Low Interest Rate Credit Card in NZ

A low rate credit card is a card with a relatively low purchase rate of around 14% per annum or lower. We’ve compiled a list of low interest credit cards in NZ to help you find the lowest interest rate credit card or the best low rate credit card in NZ to suit your needs.

Note: some of the best low interest credit cards charge annual fees, so the best low interest credit card for you might not neccessary be the lowest rate credit card on the market and should take into account your personal needs. Compare all low interest rate credit cards in NZ below to find the Lowest interest rate credit card to meet your need.

The Amex Airpoints Platinum Card is the FASTEST Air NZ Airpoints Dollar^TM earning Platinum credit card. Every $70 spend earns you 1 Airpoints Dollar. This card also includes complimentary Travel Insurance, VIP Lounge access and more. CURRENT OFFER: Receive 300 bonus Airpoints Dollars™ when you apply online, are approved and spend $1,500 on your new Card within the first 3 months. New Card Members only.

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*Terms and conditions apply

Updated: 24 Nov, 2024

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Card	Description	Purchase Rate (p.a.)	Balance Transfer	Cash Rate (p.a.)	Annual Fee	Interest Free Days
The American Express Airpoints Credit Card Platinum Award	Interest Free (0% P.A.) on purchases for the first 6 months, plus NO ANNUAL FEE and earn 1 Air New Zealand Airpoints Dollar for every $100 you spend. CURRENT OFFER: 50 bonus Airpoints Dollars™ when you apply, are approved and spend $750 on your new Card within the first 3 months. New Card Members only. Reward Points Cash Equivalent: $100 spend earns $1.00 cash equivalent^.	0% p.a. for 6 months then 22.95% p.a.	N/A	22.95% p.a.	$0.00	55 days More Info » Apply Now » No documents required to apply1
TSB Low Rate Mastercard Credit Card Gold Award	The TSB Low Rate Mastercard has a very low interest rate of 11.95% p.a. for purchases and cash advances.	11.95%	0% for 6 months	11.95%	$20.00	55 days More Info » Apply Now »
Amex Low Rate Credit Card Gold Award	A low interest card from Amex with up to 4 supplementary cards with no-annual fee	2.99% p.a. for 6 months then 12.69% p.a.	N/A	21.95% p.a.	$59.00	55 days More Info » Apply Now »
Westpac Fee Free MasterCard Credit Card Platinum Award	Comes with a low rate of just 12.90% p.a. plus 5.95% p.a. for the life of the balance transferred to this card. it also comes with no annual fee, no cash advance fee and no foreign transaction fees.	12.90% p.a.	5.95% for life of balance transferred	19.95% p.a.	$0.00	55 days More Info » Apply Now »
Co-operative Bank Fair Rate Credit Card Gold Award	The Fair Rate Credit Card has a very low purchase rate of 12.95% p.a. plus a balance transfer rate of 0% p.a. for 6 month. This might be a good card if you are looking for a credit card with a low interest rate and/or a card with a 0% p.a. balance transfer offer.	12.95% p.a.	0% p.a. for 6 months	12.95% p.a.	$20.00	55 days More Info » Apply Now »
ASB Visa Light Credit Card Gold Award	The ASB Visa Light credit card has no annual fee, a low purchase rate and 0% balance transfer for 6 months plus 0% p.a. for 6 months when you spend $1,000 or more on any single eligible purchase	13.5% p.a.	0% p.a. for 6 months	22.95% p.a.	$0.00	55 days More Info » Apply Now »
BNZ Lite Visa Credit Card Gold Award	BNZ Lite Visa Credit Card is a low interest rate credit card with a purchase rate of 13.50% p.a.	13.50% p.a.	N/A	22.95% p.a.	$10.00	55 days More Info » Apply Now »
ANZ Low Rate Visa Card Gold Award	Features a low interest rate of 13.90% and a balance transfer rate of 1.99% for 24 months	13.90%	1.99% p.a. for 24 months	20.95%	$0.00	55 days More Info » Apply Now »

^ To help you compare reward points across different credit cards and rewards programs, we provide an estimate of the cash-equivalent of the reward points that you will get back for every $100 you spend on eligible purchases with your card. The cash equivalent value given is an estimate only based on a specific redemption example. In some cases you might earn less or more depending on how you redeem your ponts and some reward points cannot be redeemed for cash directly. Click on the card to find out how the estimate was calculated.

Get 0% p.a. on purchases for the first 6 months with the Amex Airpoints Credit Card, plus NO ANNUAL FEE and you earn 1 Air NZ Airpoints Dollar^TM for every $100 you spend with the Card. CURRENT OFFER: 50 bonus Airpoints Dollars™ when you apply, are approved and spend $750 on your new Card within the first 3 months. New Card Members only.

More Info »

*Terms and conditions apply

Understanding Low Interest Rate Credit Cards

A low interest rate credit card is designed to offer a lower interest rate compared to standard credit cards. These cards typically do not come with perks like rewards, cashback, or travel points. Instead, they focus on providing a more affordable way to manage debt. Key features of low interest credit cards often include:

• Lower interest rates on purchases (usually 14% p.a. or lower)
• Minimal or no annual fees
• Basic card benefits without additional frills

How NZ Low Interest Credit Cards Differ from Standard Credit Cards

A low rate credit card in NZ differs from a standard credit card in several ways:

1. Interest Rates: The primary difference is the lower interest rate of less than 14%, which can significantly reduce the cost of carrying a balance.
2. Fees: These cards often have lower annual fees or no fees at all.
3. Rewards: Unlike standard credit cards, low interest rate cards usually do not offer rewards programs, cashback, or travel points.
4. Target Audience: They are aimed at individuals who may carry a balance from month to month and are looking to minimise interest costs.

Benefits and Drawbacks

Benefits:

• Cost Savings: Lower interest rates mean you pay less in interest charges if you carry a balance.
• Debt Management: Easier to manage and pay off debt due to lower interest accumulation.
• Simplicity: Fewer features and rewards make these cards straightforward and easy to understand.

Drawbacks:

• Limited Rewards: Lack of rewards programs can be a downside for those who prefer earning points or cashback.
• Basic Features: These cards often come with fewer perks and benefits compared to premium credit cards.
• Eligibility: Banks may have stricter eligibility criteria for low interest rate credit cards, requiring a good credit score.

What to consider before getting a low rate credit card

A low interest rate sounds good when it comes to credit cards, but a low rate credit card might not be suitable for everyone. For example, if you have no problems paying off your credit card debt on time and in full, then a rewards credit card might be more suitable for you as it will allow you to take advantage of the reward points and other benefits that come with the rewards credit cards.

Alternatively, if you currently have a significant credit card debt and are struggling to pay it off, then a balance transfer credit card might be more suitable.

Frequently asked questions about low interest rate credit cards

1. What is the Lowest interest rate credit card in NZ?
2. When is a low rate credit card NOT suitable?
3. Are there any hidden fees or surprises?
4. Are there low rate credit cards with balance transfer offers?
5. What is the difference between low interest and low rate credit cards?
6. Are there low rate credit cards with no annual fee?
7. Does the low interest rate apply to balance transferred?
8. I have seen 0% interest credit card ads, where are they?
9. What is a low interest rate credit card?
10. How do low interest rate credit cards differ from standard credit cards?
11. What are the benefits of using a low interest rate credit card?
12. Are there any drawbacks to low interest rate credit cards?
13. Should I apply for a low interest credit card?

What is the Lowest interest rate credit card in NZ?

The lowest interest rate credit card in New Zealand is the TSB Low Rate Mastercard which charges a low interest rate of just 11.95% p.a. on purchases and cash advances. The American Express Airpoints Credit Card charges 0% interests on purchases but only for the first 6 months.

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.

Are there any hidden fees or surprises I should be aware of with Low standard rate credit cards?

Most credit cards in NZ 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.

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.

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.

Are there low interest credit cards with no annual fees?

There might be one or two depending on the current offers on 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.

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.

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.

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.

What is a low interest rate credit card?

A low interest rate credit card is a type of credit card that charges a lower interest rate on balances compared to standard credit cards. This means you pay less in interest if you carry a balance month to month.

How do low interest rate credit cards differ from standard credit cards?

Low interest rate credit cards have lower interest rates on balances, which can save you money if you don’t pay off your balance in full each month. Standard credit cards often have higher interest rates but may offer more rewards or benefits.

What are the benefits of using a low interest rate credit card?

The main benefit is saving money on interest if you carry a balance. These cards can also help you manage debt better and may offer lower fees compared to other credit cards.

Are there any drawbacks to low interest rate credit cards?

Yes, some low interest rate credit cards might offer fewer rewards or benefits compared to standard credit cards. Additionally, they might have stricter eligibility criteria.

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.

What is the best low rate credit card in NZ?

The best low rate credit card for you would depend on your personal circumstance and how you intend to use your credit card. Some low interest rate credit cards charge annual fees which you need to be aware of. We have detailed the annual fees above to help you decide. If you do not expect to carry a balance on your credit card then getting the lowest interest rate credit card might now be in your best interest. We have put together a list of some of the best credit cards in New Zealand to help you find the best credit card in NZ to suit your needs. Other popular credit card type include interest free credit card, balance transfer credit cards, credit card rewards or Airpoints credit cards.