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: 

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!

Credit Cards 2020 - rates updated daily

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure.
  • Apply By 1 August 2021
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    Bendigo Bank Low Rate Credit Card

    0% p.a. balance transfer for 24 months (Reverts to 11.99% p.a). Low annual fee of $45 and no fees for additional cardholders.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    11.99% p.a.
    0% p.a. for 24 months and then 11.99% p.a. (2.00% balance transfer fee)
    $45
    -
    Go to site
    Details
  • placeholder
    Bankwest Breeze Mastercard

    Enjoy 0% p.a on balance transfers for 26 months (2% BT fee applies) then 10.99% thereafter. No annual fee for the first year. Limited time only. Other fees, T&Cs apply. New Mastercard Breeze customers only.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    10.99% p.a.
    0% p.a. for 26 months and then 10.99% p.a. (2.00% balance transfer fee)
    $49 $0 in the first year
    -
    Go to site
    Details
  • Apply By 7 September 2021
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    Westpac Low Rate

    Enjoy a super low rate of 13.74% with 55 days interest free plus 0% balance transfer for up to 28 months at 1% BT fee. No annual card fee for the first year, $59 thereafter.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    13.74% p.a.
    0% p.a. for 28 months and then 21.49% p.a. (1.00% balance transfer fee)
    $59 $0 in the first year
    -
    Go to site
    Details
  • placeholder
    Defence Bank Foundation Credit Card

    Defence Bank Low Rate Credit Card offers a 3.99% p.a. 6 month introductory rate on balance transfers, purchases and cash advances. Up to 55 days interest free on purchases.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    3.99% p.a. for 6 months then 8.99% p.a.
    3.99% p.a. for 6 months and then 8.99% p.a.
    $45
    -
    Go to site
    Details
  • placeholder
    MoneyMe Freestyle Virtual Mastercard

    A virtual card that’s available to use instantly once approved (approvals typically within 60 minutes). Tap n Pay, transfer money to friends and get awesome credit back offers from over 1,400 stores.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    16.99% p.a.
    No current offer
    $209 Annual fee may vary.
    -
    Go to site
    Details
  • placeholder
    St.George Vertigo

    0% p.a. for 28 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. New cards only, Eligibility criteria and T&Cs apply. Offer ends September 28th 2021.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    13.99% p.a.
    0% p.a. for 28 months and then 21.49% p.a.
    $55
    -
    Go to site
    Details

^See information about the Mozo Experts Choice Credit Cards Awards

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