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Best Low Interest Credit Cards in New Zealand 2026

Updated

If you ever carry a credit card balance — even occasionally — a low interest rate saves you more than any rewards programme. Here’s how NZ low-rate cards compare.

Quick answer

ANZ Low Visa and ASB Visa Light both charge 12.9% p.a. — the lowest rates available from major NZ banks. The BNZ Low Rate Mastercard (13.45%) and Westpac/Kiwibank Low Rate options (13.9%) have no annual fees. If you carry a $2,000 balance, a low-rate card saves $160+ per year vs a standard card.

Why Low Interest Matters More Than Rewards

The maths is straightforward:

Balance 20.95% card 12.9% card Annual saving
$1,000 $209.50 $129 $80.50
$2,000 $419 $258 $161
$5,000 $1,047.50 $645 $402.50

Even a premium rewards card earning $150 in Airpoints per year is a bad deal if you’re paying $419/year in interest on a $2,000 balance.

Rule: If you carry a balance for more than 1–2 months per year, a low-rate card saves more than any rewards card.

NZ Low Interest Credit Card Comparison

ANZ Low Visa — Lowest Rate Available

Feature Detail
Annual fee $30
Interest rate 12.9% p.a.
Interest-free days Up to 55 days
Minimum credit limit $500
Rewards None
Cash advance rate Check with ANZ — typically higher

Best for: ANZ customers who sometimes carry a balance. The $30 annual fee is quickly recovered in interest savings vs a standard 20.95% card.

Break-even vs $0 fee card: You need to save $30+ in interest to justify the fee. On a $1,000 balance for 2 months, the ANZ Low Visa saves ~$16 vs a 13.9% no-fee card — almost covering the fee. Larger or longer balances make the $30 fee clearly worthwhile.

ASB Visa Light — Best Low Rate with Minimal Fee

Feature Detail
Annual fee Low/check current terms at asb.co.nz
Interest rate 12.9% p.a.
Interest-free days Up to 55 days
Rewards None

Best for: ASB customers who want the lowest available interest rate. Check ASB’s current annual fee — it has varied.

BNZ Low Rate Mastercard — No Annual Fee

Feature Detail
Annual fee $0
Interest rate 13.45% p.a.
Interest-free days Up to 50 days
Rewards None

Best for: BNZ customers who want no annual fee and a low interest rate. The 13.45% rate is slightly above ANZ/ASB’s 12.9%, but the $0 fee is a genuine advantage.

Westpac Low Rate Mastercard — No Annual Fee

Feature Detail
Annual fee $0
Interest rate 13.9% p.a.
Interest-free days Up to 55 days
Rewards None

Best for: Westpac customers who want a no-fee, low-rate safety net card.

Kiwibank Low Rate Visa — No Annual Fee

Feature Detail
Annual fee $0
Interest rate 13.9% p.a.
Interest-free days Up to 55 days
Rewards None

Best for: Kiwibank customers wanting a no-frills low-rate card. Note: Kiwibank’s Zero Visa (no foreign fees) is a better choice if you also travel — but carries a higher 25.99% rate.

Summary Comparison Table

Card Annual fee Interest rate No-fee verdict
ANZ Low Visa $30 12.9% Best rate, small fee
ASB Visa Light Low 12.9% Best rate, check fee
BNZ Low Rate Mastercard $0 13.45% Best no-fee low rate
Westpac Low Rate Mastercard $0 13.9% No fee, solid
Kiwibank Low Rate Visa $0 13.9% No fee, solid

When Should You Choose a Low-Rate Card?

Your situation Recommendation
Always pay full balance monthly Rewards card (you’ll never pay interest)
Pay full balance most months Consider low-rate as a safety net
Carry a balance regularly Low-rate card — save $100–$400/year
Large purchase you’ll pay off over 3–6 months Low-rate card for that period
No credit history / just starting out Low-rate card — builds history without interest risk

Balance Transfer Offers

Occasionally, NZ banks offer balance transfer promotions — move your existing credit card balance to a new card at a lower (sometimes 0%) promotional rate for a fixed period.

Watch for: Revert rate after the promotional period — make sure you have a plan to pay down the balance before it reverts to the standard rate. Also watch for balance transfer fees (sometimes 1–3% of the transfer amount).

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