If you’re looking for a simple and easy to manage credit card then take a look at the Commonwealth Low Rate credit card.

As a low rate credit card it maintains its reputation as an affordable credit card without compromising other important features.

Purchases on this credit card incur a flat interest rate of just 13.24% p.a. which is on par with both the Westpac and ANZ low interest rate credit cards. These cards also have a similar cash advance rate to the Commonwealth Low Rate MasterCard’s 21.49% p.a.

For a card that is meant to save you money on interest this may seem a bit steep to most people, but when compared to other similar cards, you’ll find that it’s pretty standard.

Balance transfers on this card are also very affordable with an introductory period of five months where the interest charged is just 4.99% p.a. This isn’t the lowest interest rate out there, but the length of time that this rate is available is three months longer than most cards in the low interest credit card category.

Paying your monthly balance in full and avoiding cash advances on this card can mean some great savings on a good all round card. Also, with a potential annual fee of $48 (see pricing schedule below) and up to 55 days interest free this card would work well for those on a budget such as students or people who just want to save money!

However with no real stand out features from other cards that are classified as having low credit card interest, making a decision could be a tough one.

Current Annual Fee Pricing Schedule:

The card’s annual fee is $78, but if you happen to be applying for (or already have) a Commonwealth Bank home loan or bank account then the annual fee of your credit card will be waived. Or, if you are an existing Commonwealth credit card customer then (depending on which credit card you have) your annual fee will be either waived or reduced (to $48).

Bank account or home loan     – Annual fee is waived
Awards Card                                – Annual fee is reduced
Gold Card                                      – Annual fee is reduced
Platinum Card                             – Annual fee is reduced
Low Rate                                       – Annual fee is reduced
Low Rate Gold                            – Annual fee is reduced
Low Fee                                        – Waived when you spend $1000 or more per year on your credit card
Low Fee Gold                              – Waived when you spend $10,000 or more per year on your credit card

See our top credit card picks in the Editor’s Choice category

For comparison purposes the RSPCA Rescue credit card was called a rewards credit card, however the Bendigo RSPCA Rescue Rewards credit card is the real deal. It is very similar to the RSPCA Rescue card, but with a number of notable differences.

The most noticeable is of course the rewards program. With one point for every dollar spent it at first seems like a good program, however you need to spend over $35,000 just to get a $100 voucher. So, if you don’t want to spend that much money just to get a reward, you can just turn whatever points you have into donations to the RSPCA.

This donation on top of your monthly donation made by Bendigo Bank adds up to a generous amount over a year, which you may not have otherwise made.

Another few differences are the jump in interest free days from up to 40, to up to 55, and the interest rate hike from 14.49% p.a. to 18.64% p.a. Like the RSPCA Rescue credit card the annual fee is just $24 and there is an introductory interest rate on purchases of 7.89% p.a. However after this period the interest rate is fairly high across the board.

By and large, the RSPCA Rescue Rewards credit card is not a spectacular option for any of the categories that it fits into, and is by far outshone by the RSPCA Rescue credit card in all areas. Other than the increase in interest free days (which is relatively common anyway), there would be no other reason to recommend it over another credit card.

See our top credit card picks in the Editor’s Choice category

Bank of Queensland’s Low Rate Visa credit card sits at the more expensive end of the low interest rate scale, but at the same time has some great rates across the board that actually makes it sit higher in the overall ranks.

While the interest rate is low on this credit card, it is at the higher end of the ‘low interest rate’ scale at 12.74% p.a. but is teamed up with up to 55 days interest free. We are also pleased to say that this is made up for by a cash advance rate that defies the ‘norm’ with a low rate of just 16.49% p.a. which is one of the lowest cash advance rates around.

Balance transfers are currently at 4.9% p.a. for the life of your transfer, which is a very attractive feature as most credit cards only offer such a low rate for a limited period of time.

There are unfortunately some eligibility requirements for this credit card, including a minimum income per year of $20,000 and an age limit of 18 years or older. The annual fee is average for this type of card at $55 which allows you the choice of four different card designs, and up to four additional cardholders absolutely free of charge.

One feature that stood out from Bank of Queensland was the ability to set up automatic credit card repayments each month from a non-Bank of Queensland bank account. This helps with keeping your bills under control and means that you’re are not forced to open a Bank of Queensland bank account if you don’t want to.

Overall this card is very attractive as it covers a lot of areas in terms of affordability, and would suit people who use their credit card quite a lot and are looking for a much cheaper alternative over all, including cash advances and balance transfers.

See our top credit card picks in the Editor’s Choice category