Cheapest Credit Cards in Australia

If you have been searching for the cheapest credit cards in Australia, you have come to the right place.

Often, people are searching for a card that will give them the best value for their money. If you are searching for a card that will give you rewards, be aware that you will pay more for this privilege.

Low Interest or Low Fees?

When searching for a cheap credit card, most consumers don’t know which item should be of more concern, the interest on the card, or the associated fees.
First of all, it depends on how you plan on using the card. If you only want a credit card for the security of knowing you have it, interest rates may not concern you. In that case, you probably want to choose a card with the lowest annual fee. If you plan on using your card quite a bit, you should be more concerned with the interest rate.

Low Fees

The following companies at time of writing offer cards that have no annual fee:

  • The Qantas American Express Discovery card
  • The American Express Velocity Escape Card
  • The American Express Essential Credit Card
  • Bank Australia Visa Credit Card
  • Bank of Melbourne No Annual Fee

  • List credit cards in order of annual fee »

Low Interest

The lowest interest rates at time of writing we found were:

  • Simple Visa Credit Card – 4.19%
  • Low Rate Visa Credit Card – 7.99%
  • McGrath Pink Visa Credit Card – 8.99%

  • List cards in order of rate for purchases »

Low Interest AND Low Fees

However, if you are seeking to find the cheapest credit card in Australia, there are other factors to take into consideration. For instance, does the card offer an introductory period at a lower interest rate? Do they offer a special balance transfer rate, thereby saving you money by transferring from higher rate cards? Do they have a rewards program?
We believe you must take into account all of these factors when choosing a credit card. You are the only one who knows what is best for your financial situation.

It can be confusing to sift through all the information available and decide on the best value for your dollar. That is why we have done the hard work for you and figured out what we call the –

“First Year Cost Comparison”

To get this number, we assumed a monthly balance of $3,000. Then we applied the interest rate plus annual fee, and also took into account any introductory interest rates.

Based on this information, the cheapest credit card in Australia at time of writing is the Simple Visa Credit Card. They offer a 4.19% purchase rate. Their annual fee is $0 and up to 45 days interest free. Bringing the annual costs down to a low $126.

The next lowest Virgin Australia Velocity Flyer Credit Card for a low annual cost of $129, the Virgin card also included a rewards scheme.
Based on our research, these are the cheapest credit cards available in Australia. Remember, however, that individual situations vary, so do your research before applying for any card.

Compare Credit Cards »

Updated: October 2017