Coronavirus credit card cuts: Which banks have slashed rates?

Polly Fleeting

Monday 20 April 2020

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.  

Girl on her laptop with her credit card that has a slashed interest rate

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: 

BankProductPurchase RateChange
Auswide BankLow Rate Visa8.20%-0.25%
Bank FirstVisa Classic

Visa Premium
12.54% (after 6 months of 0%)

9.59% (after 6 months of 0%)
-0.25%

-0.25%
Heritage BankClassic 

Gold Low Rate

Platinum
16.99%

10.80%

16.99%
-0.50%

-0.50%

-0.50%
NABLow Rate 12.99%
(effective 27 April)
-1.00%
(effective 27 April)
Queensland Country BankRewarder

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!

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