FEATURES SUMMARY

• Annual fee: $59
• Purchase rate: 9.99% p.a.
• Cash Advance rate: 20.99% p.a.
• Balance Transfer rate: 1.99%p.a. first 12 months (20.99% p.a.)
• Interest-free days: Up to 55

• Extras:
  • Apply online
  • Phone/Internet banking
  • 3 free additional cardholders

According to Bankwest, their Lite MasterCard is the ‘lowest stress credit card’, and we’re inclined to believe them when they offer customers the very low interest rate of just 9.99% p.a.*

The only other cards to have a lower interest rate are ones with introductory offers that finish with a much higher rate after only a few months. Meanwhile, the Bankwest Lite MasterCard interest rate is ongoing.

The cash advance rate on this low rate credit card is significantly higher than the purchase rate, at 20.49% p.a.*, but is within the standard cash advance range so it’s not much of a downside.

In terms of balance transfers this card shines again with a super low rate of 1.99% p.a.that expires after a massive 12 months*, which is much longer than most balance transfer cards across the board.

With a $59 annual fee this is a reasonably priced credit card that also offers up to 55 days interest free on purchases*. Like the Aussie MasterCard, the features on Bankwest’s Lite MasterCard make it very appealing.

If you look at the card over all, it’s fair to say that if it’s used wisely, this credit card could be very valuable. Its ability to cater so well to such a wide range of financial needs has enabled to take out a top 3 placing in the Editors Choice category, and therefore comes very highly recommended.

See all our top picks in the Editor’s Choice Category

The NAB Low Rate Visa is fairly standard for this kind of credit card, but boasts the lowest interest rate credit card offer of any of the Big Four banks.

With just 0% p.a. on purchases for the first 6 months (12.24% p.a.) this is one of the lowest ongoing interest rates around. The cards balance transfer offer has the same introductory period of 6 months where the interest rate is the lowest of low…0% p.a., so definitely worth it if you have other cards that are charging you an arm and a leg in interest.

Just make sure that you don’t get stung with the cash advance rate by not repaying your balance transfers in time.

The NAB Low Rate Visa also has up to 55 days interest free which should be relatively easy to manage, however you must pay your monthly balances in full in order for the interest free period to apply.

An added bonus with this card is that NAB has far more branches and ATMs than any of the other credit cards that are vying for the top spot in the ‘low interest credit card category, so if you choose this card you’ll be unlikely to get stung by other banks ATM fees too often.

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

As a member of the Big Four banks Westpac seems to be lagging behind in terms of low interest credit cards. Both NAB and ANZ offer similar cards to the Westpac Low Rate credit card, but with better features.

While it is affordable, it’s also pretty stock standard, so is a lot like the rest of the cards in the low interest rate category. Its purchase rate sits at 12.49% p.a. and the cash advance rate at 20.49% p.a.

Balance transfers are just 3.99% for the first 6 months, after which it reverts to the cash advance rate of 20.49% p.a. With up to 55 days interest free there’s plenty of opportunity to take advantage of purchases without extra charges, and this is all available with an annual fee of $45.

One thing that we can say about this card though, is that while it doesn’t quite make it into the low annual fee category, it’s still pretty low in terms of the savings you’ll get with the low interest rates.

Not to mention that it is one of the cheapest of the Big Four banks credit cards that made into the low interest rate category.

With no rewards program on this low interest credit card, there is no doubt that this card was created for those in need of a cheap credit card that doesn’t bother with extras at the expense of long term affordability. It’s available as a Visa or a MasterCard so if you have a preference for one of the two companies or maybe for their benefits, then you have freedom of choice.

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