First Option Bank Credit Cards

Updated 2 January 2020

While it may have only become a bank at the end of 2018 – changing its name from First Option Credit Union to First Option Bank – First Option is not new to the financial services scene. In fact, it is an organisation made up of a number of industry-based credit unions that have provided members with a wide range of financial products and services for more than 50 years.

Offering both personal and business banking, First Option Bank retains a simple philosophy that guides everything it does as it strives to make its members ‘money happy’. This philosophy means it continually works to be a fair fee financial provider, returning benefits to its members via competitive interest rates and personalised service in a socially responsible manner.

As a member-owned bank, First Option is a values-driven organisation. The bank believes it’s these values that set it apart from other banks, providing guidance in everything it does day to day. Its values mean that First Option is ‘Transparent’, always acting with honesty and integrity. The bank is also ‘Focused’, existing only to serve members, while ‘Challenging’ itself to evolve and remain current. Lastly, the bank is ‘Liberating’, as it aims to set its members free as they both grow together.

How does this translate to the service its members receive? First Option Bank combines traditional service with modern technology to provide the best experience for its members. It also makes members’ money work harder for them, as it encourages members to become more knowledgeable about money. This is what the bank calls ‘money happy’. Lastly, First Option makes banking easy, so members have more time and money to spend with friends and family.

First Option Bank Low Rate Credit Card

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Giving Back: Service

Like most mutuals, First Option Bank believes in giving back. It does this in a number of ways. First up, the bank reinvests profits back into the organisation to give members access to products that offer lower fees and better rates. But that’s not all. First Option says it puts Member Service ahead of everything else, by focusing on three key elements.

  • Firstly, the bank believes in ‘Respecting Everyone’. This means always being on time, always doing what it says it will do, always communicating clearly and honestly, and being generous with its time to help others.
  • Secondly, the bank aims to ‘Be Memorable’. Setting itself high standards, the bank works to make positive first impressions, making members smile with its personal and understanding approach, taking time to celebrate milestones and successes, and wowing members whenever possible.
  • Lastly, the bank strives to ‘Find a Better Way’. Refusing to rest on its laurels, the bank is always searching for new ways to help members, it is committed to always improving, and it works to inspire others by finding a better way.

Does any of this actually work? Its seems so. The bank says, when it conducts Member Satisfaction surveys, most members comment on its great service, which is why they join First Option and stay with it for life.

Giving Back: Support

Another important way First Option Bank gives back is with the support it provides members, their families, and the wider community. The bank says it devotes time and energy to supporting members at its host companies by sponsoring events, visiting members at their workplaces and participating in employee wellness programs.

First Option Bank is also a proud sponsor of Cufa (Credit Union Foundation Australia). As an international development agency committed to alleviating poverty across the Asia Pacific, Cufa reaches more than 4 million people each year through grassroots project work that focuses on economic, education, enterprise and employment activities.

Becoming a First Option Bank Member

If you’re interested in becoming a part of what First Option has to offer, you can become a member today. While First Option Bank previously focused on serving the employees, families and contractors of some of Australia’s most successful companies, membership of this mutual is now open to the public. You can join online or contact the bank direct.

Is a First Option Bank credit card for you? With a couple of enticing options on offer, First Option could be well worth a look if you want to apply for a low rate card or a cash rewards card. Check out the in-depth info and our reviews on each card’s page to find out all you need to know before you apply.

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20 November 2019
I’d like to apply for a credit card between $5-10k. I am after a basic card with no annual and the lowest interest rate. I want it for o/s travel next year. No loyalty reward program required. I have no balance to transfer. Can you please advise your best option? I am a current member of FOB. Thanks. Annette
    Roland B Bleyer - Founder


    20 November 2019
    Hi Annette, First Option Bank have 1 credit card to choose from. It has a low rate but does have a $48 annual fee. What you need to be aware of is the fact that most cards change foreign exchange fees. With this card its 2% on international purchases. This card still could work for you. Just the annual fee and foreign fees would be the issue. I can suggest a card but it has very high interest. So you would need to pay it off fast or look at a 0% balance transfer post the trip. Have a look at
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