Interest Free & Low Interest Credit Cards in Australia

Interest Free & Low Interest Credit Cards in Australia
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In this day and age, it is unlikely that you will encounter someone who doesn’t own at least one credit card. Credit cards have become a staple in our world and can be a very handy financial tool to help you manage your money and build your credit history.

Other times however, having a credit card or multiple cards for that matter, can lead to financial hardship, if mismanagement occurs. If you are currently using a card that is not suitable for your needs for example, this could be a reason why you are unable to maintain your payments as effectively as you would like. Your credit score may also reflect this mismatch and in the event you miss payments or simply cannot pay down your balance, your credit can quickly be derailed.

However, if you choose the right card then you can start to rebuild your credit and even prevent bad credit from happening in the first place. With that being said, if you are looking to cut down on you interest payments and aiming to make your monthly payments more manageable – perhaps a low rate or even an interest free credit card will be able to perform this job properly, as opposed to working against you.

Here is a breakdown of some financial firms in Australia that I hope will shed some light on some of the lower interest cards available. The links below will also take you the sites directly, where you’ll also be able to compare various card options.

1. ANZ Low Rate Credit Card

To start things off, this card offers a low interest rate of 13.49%, with the first 55 days being interest-free. While there is a $58 annual fee, this rate is often less than many of the other credit card options. In addition to the low rate, this card offers rewards and benefits to consumers. Typically rewards card have higher interest, yet this card seems to balance many of its features quite nicely.

The minimum credit limit for this low rate card is $1000, whereas its platinum version that is essentially the next step up, requires a credit limit of at least $6000. Therefore, individuals who are worried about over spending and want to regain their ability to pay back their debts – while still needed to carry some credit, may opt for a card with a lower credit limit and in this case, the Low rate credit card could be a solid fit.

2. NAB Low Rate Credit Cards

This low rate card, offered through NAB, carries a slightly higher interest rate of 13.99%, yet has a special promotion right now which entitles its users to 15 months of interest free purchases. That being said, this is a good lesson about always reading the fine print as in order to receive this special offer, the card must be applied for by January 18 2015. This is of course an example of offers that are likely to pop up here and there and can benefit new card users at various times.

The annual fee is comparable at $59 and can offer cardholders benefits that include travel incentives and entertainment discounts. On top of from being able to choose between a silver and pink card, this low rate card may be a good choice for individuals who carry a balance from month to month, yet want to work more diligently to pay down the balance each month.

3. Commonwealth Bank: Personal Low Rate Credit Card

The Commonwealth Bank also has low rate credit cards that are geared towards individuals who require lower interest charges each month. The interest rate sits at 13.49% and in terms of an annual fee, for the first year of activation the amount is $0. After this period, however, the annual fees shoot up to $78. There are some instances where this amount will be lowered to $48, which is more in line with the other low rate cards. However that being said, borrowers must first meet some eligibility requirements that may not apply for everyone.

You can look into this card in further detail as it is comparable to the others with regards to the interest rate. The annual fee, although might be too costly for all credit card holders. There are also some advantages included in this credit card offer which are exclusively offered through the MasterCard Privileges Program.

4. Citibank – Low interest Credit Card

One final example of a low rate credit card available to Australian residents is the Citibank Clear Platinum Card. This low rate card offers up a rate of 13.99%, with 0% interest paid for the first 9 months. The annual fee for the first year is as low as $49, with a jump up to %99 after that. This annual fee hike may not be ideal for all card users – however some may mange this while still enjoying a lower ongoing interest rate.

Check out the link above for more details about this card option as well, you may also wish to compare this card with other cards and determine which may suit you the best.

Ultimately, as many of the cards have annual fees that start around $50, the low interest rates may still offset this value and allow you to keep on top of your payments as you go. The goal being to make your monthly payments as low as possible – these cards may be more appropriate for borrowers who have previous difficulty managing their credit payments. If your credit history has suffered and your score is lower than what may be deemed good- then these cards could also be a method that will enable you to manage your payments with a great degree of efficiency.

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