Those are the findings from a poll by independent research agency fiftyfive5 commissioned by Defence Bank.
The survey of more than 1,000 people found that despite Australians planning to use their credit cards more in 2021, 57% of those surveyed don't pay much attention to their credit card interest rate, while one in two question the value of card reward programs, particularly during a pandemic.
Over a third (35%) of Australians don't know what their credit card interest rate is while four out of five of those who do know what rate they're paying are paying more than 10% p.a, with some paying over 20% p.a.
The table below displays credit cards with some of the lowest interest rates on the market, disregarding any temporary promotional offers.
[Low ongoing variable interest rate
0% p.a. on balance transfers for 12 months.
Same ongoing rate for retail purchases, cash advances and balance transfers
Up to 55 days interest free.
Additional card available for $0.
Minimum credit limit $500
Low annual fee of $40.
Half the annual fee ($20) donated to the McGrath Foundation every year you hold the card.
Choose a credit limit from as little as $500 and up to $15, 000.
Access to the worldwide Visa network.
Replacement of Visa card (within Australia) $12.50
Replacement of a Visa Card (overseas) $55
Apple Pay, Android Pay, Google Pay, Samsung Pay, ]
[Up to 58 days interest-free credit.
Competitive low interest rate on purchases
Low annual fee of $39 - waived if you make purchases of more than $8, 000 a year.
Accepted at more than 24 million outlets worldwide - just look for the VISA symbol.
Can be linked with up to two other Bank of us accounts ensuring you only have to carry the one card.
Option to make balance transfers from existing cards - treated the same way as a purchase with up to 58 days interest free.
Minimum credit limit $500, ]
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product.
By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of June 15, 2025. View disclaimer.
Defence Bank CEO David Marshall says Australians need to do their research and shop around.
“It’s time to break the cycle of paying unnecessarily high credit card interest rates," Mr Marshall said.
"We see from these results that Australians are frustrated by the rates they’re paying and the bells and whistles they either can’t use or don’t need.
“Australian consumers need to stop paying 20% for the convenience of a basic credit card, when genuine low-rate options exist for half the cost.”
The survey also found that one in five credit card holders find it hard to pay off their balance after the Christmas period, but the lack of use of credit cards in recent times could translate to less Christmas credit card debt.
A recent survey by MyState Bank found that an overwhelming majority of Australians are responding to the economic crisis by reining in their spending habits, saving and budgeting more, and by paying down their debt.
“We expect these savvy savings habits to continue, with these new behaviours among consumers outliving the recession," said MyState Bank General Manager Customer Experience Heather McGovern.
The research found 17% of those surveyed resolved to pay off their credit card and personal loan debt in 2021.
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Harrison Astbury
Denise Raward
Alex Brewster
William Jolly
