Low interest credit cards are credit cards with relatively low purchase rates (usually below 15%). A low interest rate credit card might be suitable for you if you expect to carry a significant debt on your card read more ↓
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If you are after credit cards with low interest rates, then you have come to the right place. Below we have put together some useful information that might help you with your journey.
What to consider before getting a low purchase rate credit card
A low interest rate is generally considered to be good when it comes to credit cards, but a low rate credit card might not be suitable for everyone. If you have no problems paying off your credit card debt on time and in full, then a reward credit card might be more suitable for you to allow you take advantage of reward points and other benefits that come with rewards cards.
Alternatively, if you currently have a significant credit card debt and are struggling to pay it off, then a balance transfer credit card with a low purchase rate might be more suitable.
Frequently asked questions about low interest rate credit cards (click to scroll to answer)
- Should I apply for a low interest credit card?
- When is a low rate credit card NOT suitable?
- Are there any hidden fees or surprises?
- Are there low rate cards with balance transfer offers?
- What is the difference between low interest and low rate credit cards?
- Are there low rate credit cards with no annual fee?
- Does the low interest rate apply to balance transferred?
- I have seen 0% interest credit card ads, where are they?
1. Should I apply for a Low Interest Credit Card?
If you do NOT currently have a significant credit card debt, but you think you would struggle to pay off your future credit card debt, then a low interest credit card might be suitable for you.
On the other hand, if you have a significant credit card debt and are struggling to pay it off, then you might benefit more from a credit card balance transfer offer.
2. When is a Low rate credit card NOT suitable for me?
A low interest credit card without a decent balance transfer offer might not be suitable for you if you currently have a significant credit card debt. If you have a significant credit card debt, then the best low interest credit card for you might be a low interest credit card with balance transfer.
On the other hand, if you do not have any problems paying off your credit card debt on time and in full, then a reward credit card might be more suitable for you than a low rate credit card. This is because a reward credit card would allow you to earn reward points and take advantage of the other benefits of reward credit cards such as purchase protection, extended warranty, free travel insurance and more. Back to FAQ ↑
3. Are there any hidden fees or surprises I should be aware of with Low standard rate credit cards?
Most credit cards require a minimum repayment to be made each month and if you fail to make this payment then a penalty fee or penalty rate might be applied each month. You need to make sure you understand what penalty rate or fee would apply before purchasing a credit card. Direct cash withdrawals are also generally charged at a higher rate as indicated by the cash rate on the card details. Back to FAQ ↑
4. Are there low rate credit cards with balance transfer offers?
Yes, you can find a list of these credit cards on our low rate credit cards and balance transfer offers page. You can also use the credit card finder tool to filter through all credit cards on our website to find exactly what you are looking for. Back to FAQ ↑
5. What is the difference between Low interest and Low rate credit cards?
Low rate credit cards and Low interest credit cards are exactly the same. They are both short forms for “Low interest rate credit cards” and can be used interchangeably. Back to FAQ ↑
6. Are there low interest credit cards with no annual fees?
There might be one or two depending on the current offers in the market. Please use our credit card finder tool to find the right credit card to suit your needs or go to our zero annual fee credit card page and filter the results to show only credit cards with low purchase rates. Back to FAQ ↑
7. Does the low interest rate apply to balance transferred?
Many low interest credit cards also offer balance transfer deals which offer an even lower rate for the balance transferred for a fixed period – usually between 6 to 12 months. However, not all low rate credit cards have balance transfer offers, so it is worth reviewing the details carefully before applying. Back to FAQ ↑
8. I have seen 0% interest credit card ads, where are they?
Yes, some credit cards offer 0% interest rate offers for an initial period. Please visit our 0% interest rate credit cards page to see a list of these credit cards.
It is important to note that these offers are usually only for a fixed period of 6 to 12 months after which the real purchase rate comes into effect and you still need to make your minimum monthly repayments to avoid the penalty rate. Back to FAQ ↑
If you have any questions regarding low interest credit cards please contact us to let us know, but please keep in mind that we do not offer advice on which credit card to get or which reward program to join – we simply offer the information you may need to make a decision. We hope you enjoy our website and we are able to help you find the right credit card for you.