- 9.99% p.a. on purchases
- Up to 45 days interest free on purchases
- $0 late payment fee
- $48 annual fee
- Compatibility with Apple Pay, Google Pay and Samsung Pay
9.99% for 12 months No BT fee. reverts to 9.99% p.a.
As a mutual bank offering, the First Option Bank Low Rate Credit Card is a great card for cardholders who want to keep costs low. With a low ongoing rate and up to 45 days interest free on purchases.
The first thing you will likely notice about the First Option Bank Low Rate Credit Card is its purchase rate. As a new cardholder, you can benefit from a low rate of 9.99% p.a. on purchases.
For cardholders who do pay off their balance each month, the card offers up to 45 days interest free on purchases. This can provide an excellent way to keep interest costs at zero for cardholders who clear their balance by the due date, to then make good use of the card’s interest free period, either on everyday spending, or well-timed larger purchases.
What about annual fees? As a First Option Bank Low Rate Credit Card cardholder, you will pay a $48 annual fee to keep this card in your wallet.
When it comes to cards like these, we generally don’t find much to complain about. Cardholders can enjoy access to credit while taking advantage of a low ongoing purchase rate. As long as this is the type of card you want in your life, we don’t think you’ll find much to complain about either.
The First Option Bank Low Rate Credit Card with its low rate, the card could attract cardholders who carry a balance month to month, helping them to keep interest costs as low as possible. As it is a fairly basic option, the card may also appeal to cardholders who have no need of extravagant features or rewards, allowing them access to credit without all the fine print associated with those extras.
However, it is worth noting that while the First Option Bank Low Rate Credit Card is a simple, no frills credit card, it does offer compatibility with Apple Pay, Google Pay and Samsung Pay. This allows cardholders to sync their card to their device, which can then be used to make payments when they’re out and about.
Keeping it simple, the First Option Bank Low Rate Credit Card has a low ongoing purchase rate.
Purchase rate 9.99% p.a.
Cash advance rate 17.99% p.a.
Interest free period on purchases up to 45 days
Balance transfer rate 9.99% p.a. for 12 months
Balance transfer revert rate 9.99% 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
Minimum credit limt $500
Maximum credit limit N/A
Annual fee $48 p.a.
Additional card holder fee N/A
Foreign transaction fee 2%
Minimum repayment 3% or $25
Cash advance fee N/A
Late payment fee $0
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
Compatibility with Apple Pay, Google Pay and Samsung Pay
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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