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Credit cards charging as little as 8.99% interest

Credit cards charging as little as 8.99% interest

At least 10 Australian credit card providers are currently offering credit cards with purchase rates under 10 per cent.

Two of the big four banks are offering credit cards under 10 per cent – Commonwealth Bank and Westpac (see table below).

They are joined by Bank Australia, Bank First, Bank of Us, Community First Credit Union, Easy Street Financial Services, G&C Mutual Bank, Nexus Mutual and Northern Inland Credit Union.

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.

ProviderCardStandard Interest rateAnnual feeInterest-free days (up to)
Bank AustraliaLow Rate Visa Credit Card9.39%$590
Bank FirstVisa Platinum Credit Card9.99%$9955
Bank of UsVisa Credit Card9.99%$3957
Commonwealth BankEssentials9.90%$24*55
Community First Credit UnionLow Rate Visa Credit Card8.99%$4055
Community First Credit UnionMcGrath Pink Visa Card8.99%$4055
Easy Street Financial ServicesEasy Low Rate Visa Credit Card8.99%$4055
G&C Mutual BankLow Rate Visa Credit Card9.49%$5050
Nexus MutualLow Rate Platinum Credit Card9.49%$490
Northern Inland Credit UnionLow Rate Visa Credit Card8.99%$00
WestpacLite Card9.90%$108*45

*The annual fee that has been listed is actually the monthly fee multiplied by 12

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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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