Police Credit Union launch new SoLo credit card with lowest rate on the market

Shoppers looking for a straightforward and cost-effective credit card for their spending now have another option available to them, after Police Credit Union launched its new SoLo credit card, with the lowest purchase rate in the market.

Credit cardholders have had a tough time, with banks consistently failing to pass RBA rate cuts onto their favourite pieces of plastic, but the launch of the new SoLo credit card from Police Credit Union should come as some welcome relief.

With an interest rate of just 6.99% attached, it’s the lowest rate card available on the market today, and also comes with no annual fee and no transaction fees on purchases. The cash advance rate also clocks in at 6.99%, though hitting the ATM will cost shoppers a small fee.

Cardholders will be able to access funds anywhere Visa is accepted, use payWave to pay for small purchases and pay bills using Bpay.

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The flip side of that for conscientious spenders, is that the SoLo credit card comes with no interest free days — so although the interest costs are lower than other options, shoppers will start being charged interest immediately after they use their card.

Mozo Data Manager Peter Marshall said this feature means the card is good value for certain types of spenders.

“If you know you’re the kind of spender who always carries a balance on your credit card this is probably the best option for you to keep costs as low as possible,” he said.

“But for those who like to clear their balance each month to avoid paying interest at all it's not such a good deal. These spenders would be better off opting for a low rate card that offers the standard 44-55 interest free days.”

The next lowest interest rates on the market are attached to the Bankwest Breeze range and the Community First Credit Union Pink McGrath Visa, both at 8.99%.

Anyone can bank with Police Credit Union, regardless of whether you are employed in law enforcement, but to get their hands on the low rate SoLo card, shoppers will have to become a member of the Credit Union first.

To check out some of the best low interest credit cards available on the market today, head over to our low rate credit card comparison table. And take a look at the credit cards our experts have given the seal of approval in our Mozo Experts Choice Awards.