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Banks big and small have credit cards under 10%

Banks big and small have credit cards under 10%

12 Aug, 2018 - 2 min read

Commonwealth Bank, Westpac and at least 10 other providers are offering credit cards with single-digit interest rates.

Credit union Nexus Mutual has a credit card with a purchase rate of just 6.64 per cent – although it comes with zero interest-free days (see table below).

The American Express Low Rate Credit Card imposes an interest rate of 8.99 per cent, comes with up to 55 interest-free days and doesn’t charge an annual fee.

Commonwealth Bank and Westpac both have credit cards with interest rates of 9.90 per cent.

The Commonwealth Bank Essentials card has up to 55 interest-free days and a $60 annual fee, while the Westpac Lite Card has up to 45 interest-free days and a $108 annual fee.

Bank Australia, Bank First, Bank of Us and Big Sky Building Society also have credit cards with interest rates under 10 per cent, as do Community First Credit Union, Easy Street Financial Services, G&C Mutual Bank and Northern Inland Credit Union.

Provider	Product	Interest rate	Interest-free days (max.)	Annual fee (max.)
Nexus Mutual	Low Rate Platinum Credit Card	6.64%	0	$49
American Express	Low Rate Credit Card	8.99%	55	$0
Community First Credit Union	McGrath Pink Visa	8.99%	55	$40
Community First Credit Union	Low Interest Rate Visa	8.99%	55	$40
Easy Street Financial Services	Easy Low Rate Visa	8.99%	55	$40
Northern Inland Credit Union	Low Rate Visa Credit Card	8.99%	0	$0
Bank Australia	Low Rate Visa Credit Card	9.39%	0	$59
G&C Mutual Bank	Low Rate Visa Credit Card	9.49%	50	$50
Big Sky Building Society	Low Rate Visa Credit Card	9.90%	45	$59
Commonwealth Bank	Essentials	9.90%	55	$60
Westpac	Lite Card	9.90%	45	$108
Bank of Us	Visa Credit Card	9.99%	57	$39
Bank First	Visa Platinum	9.99%	55	$99

Please note that the cheapest credit card might not necessarily be the best credit card for your specific circumstances.

Disclaimer

This article is over two years old, last updated on August 12, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent credit cards articles.

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Product database updated 28 Nov, 2024

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

Nick Bendel

Property & Personal Finance Writer

A property and personal finance writer, Nick Bendel covered property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.