Cheap Visa Credit Cards – Compare the cheapest Visa low interest cards

Visa cards are some of the most accepted and popular cards around the globe, and also some of the cheapest

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Visa is one of the most prominent card schemes in the world. Everywhere you go, you are sure to find a merchant or ATM that accepts Visa, so they’re a popular choice for many Kiwis. Add to this the other benefits Visa cards may come with, eg Visa payWave, Visa Entertainment and added security features, and it’s clear to see why you might want one.

Types of cheap low rate visa credit cards

Different cards fall into this category, and they include:

  • Low balance transfer cards

    These cards may offer a low rate on a balance you transfer from an existing credit card. Rates can range from as little as 0% to as high as 5.95% p.a. (and sometimes higher), and providers offer them for periods of between 6 to 12 months.

  • Low purchase rate cards

    This type of card offers a low rate on purchases which can range from between 0% to approximately 13% p.a. As is the case with balance transfer cards, these usually give you the low purchase rate for a number of months. Currently, in New Zealand, there are only cards that offer a low rate for six months. Some cards have ongoing low purchase rates, which means the provider does not limit you to a set number of months.

  • Low cash advance rate cards

    These cards have a lower rate for cash advances, ie when you use a credit card to withdraw money from an ATM or at a branch. Providers also classify other transactions as cash advances, such as using your card to pay for gambling transactions, foreign cash or some bills.

  • Cards with low or no annual fees

    These cards are cheap because they have low annual fees, although the examples above may also have low or $0 yearly fees.

Understanding how cheap low rate visa credit cards work

How do cheap low-rate Visa credit cards work?

A low-rate card works by charging you less interest for balance transfers, purchases or cash advances, hence why providers refer to them as being “cheap”. As mentioned above, you can also classify a card as cheap if it has a low or $0 annual fee.

When it comes to credit cards, “cheap” can mean various things to different spenders. Those who pay their balance in full each month may not require a low-interest rate for a card to be cheap but instead opt for a lower annual fee. Whereas those who pay off their balance regularly may find a low-interest rate is a better indicator that a credit card is cheap.

The Visa difference

If you’re on this page, you’re looking for cheap low rate credit cards that are also the Visa brand, which may be for a variety of reasons. Maybe you prefer Visa’s service or find retailers, restaurants, etc accept them more readily when you travel. Here are some other benefits Visa cards grant their cardholders.

  • Visa Entertainment – This is a program that Visa provides for its cardholders where you have access to pre-sale concert and event tickets. With Visa Entertainment, you won’t miss out on seeing your favourite band, comedian or musical.
  • Verified by Visa – As one of the security features Visa provides, Verified by Visa allows you extra protection when shopping online at participating stores.
  • Visa Zero Liability Policy – A second notable security feature on offer by Visa, which is a policy stating you won’t be held responsible for fraudulent transactions. Make sure you review your statements and let your card issuer know if something isn’t right.
  • Visa payWave – Visa payWave is an innovative way to pay for items by tapping your card on a payWave terminal instead of swiping or inserting your card. Any card displaying the payWave logo can use this feature for purchases under $80.

How to compare low rate Visa credit cards

You can base your comparison of these cards on various factors. Naturally, we begin with rates and fees.

  • Rates and revert rates – Comparing cheap low-rate cards includes looking at the interest rates they offer for purchases, cash advances or balance transfers, whichever is more significant to you. If the low rate is promotional and not ongoing, you need to know what it will revert to once this period ends.
  • Fees – If you pay your credit card balance in full each month, and therefore avoid paying interest, you want to consider the annual fee in the comparison. Even if you focus on finding a low rate card, pay attention to the yearly fee; otherwise, the savings you make in interest may not be as beneficial.
  • Additional benefits – Possible benefits include complimentary insurance policies for travel, purchases, etc. Some cards may offer rewards programs, complimentary flights and discounts on a range of partner services and experiences. Low-rate cards aren’t usually strong in this area, but it still pays to factor this into your decision.

Pros and cons of cheap low rate Visa credit cards

Pros

  • Low rates mean you pay less in interest or pay off your balance quicker.
  • You will pay less in costs in return for using your card each year.
  • Visa, along with Mastercard, often have smaller credit card surcharges in comparison to American Express and Diners Club.
  • Visa cards are accepted at millions of merchants worldwide.

Cons

  • Cards with lower annual fees may sacrifice the number of interest-free days you receive.
  • Cheaper cards typically don’t offer as many features as platinum or gold cards.
  • Some balance transfer offers may revert to the cash advance rate, which is generally around the 23% mark.

Frequently asked questions about cheap low rate Visa credit cards

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