Best Low Rate Credit Cards in Australia

1 - 9 of 114

Name	Finder Score	Purchase rate p.a.	Interest-free period	Balance transfer rate p.a.	Annual fee
Bankwest Breeze Classic Mastercard	Finder score 9 Excellent	Purchase rate p.a. 12.99%	Interest-free period Up to 55 days on purchases	Balance transfer rate p.a. 0% for 24 months with 3% balance transfer fee, then 12.99%	Annual fee $49	Go to site More Info Compare	Save with 0% p.a. on balance transfers for 24 months (with a 3% BT fee).
Westpac Lite Card	Finder score 9.5 Excellent	Purchase rate p.a. 9.9%	Interest-free period Up to 45 days on purchases	Balance transfer rate p.a. N/A	Annual fee $108	Go to site More Info Compare	Save with 0% foreign transaction fees, a low interest rate on purchases and cashback offers through Westpac Extras.
Westpac Low Rate Card	Finder score 8.9 Great	Purchase rate p.a. 13.74%	Interest-free period Up to 55 days on purchases	Balance transfer rate p.a. 0% for 26 months with 2% balance transfer fee, then 21.99%	Annual fee $59	Go to site More Info Compare	Save with a 0% p.a. interest rate on balance transfers for 26 months (with a 2% BT fee). Plus, a low 13.74% p.a. purchase interest rate.
NAB Low Rate Credit Card	Finder score 8.9 Great	Purchase rate p.a. 13.49%	Interest-free period Up to 55 days on purchases	Balance transfer rate p.a. 0% for 24 months with 3% balance transfer fee, then 21.74%	Annual fee $59	Go to site More Info Compare	Get a 0% p.a. interest rate on balance transfers for the first 24 months (with a 3% BT fee).
Bankwest Breeze Platinum Mastercard	Finder score 9 Excellent	Purchase rate p.a. 12.99%	Interest-free period Up to 55 days on purchases	Balance transfer rate p.a. 0% for 24 months with 3% balance transfer fee, then 12.99%	Annual fee $59	Go to site More Info Compare	Get 0% p.a. interest on balance transfers for 24 months (with a 3% BT fee). Plus 0% foreign fees and complimentary overseas travel insurance.
ANZ Low Rate - Credit Back Offer	Finder score 8.9 Great	Purchase rate p.a. 13.74%	Interest-free period Up to 55 days on purchases	Balance transfer rate p.a. 21.99%	Annual fee $58	Go to site More Info Compare	Get $250 back on your card when you spend $1,500 on eligible purchases in the first 3 months.
St.George Vertigo Card - Cashback Offer	Finder score 9 Excellent	Purchase rate p.a. 13.99%	Interest-free period Up to 55 days on purchases	Balance transfer rate p.a. 6.99% for 12 months with 0% balance transfer fee, then 21.99%	Annual fee $55	Go to site More Info Compare	Get up to $500 cashback at eligible supermarkets and petrol stations in the first 180 days. Plus, a low interest rate for purchases.
Westpac Low Rate Card - Cashback Offer	Finder score 9 Excellent	Purchase rate p.a. 13.74%	Interest-free period Up to 55 days on purchases	Balance transfer rate p.a. N/A	Annual fee $59	Go to site More Info Compare	A no-frills card offering up to $350 cashback: $50 each month you make at least $1,000 of eligible purchases for the first 7 months.
St.George Vertigo Card	Finder score 8.8 Great	Purchase rate p.a. 13.99%	Interest-free period Up to 55 days on purchases	Balance transfer rate p.a. 0% for 24 months with 1% balance transfer fee, then 21.99%	Annual fee $55	Go to site More Info Compare	Get a 0% p.a. interest rate on balance transfers for 24 months (with a one-time 1% balance transfer fee).

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Best low rate credit card offers for November 2024

These credit cards are the best low rate offers on the market based on their Finder Scores:

The G&C Mutual Bank Low Rate Visa Credit Card has a Finder Score of 9.9.
The Community First Low Rate Credit Card has a Finder Score of 9.7.
The Easy Street Easy Low Rate Visa credit card has a Finder Score of 9.7.
The Community First Low Rate Blue credit card has a Finder Score of 9.7.
The National Seniors Credit Card has a Finder Score of 9.7.

The Illawarra Credit Union Low Rate Credit Card won the Finder Award for the top low rate credit card in 2024.

Updated in November 2024 by Finder's money editor, Richard Whitten.

Number crunching the Finder Score

9+ Excellent - These cards offer the lowest ongoing purchase rates, high number of interest free days, and competitive introductory and ongoing annual fees.
7+ Great - Reasonable ongoing purchase rates and fees, with the potential for additional perks.
5+ Satisfactory - Low interest rates, but watch out for above average ongoing fees.
Less than 5 – Basic - These are generally cards with low interest rates, however could charge high ongoing fees.

Tell me more about the low rate credit card score

Finding the perfect low rate card is about more than just the rate (although that is the most important thing).

That's why we created the Finder Score. It's an easy, data-driven way to judge credit cards at a glance.

Every month, our insights team analyses over 300 credit cards.
We assess ten features for each card, rating each feature.
Then these ratings are combined via a weighted methodology to create a simple score out of 10.

We give different scores for different categories. So a card might get a 9 in the low rate category but an 8 in the balance transfer category.

The Finder Score is designed by our insights and editorial team. We score credit cards objectively. Commercial partnerships don't affect the scores at all.

Remember that Finder Score is just one factor to consider. Look at other aspects like fees, features, benefits and risks to make sure a product is suitable for you. Double-check details that matter to you before applying or buying.

Low rate credit cards - score weightings

Feature	Definition	Assessment	Weight
Purchase Rate	Interest rate on new purchases	Lower rates score higher	70%
Interest Free Days	Number of days with no interest charged on new purchases	Higher number of days score higher	10%
First-Year Fee	Annual fee charged in the first year of ownership	Lower fees score higher. $0 fee receives the maximum points	10%
Ongoing Annual Fee	Annual fee charged from the second year onwards	Lower fees score higher. $0 fee receives the maximum points	10%

The lowest interest credit card on Finder in November 2024

The lowest credit card interest rate new or existing customers could apply for is 7.49% p.a. on the G&C Mutual Bank Low Rate Visa Card.

But credit card interest rates are variable, which means they can change regularly. So the lowest interest rate card can vary depending on when you're comparing cards. You can click on the "Purchase rate" column of our comparison table to order the credit cards based on their current interest rates.

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.

Best low rate credit cards: St.George Vertigo

St.George Vertigo Card

0% Balance Transfer Offer
$55 Annual fee
13.99% Purchase rate

Go to site

Ends on 30 April 2025

Pros & cons

Balance transfer rate of 0% p.a. for the first 24 months
A low ongoing annual fee
Shopping cashbacks through ShopBack
Competitive purchase interest rate of 13.99% p.a.
Additional cardholder at no extra cost

A one-time 1% balance transfer fee applies
Balance transfer rate reverts to 21.99% p.a. at the end of the introductory period
No rewards program, travel perks and insurance covers

Why we like it

The St.George Vertigo card has one of the longest balance transfer offers on the market, plus a low annual fee and a low purchase rate. This is a card that is designed for helping people deal with mounting credit card debt.

This card has a Finder Score of 9.86 in the balance transfer category.

Best low rate credit cards: American Express Low Rate

American Express Low Rate Credit Card

Low Rate & No Annual Fee
$0 Annual fee
10.99% Purchase rate

Read review

Pros & cons

Low 10.99% p.a. interest rate for purchases
Ongoing $0 annual fee
Up to 4 additional cardholders
Complimentary card purchase cover and card refund cover

$30 late payment fee if you miss your minimum repayment
3% foreign currency conversion fee
No rewards program

Why we like it

There is no annual fee for this card at all.

The cards also has a low purchase rate and comes with complimentary card purchase cover.

Best low rate credit cards: Westpac Lite

Westpac Lite Card

0% Foreign Transaction Fees
$108 Annual fee
9.9% Purchase rate

Go to site

Pros & cons

0% foreign transaction fees
$0 fee for missed payments
Low purchase interest rate of 9.9% p.a.
1 additional cardholder at no extra cost

Only offers up to 45 days interest-free on purchases as opposed to other cards that offer up to 55 days
No rewards points or complimentary insurances

Why we like it

The 9.9% p.a. variable interest rate on purchases is much lower than the average standard credit card interest rate in Australia (currently 20.16% p.a.)
This card charges 0% on foreign transaction fees, which can help you save around 2-3% compared to cards that charge a foreign transaction fee.
Mobile payments through Apple Pay, Google Pay and Samsung Pay.

Who are low rate credit cards best suited to?

Low interest credit cards suit people who make purchases that they won't be able to pay off in full during the interest-free period. These cards also suit those who want to minimise interest charges and don't care about the perks and benefits that come with more premium cards, such as rewards programs or complimentary travel insurance.

🗓 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.

Tip: 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 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 that could be up to 26.99% 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, the promotional period typically ranges from 6 to 12 months (or more) for purchases and up to 26 months for balance transfers. After that, a standard interest rate applies to any unpaid balance, as well as new purchases. So it’s wise to know when this rate applies and aim to repay your debt beforehand.
Standard interest rates. On a low rate card, purchase interest rates are typically between around 8% p.a. and 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 and a higher rate after that.
Cash advance rates. The interest rate for cash advances is usually higher than the rate applied to purchases and can be as high as 29.99% p.a. This rate is charged for transactions such as ATM cash withdrawals, foreign currency purchases and gambling. It may also apply after an introductory 0% balance transfer period ends. Cash advances also aren't eligible for interest-free 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. Low rate credit card annual fees typically range from $30 to $199, but there are also some cards that offer $0 annual fee for the first year or for life. In general, platinum low rate cards will have higher annual fees than a no-frills card from the same issuer. Make sure the annual fee cost doesn't outweigh the value you get from the low interest rate.
International transaction fees. If you use your card for foreign currency or overseas purchases (including online), you will usually be charged a foreign transaction fee of around 2-3.5%. But certain 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 percentage of the total amount owing, ranging from 2% to 10%. 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 perks than costly cards, but here are some of the extra features you might want to consider:

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 credit card offers and features to help find a card that you want.

Frequently asked questions

The cheapest card will depend on how you use it. If you pay off your balance every month, a $0 annual fee credit card would likely be the cheapest option.
If you regularly carry a balance from month to month, the cheapest credit card will have a low interest rate and a modest annual fee (less than $100). There aren't many cards on the market that offer both a $0 annual fee and a low rate, but using the table above you can find what you consider to be a cheap credit card.
There is no one "best" low interest rate credit card in Australia. With so many cards on the market, a card's individual features have an impact on how well it suits your circumstances. So the card that's right for you may not be right for someone else. Comparing low interest rate credit cards based on the features you're looking for will help you find a card for your individual needs.
Credit card interest rates are usually advertised by the annual rate that applies to the account, shown as "per annum" or p.a. However, interest on your account balance is typically calculated daily and then charged monthly on the statement due date. This means that for every day that you don't make a payment, the interest charges will build up (or compound).
If you want to learn more about credit card interest in detail, you can check out Finder's comprehensive guide to interest rates.
This depends on the credit card and any applicable balance transfer offers. If the card allows balance transfers, it may come with a 0% interest rate for a promotional period before reverting to a standard rate.
Some low interest rate cards apply the standard purchase rate to balance transfers after the introductory period while others apply the cash advance rate, which can be as high as 29.99% p.a. The average standard credit card interest rate is currently 20.16% according to Finder analysis of Reserve Bank of Australia data.
There isn't a single "cheapest" credit card option because everyone uses credit cards differently. There are other costs to consider beyond the purchase rate, such as annual fees and interest rates for cash advances or balance transfers. On the flip side, some people might find cards with high rates and fees "cheap" because of all the complimentary extras.
When you're looking to find a credit card, consider all of the potential costs based on how you plan to use the account. That way, you'll be able to find one with rates and fees that are affordable for you.
Most frequent flyer and rewards credit cards have higher interest rates and fees than low rate cards. But there is a small selection of low rate credit cards that offer points on eligible spending, including the Coles Low Rate Mastercard and Queensland Country Bank Visa My Rewards Credit Card. These cards typically earn fewer points per $1 spent, so it's important to consider whether rewards or a low rate will offer you more value before choosing a card.

Why you can trust Finder's credit card experts

Obsessed with offers - You want the lowest rates, lowest fees, lowest spend possible, right? We want that for you too, so we're tracking all the current offers in one place.

Save yourself some time. Why spend 100s of hours researching credit cards and tracking the latest offers? We've done the hard yards, so you can quickly sort through the options and get the card you need.

No BS. We'll explain how credit card interest works and how you can spend less – and we'll always explain it all in plain English.

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been edited by Sarah Megginson as part of our fact-checking process.

Written by

Richard Whitten

Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise

Richard has written 553 Finder guides across topics including:

Home loans
Property
Personal finance
Money-saving tips

More resources on Finder

More guides on Finder

Credit card instalment plans: Split your bills, ease your wallet, and keep the fun rolling
How you can manage repayments and get a low or 0% interest offer with a credit card that offers instalment plans.
Cash advances interest rates and fees
A credit card cash advance is when you withdraw money or get a “cash equivalent” like gift cards – and it typically attracts high rates and fees.
How the interest-free period on a credit card saves you money
Most credit cards offer interest-free days on purchases – here's how they actually work.

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68 Responses

StudentMay 18, 2014

Hi,

I’m a student and am traveling overseas in a few months time. I have a steady, casual work history for the last five years(minus three months following a surgery). I’m wondering if I should apply for a credit card for my overseas trip. I have guaranteed work when I come back and could really use a card. Do you think it would be a wise idea to apply for a low interest credit card, particularly one with x amount of months interest free and repay the debt ASAP once I’m back?

Finder

ShirleyMay 22, 2014Finder

Hi Student,

Thanks for your question.

The “best” option will depend on exactly where you are travelling, your financial situation, and your travel spending habits. It’s always a good idea to have more than one travel money option. So you might want to consider a credit card that is designed for overseas expenses for emergencies and big purchases and a debit or prepaid card and cash for everyday expenses. Consider how you intend to use your travel card and the fees involved to determine which offers the greatest value for money.

For more travel money tips, please see our travel money guide and compare a range of student credit cards to help you with your decision. Please ensure to read through the relevant product disclosure statement and terms and conditions of the card to ensure that you got everything covered before you travel.

Cheers,
Shirley

SamJanuary 15, 2014

Hi I am finalising a part ix debt agreement which I have been paying for 5 years which credit card would be best to apply for

Finder

JacobJanuary 15, 2014Finder

Hi Sam,

Thanks for your question.

Credit cards are available to applicants with a good credit rating only. Generally, there are no credit cards designed especially to suit people with bad credit. You are less likely to get approved if you have a bad score. You may have to speak to a bank representative about this. They may want to see in writing that you have addressed the listings on your credit file. Here’s some information on credit cards for people with bad credit.

I hope this helps.

Cheers,
Jacob

JohnNovember 7, 2013

Is there a Debit card with Frequent Flyer points?

Finder

JacobNovember 7, 2013Finder

Hi John,

Thanks for your question.

Currently, there are no debit card products that reward your spending with points; however, there are two travel money cards, one offered by Velocity and the other by Qantas that reward you with points when you make an eligible purchase on the card. These travel money cards were aimed at being used overseas, but they can still be used in Australia.

I hope this helps.

Cheers,
Jacob

StephanieAugust 9, 2013

If I get a 0% for 8 months on balances transferred credit card and then after the 8 months is up, want to take the remainder of the outstanding credit left to pay off, to another balance transfer card, and then cut up the first card and close the account, are there any fees the first bank can charge me?

Finder

ShirleyAugust 9, 2013Finder

Hi Stephanie,

Thanks for your comment.

As long as you don’t have any balances left on your previous credit card, you can cancel it without any fees.

Cheers,
Shirley

StephanieAugust 9, 2013

Okay so if approved for a balance transfer with the next bank, they’d pay your balance out leaving nothing left on the previous card enabling you to close the account with no fees being charged?

Thanks!

Finder

ShirleyAugust 9, 2013Finder

Hi Stephanie,

Thanks for your comment.

Not necessarily, as there are maximums to the amount you can balance transfer. Most banks will allow you to balance transfer about 90% of your credit limit. If your balance transfer amount is less than the maximum then yes, you may be able to balance transfer the full amount.

Please see transferring balances comparison for more information.

Hope this helps,
Shirley

AntonioJuly 22, 2013

I got the Visa PayWave from the post office in Hurstville, and I can’t use it Because I have to fill the form. I paid for the card but can’t use it.

Finder

JacobJuly 22, 2013Finder

Hi Antonio. Thanks for your question. If you believe your pre-card is faulty, it’s probably best to take it back to where you got it from. You don’t need to register your account before you can start using it. Our understanding is you can use the card as soon as funds have been loaded onto the card. I hope this helps. Jacob.

Best low interest rate credit cards