At least 10 Australian credit card providers are currently offering credit cards with purchase rates under 10 per cent.
Community First Credit Union has the lowest credit card interest rates with its Low Rate Visa Credit Card and McGrath Pink Visa Card.
Both credit cards charge 4.99 per cent interest for the first eight months and then 8.99 per cent on an ongoing basis.
Easy Street Financial Services also charges 8.99 per cent with its Easy Low Rate Visa Credit Card, as does Northern Inland Credit Union with its Low Rate Visa Credit Card.
It’s important to note that the cheapest credit card isn’t always the best. For example, the Northern Inland credit card has no interest-free period – so although it charges a low interest rate, this rate is charged from day one.
The Bank of Us Visa Credit Card has a higher interest rate, at 9.99 per cent, but offers an interest-free period of up to 57 days.
|Provider||Card||Standard Interest rate||Annual fee||Interest-free days (up to)|
|Bank Australia||Low Rate Visa Credit Card||9.39%||$59||0|
|Bank First||Visa Platinum Credit Card||9.99%||$99||55|
|Bank of Us||Visa Credit Card||9.99%||$39||57|
|Community First Credit Union||Low Rate Visa Credit Card||8.99%||$40||55|
|Community First Credit Union||McGrath Pink Visa Card||8.99%||$40||55|
|Easy Street Financial Services||Easy Low Rate Visa Credit Card||8.99%||$40||55|
|G&C Mutual Bank||Low Rate Visa Credit Card||9.49%||$50||50|
|Nexus Mutual||Low Rate Platinum Credit Card||9.49%||$49||0|
|Northern Inland Credit Union||Low Rate Visa Credit Card||8.99%||$0||0|
*The annual fee that has been listed is actually the monthly fee multiplied by 12