Defence Bank has a credit card offer with an introductory rate of 3.99% p.a.
The rate stays this way for six months before reverting to 8.99% p.a.
According to Defence Bank CEO David Marshall, this rate has stayed the same since 2020.
"There is a better way to hold on to your credit card and better manage the household budget. It can be done without bill shock or people getting in over their heads," Mr Marshall said.
RBA data indicates the average standard credit card rate for February was 19.82% p.a. while the "low rate" average was 12.57% p.a.
Central bank data also indicates the average new variable-rate owner occupier home loan to the end of December was 4.98% p.a.
Notably, the 8.99% rate also applies to cash advances.
The product comes with 55 days' interest free, and features a $45 annual fee.
Half of the annual fee goes towards the Defence Bank Foundation, which supports assistance dogs in the defence community to help veterans with PTSD.
Members of the mutual bank don't need to be defence personnel or family members.
"As a mutual bank our profits go back into improving the products and services for our members rather than paying dividends to shareholders, which helps us keep credit card interest rates low," Mr Marshall said.