Low rate credit cards: issuers' rates and how to judge them

Low rate credit cards on issuers' own pages (checked 10 October 2026)

These are each major issuer's lowest ongoing purchase rate cards, as the issuer describes them, listed alphabetically. Some now charge a monthly fee instead of an annual one, so multiply it by 12 before you compare.

Which credit card is best for low interest rates?

The one with the lowest total cost for the way you use it, which isn't always the lowest advertised rate. Judge a low rate card on these, in order:

• The ongoing purchase rate, not an introductory one. Check what the rate becomes after any honeymoon period; Moneysmart lists honeymoon rates separately for this reason.
• The annual or monthly fee. On a small balance, a $0 fee and a slightly higher rate can cost less than a lower rate with a fee.
• Interest-free days, and whether you lose them while carrying a balance (usually you do).
• The cash advance rate and fee, if you ever use the card for cash.
• Late payment and overseas transaction fees.
• The credit limit you actually need. A lower limit reduces temptation, and ASIC found lenders count your whole limit, not the balance, when you apply for other loans.

Credit card interest rates compared

In September 2026 the RBA's average standard credit card rate was 21.24% and its average low rate card rate 13.49%. A rough, hypothetical comparison of what that's worth: carrying an average $5,000 balance for a year costs about $1,062 in interest at 21.24% and about $675 at 13.49%. The saving of roughly $387 a year is more than most people earn in rewards. Use the calculator above for your own balance and rates.

0% purchase cards with a monthly fee

Some cards charge no interest on purchases at all and replace interest with a flat monthly fee. They can make costs predictable, but a monthly fee on a card you barely use is still a cost: work out the yearly total and compare it with the interest you'd pay on a low rate card at your usual balance.

Low rate card or balance transfer?

If you already have a balance, a balance transfer pauses interest for a period, but whatever is left then reverts to a higher rate, often the cash advance rate. A low rate card doesn't have that cliff. Many low rate cards also offer a balance transfer, which can combine the two: a 0% period, then a low rate on purchases. Either way, the debt only goes away with repayments above the minimum.

When a low rate card isn't the right tool

If you always pay the full closing balance by the due date, the interest rate doesn't affect you, because interest-free days apply to purchases. Then the annual fee and features matter more; see no annual fee cards and rewards vs cashback cards. And if repayments are already a struggle, talk to your bank about hardship or call the National Debt Helpline on 1800 007 007 before taking on a new card. Questions about your credit score, such as what lowers it fastest, are answered in our credit scores guide.