Credit CardPurchase Rate (p.a.)Annual FeeMain Benefits
Amex Low Rate8.99%$0Shopping protection
Bankwest Breeze Classic9.9%$0*0% on purchases offer
Commbank Essentials9.9%$24*Entertainment membership
Westpac Lite9.9%$108No foregin fees
ING Orange One Low Rate11.99%$0No annual fee
ME Bank Low Rate11.99%$0Entertainment membership
ANZ Low Rate12.49%$0*Great balance transfer offer
NAB StraightUp0%$0 - $240No interest forever

A low interest rate credit card is suitable for someone who pays interest charges each month. Not being able to pay off the full statement balance within each period will trigger interest charges.  

By switching from a standard to a low interest rate credit card, the rate is sometimes cut by more than half. Especially on high balances or credit card debt that is dragging on, halving the interest rate makes a major difference. 

Online we have compared and listed some of the best low interest rate credit cards in Australia and pointed out their unique benefits.

You can feel free to view more low interest rate credit cards available listed on our site. 

Check out other similar articles:

Top Interest Free Credit Cards  

Best Balance Transfer Credit Cards

American Express Low Rate

  •  Purchase Rate: 8.99% p.a.

  •  Annual Fee: $0.

  •  Extras: Refund Protection.

Why We Like It

The American Express Low Rate is a great card to have as your first go-to credit card or as a second backup card for convenience.

Its attractive low purchase rate of 8.99% p.a. comes with no annual fee.  

A benefit unique to Amex credit cards is the refund protection which covers you when a retailer refuses a refund on a new eligible item, within 90 days of purchase.

 

Extra Benefits 

One other shopping insurance benefit is its purchase protection. This replaces an item that either breaks or is stolen with 90 days of purchase. Covering up to $20,000 per year and $2,500 per claim with a $50 excess per claim.

Also, choose to pay for items with your smartphone via popular apps Apple Pay, Google Pay and Samsung Pay.

You can select family members or friends for up to 4 extra cards.

 

Income Eligibility

The minimum income required is $50,000.  

 

Bankwest Breeze Classic

  •  Purchase Rate: 9.9% p.a.

  •  Annual Fee: $0 in the first year, then $49 p.a.

  • Purchase & Balance Transfer Offer: 0% p.a. for 15 months.

Why We Like It

The Bankwest Breeze Classic is a great choice if you want a low purchase rate card and rate offers with the lowest reverted rate in the market. 

Its 0% purchase rate and balance transfer offer for 15 months comes at no cost (Note: conditions apply. For example, the offer is only available to new Bankwest Breeze Classic customers. Also, the offer excludes product transfers from existing Bankwest cards.)
After the promotional period finishes, any unpaid balances will be charged interest at a really low rate of 9.9% p.a., which is the lowest rate on this list. This means that the Bankwest Breeze Classic card is perfect for anyone unsure if they’ll be able to pay off their balance before the zero interest period ends.

Plus, you get to enjoy the features this card offers at no cost in the first year, then a low annual fee of $49 after. 

 

Extra Benefits   

One of this card’s bonuses is that you can access the digital version of it via the Bankwest app. as soon as you’re approved. As such, you don’t have to wait to go shopping online or to pay bills and other everyday expenses with it.

The Breeze Classic is a simple, straightforward credit card with no bells and whistles. But if you want a card with more extras, check out the Bankwest Breeze Platinum credit card. The platinum product has an annual fee of a slightly higher $69 in the second year but comes with the added benefits of zero foreign transaction fees plus included complimentary international travel insurance.

 

Income Eligibility 

The minimum income required is $15,000 for both the classic and platinum card.

 

Commbank Essentials

  •  Purchase Rate: 9.9% p.a.

  •  Annual Fee: $24 p.a. with conditions.

  •  Eligibility: No minimum income.

Why We Like It

The Commbank Essentials has a very competitive low rate of 9.9% p.a. and a fairly low annual fee of $24 or $60 (get the $24 annual fee when you set up online statements).

Its credit limit ranges between $400 and $3,000 - so before applying just make sure you're ok with its credit limit range. 

Commbank gives you more control features over your credit card. At your fingertips, you can instantly lock, block limit your credit card through the Commbank App or NetBank.

 

Extra Benefits

Put to use its spending & insights feature via the Commbank app. To get a bird's eye view of your spending habits and patterns with its categorized shopping, groceries, eating out and more. 

IPhone uses are in luck as Apple Pay is available with this card... sorry Android users :(.  

And lastly, cardholders will have access to the Mastercard Priceless Cities program. Giving them exclusivity and access to a wide range of experiences across the globe.

 

Income Eligibility 

A minimum income is not required.  

 

Westpac Lite

  •  Purchase Rate: 9.9% p.a.

  •  Annual Fee: $108.

  •  Extras: No Foreign Transaction Fees.

Why We Like It

A Westpac Lite can be just right for those who purchase goods or services foreign currency, and need a low interest rate credit card? 

It has a 9.9% p.a. purchase rate and a monthly fee of $9 which totals to $108 annually. 

When you travel on holiday overseas or shopping online, its no foreign transaction fees can save you plenty on fees for each transaction. 

 

Extra Benefits 

Westpac SmartPlan is a repayment system that splits up repayments on purchased items $500 or above into smaller repayments, while still getting interest free days. What's more, is that it also provides 0% p.a. on the purchased item in the first 3, 6 or 12 months or transfer credit card balances of $200 or more.  

If you rock a Fitbit then you'll be happy to know that this card works on Fitbit Pay. And also on mobile payment apps Google Pay and Samsung Pay.

Through the Westpac mobile banking app you can even set up your payment reminders. Change your payment limits, placing a hold on the card and do balance tracking too. 

 

Income Eligibility

The minimum income required is $30,000.

 

ING Orange One Low Rate

  •  Purchase Rate: 11.99% p.a.

  •  Annual Fee: $0.

  • Extras: Mobile Pay.

Why We Like It

The ING Orange One Low Rate is a suitable choice if you want both a low rate and no annual fee in a card. 

Its purchase rate is 11.99% p.a. with interest-free days of up to 45 days, and a minimum credit limit of $1,000. 

 

Extra Benefits 

Available for use with Apple Pay and Google Pay.   

 

Income Eligibility

The minimum income required is $36,000. 

 

ME Bank Low Rate

  •  Purchase Rate: 11.99% p.a.

  •  Annual Fee: $0.

  • Extras: Priceless Cities access membership.

Why We Like It

A basic credit card with no annual fee sums up the ME Bank Low Rate. So there's no out of pocket fee for an 11.99% p.a. purchase rate card with up to 55 days interest-free. 

Its minimum credit limit sits at $1,000. 

 

Extra Benefits  

Access to Priceless Cities to book tickets to entertainment events, lifestyle, shopping and travel offers. 

It can now finally be used on Apple Pay or Google Pay. 

 

Income Eligibility

Minimum income required is $25,000.  

 

ANZ Low Rate

  •  Purchase Rate: 12.49% p.a.

  •  Annual Fee: $0 in the first year, then $58.

  •  Balance Transfer Offer: 0% p.a. for 30 months with no transfer fee.

Why We Like It

The features offered in the ANZ Low Rate are quite similar to that of the Virgin Low Rate card.

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 or have a low income for example such as a student, then this credit card can work for you. Its minimum credit limit is set at $1,000.

It has a 12.49% p.a. purchase rate with no annual fee in the first year then followed by a reasonably low $58 p.a. 

And offers a balance transfer of 0% interest for 30 months with no transfer fee (offer only available to new ANZ Low Rate credit card customers). Any balances remaining after the promo period ends will revert to the rate of 20.24% p.a.

 

Extra Benefits 

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

Also, you can get 3 additional cardholders at no cost. 

 

Income Eligibility 

A minimum income is not required.

 

NAB StraightUp

  •  Purchase Rate: 0% p.a.

  •  Annual Fee: $10, $15, or $20 per month depending on the card's credit limit. However, the monthly fee is waived to $0 if no transaction or carry a balance on the card that month. 

  • Extras: No foreign transaction fees.

Why We Like It

The first no interest credit card in Australias was none other than the NAB StraightUp card. This card offers 0% interest on purchases forever, however, it has a couple of different conditions than the typical credit card. 

Firstly, has a maximum of three credit card limits available. Choose either a $1,000 ($10 monthly fee), $2,000 ($15 monthly fee), or $3,000 ($20 monthly fee) credit limit, which all have different monthly fees. The good thing is that the monthly fee is waived if not transaction or balance is carried out in that month. 

Another condition is that each credit limit has its own set minimum payment amount. The $1,000 (minimum payment of $35/month), $2,000 (minimum repayment of $75/month) and $3000 (minimum repayment of $110/month). On a traditional credit card, the monthly repayment is $30 or 2.5% of the balance, whichever is greater. As you can see, the minimum repayments on the NAB Straightup are generally higher than a traditional credit card. 

One noticeable feature is that it does not charge late payment fees. If you miss your monthly payment you won't be charged for it, however, if you continue to miss your repayments then the provider can suspend the use of the card. 

 

Extra Benefits 

A valuable benefit of the card that saves you on fees when using your card overseas or shopping internationally online is its no foreign transaction fees. 

 

Income Eligibility 

A minimum income is not required.

 

We hope you found our list of best low interest rate credit cards in Australia for 2021 helpful! Feel free to comment below with your thoughts on our blog.

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