Banks hike credit card rates

Mozo

01 May 2019

Banks hike credit card rates article image content

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.

  • Apply By 01 August 2021

    Bendigo Bank Low Rate Credit Card

    0% p.a. for 24 months and then 11.99% p.a. (2.00% balance transfer fee)

    11.99% p.a.

    $45

    0% p.a. balance transfer for 24 months (Reverts to 11.99% p.a). Low annual fee of $45 and no fees for additional cardholders.

    • 11.99% p.a.

    • -

    • 0% p.a. for 24 months and then 11.99% p.a. (2.00% balance transfer fee)

    • 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

  • St.George Vertigo

    0% p.a. for 28 months and then 21.49% p.a.

    13.99% p.a.

    $55

    0% p.a. for 28 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. New cards only, Eligibility criteria and T&Cs apply. Offer ends September 28th 2021.

    • 13.99% p.a.

    • -

    • 0% p.a. for 28 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 3.00%

    • $55

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Vertigo

    Details Close

  • Apply By 07 September 2021

    Westpac Low Rate

    0% p.a. for 28 months and then 21.49% p.a. (1.00% balance transfer fee)

    13.74% p.a.

    $59 $0 in the first year

    Enjoy a super low rate of 13.74% with 55 days interest free plus 0% balance transfer for up to 28 months at 1% BT fee. No annual card fee for the first year, $59 thereafter.

    • 13.74% p.a.

    • -

    • 0% p.a. for 28 months and then 21.49% p.a. (1.00% balance transfer fee)

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $59 $0 in the first year

    • $15.00

    • 2%, Min $2.50, Max $150

    Read our Mozo Review to learn more about the Low Rate

    Details Close

  • ING Orange One Low Rate Credit Card

    No current offer

    11.99% p.a.

    $0

    With a low interest rate, no annual fee and, if per account, you meet the eligibility criteria, no ING International Transaction Fees when you shop overseas or online. Automatic repayments from eligible ING accounts.

    • 11.99% p.a.

    • -

    • No current offer

    • 11.99% p.a.

    • 45

    • 2.50%

    • $0

    • $20.00

    • 3%, Min $3.00

    Read our Mozo Review to learn more about the Orange One Low Rate 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 and no annual fee. 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

  • NAB StraightUp Card ($10/month - $1,000 Credit Limit)

    No current offer

    0% p.a.

    $120 $10/month - waived if no spend & no balance owing

    Pay no interest and no late payment fees, just a $10 monthly fee for a $1,000 credit limit. Plus, if you don't make any purchases and have an outstanding balance of $0 during the whole statement period, the monthly fee will be reversed. Also pay no foreign currency fees when you shop online or overseas. Mozo Experts Choice Credit Card Innovation Winner 2020^.

    • 0% p.a.

    • -

    • No current offer

    • 0

    • 0%

    • $120 $10/month - waived if no spend & no balance owing

    • $0.00

    • n/a

    Read our Mozo Review to learn more about the StraightUp Card

    Details Close

  • NAB Low Rate Card

    0% p.a. for 20 months and then 21.74% p.a. (2.00% balance transfer fee)

    12.99% p.a.

    $59

    0% p.a. interest on balance transfers for the first 20 months (2% fee), plus a low ongoing purchase rate after that means you can spend with confidence. There's also up to 55 interest free days on purchases to help you manage your budget better.

    • 12.99% p.a.

    • -

    • 0% p.a. for 20 months and then 21.74% p.a. (2.00% balance transfer fee)

    • 21.74% p.a.

    • 55

    • 3.00%

    • $59

    • $15.00

    • 2%, Min $2.50

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

    Details Close

  • Bank of Melbourne Vertigo

    0% p.a. for 28 months and then 21.49% p.a.

    13.99% p.a.

    $55

    0% p.a. for 28 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. New cards only, Eligibility criteria and T&Cs apply. Offer ends September 28th 2021.

    • 13.99% p.a.

    • -

    • 0% p.a. for 28 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 3.00%

    • $55

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Vertigo

    Details Close

^See information about the Mozo Experts Choice Credit cards Awards