Banks hike credit card rates

Mozo

01 May 2019

Banks hike credit card rates 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 28 February 2022

    Bendigo Bank Low Rate Credit Card

    No current offer

    0% p.a. for 18 months then 11.99% p.a.

    $45

    0% p.a. on purchases for up to 18 months (Reverts to 11.99% p.a). Low annual fee of $45 and no fees for additional cardholders.

    • 0% p.a. for 18 months then 11.99% p.a.

    • 0% p.a. for 18 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

  • St.George No Annual Fee

    2.99% p.a. for 15 months and then 21.49% p.a.

    0% p.a. for 12 months then 20.74% p.a.

    $0

    0% p.a. for 12 months on APR requested at card application. The special promotional purchase rate applies from card approval, after the promotional period, the rate will switch to the variable purchase rate. New cards only, Eligibility criteria and T&Cs apply. Offer ends February 24th 2022.

    • 0% p.a. for 12 months then 20.74% p.a.

    • 0% p.a. for 12 months

    • 2.99% p.a. for 15 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 3.00%

    • $0

    • $15.00

    • 3%

    Read our Mozo Review to learn more about the No Annual Fee

    Details Close

  • NAB Low Rate Card

    0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)

    12.99% p.a.

    $59 $0 in the first year

    0% p.a. interest on balance transfers for the first 32 months, 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 32 months and then 21.74% p.a. (0% balance transfer fee)

    • 21.74% p.a.

    • 55

    • 0.0

    • 3.00%

    • $59 $0 in the first year

    • $15.00

    • 2%, Min $2.50

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

    Details Close

  • American Express Low Rate Credit Card

    No current offer

    8.99% p.a.

    $0

    Competitive low rate with $0 Annual Fee. Offers purchase and refund protection. Customers need an annual income of $50,000 or more.

    • 8.99% p.a.

    • -

    • No current offer

    • 55

    • 3.00%

    • $0

    • $30.00

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

    Details Close

  • Apply By 30 November 2021

    Bank of Melbourne Vertigo

    0% p.a. for 32 months and then 21.49% p.a.

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

    $55 $0 in the first year

    0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends February 24th 2022.

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

    • 0% p.a. for 6 months

    • 0% p.a. for 32 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $55 $0 in the first year

    • $15.00

    • 3%

    Read our Mozo Review to learn more about the Vertigo

    Details Close

  • Virgin Money Low Rate Card

    0% p.a. for 15 months and then 21.69% p.a. (1.00% balance transfer fee)

    11.99% p.a.

    $99

    • 11.99% p.a.

    • -

    • 0% p.a. for 15 months and then 21.69% p.a. (1.00% balance transfer fee)

    • 21.69% p.a.

    • 55

    • 3.30%

    • $99

    • $30.00

    • 2.7%, Min $2.70

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

    Details Close

  • Apply By 24 February 2022

    St.George Vertigo

    0% p.a. for 32 months and then 21.49% p.a.

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

    $55 $0 in the first year

    0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends February 24th 2022.

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

    • 0% p.a. for 6 months

    • 0% p.a. for 32 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $55 $0 in the first year

    • $15.00

    • 3%

    Read our Mozo Review to learn more about the Vertigo

    Details Close

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