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 20 months and then 21.74% p.a.

    11.99% p.a.

    $49 $0 in the first year

    0% balance transfer rate for 13 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

  • Promoted

    Hot Deal $200 Cashback Offer (T&Cs apply)

    Westpac Low Rate

    0% p.a. for 20 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 20 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 20 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

  • Promoted

    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

    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.

    • 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

  • Promoted

    St.George Vertigo

    0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

    0% p.a. for 7 months then 13.99% p.a.

    $55 $0 in the first year

    Enjoy 0% p.a. for 22 months on balance transfers at card application. 1.5% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. Plus, 0% p.a. on purchases for 7 months. Rate then switches to applicable variable purchase 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 February 9th 2021. Mozo Experts Choice Balance Transfer Credit Card Winner 2020^.

    • 0% p.a. for 7 months then 13.99% p.a.

    • 0% p.a. for 7 months

    • 0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

    • 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

  • Promoted

    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

  • Promoted

    BankSA Vertigo

    0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

    0% p.a. for 7 months then 13.99% p.a.

    $55 $0 in the first year

    Consolidate debt with 0% p.a. for 22 months on balance transfers requested at card application. 1.5% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. Enjoy 0% p.a. on purchases for 7 months. Rate then switches to applicable variable purchase rate. First year annual card fee waived for the first year ($55 thereafter). New cards only, Eligibility criteria and T&Cs apply. Offer ends 9 February 2021.

    • 0% p.a. for 7 months then 13.99% p.a.

    • 0% p.a. for 7 months

    • 0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

    • 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

  • Promoted

    Bankwest Breeze Mastercard

    2.99% p.a. for 9 months and then 10.99% p.a. (0% balance transfer fee)

    0% p.a. for 15 months then 10.99% p.a.

    $49

    Enjoy 0% interest for 15 months on new purchases then 10.99% p.a. thereafter. $49 annual fee. Limited time only. Fees, T&Cs apply. New Breeze Mastercard customers only.

    • 0% p.a. for 15 months then 10.99% p.a.

    • 0% p.a. for 15 months

    • 2.99% p.a. for 9 months and then 10.99% p.a. (0% balance transfer fee)

    • 21.99% p.a.

    • 55

    • 2.95%

    • $49

    • $25.00

    • 2%, Min $4.00

    Read our Mozo Review to learn more about the Breeze Mastercard

    Details Close

  • Promoted

    Bank of Melbourne Vertigo

    0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

    0% p.a. for 7 months then 13.99% p.a.

    $55 $0 in the first year

    Get 22 months 0% interest on balance transfers at card application (1.5% balance transfer fee applies). Plus, get 0% p.a. on purchases for 7 months. Rate then switches to applicable variable purchase rate. Pay no annual card fee for the first year ($55 thereafter). New cards only, Eligibility criteria and T&Cs apply. Offer ends 9 February 2021.

    • 0% p.a. for 7 months then 13.99% p.a.

    • 0% p.a. for 7 months

    • 0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

    • 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

  • Promoted

    St.George Vertigo Platinum

    6.99% p.a. for 12 months and then 21.49% p.a.

    0% p.a. for 15 months then 12.99% p.a.

    $99 $49 in the first year

    Take advantage of 0% p.a. on purchases for 15 months. Rate then switched to applicable variable purchase rate. 55 day interest free period for repayments. Low $49 annual card fee for the first year ($99 thereafter). Applicable to new Cards only, Eligibility criteria and T&Cs apply. Offer ends February 9th 2021. Mozo Experts Choice Low Rate Platinum Credit Card Winner 2020^.

    • 0% p.a. for 15 months then 12.99% p.a.

    • 0% p.a. for 15 months

    • 6.99% p.a. for 12 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 49.0

    • 3.00%

    • $99 $49 in the first year

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Vertigo Platinum

    Details Close

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