Best Low Rate Credit Cards in Australia

The Virgin Money Low Rate Card offers 12.99% p.a, up to 55-interest free days on purchases, and instalment plans, as well as the opportunity to earn bonus rewards through the Virgin Money app. And, new cardholders could get 0% on balance transfers for up to 15 months (3% transfer fee). 

Pros: 

• Up to 55 interest free days on purchases.
• Ability to earn rewards through the Virgin Money app. 
• Access to Visa Platinum Benefits, including 24/7 access to a personal concierge.

Cons:

• Rewards are only available on purchases through the Virgin Money app. 
• The late payment fee ($25) is higher than average*.
• No access to frequent flyer perks. 

*based on NerdWallet’s analysis of over 100 Australian credit cards, focusing on cards with purchase interest rates no higher than 15%.

• 12.99% p.a. on purchases.
• $99 annual fee. 
• Pay for items with a simple wave of your Virgin Money Credit Card anywhere with a Visa payWave sensor.
• Access to Visa Platinum Benefits: Enjoy first choice of seats to some of the most sought-after events in Australia.
• Round-the-clock access to the Visa Platinum Concierge Service.
• Fraudshield coverage means you won’t be liable for fraudulent transactions made with your card.
• Use your phone or wearable to pay from your credit card account, with Apple Pay, Samsung Pay or Google Pay.

For more information, we recommend reviewing this product’s Target Market Determination, the Credit Card Key Facts and Terms and Conditions.

The ANZ Low Rate credit card offers 13.74% p.a. and up to 55 interest-free days on purchases, plus access to instalment plans. And, you can choose between two welcome offers: 0% interest on balance transfers for 28 months (3% transfer fee), plus no annual fee in the first year; or $250 cashback by spending at least $1,500 in the first three months. 

Pros: 

• Up to 55 interest-free days.
• Up to three free additional cards. 
• Annual fee waived for the first year (if you select the balance transfer welcome offer).
• Ability to earn cashback from eligible retailers through Cashrewards.

Cons:

• No complimentary insurances. 
• A higher annual fee than other ANZ options.
• No access to frequent flyer perks. 
• Does not earn rewards on regular purchases.

• 13.74% p.a. on purchases.
• $58 annual fee (waived for the first year if you select the balance transfer welcome offer). 
• Access to ANZ Falcon® fraud protection.
• Earn cashback from more than 2,000 popular retailers when you shop through Cashrewards.
• ANZ Instalment Plans: Repay your eligible credit card purchases over three, six or 12 months.
• Compatible with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmen Pay. 
• Choose between two welcome offers: 0% p.a. balance transfer rate for a 28-month and annual fee waived in the first year (3% transfer fee). Or, get up to $250 cashback when you spend $1,500 on eligible purchases in the first three months from approval.  
• Up to three additional cardholders at no extra cost. 
• Fraud money back guarantee.
• Visa secure (formerly known as Verified by Visa).

For more information, we recommend reviewing this product’s Target Market Determination, the Credit Card Key Facts and Terms and Conditions.

The Vertigo Card from the Bank of Melbourne offers 13.99% p.a. and up to 55 interest-free days on purchases. Plus, it has two welcome offers to choose from:: up to $500 cashback and 6.99% on balance transfers for the first twelve months, or 0% on balance transfers for 24 months (1% transfer fee applies). 

Pros: 

• Up to 55 interest-free days on purchases. 
• Instalment plans are available (a monthly fee of 1-4% applies to the total purchases amount). 
• Late fee ($15) is lower than average*.
• Ability to add a second cardholder for free. 

Cons:

• No complimentary insurances.
• No access to frequent flyer perks. 
• Does not earn rewards on regular purchases.

*based on NerdWallet’s analysis of over 100 Australian credit cards, focusing on cards with purchase interest rates no higher than 15%.

• 13.99% p.a. on purchases. 
• $55 annual fee. 
• Add a second cardholder (16 or over) for free.
• Make purchases with your smartphone using your choice of mobile wallet, including Apple Pay, Google Pay and Samsung Pay.
• 24/7 fraud monitoring, Secure Online Shopping Service, and the Bank of Melbourne Fraud Money Back Guarantee.
• Access to My Offers Hub, a space filled with offers and benefits.
• Get access to Visa Offers and Perks that can be personalised to your own taste.
• Manage your repayments with options like Plan&Pay, Autopay, SMS and email alerts and more.

For more information, we recommend reviewing this product’s Target Market Determination, the Credit Card Key Facts and Terms and Conditions.

The Breeze Platinum Mastercard from Bankwest charges 12.99% on both purchases and balance transfers and offers 0% on balance transfer for the first 24 months (3% transfer fee).

Pros: 

• Up to 55 interest-free-days. 
• Complimentary travel insurances.
• No foreign transaction fees. 
• Instalment plan options — charging as low as 0% interest — are available and can be used for up to five eligible purchases. 

Cons:

• The late payment fee ($25) is much higher than average*.
• No access to frequent flyer perks. 
• Does not earn rewards on regular purchases.

*based on NerdWallet’s analysis of over 100 Australian credit cards, focusing on cards with purchase interest rates no higher than 15%.

• 12.99% p.a. on purchases and balance transfers. 
• $59 annual fee. 
• 0% p.a. for 24 months on balance transfers (3% balance transfer fee applies).
• Minimum credit limit of $6,000.
• No foreign transaction fees.
• Complimentary overseas travel insurance, interstate flight inconvenience insurance and 90-day purchase security insurance.

For more information, we recommend reviewing this product’s Target Market Determination, the Credit Card Key Facts and Terms and Conditions.

The Low Rate Credit Card from American Express offers a lower-than-average* interest rate on purchases (10.99%) and doesn’t charge an annual fee. Plus, it offers up to 55 interest-free days on purchases and has installment plans available.

Pros: 

• The purchase rate (10.99%) is lower than average*.
• No annual fee.
• Instalment plans are available (~1% monthly fee applies). 
• Up to 55 interest-free-days.
• Complimentary insurances.

Cons:

• Cannot be used for balance transfers or cash advances. 
• The late payment fee is higher than average*.
• No access to frequent flyer perks. 
• Does not earn rewards on regular purchases.

*based on NerdWallet’s analysis of over 100 Australian credit cards, focusing on cards with purchase interest rates no higher than 15%.

• 10.99% p.a. on purchases.
• No annual fee. 
• Purchase Cover, covering eligible items purchased with your card.
• Card Refund Cover, covering you if a store refuses return of eligible items purchased with your card.
• Up to four additional cards for family members or friends, at no extra fee.
• Emergency card replacement around the world if your card is lost or stolen, usually within 48 hours.
• 24/7 Global Card Support.
• Apple Pay, Samsung Pay and Google Pay capabilities. 
• Fraud Protection Guarantee, protecting you from unauthorised charges made on your account.
• Plan It™ Instalments offers a flexible way to pay off your balance in equal monthly instalments, with 0% p.a. interest and a fixed monthly fee.

For more information, we recommend reviewing this product’s Target Market Determination, the Credit Card Key Facts and Terms and Conditions.

The Low Rate Credit Card from HSBC Australia offers 12.99% pa. and up to 55 interest-free days on purchases, and comes with access to instalment plans and complimentary insurances. Plus, new cardholders could get 0% on balance transfers for 12 months (2% transfer fee).

Pros: 

• Up to 55 interest-free days on purchases. 
• No foreign transaction fees. 
• Complimentary domestic travel insurance. 

Cons:

• The late payment fee is higher than average*.
• Cash advance and balance transfer rates are higher than average*.
• No access to frequent flyer perks. 
• Does not earn rewards on regular purchases.

*based on NerdWallet’s analysis of over 100 Australian credit cards, focusing on cards with purchase interest rates no higher than 15%. 

• 12.99% p.a. on purchases.
• $99 annual fee.
• Free additional cards available. 
• No overseas transaction fees for purchases made outside of Australia in person or online.
• Complimentary domestic travel insurance.
• Make fast and secure contactless payments with your phone anywhere that accepts Apple Pay or Google Pay.
• Discover over 4,500 ways to save when you get the HSBC Instant Savings app.
• home&Away Privilege Program: Exclusive offers from 27,000 selected partners at home and overseas.

For more information, we recommend reviewing this product’s Target Market Determination, the Credit Card Key Facts and Terms and Conditions.

The Westpac Lite Card has a lower-than-average purchase rate (9.90%), offers instalment plans and doesn’t charge a late payment fee.

Pros: 

• Purchase rate (9.90% p.a.) is lower than average*.
• Instalment plans are available (an establishment fee worth ~1-4% of the purchase amount due applies). 
• No late fees on payments. 
• No foreign transaction fees. 

Cons:

• Does not offer cash advances or balance transfers. 
• Only comes with up to 45 interest-free days (most* low-rate cards offer 55).
• The maximum credit limit ($20,000) may be lower than desired for some applicants.
• No welcome offer, as of this writing. 
• Does not earn rewards on regular purchases.

*based on NerdWallet’s analysis of over 100 Australian credit cards, focusing on cards with purchase interest rates no higher than 15%.

• 9.90% p.a. on purchases.  
• $9 monthly fee ($108 annually).
• No foreign transaction fees. 
• Get personalised cashback offers from Westpac Extras and bonus cashback when you shop via the Westpac Lounge on ShopBack.
• Fraud protection. 
• Manage your repayments with options like SmartPlan, Card Autopay and SMS payment reminders.
• Add one additional cardholder (16 years or older) at no extra cost.

For more information, we recommend reviewing this product’s Target Market Determination, the Credit Card Key Facts and Terms and Conditions.

The Low Rate Card from CommBank offers 14.99% p.a. on purchases, with up to 55 interest-free days, and provides access to CommBank Yello Cashback Offers via the CommBank app.

Plus, new cardholders could earn up to $400 bonus cashback after spending at least $2,000 in eligible purchases in the first four months.

Pros: 

• Up to 55 interest-free days.
• No annual fee for additional cardholders. 
• Instalment plans available (monthly fee of ~2-5% of the purchase amount applies). 

Cons:

• CommBank Yello Cashback Offers are only available when shopping through the app.
• No international travel insurance. 
• Foreign transaction fees apply to purchases made overseas or when shopping online with overseas merchants.

• 13.99% p.a. on purchases.
• $6 monthly fee ($72 a year).
• Cashback benefits for eligible cardholders through CommBank Yello Cashback Offers in the CommBank app.
• Complimentary access to book flights and hotels for eligible customers via Travel Booking (Provided by Hopper).
• Access to offers and experiences through Priceless.com.
• Complimentary Purchase Security and Extended Warranty insurance provided by Cover-More.

For more information, we recommend reviewing this product’s Target Market Determination, the Credit Card Key Facts and CommBank Credit Card Conditions of Use.

The Bendigo Bright Credit Card offers a lower-than-average* purchases rate, free additional cards and up to 55 interest-free days on purchases.

Pros: 

• The purchase interest rate (11.99%) is lower than average*.
• The late fee ($15) is lower than average*.
• Free additional cards. 
• Up to 55 interest-free days on purchases. 

Cons:

• No complimentary insurances. 
• No instalment plans available. 
• No access to frequent flyer perks. 
• Does not earn rewards on regular purchases.

*based on NerdWallet’s analysis of over 100 Australian credit cards, focusing on cards with purchase interest rates no higher than 15%.

• 11.99% p.a. on purchases. 
• $59 annual fee. 
• 24/7 fraud monitoring and no liability for unauthorised transactions.
• Temporarily block lost cards and transaction types with Bendigo Bank card controls.
• Access to Mastercard Priceless® Cities exclusive experiences and special offers.
• Mobile payments with your smart phone and smart watch.

For more information, we recommend reviewing this product’s Target Market Determination and Terms and Conditions.

The Low Rate Credit Card from Bank Australia offers a lower-than-average* rate on purchases and does not charge late fees on unpaid balances. Plus, the card comes with a balance transfer welcome offer: 0% on balance transfers for six months (transfer fee may apply).

Pros: 

• No late fees. 
• The purchase and cash advance rates (12.99%) are lower than average*. 

Cons:

• Does not offer any interest-free days on purchases, which means interest begins accumulating from the transaction date. 
• No complimentary insurances. 
• No access to frequent flyer perks. 
• Does not earn rewards on regular purchases.

*based on NerdWallet’s analysis of over 100 Australian credit cards, focusing on cards with purchase interest rates no higher than 15%. 

• 12.99% p.a. on purchases and cash advances. 
• $59 annual fee. 
• No late fees. 
• 0% balance transfer for 6 months.
• Place a temporary lock on your card the moment you think it might be lost or stolen, or you don’t want it to be used.
• Instant transfers between your Bank Australia transaction account and this one. 
• Add your Low Rate Visa Credit card to Visa Click to Pay for an easy, secure checkout experience.
• 24/7 card monitoring services. 

For more information, we recommend reviewing this product’s Target Market Determination, the Credit Card Key Facts and Terms and Conditions.