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Low Interest Credit Cards

There’s no doubt that, used wisely, a credit card can be a great help when it comes to managing your finances. A low rate credit card can make it even better. This page will help you know what’s out there, what to consider when choosing one, and the pros and cons you might come up against.

*iSelect (through its wholly owned subsidiary, Tyrian Pty Ltd) and Fair Comparison Pty Ltd (which operates this credit product comparison) may receive a commission if users click through, apply, or successfully qualify, for a loan or credit card product from or through a provider.

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  • Default
  • Longest Purchase Period
  • Lowest Cash Advance Rate
  • Longest Balance Transfer Period

Fair Comparison compares loan products from a range of banks and other financial or credit product providers and does not compare all products in the market or all product features. To filter the results, you will need to enter some basic information which will generate a comparison of products that fall within those parameters. The default ordering of products is based on initial purchase rate. Fair Comparison do not take into account your objectives, financial situation or needs, or provide advice, assistance or recommendations.

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Product Image For Bankwest - Breeze Classic Mastercard

Bankwest - Breeze Classic Mastercard

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Purchase Rate

0% for 12 months
reverts to 12.99% p.a.

Interest Free Period

up to 55
days

Balance Transfer

0% for 12 months
reverts to 12.99% p.a.
2% BT fee applies.

Annual Fee

$49
per year
An introductory balance transfer rate of 0% for 12 months.
Product Image For Bankwest - Breeze Platinum Mastercard

Bankwest - Breeze Platinum Mastercard

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Purchase Rate

0% for 12 months
reverts to 12.99% p.a.

Interest Free Period

up to 55
days

Balance Transfer

0% for 12 months
reverts to 12.99% p.a.
2% BT fee applies.

Annual Fee

$69
per year
A 0% balance transfer rate, lasting for 12 months.
Product Image For Credit Union SA - Education Community Credit Card

Credit Union SA - Education Community Credit Card

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Purchase Rate

0% for 6 months
reverts to 11.49% p.a.

Interest Free Period

up to 55
days

Balance Transfer

0% for 6 months
reverts to 11.49% p.a.

Annual Fee

$0
per year
0% interest rate on balance transfers, cash advances, and purchases for the first 6 months.
Product Image For Credit Union SA - Workplace Benefits Credit Card

Credit Union SA - Workplace Benefits Credit Card

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Purchase Rate

0% for 6 months
reverts to 11.49% p.a.

Interest Free Period

up to 55
days

Balance Transfer

0% for 6 months
reverts to 11.49% p.a.

Annual Fee

$0
per year
An annual fee of $0 and a purchase interest rate of 11.49% p.a.
Product Image For Citi - Clear Credit Card - Purchases offer

Citi - Clear Credit Card

Purchases offer

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Purchase Rate

0% for 6 months
reverts to 14.99% p.a.

Interest Free Period

up to 55
days

Balance Transfer

N/A

Annual Fee

$0 for the first year
reverts to $99 per year thereafter
An annual fee of $99 and a purchase interest rate of 14.99% p.a..
Product Image For CommBank - Low Rate Credit Card

CommBank - Low Rate Credit Card

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Purchase Rate

0% for 3 months
reverts to 13.99% p.a.

Interest Free Period

up to 55
days

Balance Transfer

N/A

Annual Fee

$72
per year
An annual fee of $72 and a purchase interest rate of 13.99% p.a..
Product Image For Defence Bank - Foundation Credit Card

Defence Bank - Foundation Credit Card

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Purchase Rate

3.99% for 6 months
reverts to 8.99% p.a.

Interest Free Period

up to 55
days

Balance Transfer

3.99% for 6 months
reverts to 8.99% p.a.

Annual Fee

$45
per year
An introductory interest rate of 3.99% p.a. for 6 months on purchases, cash advances and balance transfers. Minimum credit score eligibility criteria. 'Mozo- Low Rate Credit Card 2023’ and ‘WeMoney - Outstanding Customer Service - Credit Card'. T&Cs apply
Product Image For Qudos Bank - Lifestyle Credit Card

Qudos Bank - Lifestyle Credit Card

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Purchase Rate

4.99% for 5 months
reverts to 12.84% p.a.

Interest Free Period

N/A

Balance Transfer

4.99% for 5 months
reverts to 12.84% p.a.

Annual Fee

$0
per year
$0 annual fee and an interest rate of 4.99% p.a. on purchases for the first 5 months.
Product Image For BankVic - Low Rate Visa Credit card

BankVic - Low Rate Visa Credit card

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Purchase Rate

8.99% for 6 months
reverts to 13.95% p.a.

Interest Free Period

up to 44
days

Balance Transfer

8.99% for 6 months
reverts to 13.95% p.a.

Annual Fee

$0
per year
An annual fee of $0 and a purchase interest rate of 13.95% p.a..
Product Image For EasyStreet - Low Rate Credit Card

EasyStreet - Low Rate Credit Card

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Purchase Rate

8.99% p.a.

Interest Free Period

up to 55
days

Balance Transfer

0% for 12 months
reverts to 8.99% p.a.

Annual Fee

$40
per year
An annual fee of $40 and a purchase interest rate of 8.99% p.a..

What is a low interest credit card?

It’s a credit card with a low interest rate for the life of the card, not an introductory low rate which then balloons into a high rate .

Introductory rates can be very appealing, like 0%, but once the introductory period (usually between 6 months and 2 years) is over, the interest rate can climb dramatically. Meanwhile, you may have run up a ‘cheap’ debt on the card that suddenly becomes too expensive to service.

With a low-interest card, you’ll know where you stand from the start, and, if you do run up debt, you won’t be charged excessive interest rates.

What are some things to consider when choosing a low interest credit card?

  • Check that the ‘low interest rate’ isn’t only an introductory offer for a limited time.
  • Is there an annual fee? Especially one which will wipe out the benefit of having a low interest rate.
  • Are there any rewards which you are looking for, flight credits and the like? And, are you prepared to go without them for a lower rate? Some cards may have not quite as low an interest rate, but still offer some rewards. You decide: is a low interest rate more valuable to you than a few extra frequent flyer points?
  • Be aware that cash advances on your credit card may attract a higher interest rate than purchases do.

A new credit card can take the bumps out of our financial journey. It’s often a great option, and, paid off within the agreed time, may not attract any additional interest payments. The problem is, we are sometimes unable to pay it off in full, and our balance can attract some pretty high interest charges. That’s where choosing a low interest rate card in the first place can pay off.

A new credit card can take the bumps out of our financial journey. It’s often a great option, and, paid off within the agreed time, may not attract any additional interest payments. The problem is, we are sometimes unable to pay it off in full, and our balance can attract some pretty high interest charges. That’s where choosing a low interest rate card in the first place can pay off.

Other things to look out for when comparing low interest credit cards:

As well as the considerations above, there are some general things worth paying attention to, whatever type of credit card you’re applying for:

Can you transfer a balance from another credit card?- If so, find out how much you can transfer, it could save you money if you’re transferring from a higher interest rate card.
How many Interest-free days are there on purchases?- Typically, there’ll be an interest free period when you make a purchase. Paying back within this period could save you money, so make sure you know how long this period is and when it begins.
Rewards programs- A low interest card may not offer a rewards program. Some do, but may charge additional fees for these.
Annual fee- Check if there’s an annual fee and know when you’d need to pay it.
Are there any other fees?It’s possible that you may also incur fees for things like:
- a transfer to the new credit card;
- late repayments;
- cash you might want to take out;
- going over your credit limit; and
- using your credit card for shopping or overseas travel.

What are the pros and cons of a low interest rate credit card?

Pros:

  • A low interest rate card can help you manage financial speed humps, economically.
  • Lower interest can help you pay off your debts quicker.
  • You may be able to transfer existing debt from a higher interest card, and save money.

Cons:

  • If you do transfer a balance from another credit card, you may be charged a fee.
  • You may well have no free rewards program attached to the card.
  • Cash advances will probably have no interest free period.
  • Don’t get carried away. It might be low interest, but even low interest on a high balance can get expensive to pay back.

Are you ready to go low?

If you’re ready to compare low rate credit cards, you can start here online with iSelect.* See the range of providers and simply click on an option that suits you to begin your application.

Are you ready to go low?

If you’re ready to compare low rate credit cards, you can start here online with iSelect.* See the range of providers and simply click on an option that suits you to begin your application.

Credit Card Providers

You can use our comparison tools to compare from our range of providers and their products.*
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