Cheapest Credit Cards in Australia – Updated March 2020
If you have been searching for the cheapest credit cards in Australia, you need to look at the purchase interest rate, the annual fee and the interest-free period. Some credit cards are now even offering a zero per cent purchase interest rate for a limited time.
The cheapest credit card for you – and the best credit card for you – will be the one that matches your own way of spending and managing money.
– How to Find Cheap Credit Cards in Australia?
If you repay all your purchases within the interest-free period, you might be looking for a credit card with a low or no annual fee.
If you carry a debt on your card, you may like to consider a low-rate credit card or you may like to consider a zero-interest balance transfer card.
InfoChoice' credit card comparison table lists credit cards from Australia’s major banks, credit unions and other credit card issuers.
Go directly to compare these credit card types:
- Low-rate credit cards
- No Annual Fee credit cards
- Balance Transfer credit cards
- Platinum and Gold Credit Cards
- Frequent Flyer and Rewards credit cards
- Business credit cards
Cheap credit cards – Low Interest vs Low Fees?
When searching for a cheap credit card, look at the fees, especially the annual fee and the interest rates charged by the card.
You can maintain a credit card, basically almost for free, if you match your spending and money management habits with the credit card that is right for you.
Some cards have no annual fee. Some cards have a very low interest rate or a long interest-free period.
If you only want a credit card for the security of knowing you have it, interest rates may not concern you and you probably want no annual fee.
If you plan on using your card quite a bit, you should be more concerned with the interest rate and interest-free days.
No Annual Fee credit cards
The following credit cards have no annual fee:
The Virgin Money No Annual Fee Visa credit card is currently offering a balance transfer rate of 0% pa for the first 12 months and a purchase interest rate of 18.99 per cent pa after up to 55 days interest-free.
This card is linked to a rewards program and VFF. The cash advance rate is 20.99 per cent pa.
Go directly to Virgin Money credit card interest rate and fees information at InfoChoice.
The American Express Velocity Escape credit card has no annual fee, up to 55 days interest free and a purchase interest rate of 20.74 per cent pa. This card is currently offering a 0% pa balance transfer rate for the first 12 months.
Go directly to American Express interest rates and fees information at InfoChoice.
Compare these cards with other credit cards with no annual fee at InfoChoice.
Low-Rate credit cards
The lowest interest rate credit cards listed on InfoChoice are:
The G&C Mutual Bank Low Rate Visa credit card has a purchase rate of 7.49 per cent pa, cash advance rate of 15.49 per cent pa and up to 50 days interest free. This card has an annual fee of $50.
Go directly to G&C Mutual Credit Union interest rates and fees information at InfoChoice.
The Bankwest Breeze Mastercard credit card has a purchase interest rate of 12.99% pa, up to 55 days interest-free and an annual fee of $99. There is a balance transfer rate of 0% p.a. for 26 months (2% BT fee applies) and a discounted annual fee of $49 for the first year.
Go directly to Bankwest credit card interest rate and fees information at InfoChoice.
The cheapest credit card in Australia (on InfoChoice*)
The cheapest credit card in Australia now listed on InfoChoice (and as calculated by our InfoChoice researchers) is the Community First Credit Union McGrath Pink Visa credit card.
This card has a mix of low rates, low fees and a long interest free period. The McGrath Pink Visa annual fee is $40, half of which goes to cancer charities. The purchase and cash advance interest rate is 8.99 per cent pa, with up to 55 days interest free and a credit limit from $1,000 to $15,000.
The cheapest credit card with Velocity Frequent Flyer points (on InfoChoice*)
There are plenty of cheap, good value credit cards that can be linked to Virgin Velocity Frequent Flyer or have points programs that allow points to be transferred to Velocity points. You may prefer a low rate or a low annual fee credit card, depending on how you use the card.
The Coles No Annual Fee Mastercard credit card is potentially one of the cheaper credit cards on InfoChoice featuring a rewards program because it has no annual fee.
This card also acts a Flybuys card for shopping rewards through Coles brand outlets. Flybuys points can be exchanged for Velocity Frequent Flyer points.
Coles says you can transfer your flybuys points in multiples of 2,000 for 870 Velocity Points, up to 138,000 flybuys points per calendar year per household or 60,030 Velocity Points.
The cheapest credit card with QFF points (on InfoChoice*)
The cheapest credit card in Australia (as listed on InfoChoice) that links to Qantas Frequent Flyer and earns QFF points for you is a card with no annual fee. If you repay your purchases within the interest free period (up to 44 days) you can earn points cheaply.
The Qantas American Express Discovery credit card has no annual fee, a balance transfer rate of 0% pa for the first 12 months, a purchase interest rate of 20.74 per cent pa and up to 44 days interest free.
Go directly to American Express credit card interest rates and fees information at InfoChoice.
In March 2020, based on our research by our experts of cards listed on InfoChoice only, these are the cheapest credit cards available in Australia. Individual situations vary, so do your research before applying for any card.
You can compare credit cards from Australia’s banks, credit unions and other card issuers at InfoChoice.
- Compare No Annual Fee credit cards in Australia
- Compare Low Rate credit cards in Australia
- Compare balance transfer credit card deals in Australia
- Compare Rewards & QFF, VFF linked credit cards in Australia
- Compare Platinum & Gold level credit cards in Australia
- Compare business credit cards in Australia
*As listed on InfoChoice. The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements
InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.
The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.
Updated: March 2020