Best Low Rate Credit Cards

May 11th, 2010

A low rate credit card will sound like a dream come true to many Australians with a card which is probably charging them an interest rate around 20%.

A low rate credit card is specifically designed to be best for credit card users who carry an ongoing balance and can’t pay their card off in full each month, as well as those frugal Aussies who simply want to avoid high credit card costs.

Bankwest Lite Mastercard will ensure that you pay the least amount of interest possible with Australia’s lowest credit card purchase rate’)?>

Features of the Best Low Interest Rate Credit Cards

A low interest rate credit card deal may sound like a dream come true, however it can easily turn into a nightmare if you try and make it into something it’s not. Therefore consider the features carefully before you apply. The features of a low rate credit card deal are skewed towards affordability, and you can enjoy:

• A very low credit card interest rate. A low credit card interest rate is considered to be in the low teens, and you can often even find low rate credit card deals with rates as low as 11% which can make for a big saving if you are coming from a card with a standard interest rate.
• Interest free days. While many credit card deals include interest free days, you may have to double check they are available on your low rate card because some credit card companies will offer you a low rate, but not an opportunity to avoid it all together. However, when you do find a low rate credit card deal with an interest free period, you be getting a credit card which is even easier to manage because you have around a month of opportunity to repay your purchases, and even if you can’t in some months, you are being charged only minimal interest.
• Low fees for greater affordability. Since a low interest credit card deal will not have a lot of the bells and whistles of other higher interest cards such as rewards programs and travel insurance, you are being charged a much lower annual fees, as well as lower transaction fees and late fees across the entire account.

Who is Suited to a Low Interest Credit Card Deal?

A low interest rate card deal is designed for a certain type of credit card user, one who appreciates value and affordability, one who doesn’t need a flashy card or a lot of rewards, but just the simple features to make payments securely. As a result, a low interest credit card deal is best suited to you if:

• You don’t use our card very often. If you have a credit card just for emergencies or when you buy something online, then you don’t want to be paying a lot of fees and interest when you’re not using the card. Therefore a low interest rate and low fee card can be an affordable option for you.
• You can’t manage to repay your balance in full. Interestingly a low interest rate credit card can also be perfect for the person who uses their card a lot, and as a result has trouble paying their balance down to zero each month. You may be able to take advantage of interest free days to a point, but the low interest rate will also help you remain in control of the portion of your balance you couldn’t repay.
• You don’t want to be tempted to spend. A credit card with flashy features and tempting rewards can see you making purchases you convince yourself you need, when really you’re just trying to earn points. However, when your low interest rate credit card is a credit card and nothing more, you will more easily be able to gloss over the card when you are tempted by a purchase.

For more information or to start comparing the best low rate credit card deals on offer now, view our comparison tables for comprehensive reviews. You’ll also be able to link directly to the application form for your chosen card, so you can apply online in minutes, and have your credit card balance under control in days.

Editors Choice: Featured Credit Card Deals

	Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)