p.a. variable, with a $40 annual fee
  3. Illawarra Credit Union Low Rate Credit Card: 8.99% p.a. variable, with a $0 first-year annual fee (then $50 per year)

There are a few other low rate credit cards on the market in Australia that offer 8.99% p.a. purchase rates. But the Community First Low Rate and Illawarra Credit Union Low Rate cards were both finalists in the Finder Credit Card Awards for 2023.

🏅 Finder Credit Card Award Winner – Best Low Rate Credit Card 2023

The American Express Low Rate Credit Card won the Finder Awards for Best Low Rate Credit Card and Best No Annual Fee Card in 2023. It currently has a 10.99% p.a. interest rate for purchases and an ongoing $0 annual fee.

💡Tip: When you're comparing low rate credit cards, keep in mind that most of these cards don't offer perks like rewards or complimentary insurance. So the best card for you might have a different low interest rate and offer value in other ways.

Who are low rate credit cards best suited to?

Low interest credit cards are suited to people who want to save on interest costs. As most cards have 44-55 days interest-free, you'll only pay interest if you carry a balance from month to month.

So, low rate cards can help save on these interest charges if you don't pay your balance in full by the due date on your statement.

🗓 What is the interest-free period?

This is the maximum number of days where interest is not charged on new purchases. For example, if your credit card offers 55 interest-free days and you make a purchase on the first day of your statement period, you'll have 55 days to pay it back before you're charged interest. If you make that purchase on day 15 of your statement period, you'll have 40 interest-free days, and so on.

This only applies if you pay the amount required by the provider by the due date listed on your statement. See Finder's guide to interest-free days for full details.

There are also cards that offer a 0% purchase interest rate for an introductory period, which is basically the lowest rate you can get (even if it's only for a limited time).

These cards are ideal if you have some large purchases, like a holiday, wedding or renovation coming up. They allow you to pay no interest during that period and can give you the breathing room you need as long as you're making the minimum repayment.


Pros and cons of low rate credit cards

Pros

  • Savings. These cards can be a cheaper option as you pay less interest on purchases, which will help you save money and avoid falling into unmanageable debt.
  • Low fees. Many low interest rate credit cards also have lower annual fees, which will also help you save.
  • Promotional offers. Low interest rate credit cards sometimes offer 0% promotions on purchases and/or balance transfers, allowing you to avoid interest altogether for an introductory period.

Cons

  • Less competitive rewards. If a low rate credit card offers a rewards program, it usually has a lower earn rate and smaller bonus points offer than more expensive cards.
  • Fewer extra features. Lower rates generally mean fewer extra features, unlike platinum cards which often come with insurance covers and concierge services.
  • Revert rates. If your card offers 0% interest on purchases for a promotional period, it will revert to a higher purchase rate of up to 24% p.a.

How to compare low rate credit cards

With so many competitive low interest rate credit cards on the market, here are some of the features that can help you narrow down your options:

Interest rates

Credit cards have different types of interest rates, including ongoing low rates and promotional offers. So here are the key factors to look at:

  • Promotional interest rates. If you're looking at cards that offer an introductory 0% interest rate on purchases, the promotional period is usually between 6 and 17 months – but could be up to 25 months depending on the card. After that, any remaining balance from your purchases will collect the standard interest rate, so it’s wise to know when this rate applies and aim to clear your debt beforehand.
  • Standard interest rate. On a low rate card, the purchase interest rates typically start around 8% p.a. and go up to around 15% p.a. If you want a credit card for long-term use, one with an ongoing low interest rate could be a better fit than a card with 0% for a promotional period.
  • Balance transfer rates. Some low interest credit cards also come with 0% balance transfer offers that can last for up to 36 months. If you’re paying off an existing debt, a balance transfer can help you save on interest and repay your debt faster. It’s a good idea to focus on paying off this balance before making new purchases, because a higher interest rate is charged after the introductory period.
  • Cash advance rates. The interest rate for cash advances is usually higher than the rate applied to purchases and can be as high as 24% p.a. This rate is charged for transactions such as ATM cash withdrawals, foreign currency purchases and gambling. Cash advances also aren't eligible for interest-free days.
  • Interest-free days. Most credit cards also come with interest-free days, which you can make use of when you pay your balance in full for the previous statement period. The number of interest-free days is usually up to 44 or 55 days, but can be higher depending on the card. For example, the humm90 Mastercard has one of the longest interest periods of up to 110 days.

Fees and charges

These credit card costs can also have an impact on how much value you get – and how much you can potentially save compared to other cards.

  • Annual fee. Some low rate cards come with a $0 annual fee for the first year or for life, while others charge annual fees of $100 or more. Make sure this cost doesn't outweigh the value you get from the low interest rate.
  • International transaction fees. If you use your card to make a purchase online with a business based overseas – or when you're actually overseas – you will usually be charged a foreign transaction fee (e.g. 3% of the transaction). But some credit cards are more tailored to international use and offer 0% foreign transactions fees.
  • Minimum repayments. Each statement period, you’re required to make a minimum repayment. This is usually a small percentage (which can range from 2% to 10%) of your total balance owing. If you don’t pay this, you’ll usually be charged a late payment fee. To lower your interest payments and avoid ongoing debt, try to pay as much as you can before the statement due date.
  • Balance transfer fee. Some balance transfer cards charge a one-time fee worth around 1-3% of the balance you transfer. Even when you get an introductory 0% interest rate, this adds to the cost and may change the amount that you save through an offer.

Additional features

Credit cards with low interest rates generally come with fewer frills than costly cards, but here are some of the extra features you might want to consider:

  • Rewards programs. Competitive frequent flyer or rewards credit cards usually come with higher interest rates and fees, but you can earn points on some low rate cards in the market. These cards usually come with less competitive earn rates, but can still be rewarding without the high price tag.
  • Cashback. Some low rate cards also come with cashback offers, although you’ll usually need to meet a certain spend requirement to get the money back. If the spend requirements fit with your budget and you can afford to pay it off, this can be another way to get extra value from your card.
  • Complimentary insurance. Some low rate cards offer you complimentary travel insurance and purchase cover. These features can help you save on buying insurance policies, but make sure you check out the eligibility requirements, inclusions and exclusions of the cover before you apply.

If you often carry over a balance from one month to the next, a low interest credit card could help you save on interest charges. While there is no "best" low rate care, the mix of credit cards available in Australia means you can compare different offers and features to help find a card that you want.

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    66 Responses

      Default Gravatar
      JadeSeptember 3, 2019

      Are there any credit cards available for people on disability pension Centrelink please?

        Avatarfinder Customer Care
        JeniSeptember 4, 2019Staff

        Hi Jade,

        Thank you for getting in touch with Finder.

        You can start comparing credit cards for pensioners and retirees. I suggest that you contact your chosen bank or credit card issuer before submitting your online application to know your chances of getting approved.

        Please make sure though to read the eligibility criteria, features, and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you. When you are ready, press the ‘Go to site’ button to apply.

        I hope this helps.

        Thank you and have a wonderful day!

        Cheers,
        Jeni

      Default Gravatar
      sueFebruary 24, 2019

      Am I better off to get a personal loan to pay credit cards off and get extra money for travel /

      would like to consolidate credit card debt and have some money for travel

        Avatarfinder Customer Care
        JohnFebruary 25, 2019Staff

        Hi Sue,

        Thank you for reaching out to Finder.

        Depending on how much you would require to consolidate your debt as well as have a bit of extra for travel, a personal loan would be able to help you achieve this. You would not be able to have the extra cash when you use a different method in consolidating your debt. You may refer to our list of personal loan. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

        Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before deciding on whether it is right for you. Hope this helps!

        Cheers,
        Reggie

      Default Gravatar
      willardDecember 20, 2018

      what card would be best for people on s.s?

        Avatarfinder Customer Care
        JohnDecember 20, 2018Staff

        Hi Willard,

        Thank you for reaching out to finder.

        While we do not provide specific product recommendations, we can help guide you through the process of comparing options. You may want to check our page on “Credit cards for retired and pensioner applicants”. The page will also advise you of what documents to provide during the application process. Please click here to be routed to that page. Hope this helps!

        Cheers,
        Reggie

      Default Gravatar
      EricApril 26, 2018

      My debt is over 70,000 AUD,I would like a loan one payment/month,and not five.

        Avatarfinder Customer Care
        JeniApril 26, 2018Staff

        Hi Eric,

        Thank you for getting in touch with Finder.

        If you are looking to consolidate your debt in one loan, you may refer to our list of debt consolidation loans in Australia.

        If you want to do a balance transfer and pay 0% for some months, see our table with a list of balance transfer credit card offers.

        The links above have a comparison table you can use to see which card or lender suits you. Once you have chosen a particular provider, you may then click on the “Go to site” button if available and you will be redirected to the credit provider’s website where you can proceed with your application or get in touch with their representatives for further assistance.

        Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

        I hope this helps.

        Have a great day!

        Cheers,
        Jeni

      Default Gravatar
      BrentonJanuary 23, 2017

      Hi I’m trying to find a better credit card than what I have at present. The interest rate I’m paying at the moment is 19.74 is there anything under 10%? Cheers Brenton

        Avatarfinder Customer Care
        MayJanuary 24, 2017Staff

        Hi Brenton,

        Thank you for your inquiry.

        I’m afraid that there may not be a credit card which has an interest lower than 10%. At the moment, the credit cards with low interest are listed above.

        The following pages might help you explore your credit card options:

        When selecting a credit card, it’s always best that you factor in which one that best meets your preferences and fits into your financial situation.

        Hope this helps.

        Cheers,
        May

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