Credit CardPurchase Rate (p.a.)Annual Fee
Amex Low Rate8.99%$0
Commbank Essentials9.9%$24*
Westpac Lite9.9%$108
ING Orange One11.99%$0
ME Bank Low Rate11.99%$0
Virgin Low Rate11.99%$99
ANZ Low Rate12.49%$58

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.  

 

Commbank Essentials

  •  Purchase Rate: 9.9% p.a.

  •  Annual Fee: $60.

  •  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: 

A minimum income is not required.  

 

ING Orange One

  •  Purchase Rate: 11.99% p.a.

  •  Annual Fee: $0.

  • Extras: No foreign transaction fees.

Why We Like It:

The ING Orange One is a suitable choice for shopping overseas online or for traveling. It comes with no foreign transaction fees together with its 11.99% p.a. purchase rate and no annual fee. 

Its minimum credit limit sits at $1,000 and interest free days of up to 45 days.

 

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 having a 11.99% p.a. purchase rate.

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

 

Extra Benefits:  

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

 

Income Eligibility: 

The minimum income required is $25,000.  

 

Virgin Low Rate

  •  Purchase Rate: 11.99% p.a.

  •  Annual Fee: $99.

  • Balance Transfer Offer: 0% for 18 months with a 2% transfer fee.

Why We Like It:

The Virgin Low Rate is a great choice if you want a low rate credit card with an attractive balance transfer offer. 

It has an 11.99% p.a. purchase rate with and an annual fee of $99 p.a.

Furthermore, offering a balance transfer of 0% for 18 months with a 2% transfer fee. Any unpaid balance after the balance transfer promotion period ends will be revered to a rate of 21.69% p.a.

If you're looking for the higher credit limit then this card works, because the lowest limit you can get is $6,000.

 

Extra Benefits:    

If you own an android phone then you're in luck as it's useable with Samsung Pay... sorry iPhone users :(. 

 

Income Eligibility: 

The minimum income required is $35,000.  

 

ANZ Low Rate

  •  Purchase Rate: 12.49% p.a.

  •  Annual Fee: $58.

  •  Balance Transfer Offer: 0% for 22 months with 1.5% transfer fee.

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 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 a reasonably low annual fee of $58 p.a.

And offers a balance transfer of 0% for 22 months with a 1.5% transfer fee.

 

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.

 

We hope you found our list of best low interest rate credit cards in Australia for 2020 helpful! Feel free to comment below with your thoughts on our blog.

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