How do the Big Four low rate & 0% interest credit cards compare?
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Like the idea of a credit card issued by one of the big four? Well if traditional banking is more your speed, you’ll be pleased to know there’s plenty of options when it comes to low rate and 0% interest credit card offers.
In fact, each of the big four (CommBank, NAB, Westpac and ANZ) offer at least one product in each category.
With that in mind, we’ve compared top credit cards side by side to help you look for the right product for you!
Compare low rate credit cards from the Big Four
Low interest rate credit cards may be a good option if you sometimes struggle to pay down your balance in full each month and want to avoid hefty interest charges that often come with rewards or platinum credit cards.
While these cards are often on the more ‘no frills’ end of the spectrum, it’s still important to weigh up things like fees, interest free days and any offers that are available.
Westpac Low Rate
- 13.74% p.a. purchase rate
- $0 annual fee in the first year ($59 after)
- Cashback or balance transfer offer
Westpac’s Low Rate credit card comes with a 13.74% p.a. purchase rate and a bunch of great features. Not only will Westpac waive the $0 annual fee in the first year, which reverts to $59 after that, there are also up to 55 interest-free days up for grabs on eligible purchases. Plus, there’s a $400 cashback offer available for new customers that spend $4,000 on eligible purchases within 120 days from approval (offer ends 24 February 2022) - T&Cs apply. Or, there’s a 0% balance transfer offer for 28 months, just be mindful there is a 1% balance transfer fee and after the 28 month period is up, the rate reverts to the hefty 21.29% p.a. cash advance rate (offer ends 24 February 2022).
NAB Low Rate
- 12.99% p.a. purchase rate
- $0 annual fee in the first year ($59 after)
- Up to 55 interest free days on eligible purchases
The Low Rate credit card from NAB offers a 12.99% p.a. purchase rate, up to 55 interest free days on eligible purchases and $0 annual fee in the first year (then $59). Not only that, there is also a balance transfer offer up for grabs. Customers wanting to transfer their debt can receive 0% for 32 months while they pay back what they owe. And the good news is, there is no balance transfer fee for doing so. Just be mindful, if you opt for the balance transfer offer, after the offer period is up the rate on the card reverts to the cash advance rate, which sits at a higher 21.74% p.a.
Commonwealth Bank Low Rate
- 0% p.a. purchase rate for first 16 months
- 13.24% purchase rate after no interest period
- Up to 55 interest free days on eligible purchases
Want to combine a low rate credit card and a 0% interest intro offer? Say hello to the Commonwealth Bank Low Rate credit card. This product offers a 0% p.a. introductory purchase rate to new customers for the first 16 months from approval. Then, after that the card offers a low 13.24% p.a. purchase rate. Commonwealth Bank also offers up to 55 interest free days on eligible purchases with this card. And for those looking to clear existing debt there is a 5.99% balance transfer offer for 5 months (which reverts to the cash advance rate of 21.24% p.a. after) with no balance transfer fee. Just keep in mind, there is a $59 annual fee attached to this card.
Looking for a low rate card that offers travel insurance? Read up on the Commonwealth Bank Low Rate Gold Credit Card.
ANZ Low Rate
- 12.49% p.a. purchase rate
- $0 annual fee in the first year ($58 after)
- Up to 55 interest free days on eligible purchases
The ANZ Low Rate credit card has a purchase rate of 12.49% p.a. and a $0 annual fee in the first year ($58 afterwards). ANZ also offers up to 55 interest-free days on eligible purchases. There is also a balance transfer offer attached to this card: 0% for the 30 months with no balance transfer fee. However, after the 30-month balance transfer period the rate reverts to the 20.24% p.a. cash advance rate.
Compare 0% interest credit cards from the Big Four
Don’t like the idea of interest at all? A 0% interest credit card might suit you better, and when it comes to the Big Four there are a few to choose from.
On the one hand, the NAB StraightUp, CommBank Neo and Westpac Flex cards work like buy now pay later whereby customers pay a monthly fee rather than being charged interest.
Alternatively, the ANZ First has a 0% interest offer that is for 12 months, which then reverts to a higher cash advance rate. Find out the details below …
NAB StraightUp
With the NAB StraightUp card, you won’t be charged any interest on the purchases you make - that’s right 0%! Instead, customers are charged a monthly fee based on their credit limit: $10 for a $1,000 limit, $15 for a $2,000 limit and $20 for a $3,000 limit. Plus, there are no usual credit card fees attached to this card, such as an annual fee or late payment charge. And, if you don’t use your card at all during a statement period, NAB doesn’t charge the monthly fee.
Commonwealth Bank Neo
If interest-free is what you are after, Commonwealth Bank’s Neo may be the right choice for you. This card has a 0% p.a. purchase rate and instead charges customers a monthly fee based on their credit card limit. This means for those with a limit of $1,000, they’ll pay $12 per month, limits of $2,000 pay $18 per month and limits of $3,000 pay $22 per month. And the good news is, if you don’t use your card within a statement period CommBank will waive the monthly fee. There are also no annual or late fees attached to this card.
Westpac Flex Card
Only need a small credit card limit? The Westpac Flex Card offers 0% p.a. purchase rate and offers a credit limit of $1,000. There are no annual or late fees attached to this card, only a $10 monthly charge. And, if you don’t use your card at all within a statement period, the monthly fee is $0. Just remember though, this card is issued as a digital card only so it is just for use on devices like a smartphone or smart watch, no physical Flex cards are available from Westpac.
ANZ First
- 0% p.a. purchase rate for first 12 months (20.24% p.a. after)
- Up to 55 interest free days
- Low $30 annual fee
When it comes to an interest-free offer, the ANZ First credit card might catch your eye. This product offers 0% p.a. purchase rate to customers for the first year, meaning eligible purchases won’t accrue interest over that period. Plus, there are up to 55 interest free days on eligible purchases, so if you play your repayments right you could dodge paying interest even after the 0% offer is up. And when it comes to the annual fee, ANZ charges a low $30 which won’t break the bank. Bear in mind, there is a $20 late fee for missed or delayed minimum repayments.
Want to see how the Big Four stack up against other credit card providers? Head over to our low interest credit card comparison page to weigh up rates, fees and features.
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