Top low interest credit cards on the market

Kick off the new financial year by getting in control of your debt with these low interest credit cards.

Using a low rate interest card could be able to help Aussies get into control of their debt and save them some cash.

The start of the financial year is the perfect time to kick start a financial health kick to place yourself in the best position with your cash.

TODAY chatted to consumer campaigner Christopher Zinn to get the details on the options are available to help people with their debt.

TODAY: Chris – it’s clear we need to tackle our debt crisis. Where do we start?

ZINN: The Australian Securities and Investments Commission (ASIC) is calling for the credit providers to take more steps to address persistent debts and low repayments, but until that actually happens perhaps the simplest way to help reduce problems is to shift to a low interest credit card — if you can’t do without one that is. Such cards usually charge rates for purchases between 8% to 14% — which is less than rewards cards which can charge more like 20%.

TODAY: So, low interest credit cards – what do the big banks have to offer?

ZINN: All the big banks have low interest credit cards which may be worth considering if you want to stay with the same provider. At least it’s a good place to start. Westpac have their low rate card which charges 13.49%* and has an annual fee of $59 (although there’s no cost for the first year). There’s also no interest to pay on balance transfers for two years.
As with all these offers check out the fine print first to ensure the cost of cash advances, number of interest free days and limited promotional offers don’t mean that it might not be so attractive to your specific needs.

TODAY: Is there anything with a better rate?

ZINN: There are some cards with rates down to around 8% — one is the McGrath Pink Visa Card which charges 8.99% and has an annual fee of $40* of which half is donated to the McGrath Foundation.

TODAY: And for those who want to avoid paying any annual fee – what have you got?

ZINN: There are a few cards with no annual fee at all. But ensure you are not paying in other ways through less advantageous terms and conditions. The ME Bank has the Frank card which has no fee and charges 11.99%* and allows 55 interest free days on purchases, so long as your balance is cleared in full by the due date each month. In summary, these cards usually don’t have any rewards but if you are paying interest through not clearing the balance off every month you are much better off with the lower rates instead of a few points. And beware of seductive introductory rates as they can go up faster and higher than you might like!


Card Balance transfer Purchase rate
Westpac Low Rate Credit Card Exclusive Offer* 0% p.a. for 26 months (2% balance transfer fee applies) 13.49% p.a.
ME frank Credit Card* No offer 11.99% p.a.
Virgin Money Low Rate Credit Card* 14 months 0% p.a. then 21.69% 11.99% p.a.
Bank Australia Low Rate Visa Credit Card* N/A 9.39% p.a.
Bankwest Breeze Mastercard* 13 months 0% p.a. then 12.99% with a 2% fee 13 months 0% p.a.

then 12.99%

Bankwest Breeze Platinum Mastercard* 13 months 0% p.a. then 12.99% with a 2% fee 13 months

0% p.a.

then 12.99%

NAB Low Rate Card* 6 months 0% p.a. then 21.74% with a 2% fee 6 months

0% p.a.

then 13.99%

St.George Vertigo Platinum Credit Card Exclusive Offer 24 months 0% p.a. then 19.49% with a 1% fee 12.74% p.a.
In highlighting particular offers we are not making specific recommendations as this article does not cover all available products and may not compare all features relevant to you. Any advice provided is general in nature and does not take account of your needs, objectives or financial situation. Individuals should consider their own circumstances, and if in doubt seek appropriate advice, before proceeding. *When 9Saver users take up a product or service offered by one of our partners, 9Saver may earn a commission or fee.