Low Rate Cards
A low rate credit card is one type of credit card available that offers a lower interest rate on purchases compared to regular credit cards. These types of cards are beneficial to consumers who are conscious of their spending habits, who are on a tight budget or who use their card all the time (everyday and habitual users). Low rate credit cards entice shoppers with their attractive rates, 0% balance transfers, and introductory periods and rewards programs.
The same principles of using credit still apply to low rate cards so don't be fooled by its low ongoing rate as this can end up costing you more in the long run. When looking for a low rate credit card, you will need to consider:
- Find out when the intro rate expires and what the ongoing rate is once the intro period has ended as this is usually higher than a standard card.
- Find out what the purchase interest rate is for balance transfer cards as this is usually more.
- Find out how many 'interest free' days you receive, and make sure you pay the balance during this time.
The table below displays a selection of low rate credit cards currently available.
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Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.
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