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Low interest rate credit cards
Looking for a low interest rate credit card? Search for cards with low rates from hundreds of lenders at RateCity.com.au
In a report released by the Reserve Bank of Australia (July 2007), Australians withdrew a massive AU$1 billion in cash advances on their credit cards. According to these figures the average Australian would have clocked up approximately AU$3,000 in credit card debt alone. So it's no suprised that over the next eighteen months the average credit card interest rate is predicted to rise to 19%.
In an attempt to stay in such a competitive market, credit card providers are now offering special incentives to customers. These include 0% balance transfers, rewards programs and attractive ongoing interest rates.
By offering a lower rate, financial institutions are losing out on revenue and this lost expense needs to be recouped somehow. Look out for:
Paying by credit should always be used wisely which is why it pays to be familiar with the different characteristics of the various types of low interest credit cards. Choosing the right mix of interest rate, fees and features for you and work to your benefit.
Some of the cheapest credit card rates are displayed in the table below. This table shows low rate credit card with rates below 12%.
Want to compare more low rate cards? Visit our credit card comparison
In a report released by the Reserve Bank of Australia (July 2007), Australians withdrew a massive AU$1 billion in cash advances on their credit cards. According to these figures the average Australian would have clocked up approximately AU$3,000 in credit card debt alone. So it's no suprised that over the next eighteen months the average credit card interest rate is predicted to rise to 19%.
In an attempt to stay in such a competitive market, credit card providers are now offering special incentives to customers. These include 0% balance transfers, rewards programs and attractive ongoing interest rates.
By offering a lower rate, financial institutions are losing out on revenue and this lost expense needs to be recouped somehow. Look out for:
- Annual fees: higher annual fees than standard-rate cards
- Cash advance rate: can be up to 10% higher than the rate for purchases
- Late payment fees
- Fees for exceeding credit limit
- Other fees and charges: ATM transaction fees
- Limited additional features: no insurance or emergency assistance
Paying by credit should always be used wisely which is why it pays to be familiar with the different characteristics of the various types of low interest credit cards. Choosing the right mix of interest rate, fees and features for you and work to your benefit.
Some of the cheapest credit card rates are displayed in the table below. This table shows low rate credit card with rates below 12%.
Want to compare more low rate cards? Visit our credit card comparison
