- 0% p.a. on balance transfers for 12 months (reverts to cash advance rate)
- Purchase cover insurance and guaranteed pricing scheme
- Credit limits of up to $15,000 are available subject to eligibility
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IMB Credit Cards
IMB Low Rate Credit Card
Updated 1 August 2023
This card is not currently available for online application. Please visit an IMB Bank branch for information.
Pay off credit card debts and save on interest with 0% p.a. on balance transfers for 12 months and a low retail purchase interest rate of 12.99% p.a. Plus, enjoy a discounted annual fee of $37 for the first year ($75 thereafter). T&Cs apply.
Purchase Rate (p.a)
12.99%
Balance Transfer (p.a)
0% for 12 months
No balance transfer fee.
Reverts to 21.74% p.a.
Annual Fee (p.a)
$37 first year. Then $75 p.a.
Pros and cons
- After introductory balance transfer period it reverts to a high cash advance rate of 21.74% p.a.
- The minimum credit limit starts at $2,000
Creditcard.com.au review
Editor Review
IMB Low Rate Credit Card
Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.
The IMB Low Rate Mastercard
With 0% p.a. on balance transfers for 12 months, the IMB Low Rate Mastercard could be a real money-saver for cardholders who want to pay off existing credit card debt. Ongoing, the card has a low purchase rate and a discounted annual fee for the life of the card, on top of complimentary purchase insurance covers and up to 55 days interest free on purchases.
What we love...
As introductory offers are typically what attract new cardholders, let’s discuss the IMB Low Rate Mastercard’s intro offer first. An awesome option for cardholders looking to pay down credit card debt, this card is currently offering 0% p.a. on balance transfers for 12 months. This will give you a full year to clear your transferred balance while paying zero interest on it.
Helping you to save even more, the card is also offering a discounted annual fee, which will be applied for the life of the card. This not only works well if you’re trying to save money to pay down your transferred balance, it could also be a great option for cardholders who simply want a low cost card in the long term.
Offering further opportunities to save, the IMB Low Rate Mastercard has a low ongoing purchase rate. A low rate card can be the ideal option for cardholders who carry a balance, as it allows them to pay less in interest month to month, to potentially pay down their balance and clear it faster. And by clearing that balance, a new feature opens up.
When you pay off your balance each month by the due date on this card, you can benefit from up to 55 days interest free on purchases. So, by keeping interest costs at zero, all you will be paying to keep this card in your wallet is its low annual fee. Note, this interest free feature is not offered on accounts with balance transfers.
Like most low rate, low fee cards, the IMB Low Rate Mastercard keeps features pretty basic. But, that’s not to say there are no extras to enjoy. As a cardholder, you can take advantage of complimentary purchase cover insurance and the card’s guaranteed pricing scheme, providing an extra layer of protection to your purchases. Terms and conditions apply, so read the PDS.
What’s not so great...
Back to that intro offer. Before you sign up for any offer, it’s important to read the small print first. Know that with the IMB Low Rate Mastercard’s offer, you can only transfer up to 80% of your approved credit limit, and if you don’t manage to pay off your transferred balance within the intro period, it will revert to the card’s much higher cash advance rate.
Why should you choose this card?
A low cost card can work well for all types of cardholders. If you are not interested in fancy features or complex rewards programs, low cost cards such as the IMB Low Rate Mastercard can help to keep things simple. It’s also nice to know that you are not paying extra for features you are not using.
Of course, this type of card can be a worthy option for cardholders looking to save money, either on interest or on annual fees. Whether you use the card every day, or you only keep it for emergencies, this card can keep costs down to offer you access to credit when you need it.
Overall Rating
The IMB Low Rate Mastercard offers a low ongoing purchase rate and a discounted annual fee for the life of the card, providing further money-saving opportunity with 0% p.a. on balance transfers for 12 months.
User reviews
Rates and fees
Interest rates
Purchase rate 12.99% p.a.
Cash advance rate 21.74% p.a.
Interest free period on purchases up to 55 days
Balance transfer
Balance transfer rate 0% p.a. for 12 months
Balance transfer revert rate 21.74% p.a.
Balance transfer from personal loan No
Balance transfer fee No fee
Balance transfer limit 80% of approved credit limit
Brands you can't balance transfer from Bank of Queensland, Citi, Coles, IMB, Qantas Money, Suncorp, Virgin Money
Credit limits
Minimum credit limit $2,000
Maximum credit limit N/A
Fees & repayments
Annual fee $75 p.a.
Additional cardholder fee Up to 4 at no extra cost
Foreign transaction fee 3.4%
Minimum repayment $30 or 2%, whichever is greater
Annual fee the first year $37
Cash advance fee Local: $3.50 or 3.5%, whichever is greater; Foreign: $5
Late payment fee $30
Additional features
Complimentary insurance
International Travel Insurance No
Flight Inconvenience Insurance No
Transit Accident Insurance No
Smartphone Screen Insurance No
Purchase Protection Insurance Yes
Extended Warranty Insurance No
Rental Vehicle Excess In Australia Insurance No
Extras
Guaranteed Pricing Scheme
Overview
IMB Low Rate Credit Card
The IMB Low Rate Mastercard offers 0% p.a. on balance transfers for 12 months. Reverts to cash advance rate. This card offers you the basic features with few frills, but there is still guaranteed pricing and purchase cover insurance, so you can buy on this card knowing your purchases are protected. When you do purchase something on this card, you will get 55 days to pay it off interest free, provided you don’t have a balance from the previous month on your card.
Key features
- 0% p.a. on balance transfers for the first 12 months (reverts to cash advance rate)
- $37 annual fee first year, $75 annual fee thereafter
- Purchase rate of 12.99% p.a.
- Up to 55 days interest free on purchases
Minimum criteria to apply for this card
-
Be over 18 years old
-
Good Credit and have not applied for multiple credit cards recently
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You must be a Permanent Resident
-
Minimum income of $35,000 p.a.
You have your personal details ready to complete the online application
Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger
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