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First Option Bank Cash Rewards Credit Card
1 review

First Option Bank Cash Rewards Credit Card

Purchase rate

1.99% for 6 months reverts to 15.99% p.a.

Balance transfer

1.99% for 6 monthsreverts to 15.99% p.a. No BT fee

Annual fee

$24 first year then $48

Pros

1.99% p.a. introductory rate applies to purchases, balance transfers and cash advances

15.99% p.a. ongoing

No monthly fees for the first 6 months. Then it's $4 per month

Offers a cashback rewards program

Cons

Unclear how the cashback rewards program works

100% of customers who have rated this card would recommend it
  • Rates
    59%
  • Fees
    57%
  • Rewards
    N/A
  • Customer Service
    63%
  • Value
    65%
Overall user rating 49%
1 reviews
Interest Rates
Purchase rate 15.99% p.a.
Introductory purchase rate 1.99% p.a. for 6 months
Cash advance rate 15.99% p.a.
Interest free on purchases up to 55 days
Balance Transfer
Balance transfer rate 1.99% p.a. for 6 months
Balance transfer fee No fee
Balance Transfer revert rate 15.99% p.a.
Balance transfer from personal loan No
Banks you can't balance transfer from First Option Bank
Credit limits
Minimum credit limit $500
Maximum credit limit N/A
Fees & repayments
Annual fee $48 p.a.
Annual fee first year $24
Cash advance fee N/A
Minimum repayment 3% or $25
Credit card type Visa
Complimentary insurance
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

First Option Bank Cash Rewards Credit Card

Roland Bleyer
Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au.

The First Option Bank Cash Rewards Credit Card

Keeping costs down with a low annual fee, the First Option Bank Cash Rewards Credit Card offers cardholders the opportunity to save money while earning cashback rewards on their everyday card spending. Also on offer to new cardholders right now is an intro rate of 1.99% p.a. on purchases, balance transfers and cash advances and a waived annual fee for six months.

What we love...

One of things we tend to look at first on our credit card reviews is a card’s intro offer. And why not? Intro offers can be pretty darn exciting. Happily, the First Option Bank Cash Rewards Credit Card has two intro offers for us to talk about – and both are money-savers. First up, the monthly fee waiver.

Unlike most other credit cards, the First Option Bank Cash Rewards Credit Card doesn’t charge an annual fee. It charges ongoing monthly fees instead. While we are quite happy to report the monthly fee on this card is nice and low, what’s even nicer is the fact that the monthly fee is waived for the first six months as part of an intro offer for new cardholders.

Now to the second part of the card’s intro offer. As a new cardholder, you can take advantage of 1.99% p.a. on purchases, balance transfers and cash advances. This could work to your benefit in a number of instances.

  • You want to buy something big: If you have a big ticket item you want to buy, you can use your card to save on interest and repay the lot before the intro period ends.
  • You want to save day-to-day: You can save on interest accumulating on everyday purchases with this lovely low rate, to then pay off your spending before the end of the intro period.
  • You have credit card debt to pay off: You can transfer the balance from your existing cards to benefit from a much lower rate. Paying less in interest should mean you pay off your transferred balance faster.
  • You want to withdraw cash using your card: While we generally don’t recommend using the cash advance feature on any credit card, with this intro offer, your withdrawals will attract a lower rate of interest. Be aware of any applicable fees though, and pay it all back within the intro period.

At the end of the intro period, the card reverts to a fairly low ongoing rate for a rewards card. However, it’s worth bearing in mind that carrying any balance on this rate will likely negate any value you receive in rewards. To get the most out of the card, it’s best to clear the balance by the due date each month to keep interest costs at zero, utilising the card’s interest free period of up to 55 days on purchases.

And what about those cashback rewards? To be perfectly honest, there is not much info available on how you earn rewards, the rate at which you earn them, and how you receive them. All the bank says is you will “Earn cash back on purchases, paid to you monthly”. If you want to find out more about how the card’s rewards system works, it may be a good idea to ask prior to application.

What’s not so great...

While the card’s intro offers seem great for money-saving, it’s a shame the bank doesn’t provide more info on how its cashback rewards program works. Before you sign up to use any feature on a credit card, you generally need to know how it works so you can make the most of it. We just hope the bank provides new cardholders with all the info they need at approval.

Why should you choose this card?

As long as its rewards program works the way it should, the First Option Bank Cash Rewards Credit Card could be a rewarding option for cardholders who want to keep costs low as they earn something back on their card spending. The card’s intro offer could be a fantastic money-saver, and with its low annual fee and reasonable purchase rate it could help keep costs low ongoing as well.

Overall Rating

Offering cash back on card spending, the First Option Bank Cash Rewards Credit Card is a low annual fee card with 1.99% p.a. on purchases, balance transfers and cash advances, plus no monthly fee for six months.

(showing the latest 10 Q&As)

First Option Bank Cash Rewards Credit Card

Key features

  • 1.99% p.a. introductory rate applies to purchases, balance transfers and cash advances
  • 15.99% p.a. ongoing
  • Offers a cashback rewards program
  • Up to 55 days interest free on purchases
  • No monthly fees for the first 6 months. Then it's $4 per month
  • Be over 18 years old
  • Good credit and not applied for multiple credit cards recently
  • Permanent Resident or Australian Citizen
  • You have your personal details ready to complete the online application
First Option Bank Cash Rewards Credit Card
First Option Bank Cash Rewards Credit Card

First Option Bank Cash Rewards Credit Card

Updated 18 June 2019

Purchase Rate (p.a)

1.99% p.a.

for 6 months. Reverts to 15.99% p.a.

Balance Transfer (p.a)

1.99% for 6 months No BT fee. reverts to 15.99% p.a.

Annual Fee (p.a)

$24 first year. Then $48 p.a.

$0 over 6 months

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • 1.99% p.a. introductory rate applies to purchases, balance transfers and cash advances
  • 15.99% p.a. ongoing
  • No monthly fees for the first 6 months. Then it's $4 per month
  • Offers a cashback rewards program

  • Unclear how the cashback rewards program works

Creditcard.com.au review

Editor Review

First Option Bank Cash Rewards Credit Card

Roland Bleyer
Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au. about this card.

The First Option Bank Cash Rewards Credit Card

Keeping costs down with a low annual fee, the First Option Bank Cash Rewards Credit Card offers cardholders the opportunity to save money while earning cashback rewards on their everyday card spending. Also on offer to new cardholders right now is an intro rate of 1.99% p.a. on purchases, balance transfers and cash advances and a waived annual fee for six months.

What we love...

One of things we tend to look at first on our credit card reviews is a card’s intro offer. And why not? Intro offers can be pretty darn exciting. Happily, the First Option Bank Cash Rewards Credit Card has two intro offers for us to talk about – and both are money-savers. First up, the monthly fee waiver.

Unlike most other credit cards, the First Option Bank Cash Rewards Credit Card doesn’t charge an annual fee. It charges ongoing monthly fees instead. While we are quite happy to report the monthly fee on this card is nice and low, what’s even nicer is the fact that the monthly fee is waived for the first six months as part of an intro offer for new cardholders.

Now to the second part of the card’s intro offer. As a new cardholder, you can take advantage of 1.99% p.a. on purchases, balance transfers and cash advances. This could work to your benefit in a number of instances.

  • You want to buy something big: If you have a big ticket item you want to buy, you can use your card to save on interest and repay the lot before the intro period ends.
  • You want to save day-to-day: You can save on interest accumulating on everyday purchases with this lovely low rate, to then pay off your spending before the end of the intro period.
  • You have credit card debt to pay off: You can transfer the balance from your existing cards to benefit from a much lower rate. Paying less in interest should mean you pay off your transferred balance faster.
  • You want to withdraw cash using your card: While we generally don’t recommend using the cash advance feature on any credit card, with this intro offer, your withdrawals will attract a lower rate of interest. Be aware of any applicable fees though, and pay it all back within the intro period.

At the end of the intro period, the card reverts to a fairly low ongoing rate for a rewards card. However, it’s worth bearing in mind that carrying any balance on this rate will likely negate any value you receive in rewards. To get the most out of the card, it’s best to clear the balance by the due date each month to keep interest costs at zero, utilising the card’s interest free period of up to 55 days on purchases.

And what about those cashback rewards? To be perfectly honest, there is not much info available on how you earn rewards, the rate at which you earn them, and how you receive them. All the bank says is you will “Earn cash back on purchases, paid to you monthly”. If you want to find out more about how the card’s rewards system works, it may be a good idea to ask prior to application.

What’s not so great...

While the card’s intro offers seem great for money-saving, it’s a shame the bank doesn’t provide more info on how its cashback rewards program works. Before you sign up to use any feature on a credit card, you generally need to know how it works so you can make the most of it. We just hope the bank provides new cardholders with all the info they need at approval.

Why should you choose this card?

As long as its rewards program works the way it should, the First Option Bank Cash Rewards Credit Card could be a rewarding option for cardholders who want to keep costs low as they earn something back on their card spending. The card’s intro offer could be a fantastic money-saver, and with its low annual fee and reasonable purchase rate it could help keep costs low ongoing as well.

Overall Rating

Offering cash back on card spending, the First Option Bank Cash Rewards Credit Card is a low annual fee card with 1.99% p.a. on purchases, balance transfers and cash advances, plus no monthly fee for six months.

User reviews

First Option Bank Cash Rewards Credit Card ( based on 1 Creditcard.com.au user review )

49% rating based on 1 review

Rates
Fees
Rewards
Customer Service
Value

Rates and fees

Interest rates

Purchase rate 15.99% p.a.

Introductory purchase rate 1.99% p.a. for 6 months

Cash advance rate 15.99% p.a.

Interest free on purchases up to 55 days

Balance transfer

Balance transfer rate 1.99% p.a. for 6 months

Balance transfer revert rate 15.99% p.a.

Balance transfer from personal loan No

Balance transfer fee No fee.

Balance transfer limit N/A

Banks you can't balance transfer from First Option Bank

Credit limits

Minimum credit limt $500

Maximum credit limit N/A

Fees & repayments

Annual fee $48 p.a.

Additional card holder fee N/A

Foreign transaction fee N/A

Minimum repayment 3% or $25

Annual fee the first year $24

Cash advance fee N/A

Late payment fee N/A

Additional features

Complimentary insurance

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

Overview

First Option Bank Cash Rewards Credit Card

Key features

  • 1.99% p.a. introductory rate applies to purchases, balance transfers and cash advances
  • 15.99% p.a. ongoing
  • Offers a cashback rewards program
  • Up to 55 days interest free on purchases
  • No monthly fees for the first 6 months. Then it's $4 per month

Minimum criteria to apply for this card

  • 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

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.

Recently Asked Questions

Something you need to know about this card? Ask a our credit card expert a question.

(showing the latest 10 Q&As)

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