Ask Roland a Question

Hi, I’m the site founder and I will personally answer your question within a business day.

By submitting this question you agree to our privacy policy.

First Option Bank Low Rate Credit Card
First Option Bank Low Rate Credit Card

First Option Bank Low Rate Credit Card

Updated 26 November 2019

Purchase Rate (p.a)

9.99%

Balance Transfer (p.a)

9.99% for 12 months No BT fee. reverts to 9.99% p.a.

Annual Fee (p.a)

$48

$0 over 12 months

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • 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

  • Annual fee is high for a low rate

Creditcard.com.au review

Editor Review

First Option Bank Low Rate 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 Low Rate Credit Card

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.

What we love...

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.

What’s not so great...

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.

Why should you choose this card?

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.

Overall Rating

Keeping it simple, the First Option Bank Low Rate Credit Card has a low ongoing purchase rate.

User reviews

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

47% rating based on 1 review

Rates
Fees
Rewards
Customer Service
Value

Rates and fees

Interest rates



Purchase rate 9.99% p.a.

Cash advance rate 17.99% p.a.

Interest free period on purchases up to 45 days

Balance transfer

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

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 2%

Minimum repayment 3% or $25

Cash advance fee N/A

Late payment fee $0

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

Extras

Compatibility with Apple Pay, Google Pay and Samsung Pay

Overview

First Option Bank Low Rate Credit Card

Key features

  • 9.99% p.a. on purchases
  • Up to 45 days interest free on purchases
  • $0 late payment fee
  • $48 annual fee

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)

Similar Credit Cards

ANZ Low Rate Credit Card

58 reviews
$0 saved over 15 months

NAB Low Rate Credit Card

26 reviews
$0 saved over 6 months
Help us improve

By submitting this feedback you agree to our privacy policy.

My credit card is not listed

By submitting this form you agree to our privacy policy.