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The lenders leading the way with low rate credit cards

low-rate credit cards

Credit cards are loved for their perks, but complicated interest-free days, combined with exorbitant interest rates have tripped even the most well-intending Aussies up at least a few times in their lives.

That’s why American Express’ move to slash its lowest rate credit card to a market-leading 8.99% is a point in time worth remembering.

One of the biggest players in the credit card space is now leading the way in low-rate lending. The catch?

It’s without the perks and, to be honest, that type of straight-shooting is all the more welcome.

In the new era of seemingly responsible lending – and marketing – low rate credit cards are the new black.

These days, all four big banks offer “low rate” cards, with Westpac and CBA leading the way at 9.90%.

Meanwhile NAB’s “low rate” offering, at 13.99% is starting to look a little bit outdated.

It’s not just up to the big banks to set the tone. It’s time for all credit card providers to acknowledge the low-rate credit environment and start laying down interest rates that are more in line with the current market.

Rewards programs have all had their wings clipped, which is making customers question what they are getting out of their credit card.

If, at the end of the financial year, you find your card has primarily left you with a few interest charges and a hefty annual fee, then it could be time to switch to a low rate, low fee card.

Or better yet – end the love affair forever.


CompanyCardRateAnnual feeInterest free days (up to)
American ExpressLow rate8.99%$055
Community First Credit UnionLow rate visa / McGrath Pink Visa8.99%$4055
Easy Street Credit UnionEasy Low Rate Visa credit card8.99%$4055
Bank AustraliaLow Rate Visa Credit Card9.39%$590
G&C Mutual BankLow Rate Visa Credit Card9.49%$5050


Written by Sally Tindall

Sally Tindall

Sally Tindall is money editor of

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