- 13.74% purchase rate
- $0 first year fee
- 13.74% purchase rate
- $0 first year fee
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
According to the Finder database, these credit cards offer the lowest standard interest rates for purchases in July 2023:
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.
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.
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.
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.
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:
Credit cards have different types of interest rates, including ongoing low rates and promotional offers. So here are the key factors to look at:
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.
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:
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.
Manage your repayments and take advantage of low or 0% balance transfer offers with a credit card that offers instalment plans.
If you need cash quickly there are some credit cards that offer low interest rates on cash advances. Compare your options here and learn about the costs.
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.
Use this guide to compare the high interest rates and fees that can apply to credit card cash advances.
A cash advance gives you a quick but expensive way to withdraw money from your credit card – here's what you need to know.
Most credit cards offer interest-free days on purchases – here's how they actually work.
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