Banks hike credit card rates

Mozo

01 May 2019

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In a sneaky move that is likely to anger thousands of Australian credit cardholders, Westpac, St George Bank of Melbourne and BankSA are hiking credit card rates despite the fact that experts are predicting the official cash rate to fall as early as next week.

Westpac and the St George group will increase the purchase rate on all of their credit cards by 25 basis points, meaning thousands of credit card customers could now be slugged with rates above 20% if they don't pay off their balance in full each month. The cash advance rate on all cards will also rise to a whopping 21.49%.

If you are one of the millions of Australians who don't pay off their credit card balance in full each month, now is the time to review your credit card rate and switch to a low interest card. With rates on offer from just 11.99%, switching to a better value card could save you thousands.

Top Low Interest Credit Cards - rates updated daily

  • Promoted

    Heritage Bank Gold Low Rate

    No current offer

    11.55% p.a.

    $0

    Heritage Bank Gold Low Rate Credit Card offers a 11.80% purchase and cash advance rate and comes with no annual fee.

    • No current offer

    • $0

    • 11.55% p.a.

    • 0

    • 11.55% p.a.

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Gold Low Rate

    Details Close

  • Promoted

    Virgin Money Virgin Australia Velocity Flyer Card - Purchase Rate and Balance Transfer Offer

    0% p.a. for 6 months and then 20.99% p.a.

    0% p.a. for 14 months then 20.74% p.a.

    $129 $64 in the first year

    Receive a $129 Virgin Australia gift voucher each year. 0.0% p.a. on purchases for up to 14 months. $64 annual fee in the first year ($129 after)
.

    • 0% p.a. for 6 months and then 20.99% p.a.

    • $129 $64 in the first year

    • 0% p.a. for 14 months then 20.74% p.a.

    • 44

    • 20.99% p.a.

    • 2.7%, Min $2.70

    • Points are credited to the Velocity Frequent Flyer program.

    Details Close

  • Promoted

    Latitude Low Rate Mastercard

    No current offer

    11.99% p.a.

    $69

    Combine a low rate with features like price protection, purchase protection and extended warranty and what do you get? A budget-friendly credit card that's seriously hard to go past for savvy spenders.

    • No current offer

    • $69

    • 11.99% p.a.

    • 55

    • 20.99% p.a.

    • 3%, Min $1.95

    Read our Mozo Review to learn more about the Low Rate Mastercard

    Details Close

  • Promoted

    NAB Low Rate Card

    0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)

    0% p.a. for 6 months then 13.99% p.a.

    $59

    0% p.a. interest on purchases for the first 6 months, plus a low ongoing rate after that mean you can spend with confidence. There's also up to 55 interest free days on purchases to help you manage your budget better.

    • 0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)

    • $59

    • 0% p.a. for 6 months then 13.99% p.a.

    • 55

    • 21.74% p.a.

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Low Rate Card

    Details Close

  • Promoted

    ANZ Low Rate

    0% p.a. for 15 months and then 20.24% p.a.

    12.49% p.a.

    $58

    A simple everyday credit card with $0 annual fee in the first year and 55 days interest free days on purchases when you pay your account in full each month. Includes complimentary insurances. Apply online in just five minutes and receive an answer in 60 seconds. A minimum credit limit of $1,000 applies.

    • 0% p.a. for 15 months and then 20.24% p.a.

    • $58

    • 12.49% p.a.

    • 55

    • 20.24% p.a.

    • 2%

    Read our Mozo Review to learn more about the Low Rate

    Details Close

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