Low Rate Comparison: The Aussie Credit Card Vs. Bank Credit Cards

There is a handful of non-bank credit card providers in Australia that have highly competitive alternative offers worth considering, including the popular low rate card from Aussie.

Originally a home loan provider, Aussie now provides other financial service options including insurance, personal loans and the low rate Aussie MasterCard. Features of the card include:

• A 2.99% p.a. balance transfer offer for the first 12 months
• An introductory purchase rate of 9.99% p.a. for the first 12 months
• An ongoing purchase rate of 13.29% p.a.; and
• A low $49 annual fee

But even if this offer sounds like the perfect deal for you, it is always a good idea to compare credit cards so that you know what else is out there. Here we look at several other credit cards from banks to see how they match up to this popular non-bank option.

The ANZ Low Rate Credit Card

One of the most competitive features of credit cards will always be the interest rate and when one card comes out with a good range of features, there are sure to be more.

The ANZ Low Rate card is easily comparable to the Aussie MasterCard, offering the following features:

• A 12-month balance transfer rate of 2.9% p.a.
• A low ongoing purchase rate of 13.49% p.a.; and
• An annual fee of $58

For people who already bank with ANZ, this option probably makes more sense than choosing another credit card provider because it will allow them to manage all their finances in one go.

Bankwest’s Lite MasterCard

While Bankwest may be one of the smaller banks in Australia, the Bankwest Lite MasterCard has won Money Magazine awards for it’s low rates.

With the lowest ongoing purchase rate in Australia, at 10.75% p.a. and an annual fee of $89, this card is ideal for people who want low rates long after any introductory offers have expired.

While the Bankwest Lite MasterCard does feature a balance transfer offer of 5.99% p.a. for 12 months, it really is the low purchase rate that makes it so appealing.

Westpac Low Rate Credit Card

Another Big Bank option on the market is the Westpac Low Rate card, with an ongoing purchase rate of 13.49% p.a. and an annual fee of $45 – the lowest out of all the cards compared here.

The only downside is that people hoping for a long-term balance transfer deal would have to settle for six months at 3.99% p.a. if they chose this card.

There are definitely better balance transfer offers out there, but with such a low rate and low annual fee, this card still had a lot of long term potential.

Even if you have your heart set on a specific credit card before you apply, it is always good to look at other options and see how they match up in features, both before and after the introductory period, so that you know you are getting the best deal.