Credit CardPurchase Interest RateAnnual Fee
American Express Low Rate8.99%$0
Commbank Essentials9.9%$24*
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

A low interest rate credit card is a good chiocie if you carry a spending balance over month to month. Especially for those who have high balances on their credit cards. This type of card helps you save on interest charges each month. 

So we've compared and listed some of the best low interest rate credit cards in Australia and added in some pointers.

You can view and compare more low interest rate credit cards listed on our site.

Or check out other similar interest credit cards:

Top interest free credit cards 

Best balance transfer credit cards

American Express Low Rate

  •  Purchase Rate: 8.99% p.a.

  •  Annual Fee: $0.

  •  Extras: Purchase Protection.

Why We Like It:

The American Express Low Rate has a very low purchase rate of 8.99% p.a. along with no annual fee. 

A great card to have as your first go-to credit card or as a second backup card for convenience. 

If you're paying interest on the credit card you now have. You can save on paying interest for twelve months with its balance transfer offer of 0% for 12 months and 1% transfer fee. 

 

Extra Benefits:  

Suitable for mobile payments with the popular apps to choose from. Works with mobile applications 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. Its 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: 

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 is a very competitive credit card with its 9.9% p.a. purchase rate and 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:  

Now you can access its spending tracker & insights feature via the Commbank app. Giving 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 want to do mobile payments? If yes, then you're in luck as Apple pay is available with this card... sorry Android phone owners :(.  

You'll have access to the Mastercard Priceless Cities program which 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% p.a.

  •  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 and has a balance transfer offer. It's definitely a keeper even for after the balance transfer offer expires!

Its balance transfer offer is 0% p.a. for 6 months with no transfer fee. What's great is that after expiry, the balance transferred reverts to a low rate of 9.99% p.a.

To sweeten the deal 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% p.a.

  •  Annual Fee: $108.

  •  Extras: No Foreign Transaction Fees.

Why We Like It:

Planning to travel overseas, and need a low interest rate credit card? Then the Westpac Lite could be just right for you.

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

When travelling overseas or shopping online its no foreign transaction fees will save you paying fees on each transaction. 

 

Extra Benefits:  

Westpac SmartPlan is 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. The SmartPlan can provide 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. Works too on mobile payment apps Google Pay and Samsung Pay.

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

 

Income Eligibility: 

There is no set minimum income required.  

 

ME Bank Low Rate

  •  Purchase Rate: 11.99% p.a.

  •  Annual Fee: $0.

  • Extras: Priceless Cities access membership.

Why We Like It:

The ME Bank Low Rate is a basic credit card with no annual fee. 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:  

You'll have 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% p.a.

  •  Annual Fee: $49.

  • Balance Transfer Offer: 0% for 14 months.

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 and some good old cashback.

It has an 11.99% p.a. purchase rate with and a relatively low annual fee of $49.

Offers a balance transfer 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 the higher credit limit then this card works, because the lowest limit you can get is $6,000.

 

Extra Benefits:  

As the saying goes, cash is king and so you get 10% cashback on your first 3 months of spending. But  this cashback offer is only capped at $100.  

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% p.a.

  •  Annual Fee: $58.

  •  Balance Transfer Offer: 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 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.

Offers a balance transfer of 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, you can 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.

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