Auswide Bank Low Rate Visa Credit Card

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

Auswide Bank Low Rate Visa Credit Card

The Auswide Bank Low Rate Visa credit card offers a number of good features. It has a 0% p.a. balance transfer offer with no fee, and a unique ‘rate tracker’ feature that fluctuates 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.

What we love…

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.

If you're keen to use the balance transfer, you can transfer debt from non-Auswide cards or personal loans. It's a good way to get on top of debt without worrying about interest adding to your costs.

What’s not so great…

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.

One thing to know is that the 55 interest-free days are conditional if you have a balance transfer. Auswide says if you have a balance transfer, you need to pay your card off in full for 2 consecutive months before the interest-free days will kick in. The interest-free days will stop if you don't continue to pay your card off each month.

Why should you choose this card?

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. The balance transfer feature is an excellent tool for getting ahead of debt.

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 noting that the card has specific eligibility requirements, and the credit limit you receive will be based on your creditworthiness.

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.

Overall Rating

The Auswide Bank Low Rate Visa Credit Card is a real money-saver, offering a fantastic low rate that follows the RBA cash rate, a low annual fee and a 12-month balance transfer deal.