Updated in May 2025 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 250 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 May 2025
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.
If you're trying to pay off your credit card trying to get your credit card debt under control, the St.George Vertigo card is a really strong option. It gives you 24 months of 0% interest on your balance transfer, one of the longest offers on the market. Plus you can keep your costs down with a $55 annual fee, which is about as low as you can get for this kind of card.
The card also won Best Balance Transfer Credit Card at the 2025 Finder Awards.
Pros & cons
Get 0% p.a. on your balance transfer for 24 months
A low annual fee of $55
Shopping cashbacks through ShopBack
Competitive purchase rate of 13.99% p.a.
Finder Score of 9.7 for balance transfers
There's a one-time balance transfer fee of 2%
Balance transfer rate reverts to 21.99% p.a. at the end of the introductory period
No rewards program, travel perks or insurance cover
Best low rate credit cards: American Express Low Rate
The 9.9% p.a. variable interest rate on purchases is much lower than the average standard credit card interest rate in Australia (currently 20.99% 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.
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
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 30 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.
2025 Finder Awards for Low Rate Credit Cards
Each year the Finder Credit Card Awards recognises Australia's top credit cards, with expert analysis of rates, fees and offers based on 12 months' worth of data. Here are the top performing low rate credit cards.
G&C Mutual Bank's Low Rate Visa Credit Card is the winner of this year's low rate credit card award. It has, you guessed it, a very low interest rate. Plus a low annual fee.
G&C Mutual Bank's Low Rate Visa Credit Card is the winner of this year's low rate credit card award. It has, you guessed it, a very low interest rate. Plus a low annual fee.
The Low Rate Credit Card from Illawarra Credit Union is highly commended in the low rate category. It has a competitive rate and a $0 annual fee for the first year.
The Low Rate Credit Card from Illawarra Credit Union is highly commended in the low rate category. It has a competitive rate and a $0 annual fee for the first year.
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).
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 20.99% 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.
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.
Richard Whitten is Finder’s Money Editor, with over seven years of experience in home loans, property and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Graduate Certificate in Communications from Deakin University. See full bio
Richard's expertise
Richard has written 609 Finder guides across topics including:
I receive a flyer in today for 2.99 low interest for 6 months I can not locate this please help. thanks
Finder
ElizabethOctober 15, 2014Finder
Hi Barbara,
Thanks for your question.
Unfortunately I’m unable to find a credit card with an offer to match that description. You can, however, use the table on this page to compare similar offers.
Thanks,
Elizabeth
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.
Most credit cards offer interest-free days on purchases – here's how they actually work.
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Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
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Highly commended
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.
I receive a flyer in today for 2.99 low interest for 6 months I can not locate this please help. thanks
Hi Barbara,
Thanks for your question.
Unfortunately I’m unable to find a credit card with an offer to match that description. You can, however, use the table on this page to compare similar offers.
Thanks,
Elizabeth
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?
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
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
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
Is there a Debit card with Frequent Flyer points?
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
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?
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
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!
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