Banks hike credit card rates

Mozo

01 May 2019

redactor/hero-images/753/Banks_hike_credit_card_rates_article_image_content.png

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. Advertiser disclosure.

  • Bendigo Bank Low Rate Credit Card

    No current offer

    0% p.a. for 15 months then 11.99% p.a.

    $45

    Bonus $150 Woolworths Supermarket Gift Card when you spend $1,000 on eligible purchases within 90 days of opening your account. 0% on purchases for 15 months from account opening (Reverts to 11.99% p.a) Annual fee of $45 and no fees for additional cardholders.

    • 0% p.a. for 15 months then 11.99% p.a.

    • 0% p.a. for 15 months

    • No current offer

    • 13.99% p.a.

    • 55

    • 3.00%

    • $45

    • $15.00

    • 0.50%, Min $3.25

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

    Details Close

  • Bankwest Breeze Mastercard

    0% p.a. for 26 months and then 10.99% p.a. (2.00% balance transfer fee)

    10.99% p.a.

    $49 $0 in the first year

    Enjoy 0% p.a on balance transfers for 26 months (2% BT fee applies) then 10.99% thereafter. No annual fee for the first year. Limited time only. Other fees, T&Cs apply. New Mastercard Breeze customers only.

    • 10.99% p.a.

    • -

    • 0% p.a. for 26 months and then 10.99% p.a. (2.00% balance transfer fee)

    • 21.99% p.a.

    • 55

    • 0.0

    • 2.95%

    • $49 $0 in the first year

    • $25.00

    • 2%, Min $4.00

    Read our Mozo Review to learn more about the Breeze Mastercard

    Details Close

  • Defence Bank Foundation Credit Card

    3.99% p.a. for 6 months and then 8.99% p.a.

    3.99% p.a. for 6 months then 8.99% p.a.

    $45

    Defence Bank Low Rate Credit Card offers a 3.99% p.a. 6 month introductory rate on balance transfers, purchases and cash advances. Up to 55 days interest free on purchases.

    • 3.99% p.a. for 6 months then 8.99% p.a.

    • 3.99% p.a. for 6 months

    • 3.99% p.a. for 6 months and then 8.99% p.a.

    • 8.99% p.a.

    • 55

    • 3.00%

    • $45

    • $20.00

    • 4.1

    Read our Mozo Review to learn more about the Foundation Credit Card

    Details Close

  • ME frank Credit Card

    No current offer

    11.99% p.a.

    $0

    Meet Frank, a low rate credit card with up to 55 interest free days, no annual fee and no strings attached. If simple, hassle free spending is your goal, you and Frank might be a match made in heaven.

    • 11.99% p.a.

    • -

    • No current offer

    • 11.99% p.a.

    • 55

    • 2.30%

    • $0

    • $10.00

    • 2%, Min $4.00

    Read our Mozo Review to learn more about the frank Credit Card

    Details Close

  • St.George Vertigo

    0% p.a. for 24 months and then 21.49% p.a.

    13.99% p.a.

    $55 $0 in the first year

    0% p.a. for 24 months on balance transfers requested at card application. No balance transfer fee. Rate then switches to applicable variable cash advance rate. First year annual card fee waived for the first year ($55 thereafter). Available to new cards only, Eligibility criteria and T&Cs apply. Offer ends March 30th 2021. Mozo Experts Choice Balance Transfer Credit Card Winner 2020^.

    • 13.99% p.a.

    • -

    • 0% p.a. for 24 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $55 $0 in the first year

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Vertigo

    Details Close

  • CUA Low Rate Credit Card

    0% p.a. for 20 months and then 21.74% p.a.

    11.99% p.a.

    $49 $0 in the first year

    0% balance transfer rate for 20 months and up to 55 interest free days. No annual fee for the first year and $49 after. Mozo Experts Choice Balance Transfer Platinum Credit Card Winner 2020 20.

    • 11.99% p.a.

    • -

    • 0% p.a. for 20 months and then 21.74% p.a.

    • 21.74% p.a.

    • 55

    • 0.0

    • 3.40%

    • $49 $0 in the first year

    • $12.50

    • 2.00%, Min $3.50

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

    Details Close

  • Hot Deal Limited time cashback offer

    Westpac Low Rate

    0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)

    13.74% p.a.

    $59

    Enjoy 0% p.a. interest on balance transfers for the first 24 months. Get $200 cashback with $1k minimum spend on eligible purchases within 90 days of card approval. 55 interest free days and low on-going rate of 13.74% on all purchases.

    • 13.74% p.a.

    • -

    • 0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)

    • 21.49% p.a.

    • 55

    • 3.00%

    • $59

    • $15.00

    • 2%, Min $2.50, Max $150

    Read our Mozo Review to learn more about the Low Rate

    Details Close

  • Bank of Melbourne Vertigo

    0% p.a. for 24 months and then 21.49% p.a.

    13.99% p.a.

    $55 $0 in the first year

    Get 24 months 0% p.a. on balance transfers requested at card application. No balance transfer fee. Rate then switches to applicable variable cash advance rate. Pay no annual card fee for the first year ($55 thereafter). New cards only, Eligibility criteria and T&Cs apply. Offer ends March 30th 2021.

    • 13.99% p.a.

    • -

    • 0% p.a. for 24 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $55 $0 in the first year

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Vertigo

    Details Close

  • BankSA Vertigo

    0% p.a. for 24 months and then 21.49% p.a.

    13.99% p.a.

    $55 $0 in the first year

    Consolidate debt with 0% p.a. for 24 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. First year annual card fee waived for the first year ($55 thereafter). New cards only, Eligibility criteria and T&Cs apply. Offer ends March 30th 2021.

    • 13.99% p.a.

    • -

    • 0% p.a. for 24 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $55 $0 in the first year

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Vertigo

    Details Close

  • ANZ Low Rate

    0% p.a. for 25 months and then 20.24% p.a. (1.50% balance transfer fee)

    12.49% p.a.

    $58 $0 in the first year

    An everyday credit card with 0% p.a. for 25 months on balance transfers and $0 annual fee in First Year (1.5% Balance Transfer Fee applies). Apply online in just five minutes. A minimum credit limit of $1,000 applies.

    • 12.49% p.a.

    • -

    • 0% p.a. for 25 months and then 20.24% p.a. (1.50% balance transfer fee)

    • 20.24% p.a.

    • 55

    • 0.0

    • 3.00%

    • $58 $0 in the first year

    • $20.00

    • 2%

    Read our Mozo Review to learn more about the Low Rate

    Details Close

^See information about the Mozo Experts Choice Credit cards Awards