Are you looking to save money while using credit cards ? Here, we’ll guide you with best 15 Interest free credit cards in Australia 2023 with their annual fees,features,interest rate,purchase rate and other details you need to know.
Credit cards have become an integral part of modern financial transactions. However, the burden of high-interest rates can often lead to financial stress. This is where interest-free credit cards come to the rescue. These cards allow you to make purchases without incurring interest charges, providing you with a smarter way to manage your expenses and save money in the long run.
Let’s delve into the details and find out how these cards can help you save more money while enjoying their benefits.
How Interest Free Credit Cards Work
Interest-free credit cards operate on the principle of offering a promotional period during which you won’t be charged any interest on your outstanding balance. This period typically ranges from 6 to 24 months, depending on the card issuer and the specific terms. It’s important to understand that interest-free doesn’t mean fee-free – you might still have to pay an annual fee or other charges.
Benefits of Interest Free Credit Cards
Interest-free credit cards offer a range of benefits, including:
Debt Management: With no interest accumulating during the promotional period, you can pay off your balance faster and manage your debt more effectively.
Savings: Without interest charges, you can save money on purchases and balance transfers.
Flexibility: Interest-free cards often come with flexible repayment options, allowing you to choose how you want to pay off your balance.
An interest free credit card is a type of credit card that does not charge interest on purchases made during an introductory period. This can be a great way to save money on interest if you are planning to make a large purchase or consolidate debt. However, it is important to note that interest will start to accrue on your balance once the introductory period ends, so it is important to pay off your balance in full before then.
Here are the 15 best interest free credit cards in Australia 2023:
15 Best Interest free credit cards in Australia 2023
1. Bankwest Breeze Classic Mastercard
0% interest on purchases for 15 months
$25 late payment fee
$10 monthly fee
No annual fee
Low purchase rate of 9.90% p.a. after the introductory period
2. Bankwest Breeze Platinum Mastercard
Same as Bankwest Breeze Classic Mastercard, but with a higher credit limit of up to $20,000
3. Virgin Money No Annual Fee Credit Card
0% interest on purchases for 12 months
$55 late payment fee
No annual fee
Low purchase rate of 18.99% p.a. after the introductory period
4. Citi Rewards Card – Purchase and Balance Transfer Offer
0% interest on purchases and balance transfers for 14 months
$35 late payment fee
$99 annual fee
Low purchase rate of 21.49% p.a. after the introductory period
5. ANZ Low Rate Credit Card
0% interest on balance transfers for 28 months
2% balance transfer fee
$35 late payment fee
$59 annual fee
Low purchase rate of 19.99% p.a.
6. CommBank Low Rate Mastercard
0% interest on balance transfers for 25 months
2% balance transfer fee
$35 late payment fee
$55 annual fee
Low purchase rate of 19.99% p.a.
7. Westpac Low Rate Mastercard
0% interest on balance transfers for 24 months
2% balance transfer fee
$35 late payment fee
$55 annual fee
Low purchase rate of 19.99% p.a.
8. NAB Low Rate Mastercard
0% interest on balance transfers for 24 months
2% balance transfer fee
$35 late payment fee
$55 annual fee
Low purchase rate of 19.99% p.a.
9. American Express Low Rate Card
0% interest on balance transfers for 20 months
2% balance transfer fee
$35 late payment fee
$95 annual fee
Low purchase rate of 22.24% p.a.
10. Etihad Guest World Elite Mastercard
0% interest on purchases for 12 months
$35 late payment fee
$195 annual fee
Earn Etihad Guest points on eligible purchases
11. Qantas Premier Everyday Credit Card
0% interest on purchases for 12 months
$35 late payment fee
$95 annual fee
Earn Qantas points on eligible purchases
12. Coles No Annual Fee Mastercard
0% interest on balance transfers for 12 months
$55 late payment fee
No annual fee
Earn Flybuys points on eligible purchases
13. Woolworths Rewards Mastercard
0% interest on balance transfers for 12 months
$55 late payment fee
No annual fee
Earn Everyday Rewards points on eligible purchases
14. Kmart Blue Mastercard
0% interest on balance transfers for 12 months
$55 late payment fee
No annual fee
Earn Flybuys points on eligible purchases
15. Target Mastercard
0% interest on balance transfers for 12 months
$55 late payment fee
No annual fee
Earn 3 Flybuys points per $1 spent on Target purchases
Earn 1 Flybuys point per $1 spent on all other purchases
$250 sign-up bonus after you spend $500 on eligible purchases within 3 months of account opening
Read This Also : How to choose right credit card In Australia for your lifestyle
8 Best No fee credit cards in Australia 2023 Latest
18 Best Balance Transfer Credit Cards Australia 2023
Features and Fees Comparison
To better understand the differences between these interest-free credit cards, let’s compare their features and fees side by side. This will help you identify the card that aligns with your financial needs and preferences.
How These Cards Help Aussies Save More Money
Interest-free credit cards provide Aussies with the opportunity to save money through:
Reduced Interest Costs: By avoiding interest charges, you can significantly reduce the cost of your purchases over time.
Strategic Debt Repayment: Use the interest-free period to strategically pay off existing debt and improve your financial health.
Smart Spending: Take advantage of rewards and cashback offers to get more value from your purchases.
Tips for Responsible Credit Card Usage
While interest-free credit cards offer many benefits, responsible usage is crucial. Here are some tips to keep in mind:
Stick to a Budget: Set a budget and stick to it to avoid overspending and accumulating debt.
Pay on Time: Ensure you make payments on time to avoid late fees and negative impacts on your credit score.
Read the Fine Print: Understand the terms and conditions, including the length of the promotional period and any associated fees.
Interest free credit cards final review
Interest-free credit cards in Australia for 2023 offer a valuable opportunity to manage your finances more effectively while enjoying various rewards and benefits. By choosing the right card and using it responsibly, you can save money and achieve your financial goals.
Hence,it is always advised to do your research before accepting any credit card .As a financial bloggers ,we might miss something important which can help you more ,so,kindly do your homework before you buy.
Until Then keep following,
See you soon.Thank you.
Note : Check all the preferred credit cards on the respective seller website or portal top get the prope rinformation as it might change to the date you are referring to.
AUSSIE MONEYCONTROL
FAQs(Frequently Asked Questions)
How do interest-free credit cards work ?
Interest-free credit cards allow you to make purchases without incurring interest charges during a promotional period.
What’s the eligibility criteria for these cards ?
Eligibility varies, but it generally involves meeting minimum income requirements.
Are there any fees associated with interest-free credit cards ?
While there might be no interest charges, some cards have annual fees or other charges.
Can interest-free credit cards help me save money ?
Yes, by avoiding interest costs and strategically managing debt, you can save money over time.
How should I use these cards responsibly ?
Stick to your budget, make payments on time, and understand the terms and conditions of each card.