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Where did Australian Military Bank come from? The organisation was founded in 1959 as the Navy (Civil Staff) Co-op. Ltd. One year later, it had its first Annual General Meeting, with a grand total of 160 members and loans to a value of £13,000. Over the years, member numbers continued to grow, with membership extended to civilian employees of the Army and RAAF in New South Wales, and then to all serving members of the Australian Navy.
In 1983, the organisation merged with Army Defence (NSW) Credit Union and rebranded as Australian Defence Credit Union (ADCU), and still, continued to grow. So much so, it achieved in excess of $1 billion in funds under management in 2014. One year later, in 2015, membership exceeded 50,000 and a vote was passed to change its name to Australian Military Bank.
While we concentrate on credit cards here at CreditCard.com.au, we know it’s nice to know a bit more about what each provider offers before you apply. As Australian Military Bank is indeed a bank, it provides a wide range of financial products and services alongside its credit card offering. Members can apply for home loans, personal loans and car loans, everyday accounts and savings accounts, insurance and superannuation.
In terms of its credit card offering, Australian Military Bank keeps it pretty simple at the moment, with just one card on its books. As you would expect from a member-owned bank, this is a card that focuses on keeping costs low for cardholders with a low ongoing interest rate and a low annual fee. Of course, as a Visa, it features all of Visa’s accessibility and security, making it a great no frills option for cardholders who simply want access to credit.
Australian Military Bank’s range has enjoyed plenty of recognition within the industry, earning awards on a range of its accounts and loan products. Happily, its credit card also seems to rate quite highly, winning the 2017 and 2016 'Experts Choice' for 'Balance Transfer Credit Card', and being awarded a 5-star Canstar rating for 2014, 2015 and 2016.
Like many member-owned banks, you need to join Australian Military Bank if you want to apply for one of its products, such as its credit card. Fortunately, joining is simple. When you apply, you become a member of Australian Military Bank as part of the application process. Then, once your application has been submitted, a consultant will be in touch via email or phone to finalise your application.
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