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First Option Bank Low Rate Credit Card

1 review

Purchase rate

1.99% for 6 months
reverts to 11.99% p.a.

Balance transfer

1.99% 6 months
1.99% Complete (success)
reverts to 11.99% p.a. No BT fee

Annual fee

$0 p.a.
0% Complete (success)

Pros

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

11.99% p.a. ongoing

No annual or monthly fees

Cons

Nothing really

First Option Bank Low Rate Credit Card

Key features

  • 1.99% p.a. introductory rate applies to purchases, balance transfers and cash advances
  • 11.99% p.a. ongoing
  • Up to 55 days interest free on purchases
  • No annual fee
100% of customers who have rated this card would recommend it
  • Rates
    80%
  • Fees
    52%
  • Rewards
    N/A
  • Customer Service
    58%
  • Value
    44%
Overall user rating 47%
1 reviews
Interest Rates
Purchase rate 11.99% p.a.
Introductory purchase rate 1.99% p.a. for 6 months
Cash advance rate 11.99% 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 11.99% 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 $0 p.a.
Cash advance fee N/A
Minimum repayment 3% or $25
Credit card type Visa
Complimentary insurance
Flight inconvenience insurance No
Transport accident cover No
Smartphone screen insurance No
Purchase protection insurance No
Extended warranty insurance No
Rental vehicle excess cover No

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 no annual fee ever, the card provides an introductory rate of 1.99% p.a. on purchases, balance transfers and cash advances for six months, alongside a low ongoing rate and up to 55 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 intro offer. As a new cardholder, you can benefit from a super low rate of 1.99% p.a. on purchases, balance transfers and cash advances for the first six months. This could save you some serious money if you want to pay off existing credit card debt, or you have a large purchase you want to make.

But, this card is more than just its intro offer. It also happens to be a low cost card that could help cardholders save over the long term as well. It has a nice low purchase rate that kicks in after the intro period ends, which could work well for cardholders who carry a balance each month and don’t want to pay more than they need to in interest.

For cardholders who do pay off their balance each month, the card offers up to 55 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? While First Option Bank refers to them as monthly fees, it seems the First Option Bank Low Rate Credit Card charges neither. As a cardholder, you will pay no ongoing monthly fees or annual fees to keep this card in your wallet. This could make it a fantastic choice for anyone who wants access to credit while keeping costs as low as possible.

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 with no ongoing monthly fees or annual fees, 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 could work well for all different types of cardholders. No annual fee cards like this can be a good option for anyone who doesn’t use their card that often, for those who want to keep a card for emergencies, and for those who simply don’t see the point in paying to keep a card in their wallet.

Meanwhile, 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 no annual fee, a low ongoing purchase rate, and currently, 1.99% p.a. on purchases, balance transfers and cash advances for six months.

(showing the latest 10 Q&As)

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

First Option Bank Low Rate Credit Card

Updated 18 June 2019

Purchase Rate (p.a)

1.99% p.a.

for 6 months. Reverts to 11.99% p.a.

Balance Transfer (p.a)

1.99% for 6 months No BT fee. reverts to 11.99% p.a.

Annual Fee (p.a)

$0

$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
  • 11.99% p.a. ongoing
  • No annual or monthly fees

  • Nothing really

Creditcard.com.au review

Editor Review

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 no annual fee ever, the card provides an introductory rate of 1.99% p.a. on purchases, balance transfers and cash advances for six months, alongside a low ongoing rate and up to 55 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 intro offer. As a new cardholder, you can benefit from a super low rate of 1.99% p.a. on purchases, balance transfers and cash advances for the first six months. This could save you some serious money if you want to pay off existing credit card debt, or you have a large purchase you want to make.

But, this card is more than just its intro offer. It also happens to be a low cost card that could help cardholders save over the long term as well. It has a nice low purchase rate that kicks in after the intro period ends, which could work well for cardholders who carry a balance each month and don’t want to pay more than they need to in interest.

For cardholders who do pay off their balance each month, the card offers up to 55 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? While First Option Bank refers to them as monthly fees, it seems the First Option Bank Low Rate Credit Card charges neither. As a cardholder, you will pay no ongoing monthly fees or annual fees to keep this card in your wallet. This could make it a fantastic choice for anyone who wants access to credit while keeping costs as low as possible.

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 with no ongoing monthly fees or annual fees, 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 could work well for all different types of cardholders. No annual fee cards like this can be a good option for anyone who doesn’t use their card that often, for those who want to keep a card for emergencies, and for those who simply don’t see the point in paying to keep a card in their wallet.

Meanwhile, 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 no annual fee, a low ongoing purchase rate, and currently, 1.99% p.a. on purchases, balance transfers and cash advances for six months.

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 11.99% p.a.

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

Cash advance rate 11.99% 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 11.99% 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 $0 p.a.

Additional card holder fee N/A

Foreign transaction fee N/A

Minimum repayment 3% or $25

Cash advance fee N/A

Late payment fee N/A

Additional features

Complimentary insurance

Overseas travel insurance No

Flight inconvenience insurance No

Transport accident cover No

Smartphone screen insurance No

Purchase protection insurance No

Extended warranty insurance No

Rental vehicle excess cover No

Overview

First Option Bank Low Rate Credit Card

Key features

  • 1.99% p.a. introductory rate applies to purchases, balance transfers and cash advances
  • 11.99% p.a. ongoing
  • Up to 55 days interest free on purchases
  • No 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)

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