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Low interest rate credit cards

We've pulled together the best low-rate cards from just 9.95% p.a to make your search easier.

Use this guide to compare low rate credit card features and offers available now and learn how low interest rate cards work so you can find a credit card that is affordable for you.

Choosing the right low-rate credit card

No single credit card will be the best choice for everyone so be sure to compare your options before picking the best low rate credit card for you.

Kiwibank Low Rate Visa

Purchase rate
Annual fee
The Kiwibank Low Rate Visa has a low purchase rate of 9.95% p.a. which also applies to cash advances.
  • One low rate to remember. Both cash advances and purchases have the same low rate of 9.95% p.a.
  • Interest free days. If you pay off your balance each month, you'll enjoy 55 days interest free on purchases
  • Balance transfer offer. Transfer an existing balance to the Kiwibank Low Rate Visa and pay only 1.99% p.a for 6 months.
Purchase interest rate (p.a.) 9.95%
Cash advance interest rate (p.a.) 9.95%
Interest free period (days) 55

BNZ Lite Visa

Purchase rate
Annual fee
The BNZ Lite Visa credit card can be ideal for customers who want to take advantage of a low purchase interest rate.

It’s also a strong option for those who wish to reduce the amount they pay in interest charges each month and keep credit card fees to a minimum.
  • Low Cost. Unlike some cards that charge hundreds of dollars in annual fees, the annual fee is only $30. If you add an additional card, the added fee is only $3
  • Low Payments. Sometimes cash is a little tighter than others. During those times, you can choose to pay only $25 or 2% of your outstanding balance each month
  • Interest free days. Pay your statement balance off in full each month and get interest free purchases for up to 55 days.
Purchase interest rate (p.a.) 12.9%
Cash advance interest rate (p.a.) 22.95%
Interest free period (days) 55

ASB Visa Light

Purchase rate
Annual fee
The ASB Visa Light does not come with rewards or special privileges, but it does allow you to save money with no account fee and the lowest interest-rate ASB has to offer.

0% interest for six months on any purchase of $1,000 or more.
  • Smart Rate on big purchases. When you spend $1,000 or more on a single purchase using your ASB Visa Light, you won't pay any interest for 6 months. Some transactions are exempt and the standard interest rate will apply if you haven't paid off the purchase after 6 months
  • No account fee. With no annual card fee to worry about, you can save a bit of extra cash compared to using an alternative credit card
  • Balance transfer offer. If you transfer the outstanding balance from an existing card to your ASB Visa Light, you won't pay any interest on this amount for 6 months
  • Joint or additional card. You can request a joint or additional card with your ASB Visa Light without paying any account or card fees
  • Interest-free days. When you use your ASB Visa Light for purchases, you'll enjoy up to 55 days interest-free.
Purchase interest rate (p.a.) 13.5%
Cash advance interest rate (p.a.) 22.95%
Interest free period (days) 55

Other low rate cards to consider

  • ANZ Low Rate Visa. The ANZ Low Rate Visa has no annual card fee and a purchase interest rate of 12.9% p.a. If you transfer a balance from another card, you’ll pay only 1.99% p.a for 2 years.
  • Westpac Low Rate Mastercard. This card has an annual fee of $0 and an interest rate of 12.9% p.a. for purchases. When you transfer an existing balance over, you’ll pay 5.95% p.a. for the life of the balance.

What is a low interest rate credit card?

Low interest rate cards offer you a lower ongoing interest rate for purchases than standard credit cards. While credit cards in New Zealand typically have interest rates that range from 16.95% to 20.95% per annum (p.a.), low rate cards offer standard variable rates as low as 9.90% p.a.

A low rate credit card makes sense if you regularly pay with plastic and know you won’t always pay off the balance in full each month. It gives you the flexibility to pay off your balance over time, without the higher interest charges of some other cards.

But if you have a large existing credit card debt and want to pay it off, you may want to consider a balance transfer card instead. If you always pay your balance in full, then a card with a low annual fee or extra benefits such as reward points might make more sense.


How much money can I save with a low rate credit card?

Even a small difference in credit card interest rates can save you a lot of money. Say you have a $2,000 balance on your credit card and you take 6 months to pay it off. With an interest rate of 20% p.a., you would pay $118.30 extra on your debt.

But if you had a low rate card that charged 12% p.a., you would pay $70.60 in interest over the same time period. That’s a saving of $47.70. The bigger your expenditure, the bigger the difference gets. So if you compare credit card rates before you apply, you will be able to find a card that is affordable based on your needs.

How to compare low interest rate credit cards

cards-research-250x250With a range of low rate credit cards on offer in New Zealand, comparing your options will help you to find one that suits your needs. Here are the key factors you should consider:

Interest rates

Credit card interest rates are usually advertised based on the annual rate that applies to the account, shown as “per annum” or p.a. However, interest on your account is typically calculated daily, based on your existing balance and then charged monthly on the statement due date.

Put simply: the lower the rate, the less interest you will pay. But when it comes to your rates, these factors can all impact on your potential savings and costs:

  • Promotional interest rates. Some credit cards give you an introductory low or 0% interest rate for purchases or balance transfers. This can be useful if you have planned purchases or an existing debt you want to pay off. However, you need to keep in mind that when the introductory period ends, a higher percentage rate will then apply.
  • Purchase interest rate. The purchase or standard interest rate is the rate that you are generally charged for purchases on your credit card. Purchases include groceries, regular bills such as Netflix or your gym membership, in-store and online shopping.
  • Cash advances. The interest rate for cash advances is usually higher than the rate applied to purchases. This rate is charged for transactions such as ATM cash withdrawals, foreign currency purchases, and gambling. Cash advances aren’t eligible for interest-free days.
  • Interest-free days. If there is an interest-free period for purchases (and you are eligible for it), interest won’t be calculated for those purchases until after that period ends. However, the interest will apply in full if you don’t pay off the total owed by the due date on your statement. Learn more about how this works in our guide to interest-free days.

See how much interest you’ll pay on your credit card with our credit repayment calculator.

Fees and charges

  • Annual fee. Try to find a card with a low annual fee, but don’t make this your sole deciding factor. A $0 annual fee isn’t helpful if the base interest rate on purchases is a lot higher. Annual fees can range from $0 for cards with basic features to up to $390 for prestige cards. The more features and benefits a card has, the higher the annual fee tends to be.
  • Other fees and charges. Fees may apply when you use your card at an ATM, overseas, online with international retailers or even when you apply for a balance transfer. Make sure you are aware of the relevant charges that apply to your card.

Additional features

While most low rate credit cards have limited features, more premium cards could offer extra perks. Some of the most popular include:

  • Complimentary extras. Gold or platinum low rate credit cards may include perks such as travel insurance, purchase protection insurance or concierge services. If you know you will use these extras, they have the potential to offset the cost of any annual fee you pay.
  • Rewards. Most low rate credit cards don’t offer rewards points for your spending, as they are somewhat conflicting propositions. There are currently no New Zealand providers that offer low rate credit cards that earn rewards.
  • No international transaction fee. If you plan to use your credit card when you travel overseas, a low rate card that waives foreign transaction fees – such as the Westpac Low Rate Mastercard – could help you save even more money.

Pros and cons of low rate credit cards


  • You will pay less interest on purchases, making it easier to manage your credit card debt.
  • Many low rate cards also have low annual fees.
  • You may be able to combine low rate cards with other features such as balance transfers or zero foreign transaction fees.


  • You are less likely to receive reward points and other perks.
  • You may not qualify if you have a poor credit history.
  • If you opt for a card with a 0% purchase rate, it will only be available for a promotional period.

If you often carry a balance on your credit card, a low interest card could help you save on additional fees and charges. Just remember to consider the other features – such as introductory offers, annual fees, and complimentary extras – to help you find a card that best suits your needs.

How to get a low interest rate credit card

After you have compared your options, applying for a low interest rate credit card is easy. Click the “Go to site” button from the table above and you will be taken to the bank’s secure application page. From there you will need to provide details about yourself, your employment, your financial situation and prove your identity. In order to prove your identity, you will usually need your driver’s licence or passport. Applications usually take about 15 minutes and you can expect to get a response within 1-2 business days.

Read these tips before you apply

  • If you haven’t already, obtain a copy of your credit report before you apply for a credit card. This will show you how healthy your credit score is and give you the chance to check if there are any incorrect defaults listed on your file.
  • Even though you have a low rate card, you will still incur interest payments that add up over time. Unless you have other debts with higher interest rates, prioritise paying off your credit card each month.
  • If you can’t pay your credit card off each month, try to pay more than the minimum monthly amount. Depending on your card, you will usually need to pay between 2-5% each month. Paying off a bit more than the minimum will help you to clear your debt faster.
  • Applying for a balance transfer card means that you’ll have less interest to pay. However, make sure to actually make repayments on this debt otherwise you’ll end up paying anyway when the special rate reverts to the standard rate.

Compare all low rate cards and apply securely

Name Product Interest Free Period Purchase Rate Annual Fee
ASB Visa Light
Up to 55 days on purchases
13.5% p.a.
$0 p.a.
0% p.a. interest for 6 months on any purchase of $1,000 or more with ASB Smart Rate.
ANZ Low Rate Visa Credit Card
Up to 55 days on purchases
12.9% p.a.
$0 p.a.
Balance transfer offer: Pay 1.99% p.a on balances transferred for the first two years. Ts&Cs apply.
Kiwibank Low Rate Visa
Up to 55 days on purchases
9.95% p.a.
$30 p.a.
1.99% on balance transfers for 6 months.
BNZ Lite Visa
Up to 55 days on purchases
12.9% p.a.
$30 p.a.

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