Woolworths will cut its Everyday Money Credit Card interest rate from 18.99 per cent to 17.99 per cent per annum.
The new interest rate will be effective for new and existing customers from February 1.
Existing holders of the card can enjoy an introductory rate of 0% per annum on all purchases until February 1.
Everyday Money Credit Card offers one point for each dollar spent anywhere, two points for each dollar for purchases in Woolworths group stores, and three points for purchases on Woolworths Select products.
The points can be converted to a voucher or Everyday Money Shopping Card, which can be used in stores owned by the retailer.
The card has no annual fee for the first year and $49 per year thereafter.
There is a 5.99 per cent interest balance transfer rate for six months.