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Banks big and small have credit cards under 10%

Banks big and small have credit cards under 10%

Commonwealth Bank, Westpac and at least 10 other providers are offering credit cards with single-digit interest rates.

Credit union Nexus Mutual has a credit card with a purchase rate of just 6.64 per cent – although it comes with zero interest-free days (see table below).

The American Express Low Rate Credit Card imposes an interest rate of 8.99 per cent, comes with up to 55 interest-free days and doesn’t charge an annual fee.

Commonwealth Bank and Westpac both have credit cards with interest rates of 9.90 per cent.

The Commonwealth Bank Essentials card has up to 55 interest-free days and a $60 annual fee, while the Westpac Lite Card has up to 45 interest-free days and a $108 annual fee.

Bank Australia, Bank First, Bank of Us and Big Sky Building Society also have credit cards with interest rates under 10 per cent, as do Community First Credit Union, Easy Street Financial Services, G&C Mutual Bank and Northern Inland Credit Union.

ProviderProductInterest rateInterest-free days (max.)Annual fee (max.)
Nexus MutualLow Rate Platinum Credit Card6.64%0$49
American ExpressLow Rate Credit Card8.99%55$0
Community First Credit UnionMcGrath Pink Visa8.99%55$40
Community First Credit UnionLow Interest Rate Visa8.99%55$40
Easy Street Financial ServicesEasy Low Rate Visa8.99%55$40
Northern Inland Credit UnionLow Rate Visa Credit Card8.99%0$0
Bank AustraliaLow Rate Visa Credit Card9.39%0$59
G&C Mutual BankLow Rate Visa Credit Card9.49%50$50
Big Sky Building SocietyLow Rate Visa Credit Card9.90%45$59
Commonwealth BankEssentials9.90%55$60
WestpacLite Card9.90%45$108
Bank of UsVisa Credit Card9.99%57$39
Bank FirstVisa Platinum9.99%55$99

Please note that the cheapest credit card might not necessarily be the best credit card for your specific circumstances.

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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