Who is a low rate credit card designed for?

People who occasionally carry a balance from month to month, where a lower purchase rate saves more than rewards points are worth. If you always pay in full, the rate matters less.

Do low rate cards earn rewards?

Usually little or none, which is the trade-off for the lower rate. If rewards matter more to you and you pay in full, a rewards card's earn rate and fee are the figures to compare.

Is a low rate the same as a low annual fee?

No. A card can have a low rate but still charge an annual fee, or no fee but a higher rate. Which matters more depends on whether a balance is carried or paid in full.

Will I still get interest-free days?

Most low rate cards offer interest-free days on purchases if you pay the closing balance in full, just like other cards. Carrying a balance forgoes them.

What is the difference between a low rate card and a balance transfer?

A balance transfer offer is designed for clearing a chunk of existing debt at 0% for a set period; a low rate card is designed for ongoing occasional balances. Some people use both.

Compare Low Rate Credit Cards

Every card in this table carries an ongoing purchase rate at or under 10% p.a., starting at 7.49% p.a. with Unity Bank's Low Rate Visa Credit Card. A low rate only pays for itself if you carry a balance from month to month. If you clear the card in full each statement, the annual fee and the interest-free period matter more than the rate.

Rates checked against every provider’s own published data on 19 Oct 2026

	Actions
Commonwealth Bank	Purchase rate0.00%	Compare Commonwealth Bank CommBank Neo Card	A new way to pay with no interest, a low maximum credit limit and a simple monthly fee based on your limit.
Commonwealth Bank	Purchase rate0.00%	Compare Commonwealth Bank Interest-free Low Fee credit card	CommBank's simplest credit card yet with no interest and no late fees. Just a simple monthly fee.
Unity Bank	Purchase rate7.49%	Compare Unity Bank Low Rate Visa Credit Card	Our award-winning Low Rate Visa Credit Card features one of the lowest ongoing purchase rates in the market. And with up to 50 days interest free and a low annual fee, it all adds up to great value.
Police Credit Union	Purchase rate8.74%	Compare Police Credit Union SoLo Credit Card	Low Rate Credit Card
Auswide Bank	Purchase rate9.74%	Compare Auswide Bank Low Rate Visa Credit Card
Westpac	Purchase rate9.90%	Compare Westpac Westpac Lite Card	Features: Rewards	Our Lite credit card has 0% foreign transaction fee, a lower purchase rate and lower monthly fee - designed for all things international.
Greater Bank	Purchase rate9.95%	Compare Greater Bank Visa Credit Card	Low rate, low fee, personal credit card
Bank of Melbourne	Purchase rate9.99%	Compare Bank of Melbourne Business Vantage	Business only	A low interest rate on purchases to help manage your business cash flow
Bank of us	Purchase rate9.99%	Compare Bank of us Visa Credit Card	A Bank of us Visa Credit Card gives you all the features you'd expect from a credit card accepted at more than 24 million outlets worldwide. With card limits from as little of $500, you'll get the ext
Community First Bank	Purchase rate9.99%	Compare Community First Bank Low Rate Credit Card	A low rate credit card with the same low rate on cash advances and up to 55 days interest free on purchases. Choose pink and half the annual fee is donated to the McGrath Foundation each year
Community First Bank	Purchase rate9.99%	Compare Community First Bank Nsa Credit Card	A low rate credit card with up to 55 days interest free on purchases. Half the annual fee goes to National Seniors Australia to help with their work on advocacy and financial literacy

What is a low rate credit card?

A low rate credit card charges a lower purchase interest rate than a typical rewards card. It is designed for people who sometimes carry a balance from month to month, where the interest saved matters more than earning points. Rewards are usually minimal or absent in exchange for the lower rate.

When a low rate beats rewards

If you always pay in full, the purchase rate barely matters and the earn rate and annual fee on a rewards card may matter more. But if a balance occasionally rolls over, a low rate can save far more than points are worth. Interest compounds, and rewards rarely keep pace with it.

Low rate vs low fee

A low rate and a low annual fee aren’t the same thing. Some low rate cards still charge a fee; some no-fee cards have a higher rate. Each is built for a different habit: a low rate for occasional balances, a low (or no) fee for light, paid-in-full use.

How low rate credit cards compare

The purchase rate, the annual fee, the interest-free days and any balance transfer offer are the figures that separate them. Cards can be compared side by side, and for existing debt there are balance transfer offers and the credit cards hub.

Glossary

The key terms you’ll meet when comparing these products, reading product disclosures or talking to a provider.

Term	What it means
Annual fee	The yearly fee for holding the card, sometimes waived in the first year or reduced for higher spend.
Balance transfer	Moving debt from one card to another, often at a low or 0% introductory rate for a set period.
Earn rate	How many reward points you earn per dollar spent, which can vary by spend category.
Foreign transaction fee	A fee, often around 3%, on purchases made overseas or in a foreign currency.
Interest-free days	A period (often up to 44 or 55 days) where purchases attract no interest, provided you pay the closing balance in full.
Low rate card	A card with a lower purchase interest rate than typical rewards cards, suited to those who sometimes carry a balance.
Minimum repayment	The smallest amount you must pay each statement period to keep the account in order; paying only this means interest accrues.
Purchase rate	The interest rate charged on purchases that aren’t paid off by the due date.
Rewards points	Points earned on spending that can be redeemed for flights, gift cards, cashback or merchandise.

Term

What it means

Annual fee

The yearly fee for holding the card, sometimes waived in the first year or reduced for higher spend.

Balance transfer

Moving debt from one card to another, often at a low or 0% introductory rate for a set period.

Earn rate

How many reward points you earn per dollar spent, which can vary by spend category.

Foreign transaction fee

A fee, often around 3%, on purchases made overseas or in a foreign currency.

Interest-free days

A period (often up to 44 or 55 days) where purchases attract no interest, provided you pay the closing balance in full.

Low rate card

A card with a lower purchase interest rate than typical rewards cards, suited to those who sometimes carry a balance.

Minimum repayment

The smallest amount you must pay each statement period to keep the account in order; paying only this means interest accrues.

Purchase rate

The interest rate charged on purchases that aren’t paid off by the due date.

Rewards points

Points earned on spending that can be redeemed for flights, gift cards, cashback or merchandise.

Common questions

Rates and fees are sourced from each provider’s CDR Product Reference Data as of the date shown. They are general information only. Not credit advice. CompareThat is not a credit provider. Payment can change where a product appears, never which products we show.