Credit CardInterest RateAnnual Fee
American Express Low Rate8.99%$0
Commbank Essentials9.9%$60
Bankwest Breeze Classic9.9%$79
Westpac Lite9.9%$108
ME Bank Low Rate11.99%$0
Virgin Low Rate11.99%$49
ANZ Low Rate12.49%$58

 

Finding and deciding on what's the best low interest credit card for you can be a pain in the butt. So to help, we have compared and listed the best low interest rate credit cards in Australia and added in some pointers.

Feel free to view or compare more low interest rate credit cards listed on our site.

A low interest rate credit card would be your best option if you carry over a spending balance month to month. This type of card would then help you save on interest charges each month. 

Or check out other similar credit cards:

top interest free credit cards 

best balance transfer credit cards

 

 

American Express Low Rate

  •  Purchase Rate: 8.99%

  •  Annual Fee: $0

  •  Extras: Purchase Protection

Why We Like It:

The American Express Low Rate has a very low rate by credit card standards in the Australian market. It is tough to beat with its 8.99% p.a. purchase interest rate with no annual fee. A great card to have as your first go-to credit card or even as a second backup card. There's no ongoing cost associated with having the card for the convenience. 

If you get this card and currently have a credit card balance charging you interest, then there's a bonus for you.  Take up its balance transfer offer of 0% for 12 months and 1% transfer fee. 

 

Extra Benefits:  

If you prefer to carry on you only a smartphone, then this option can be a good fit. This card works with the popular mobile payment systems Apple Pay, Google Pay and Samsung Pay.

Get up to 4 extra cards for either your family members or friends for free. 

If a purchase of yours should unfortunately break or be stolen within 90 days. Then purchase protection can replace the item (on eligible purchases only and the cover is up to $20,000 per year and $2,500 per claim with a $50 excess per claim).

Or if you've been unfairly refused a refund on an unused eligible item, then within 90 days the Refund Protection can reimburse you at no excess. 

 

Income Eligibility: 

To be eligible to apply you will need an income of $50,000 or more.  

 

 

Commbank Essentials

  •  Purchase Rate: 9.9%

  •  Annual Fee: $60

  •  Eligibility: No minimum income

Why We Like It:

The Commbank Essentials is a very competitive credit card with its 9.9% p.a. purchase rate and fairly low annual fee of $60 or $24. To get the discounted annual fee of $24 you must set up online statements.

If you're seeking a low credit limit then the Commbank Essentials could be the suitable option for you. The credit limit it offers ranges only between $400 and $3,000 - so before applying just make sure you're ok with having a credit limit between the set range. 

Do you find that your spending keeps going overboard each month? If the answer is yes, then you can get help with better managing your spending habits with this card; it comes with personal spending control features with Commbank. At your fingertips, you get access to instantly lock, block limit your credit card through the Commbank App or NetBank.

 

Extra Benefits:  

Take advantage of its spending tracker & insights feature that's also accessible through the Commbank app. It gives you a bird's eye view of your spending habits and patterns, by splitting up your monthly spending into summarised categories like shopping, groceries, eating out and more. 

Do you own an iPhone and wish to make mobile payments? If yes, then you're in luck as Apple pay is available with this card... sorry Android phone owners :(.  

Have access to the Mastercard Priceless Cities program that gives you exclusivity and access to a wide range of experiences in both your resident and travel city. 

 

Income Eligibility: 

There is no set minimum income required.  

 

 

Bankwest Breeze Classic

  •  Purchase Rate: 9.9%

  •  Annual Fee: $79

  •  Eligibility: Minimum income is $15,000

Why We Like It:

The Bankwest Breeze Classic is a combined low rate and low fee credit card with a balance transfer offer. It's definitely a keeper even after the balance transfer offer expires.

Its balance transfer offer is 0% p.a. for 6 months with no transfer fee. After expiry, the balance transferred reverts to a low rate of 9.99% p.a.

Sweeting the offer, even more, it has $0 annual fee in the first year then $79 p.a. after. 

 

Extra Benefits:  

Soon as your credit card is approved you can access your digital Bankwest Breeze Classic card via the Bankwest app.  

Or if you want the same balance transfer offer with more benefits then check out the Breeze Platinum credit card.

 

Income Eligibility: 

The minimum income required is $15,000.

 

Westpac Lite

  •  Purchase Rate: 9.9%

  •  Annual Fee: $108

  •  Extras: No Foreign Transaction Fees

Why We Like It:

If you are planning a holiday overseas and need a low interest rate credit card for travel then the Westpac Lite could be your pick. It has a 9.9% p.a. purchase rate and a monthly fee of $9 which totals to $108 annually. 

If shopping online and having to pay foreign currency is a regular thing for you, or as previously mentioned travelling overseas, then its no foreign transaction fees can help save you money on each transaction (foreign transaction fees on credit cards are typically 3% of the transaction amount). 

 

Extra Benefits:  

This card brings into play a new kinda concept called a SmartPlan - it's a repayment system that allows you to split up your repayments on high priced purchases of $500 or more into smaller repayments while still getting the interest free days. This only applies to single purchases made in the last 30 days. The SmartPlan can provide 0% p.a. on the purchased item in the first 3, 6 or 12 months. Under the SmartPlan you can also transfer credit card balances of $200 or more.  

If you wear a FitBit then you'll be happy to know that this card works on Fitbit Pay. It also works on mobile payment systems Google Pay and Samsung Pay.

Do you feel that you should probably be monitoring your credit card spending more closely or better? If so, then to help, you can get easy access to changing your payment limits, placing a hold on the card and balance tracking are all available through its Mobile Banking app. Payment reminders can also be setup via the app, to assist with not forgetting to make that monthly repayment. 

 

Income Eligibility: 

There is no set minimum income required.  

 

ME Bank Low Rate

  •  Purchase Rate: 11.99%

  •  Annual Fee: $0

  • Extras: Priceless Cities access membership

Why We Like It:

The ME Bank Low Rate is a basic credit card and has no annual fee. So, there is no out of pocket fee for having yourself a 11.99% p.a. purchase rate card.

Its minimum credit limit sits at $1,000 and interest free days is up to 55 days.

 

Extra Benefits:  

Get access to Priceless Cities to book tickets to entertainment evente, lifestyle, shopping and travel offers. 

 

Income Eligibility: 

The minimum income required is $25,000.  

 

Virgin Low Rate

  •  Purchase Rate: 11.99%

  •  Annual Fee: $49

  • Balance Transfer: 0% for 14 months

Why We Like It:

The Virgin Low Rate is a great choice if you're seeking a low rate credit card with an attractive balance transfer offer and some good old cashback. It has an 11.99% p.a. purchase rate with and a relatively low annual fee of $49.

Its balance transfer offer of 0% for 14 months and to top that, it has no transfer fee, which means that your balance transfer is completely 0%. If you're looking for a high credit limit then this choice could work, because the minimum limit you can get is $6,000.

 

Extra Benefits:  

As the saying goes, cash is king, and with this credit card, you can get a 10% cashback on your first 3 months of spending. But keep in mind that the cashback offer is only capped at $100, meaning that even if you spend beyond $1,000 you will still only receive a maximum of $100 cashback.  

If you carry an android phone then you're in luck because it's compatible with Samsung Pay... sorry iPhone users :(. 

 

Income Eligibility: 

The minimum income required is $35,000.  

 

ANZ Low Rate

  •  Purchase Rate: 12.49%

  •  Annual Fee: $58

  •  Balance Transfer: 0% for 15 months

Why We Like It:

The features offered in the ANZ Low Rate are quite similar to those of the Virgin Low Rate. The major difference between the two is that the ANZ Low Rate has a wider application eligibility - the ANZ option offers a lower minimum credit limit and is more eligible for applicants with a lower minimum income.

If you're seeking a low credit limit and do not currently have a middle to high income then the ANZ Low Rate can work for you. The minimum credit limit is set at $1,000.

It has a 12.49% p.a. purchase rate with a reasonably low annual fee of $58. It's balance transfer offer is 0% for 15 months with no transfer fee, and no transfer fees are what we like to see. 

 

Extra Benefits:  

You get a free membership to Visa Entertainment which gives you access to special offers, ticket pre-sales and more. 

Also, get 3 additional cardholders at no cost. 

 

Income Eligibility: 

The minimum income required is $15,000.  

 

We hope you found our list of best low interest rate credit cards in Australia for 2019 helpful! Feel free to comment below with your thoughts on our blog.

To get more similar related blogs and helpful tips, feel free to drop your email at the bottom of our homepage. Or follow us on FacebookInstagram or Twitter