How Does a Low Rate Credit Card work and Should You Get One?
After some recent changes to our Latitude Low Rate Mastercard®, we’re now providing the lowest standard purchase rate compared to Australia’s big banks.*
Why are we telling you this? Because we figure that if you’re going to carry a balance on your credit card account, you’ll want it to have as low an interest rate as possible.
Research shows that 18% of low interest rate cardholders choose to use a low rate credit card as their main credit card^ to minimise interest. Are you a savvy low rate cardholder too?
What’s in a name?
It’s important to understand the difference between types of credit cards. The benefits Julia from your yoga class may want from her credit card could be wildly different to what you’re trying to achieve with yours. Whether it’s a travel, rewards or low rate credit card, it should fit your lifestyle.
While a rewards credit card is a good option for claiming rewards and enjoying its perks, a low rate credit card is great for those who carry a balance or want something without all the bells and whistles. Keep it simple, right?
Why a low standard purchase rate matters
While there are some introductory interest rates that can be as low as 0% p.a., these last for a limited time before reverting to a rate that’s often higher than others in the market – hence the name! Our new standard purchase rate is 9.89% p.a., beating the major banks nation-wide.*
This is the lowest published standard purchase rate for the big banks and Latitude, as of October 2019.
Save it for a rainy day
Whether it’s your first credit card or you’re adding another into your wallet, the Latitude Low Rate Mastercard is your handy little companion, especially if you think you might carry over a balance. Save it for a rainy day or use it as your everyday go-to. Either way, you know you’re getting a super low purchase rate and you won’t have to worry about high interest rates cramping your style.
Does a low rate credit card sound like something for you? In a day and age when so many elements of our lives are high speed and high impact, it’s nice to be reassured by a low interest rate on purchases. The Latitude Low Rate Mastercard has a standard purchase rate lower than Australia’s big banks*, check it out today.
*This is the lowest published standard purchase rate for the big banks and Latitude, as of October 2019.
^Source: Rfi Research Latitude Workshop (February 2018).