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Low Interest Rate Credit Cards
The lowest interest rates for credit cards can be under 10% per annum, but what are the catches? Compare some of our best low rate credit cards from top Australian lenders.
Rates updated yesterday
Credit card | |||||||||||||
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[Ascent Premium ] | 0 | [Receive a welcome bonus of 150, 000 Membership Rewards points when you apply online by 25 June 2024, are approved, and meet the minimum spend criteria of $5, 000 in the first 3 months. Available to new Card Members only. Receive a $450 Platinum Travel Credit each year, which can be redeemed for eligible flights, hotels, car hire or unique experiences. Transfer your points to a choice of 10 major Airline Reward Partner Programs including Qantas Frequent Flyer and Velocity Frequent Flyer Complimentary access for you and a guest to over 1, 400 Airport lounges across 140 countries and counting. Complimentary domestic and overseas travel insurance. Smartphone Screen Insurance for up to $500 for screen repairs to your Smartphone when you pay for your smartphone with your Platinum Card, either outright or on a monthly contract., ] | 0 | 0 | 6 | $product[$field["value"]] | 0 | AMEX | More details | ||||
American Express Platinum Card | |||||||||||||
N/A | 0 | [Minimum credit limit : $1, 000 Card replacement fee (Australia) : $15 Apple Pay, Google Pay, Samsung Pay, ] | 0 | 0 | 15 | $product[$field["value"]] | 15.49 | Visa | More details | ||||
G&C Mutual Bank Low Rate Visa Credit Card | |||||||||||||
N/A | 0 | [Low ongoing rate 0% p.a. on balance transfers for 6 months. Same low rate on retail purchases, cash advances and balance transfers. Up to 55 days interest free. Additional card available for $0. Low annual fee of $40. Minimum credit limit $500 Choose a credit limit from as little as $500 and up to $15, 000. Access to the worldwide Visa network. The option of loan protection insurance. Replacement of Visa card (within Australia) $12.50 Replacement of a Visa Card (overseas) $55 Apple Pay, Android Pay, Google Pay, Samsung Pay, ] | 0 | 0 | 25 | $product[$field["value"]] | 8.99 | Visa | More details | ||||
Community First Bank Low Rate Credit Card | |||||||||||||
N/A | 0 | [Overseas ATM withdrawal: $5 Minimum credit limit $1, 000 Maximum credit limit: $25, 000 Annual fee waived for the first year, ] | 0 | 0 | 15 | $product[$field["value"]] | 12.99 | Visa | More details | ||||
MOVE Bank Low Rate Credit Card | |||||||||||||
N/A | 0 | [A low $49 annual fee but you pay NO FEE if you spend a minimum of $12, 000 annually after the first year Minimum Credit Limit $1, 000.00 Replacement card fee Domestic $7.00 Google Pay, ] | 0 | 0 | 20 | $product[$field["value"]] | 9.95 | Visa | More details | ||||
Greater Bank Visa Credit Card | |||||||||||||
N/A | 0 | [Up to 57 days interest-free credit. Competitive low interest rate on purchases Low annual fee of $39 - waived if you make purchases of more than $8, 000 a year. Accepted at more than 24 million outlets worldwide - just look for the VISA symbol. Can be linked with up to two other Bank of us accounts ensuring you only have to carry the one card. Option to make balance transfers from existing cards - treated the same way as a purchase with up to 57 days interest free. Minimum credit limit $500, ] | 0 | 0 | 20 | $product[$field["value"]] | 9.99 | Visa | More details | ||||
Bank of us Visa Credit Card |
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 22, 2024. View disclaimer.
What are some credit cards with low interest rates?
“Low interest rate”. It’s a relative term when it comes to credit cards, especially when you consider home loans can be under 3.00% p.a. We’ve rounded up a list of some of the lowest interest rate credit cards on the market, disregarding any temporary promotional offers.
G&C Mutual Bank
G&C Mutual Bank’s credit card comes with one of the lowest interest rates we’ve seen in the market. However, apart from that rate, it’s pretty light on features. For example, you won’t receive any Qantas points or other perks, such as complimentary travel insurance. Its late payment fee is $15 and its foreign conversion fee is 2.85%. One bonus is, however, its $0 first-year annual fee. There is also a $0 over the limit fee.
Auswide Bank
Auswide’s card is another low-rate product. However, once again, other than the low rate, it’s pretty light-on with features. Its foreign conversion fee is 3%, and complimentary travel insurance is not included. The minimum late payment fee is $20. There is a $0 over the limit fee.
American Express
American Express is unique among this top five in that it has both a low interest rate and no ongoing annual fee. Apart from that, unlike other American Express cards, this one is features-light. The currency conversion fee is 3%, and there is no complimentary travel insurance. There is, however, purchase protection. The minimum late payment fee is $30 and its over the limit fee is $15.
Community First Credit Union
It’s a similar story with Community First’s Blue credit card. While there is a low interest rate on offer, there is an annual fee and little in the way of features. The currency conversion fee is 3% and there is no complimentary travel insurance. The minimum late payment fee is $25 and its over the limit fee is $30.
Easy Street
Easy Street is another provider with an 8.99% purchase rate and a $40 annual fee. Aside from that there’s not much in the way of features. There’s a 3% currency conversion fee and no complimentary travel insurance. Its late fee is $25 minimum, and its over the limit fee is $30.
Zero Interest Credit Cards Compared
Both NAB and CommBank have introduced credit cards with 'zero' interest to compete with buy now, pay later platforms. While there is technically zero interest, what usually happens is a monthly fee applies whenever you use the card and until the balance is paid off. More details can be found below.
Credit card | |||||||||||||
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N/A | 0 | [Credit limits starting from $1, 000 Replacement Card Fee $10.00 Apple Pay, Android Pay, Google Pay, Samsung Pay, ] | 0 | 0 | 25 | $product[$field["value"]] | 11.99 | Visa | More details | ||||
Beyond Bank Low Rate Visa Credit Card | |||||||||||||
N/A | 0 | [Up to 57 days interest-free credit. Competitive low interest rate on purchases Low annual fee of $39 - waived if you make purchases of more than $8, 000 a year. Accepted at more than 24 million outlets worldwide - just look for the VISA symbol. Can be linked with up to two other Bank of us accounts ensuring you only have to carry the one card. Option to make balance transfers from existing cards - treated the same way as a purchase with up to 57 days interest free. Minimum credit limit $500, ] | 0 | 0 | 20 | $product[$field["value"]] | 9.99 | Visa | More details | ||||
Bank of us Visa Credit Card | |||||||||||||
N/A | 0 | [Up to 55 days interest free Visa Platinum features: 0% currency conversion Visa Platinum 24/7 concierge service. Complimentary Overseas Travel Insurance. Visa Platinum Entertainment offers. Minimum card limit $6, 000, ] | 0 | 0 | 20 | $product[$field["value"]] | 19.59 | Visa | More details | ||||
Bank First Visa Platinum Credit Card | |||||||||||||
N/A | 0 | [Latitude GO Mastercard® lets you buy now and pay later with a range of Interest Free Payment Plans when you shop with partner retailers, including Harvey Norman, Domayne, Joyce Mayne and thousands of other great stores. Up to 55 days Interest Free on your everyday purchases. Late fee $35 Note: Effective from 10th April 2024, the late fee will increase from $35 to $45. Apple Pay, Android Pay, Google Pay, Samsung Pay, ] | 0 | 0 | 35 | $product[$field["value"]] | 29.99 | Mastercard | More details | ||||
Latitude Financial Services GO Mastercard® | |||||||||||||
N/A | 0 | [Enjoy the freedom and security of credit when you need it most. No annual fee credit card that is ideal for providing cash or credit in an emergency. Pay no annual fee and get peace of mind with access to cash when funds are tight or if you need money urgently. Get up to 3 free additional credit cards for your friends or family members Apple Pay, Google Pay, Samsung Pay, ] | 0 | 0 | 15 | $product[$field["value"]] | 21.99 | Visa | More details | ||||
Bank of Melbourne No Annual Fee | |||||||||||||
[American Express Membership Rewards] | 0 | [Receive 70, 000 Bonus Membership Rewards® Points when you apply online, are approved and spend $4, 000 on your new Card on eligible purchases within the first 3 months. T&Cs apply. New Card Members only. Offer subject to change without notice. Receive $400 to spend on eligible domestic and international flights, hotels or car hire with American Express Travel. Earn up to 2 Membership Rewards points for every $1 spent on eligible purchases. Enjoy two complimentary entries per year to The Centurion® Lounge at Sydney International Airport or Melbourne International Airport. Apple Pay, Android Pay, Google Pay, Samsung Pay, ] | 0 | 0 | 30 | $product[$field["value"]] | -1 | AMEX | More details | ||||
American Express Explorer® Credit Card | |||||||||||||
[Amplify Rewards or Amplify Qantas] | 0 | [Earn 150k Bonus Amplify Points That could be worth up to $675 in eGift cards<, when you spend $12k+ on eligible purchases^. Plus, $199 card fee for the first year (reverts to $295)+ and 0% p.a. interest on balance transfers for 24 months#. When requested at card application. 1% balance transfer fee applies if you make a balance transfer. The variable cash advance rate will apply after the promotional period. 0% p.a. interest on balance transfers for 24 months# when requested at card application. 1% balance transfer fee applies if you make a balance transfer. The variable cash advance rate will apply after this promotional period. New cards only. Celebrate birthdays with a birthday bonus - 10% of points earned in the past 12 months. A range of exclusive Signature benefits including membership to Visa Luxury Hotel Collection. Complimentary insurance covers if before leaving you prepay your travel costs using your Amplify Signature card as set out in the policy. 24/7 concierge service. $15, 000 Minimum credit limit Apple Pay, Google Pay, Samsung Pay, ] | 0 | 0 | 15 | $product[$field["value"]] | 21.49 | Visa | More details | ||||
Bank of Melbourne Amplify Rewards Signature | |||||||||||||
N/A | 0 | [Minimum credit limit $1, 000, ] | 0 | 0 | 0 | $product[$field["value"]] | 13.49 | Visa | More details | ||||
Unity Bank Visa Credit Card | |||||||||||||
[Rewards Plus] | 0 | [Get 0% p.a. interest on Balance Transfers for 12months (2% Balance Transfer Fee applies) and reduced annual fee of $0 first year, $149 thereafter. Earn 1.5 Rewards Plus point per dollar for all other eligible purchases. Rewards Plus points can be redeemed for e-gift cards from Bunnings, Coles, Woolworths, Uber and more Enjoy 2 airport lounge passes every year at over 500 airports worldwide Complimentary domestic and international travel insurance Available when you apply for a new Platinum Credit Card. HSBC may change or end this offer at any time. Please see full terms and conditions below. Other fees and charges apply. Apple Pay, Android Pay, Google Pay, ] | 0 | 0 | 30 | $product[$field["value"]] | 21.99 | Visa | More details | ||||
HSBC Platinum Credit Card | |||||||||||||
[ANZ Rewards] | 0 | [Earn 100, 000 bonus Velocity Points on your new ANZ Rewards Platinum credit card. Bonus Reward Points earned when you spend $2, 000 on eligible purchases in the first 3 months from approval. * Offer ongoing until further notice. ANZ Fraud Money Back Guarantee. Up to 55 Days interest free. Interest rate of 20.24% p.a. on purchases and 20.24% p.a. on cash advances. Platinum Concierge. View balances, transfer money and make payments simply and easily with the ANZ App. Apple Pay® and Google Pay let you use your compatible Apple® or Android™ device to tap and pay with an eligible ANZ credit card. Apple Pay, Android Pay, Google Pay, Samsung Pay, ] | 0 | 65 | 20 | $product[$field["value"]] | 21.99 | Visa | More details | ||||
ANZ Rewards Platinum | |||||||||||||
N/A | 0 | [$0 annual fee. 4.99% intro rate for the first 5 months. Low variable interest rate of 16.35% p.a.. Up to 46 days interest free. $0 fee for additional cards. Minimum credit limit $1, 000.00 Emergency Overseas Visa Cash Advance - US$175 Apple Pay, Google Pay, ] | 0 | 0 | 0 | $product[$field["value"]] | 16.35 | Visa | More details | ||||
Qudos Bank Lifestyle plus credit card |
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 22, 2024. View disclaimer.
What to consider with low interest rate credit cards
While you might be lured in by the low interest rate, there’s a few things you should know about these products.
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Interest free days: Most have fairly standard interest free day periods. However, in our research, there are products out there with short interest free periods of around 40 days. Some we’ve found even have 0 interest free days, which could mean you’re being charged interest as soon as you purchase something.
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Promotions: Some credit cards may offer certain periods where you don’t accrue interest, such as 0% for the first year. This can be tempting, but be cautious of this if you are constantly failing to pay off the bill in full, as the 0% rate could revert and you’ll be stung with a higher rate.
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Late payment fees: Chances are if you’re looking at low interest rates, you’re thinking there could be a chance you fail to pay off your whole bill in time. If you also fail to make a minimum repayment, you’ll likely be stung for that one too - sometimes upwards of $30.
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Low features/points: Probably coming as no surprise, none of the five cards we looked at have a frequent flyer points system. Though, if all you’re after is a simple, low-rate card, you probably don’t care too much about this. The international jetsetter or businessman might desire a card with more extra fluff, however.
- Annual fee: This is a big one - many of the cards analysed have some sort of annual fee. While low compared to rewards credit cards, it makes no sense to pay this fee if you're not actually going to use the card and see benefit from it!
Overall, like with all types of credit cards, it pays to look at a few key areas. A credit card could be useful arsenal in your wallet, but where they primarily make their money is your failure to make payments, so do your research and do your due diligence before leaping into any product.
Savings.com.au's two cents
Low interest credit cards can be attractive for no surprising reasons, but there’s some key things you should keep in mind before signing up for one.
One of the most obvious ones is that they typically have little in the way of perks and features, so don’t expect a low interest credit card to give you access to airport lounges or provide you with a 24/7 concierge service.
Another thing you should consider is why you’re looking for a credit card with a low interest rate in the first place, given the fact interest only kicks in if you fail to pay off the card before the end of the interest free period. Perhaps you don’t expect to be able to pay off your credit card each month, which can be a bad sign.
Some people rely on credit cards to get them through the occasional expensive period, so they aren’t always able to pay off the balance each month. It’s understandable why someone in this position would be drawn to a low interest credit card, but for some, this situation is the gateway to a debt trap. Even with a low rate credit card, interest costs can really rack up over time, so don’t sign up to one if you think there’s a chance you’ll consistently fail to pay off the card each month.
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