My Credit Union continues to have cheapest credit card

Nick Bendel

Nick Bendel

( 1 min read )

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The average credit card interest rate is 16.94 per cent, but far lower rates are available, according to new research.

An analysis of the 183 credit cards on RateCity at the end of October found that they had an average interest rate of 16.94 per cent.

Interest rates ranged from 7.99 per cent to 24.99 per cent.

The credit card with the lowest rate was the Low Rate Visa card, at 7.99 per cent, from My Credit Union, a lender with four branches – two in Sydney and two in regional New South Wales.

My Credit Union’s Low Rate Visa was also the lowest-rate card at the end of September.

The research also found:

  • The credit cards on RateCity had an average of 52 interest-free days
  • There were 26 credit cards with no annual fee
  • The average annual fee for credit cards that had one was $130.29
  • There were 97 credit cards that offered 0 per cent balance transfers

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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