- Low 8.05% p.a. on purchases and cash advances
- $50 annual fee (waived if you're under 25)
- Up to 55 days interest free on purchases
- Credit limits starting from only $500
As a low rate card, the Auswide Bank Low Rate Visa Credit Card offers a unique ‘rate tracker’ feature, which means the interest rate on the card only ever goes up or down with the RBA cash rate. Helping cardholders save even more money, it has a low annual fee – which is waived for those under 25 – and up to 55 days interest free on purchases.
As a smaller bank, Auswide Bank focuses on providing seriously low rates on the Auswide Bank Low Rate Visa Credit Card to allow cardholders to save on interest month to month. So, for cardholders who tend to carry a balance on their card, or who are working on paying down their balance, they can rely on this card’s low rate to keep interest costs low.
How does it do this? The card utilises a ‘rate tracker’ feature, which means its rates only move with the RBA cash rate. As the card’s annual percentage rates consist of the RBA cash rate and a fixed margin applied by the bank, the rate follows that of the cash rate as determined by the Reserve Bank of Australia. Unless the RBA decides to raise or lower the cash rate, the card’s rate will remain the same.
Offering further savings on interest is the card’s interest free period, which provides up to 55 days interest free on purchases. To be eligible for this feature, you must pay your balance in full by the statement due date for two consecutive months. Bear in mind, there is no interest free period on cash advances. These start to accrue interest from the date of withdrawal.
But, that’s not the only way you can save money with this card. It also has a low annual fee, which is waived for cardholders under 25. You can add additional cardholders to the account at no extra cost, which can help to simplify your finances while also providing a card to family members who need access to credit on your account.
When it comes to low rate, low fee cards such as the Auswide Bank Low Rate Visa Credit Card, we generally don’t have much to complain about. This is a low cost card that is designed to allow cardholders to save on annual fees and interest. What it’s not designed to do is provide fancy features and rewards, so as long as you’re not looking for those, this card has plenty to offer.
As a money-saver, the Auswide Bank Low Rate Visa Credit Card obviously suits cardholders who are looking to save money, either on the annual fees they pay or on the interest applied to their balance. With its super low rate, it can work well for cardholders who tend to carry a balance, or anyone who wants to keep it simple while paying out the minimum.
With credit limits starting from only $500, the card may also work well as a starter card – or for cardholders who don’t want the temptation to overspend. It is worth pointing out that the card’s eligibility requirements ask cardholders to meet minimum income requirements of $30,000 per year – and the credit limit you receive will be based on your credit worthiness.
One of the attractions of choosing a card from a bank such as Auswide Bank can be its size. This is a bank that prides itself on its service and its support of local communities. Instead of getting lost in a big bank, cardholders may enjoy more personalised service with a smaller organisation such as Auswide Bank.
But, while it may be issued by a small bank, this is a card that is powered by Visa, which means it has all the security and features Visa always offers. As a cardholder, you can enjoy worldwide acceptance, security features such as Verified by Visa and Visa Zero Liability, functionality from features such as Visa Checkout and Visa payWave, and extras from Visa Entertainment.
The Auswide Bank Low Rate Visa Credit Card is a real money-saver, offering a fantastic low rate that follows the RBA cash rate, and a low annual fee.
Purchase rate 8.05% p.a.
Cash advance rate 8.05% p.a.
Interest free period on purchases up to 55 days
Minimum credit limit $500
Maximum credit limit $20000
Annual fee $50 p.a.
Additional cardholder fee $0
Foreign transaction fee 3%
Cash advance fee $3.50 (domestic); $5.00 (international)
Late payment fee $20
International Travel Insurance No
Flight Inconvenience Insurance No
Transit Accident Insurance No
Smartphone Screen Insurance No
Purchase Protection Insurance No
Extended Warranty Insurance No
Rental Vehicle Excess In Australia Insurance No
The Auswide Bank Low Rate Visa Credit Card comes with a low $50 p.a. annual fee, which is waived if you are under 25 years old. The interest rate is 8.05% p.a. on purchases and cash advances.
Be over 18 years old
Good Credit and have not applied for multiple credit cards recently
Permanent Resident or Australian Citizen
You have your personal details ready to complete the online application
Roland B Bleyer founded Creditcard.com.au in 2005 and has extensive knowledge about credit cards. He personally answers all questions and write the editor reviews for each card here. Always keen to share his passion to educate consumers and help you select better suited credit cards.
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