It seems that every bank is now offering a low interest credit card as part of its financial marketing agenda these days. The rush to compete has come with some extraordinary benefits for consumers with local bank Bankwest offering a low 8.99% and the Commonwealth bank weighing in with their first bite of the market offering 10.99%.

It's good for consumers who have reluctantly accepted the higher interest rates in the past due to the lack of options in the credit card market. It allows the customer to use the card for all banking facilities including EFTPOS while retaining the usual payback period of between 40-55 days.

It illustrates that banks, after repeated denial, can offer much lower interest on credit cards. Who knows, we may even see the competition heat up even more that we will also enjoy frequent flyer points or other reward systems as part of their marketing plan.