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.
| Provider | Product | Interest rate | Interest-free days (max.) | Annual fee (max.) |
|---|---|---|---|---|
| Nexus Mutual | Low Rate Platinum Credit Card | 6.64% | 0 | $49 |
| American Express | Low Rate Credit Card | 8.99% | 55 | $0 |
| Community First Credit Union | McGrath Pink Visa | 8.99% | 55 | $40 |
| Community First Credit Union | Low Interest Rate Visa | 8.99% | 55 | $40 |
| Easy Street Financial Services | Easy Low Rate Visa | 8.99% | 55 | $40 |
| Northern Inland Credit Union | Low Rate Visa Credit Card | 8.99% | 0 | $0 |
| Bank Australia | Low Rate Visa Credit Card | 9.39% | 0 | $59 |
| G&C Mutual Bank | Low Rate Visa Credit Card | 9.49% | 50 | $50 |
| Big Sky Building Society | Low Rate Visa Credit Card | 9.90% | 45 | $59 |
| Commonwealth Bank | Essentials | 9.90% | 55 | $60 |
| Westpac | Lite Card | 9.90% | 45 | $108 |
| Bank of Us | Visa Credit Card | 9.99% | 57 | $39 |
| Bank First | Visa Platinum | 9.99% | 55 | $99 |
Please note that the cheapest credit card might not necessarily be the best credit card for your specific circumstances.
