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

    CUA Low Rate Credit Card

    0% p.a. for 13 months and then 21.74% p.a.

    11.99% p.a.

    $49 $0 in the first year

    0% balance transfer rate for 13 months & up to 55 interest free days. No annual fee for the first year and $49 after.

    • 0% p.a. for 13 months and then 21.74% p.a.

    • $49 $0 in the first year

    • 11.99% p.a.

    • 55

    • 21.74% p.a.

    • 2.00%, Min $3.50

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

    Details Close

  • Promoted

    ANZ Low Rate

    0% p.a. for 15 months and then 21.74% p.a.

    12.49% p.a.

    $58

    With a low interest rate on your purchases and 0.0% p.a. on balance transfers for the first 15 months (T&Cs apply), this card makes for easy everyday spending. Apply online in just five minutes, and receive an answer in 60 seconds.

    • 0% p.a. for 15 months and then 21.74% p.a.

    • $58

    • 12.49% p.a.

    • 55

    • 21.74% p.a.

    • 2%

    Read our Mozo Review to learn more about the 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.

    • 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

    Heritage Bank Gold Low Rate

    No current offer

    11.80% 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

    • 11.80% p.a.

    • 0

    • 11.80% p.a.

    • 2%, Min $2.50

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

    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

    Coles Low Rate Mastercard

    0% p.a. for 15 months and then 19.99% p.a.

    12.99% p.a.

    $58

    $100 off a single Coles Supermarket shop when you apply online by 30 June 2019 and make a purchase in the first 30 days. Collect flybuys points faster when you shop at Coles. Earn 0.5 flybuys points for every dollar spent on the card at Coles Supermarkets.

    • 0% p.a. for 15 months and then 19.99% p.a.

    • $58

    • 12.99% p.a.

    • 55

    • 19.99% p.a.

    • 3%, Min $1.95

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

    Details Close

  • Promoted

    NAB Low Rate Platinum Card

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

    0% p.a. for 15 months then 13.99% p.a.

    $100

    Up to 55 days interest free & 0% p.a. on purchases for 15 months

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

    • $100

    • 0% p.a. for 15 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 Platinum Card

    Details Close

  • Promoted

    Apply By 30 June 2019

    Citi Clear Platinum

    0% p.a. for 14 months and then 21.74% p.a.

    12.99% p.a.

    $99 $0 in the first year

    0% p.a. for 14 months – no balance transfer fee. Enjoy a $0 annual fee in the first year, reverting to $99 thereafter. Enjoy a bottle of wine with the Citi Dining Dining Program.

    • 0% p.a. for 14 months and then 21.74% p.a.

    • $99 $0 in the first year

    • 12.99% p.a.

    • 55

    • 21.74% p.a.

    • 3.5%, min $3.50

    Read our Mozo Review to learn more about the Clear Platinum

    Details Close

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