Banks hike credit card rates

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 - last updated 4 March 2024

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure
  • NAB Low Rate Card - Balance Transfer Offer

    Spend with confidence with a low 13.49% p.a. variable purchase rate and 0% p.a. interest on balance transfers for the first 28 months (T&Cs apply). 2% balance transfer fee applies. There’s also up to 55 interest free days on purchases to help you manage your budget better when you make minimum repayments. Minimum credit limit $1,000. No annual fee for the first year (usually $59).

    Purchase rate
    13.49% p.a.
    Balance transfer rate
    0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)
    Annual fee
    $59 $0 in the first year
    Compare
    Details
  • American Express Low Rate Credit Card

    Competitive low rate with $0 Annual Fee. Offers Card Refund Cover and Card Purchase Cover. Must have no history of bed debt or payment default, be aged 18 years and over, and be an Australian citizen, permanent resident, or hold a long term visa.

    Purchase rate
    10.99% p.a.
    Balance transfer rate
    No current offer
    Annual fee
    $0
    Compare
    Details
  • HSBC Low Rate Credit Card

    Purchase rate
    12.99% p.a.
    Balance transfer rate
    0% p.a. for 20 months and then 25.99% p.a. (2.00% balance transfer fee)
    Annual fee
    $99
    Compare
    Details
  • Australian Unity Low Rate Visa Credit Card

    Purchase rate
    9.90% p.a.
    Balance transfer rate
    No current offer
    Annual fee
    $59
    Compare
    Details
  • MOVE Bank Low Rate Credit Card

    Purchase rate
    8.99% p.a.
    Balance transfer rate
    0% p.a. for 6 months and then 8.99% p.a.
    Annual fee
    $59 $0 in the first year
    Compare
    Details

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