Coronavirus credit card cuts: Which banks have slashed rates?
In comparison to home loans, personal loans and deposit accounts, credit cards don’t often get much attention post RBA cuts, but this month things have changed.
Given the current financial environment as a result of COVID-19, a handful of providers on the Mozo database have cut credit card rates to ease the hit to customers’ wallets.
Notably, the largest cut came from big bank NAB, who, from 27 April 2020, will slash its Low Rate Credit Card by 100 basis points, leaving it with a new 12.99% purchase rate.
But NAB isn’t alone: Auswide Bank, Bank First, Heritage Bank and Queensland Country Bank have all jumped on board the rate cut train and dropped rates by at least 25 basis points.
Here’s a full breakdown of the changes so far:
Bank | Product | Purchase Rate | Change |
Auswide Bank | Low Rate Visa | 8.20% | -0.25% |
Bank First | Visa Classic Visa Premium | 12.54% (after 6 months of 0%) 9.59% (after 6 months of 0%) | -0.25% -0.25% |
Heritage Bank | Classic Gold Low Rate Platinum | 16.99% 10.80% 16.99% | -0.50% -0.50% -0.50% |
---|---|---|---|
NAB | Low Rate | 12.99% (effective 27 April) | -1.00% (effective 27 April) |
Queensland Country Bank | Rewarder Visa Credit Card | 12.95% 12.95% | -0.25% -0.25% |
RELATED ARTICLE: NAB expands coronavirus support to credit card and personal loan customers
What other credit card relief packages are available to customers?
While only five banks have chopped credit card rates this month, others have introduced relief packages in response to the outbreak of COVID-19.
For customers financially affected by the coronavirus, efforts by banks include lowering minimum monthly repayments, interest or repayment pauses as well as refunding late fees.
Check out what these credit card providers are doing to help:
The big banks:
- CommBank - refunding late fees and interest for the month of March.
- NAB - from 27 April 2020 lowering minimum monthly repayments for at least three months.
- Westpac - three month pause on repayments and interest.
- ANZ - customers must contact ANZ to transfer to a product with a lower rate or reduce credit limit.
Other credit card providers:
- Australian Unity - repayment relief for up to six months.
- Bank First - deferred repayments for up to three months.
- Bank of Heritage Isle - deferred repayments for up to six months.
- CUA - repayment relief (dependant on your situation), and no fees for replacement cards.
- Greater Bank- deferred repayments for up to six months and waived interest.
- HSBC - deferred repayments for up to six months.
- ING - deferred repayments for three to six months.
- Latitude Financial - reduced monthly repayments and interest.
- Macquarie Bank - deferred repayments for up to six months.
- Newcastle Permanent - deferred repayments for up to six months.
- Police Bank - deferred repayments for up to six months.
- Unity Bank - repayment relief (dependant on your situation).
RELATED ARTICLE: CommBank offers further coronavirus relief to home loan and credit card customers
Want to find out how these new credit card rates stack up against the rest? Check out the table below for options or head over to our credit card comparison tool for more!
Credit Cards 2020 - last updated 20 April 2024
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Apply By 28 May 2024
American Express Qantas Ultimate Card
Receive 60,000 Bonus Qantas Rewards Points when you apply online by 28 May 2024, are approved, and spend $3,000 on your new Card within the first 3 months. T&Cs apply. Available for New American Express Card Members only.
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$450Rewards program
Qantas Frequent FlyerCompareCompareQantas Ultimate Card
Receive 60,000 Bonus Qantas Rewards Points when you apply online by 28 May 2024, are approved, and spend $3,000 on your new Card within the first 3 months. T&Cs apply. Available for New American Express Card Members only.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $450
- Rewards program
- Qantas Frequent Flyer
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $450
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Qantas Ultimate Card
-
American Express Platinum Edge Credit Card
Enjoy $0 Annual Card Fee (usually $195) in the first year when you apply online and are approved. T&Cs apply. New Card Members only. Offer subject to change without notice.
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$195 $0 in the first yearRewards program
Membership RewardsCompareComparePlatinum Edge Credit Card
Enjoy $0 Annual Card Fee (usually $195) in the first year when you apply online and are approved. T&Cs apply. New Card Members only. Offer subject to change without notice.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $195 $0 in the first year
- Rewards program
- Membership Rewards
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $195 $0 in the first year
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Platinum Edge Credit Card
-
American Express Explorer® Credit Card
Receive 50,000 bonus membership rewards points when you apply online, are approved, and spend $4,000 on eligible purchases on your new card within the first 3 months (T&Cs apply). New Card Members only. Complimentary domestic & international Travel Insurance (T&Cs apply). Up to 55 days interest free on purchases. $395 annual fee.
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$395Rewards program
Membership RewardsCompareCompareExplorer® Credit Card
Receive 50,000 bonus membership rewards points when you apply online, are approved, and spend $4,000 on eligible purchases on your new card within the first 3 months (T&Cs apply). New Card Members only. Complimentary domestic & international Travel Insurance (T&Cs apply). Up to 55 days interest free on purchases. $395 annual fee.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $395
- Rewards program
- Membership Rewards
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $395
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Explorer® Credit Card
-
Apply By 15 May 2024
American Express Velocity Platinum Card
Earn 100,000 bonus Velocity Points when you apply online by 15 May 2024, are approved, and spend $3,000 on eligible purchases on your new American Express Velocity Platinum Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$375Rewards program
Velocity Frequent FlyerCompareCompareVelocity Platinum Card
Earn 100,000 bonus Velocity Points when you apply online by 15 May 2024, are approved, and spend $3,000 on eligible purchases on your new American Express Velocity Platinum Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $375
- Rewards program
- Velocity Frequent Flyer
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $375
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Velocity Platinum Card
-
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 yearRewards program
-CompareCompareLow 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
- Rewards program
- -
- Purchase rate
- 13.49% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $59 $0 in the first year
- Late payment fee
- $15.00
- Cash advance fee
- 3%, Min $3
Read our Mozo Review to learn more about the NAB Low Rate Card - Balance Transfer Offer
-
American Express Qantas Discovery Card
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
Purchase rate
23.99% p.a.Balance transfer rate
No current offerAnnual fee
$0Rewards program
Qantas Frequent FlyerCompareCompareQantas Discovery Card
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
- Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Annual fee
- $0
- Rewards program
- Qantas Frequent Flyer
- Purchase rate
- 23.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $0
- Late payment fee
- $30.00
- Cash advance fee
- 2%, min $2.50
Read our Mozo Review to learn more about the American Express Qantas Discovery Card
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