A credit card’s interest rate only costs money when a balance is carried past the due date. For a card that sometimes carries a balance, the purchase rate is the main cost; this page sets out the rates and fees of the NZ banks’ low-rate cards.
The low-rate cards from the main NZ banks charge between 12.90% and 13.90% p.a. on purchases, against around 20.95% p.a. on a standard card. The Kiwibank Zero Visa charges 12.90% p.a. with no annual fee and the ANZ Low Rate Visa 13.90% p.a. with no annual fee (both checked 14 October 2026). On a $2,000 balance carried for a year, 12.90% costs $258 in interest and 20.95% costs $419.
What the Rate Difference Costs
Interest on a balance carried for a full year, before compounding:
| Balance | At 20.95% | At 12.90% | Difference |
|---|---|---|---|
| $1,000 | $209.50 | $129 | $80.50 |
| $2,000 | $419 | $258 | $161 |
| $5,000 | $1,047.50 | $645 | $402.50 |
A rewards card that earns $150 of Airpoints a year costs more than it earns if it carries a $2,000 balance at 20.95% ($419 of interest). If the balance is always paid in full by the due date, no purchase interest is charged and the rate makes no difference. How interest is charged, and what happens when a balance isn’t paid in full, is explained in how credit cards work in NZ.
NZ Low-Rate Credit Cards
Providers are listed alphabetically.
ANZ Low Rate Visa
| Feature | Detail |
|---|---|
| Annual fee | $0 |
| Purchase rate | 13.90% p.a. |
| Cash advance rate | 20.95% p.a. |
| Interest-free days | Up to 55 days on purchases |
| Minimum credit limit | $500 |
| Rewards | None |
ANZ describes it as “the card with no annual fee and our lowest purchase interest rate”. It also has a balance transfer offer of 1.99% p.a. for the first two years on balances moved from certain non-ANZ cards, after which the standard purchase rate applies. All figures checked on ANZ’s page 14 October 2026.
ASB Visa Light
| Feature | Detail |
|---|---|
| Annual fee | $0 (no account fee) |
| Purchase rate | 13.50% p.a. (as published by ASB, May 2026) |
| Interest-free days | Up to 55 days |
| Rewards | None |
ASB’s Smart Rate gives 0% p.a. for 6 months on any single eligible purchase of $1,000 or more; after that the standard purchase rate applies. More detail: ASB Visa Light review.
BNZ Lite Visa
| Feature | Detail |
|---|---|
| Account fee | $5 half-yearly |
| Purchase rate | 13.50% p.a. |
| Cash advance rate | 22.95% p.a. |
| Interest-free days | Up to 55 days |
| Minimum limit | $500 |
| Rewards | None |
BNZ calls the Lite Visa its “lowest purchase interest rate card”. Figures checked on BNZ’s page 14 October 2026.
Kiwibank Zero Visa
| Feature | Detail |
|---|---|
| Annual fee | $0 |
| Purchase rate | 12.90% p.a. (checked 14 October 2026) |
| Interest-free days | Up to 55 days |
| Rewards | None |
The 12.90% rate applies to purchases and cash advances. A 1.85% fee applies to transactions processed overseas.
Westpac Low Rate Mastercard
| Feature | Detail |
|---|---|
| Annual fee | $0 |
| Purchase rate | 13.9% p.a. |
| Interest-free days | Up to 55 days |
| Rewards | None |
Westpac’s site couldn’t be read automatically on 14 October 2026, so this rate wasn’t re-checked; confirm it on Westpac’s page.
Summary Table
Providers are listed alphabetically.
| Card | Annual or account fee | Purchase rate | Notes |
|---|---|---|---|
| ANZ Low Rate Visa | $0 | 13.90% | 1.99% balance transfer offer for two years |
| ASB Visa Light | $0 | 13.50% | 0% Smart Rate for 6 months on single purchases of $1,000+ |
| BNZ Lite Visa | $5 half-yearly | 13.50% | 22.95% cash advance rate |
| Kiwibank Zero Visa | $0 | 12.90% | 1.85% overseas transaction fee |
| Westpac Low Rate Mastercard | $0 | 13.9% | Not re-checked 14 October 2026 |
Rates change; each card’s issuer page has the current figure.
Low Rate or Rewards?
The cost of a carried balance is the purchase rate multiplied by the balance and the time it’s carried; the value of a rewards card is what it earns minus its annual fee. A balance paid in full every month attracts no purchase interest on either kind of card. For rewards cards, see rewards credit cards in NZ; for cards with no fee, see no annual fee credit cards.
Balance Transfers
Some cards, including the ANZ Low Rate Visa, offer a lower rate on a balance moved from another card for a fixed period, after which a higher rate applies. Revert rates and transfer fees vary; see balance transfer credit cards.
Where to check the latest data
Rates, fees and returns change often. Before deciding, check current figures yourself:
- interest.co.nz credit card rates: tables of current credit card interest rates and fees.
- The provider's own website: has its current rates, fees and full terms; these change more often than any comparison page.
- Financial Service Providers Register: shows whether a provider is registered to offer financial services in New Zealand.
Related Guides
- Credit cards in NZ: all card guides and reviews
- How credit cards work in NZ: interest, fees and protections
- Credit cards NZ by type
- ASB Visa Light review
- First credit cards NZ