ME Credit Cards

Updated 11 February 2021

ME (Members Equity Bank) is a 100% Australian owned and regulated bank, started by Super Industry Funds. Originally offering home loans in 1994, ME now offers a Mastercard and a range of personal bank accounts as well as loan options for members of eligible super funds and unions.

ME Bank prides itself on being a “better kind of bank” – and as a bank that is 100% owned by 26 of Australia’s leading industry super funds, it can certainly achieve this. Unlike certain other banks that have to think about keeping shareholders happy, ME Bank puts profits back into these super funds, looking after the retirement of 5.5 million Australians. By offering simple products that are easy to understand, ME Bank makes it easy for customers to find exactly what they need, whether that’s in a home loan, a savings account or a credit card.

In its attempt to reduce “bank-xiety” in Australia, ME Bank focuses on six important factors. Firstly, it doesn’t “fleece customers just to make the fat cats fatter”. It also doesn’t slip them “products they don’t need, want – and never asked for”. It does however, offer simple products and transparent rates, while not charging customers for holding their money. In addition to this, the bank offers free financial education to all Australians, and doesn’t invest in fossil fuels.

As a multi award-winner, it seems ME Bank must be doing something right. The bank was named Australia’s Best Bank by Mozo for having the widest range of highly-ranked products of any bank. It was also recognised by Money magazine as being the best place to stash your cash 2018. On top of this, Canstar rated the bank’s everyday account and Online Savings Account 5 stars for outstanding value. Sound like something you’d like to be part of? Check out ME Bank’s credit card offering below.

read moreclose

26 reviews for 1 cards listed as seen on
  • 7News
  • 9News
  • Studio 10
  • The Sydney Morning Herald

ME Frank Credit Card

26 reviews
$0 saved over 99 months

We found no credit cards using your selected criteria

Update your filters to get more cards to display. Reach out if you are having any problems.

ME Bank

When it comes to credit cards, what works for some people won’t always work for others. For some credit cardholders it’s all about perks and rewards, while for others, it’s about finding the lowest possible purchase rate. The number one rule? Work out what works best for you – and find the credit card that delivers.

ME Bank Credit Cards

Could that possibly be a ME Bank credit card? At ME Bank, they believe that every Australian deserves to get the most out of their money. With more than twenty years in the industry, ME Bank now offers everything from home loans and bank accounts, to insurance and credit cards – but does it deliver on its promise?

Leaving aside ME Bank’s other financial offerings, there is ME Bank’s credit card. No, ME Bank doesn’t have heaps of credit cards like some of the big banks. It has one. But, that one card could indeed help Australians to get the most out of their money. How? Time to take a closer look.

ME Frank Credit Card

Unlike many other credit cards, the ME Frank Credit Card keeps it simple. In fact, ME Bank says Frank is “the first low rate credit card with nothing to hide”. So, with nothing to hide, what is it that Frank has to offer?

Low Rates

As we’ve seen, ME Bank is marketing the ME Frank Credit Card as a low rate card. With a super low purchase rate and cash advance rate, Frank most definitely is a low rate credit card. That means when cardholders make purchases (or withdraw cash) on their card, that balance will attract a much lower rate of interest than on a standard credit card.

Standard credit cards generally attract higher rates of interest, usually ranging between 17% p.a. and 23% p.a. Cardholders who retain a balance on those cards would have to pay much more in interest than they would on a low rate card, such as Frank.

With that in mind, what type of cardholder would suit a low rate credit card?

Retaining a Balance

Some cardholders retain a balance month-to-month. They may use their card to buy stuff, and they may pay some of their balance off each month. But, they don’t pay off the balance in full. This can be described as having a revolving balance. Money goes into the credit card, money comes out of the credit card, but a balance is always present.

For anyone who wants to save money on their credit card, keeping a revolving balance is not really recommended. Why? Cardholders who have a revolving balance can end up paying out significantly in interest. The balance that remains unpaid on that card can attract interest, which left unpaid, will keep on adding to the amount owed on the card.

For some cardholders, that can be a slippery slope - especially for those who are only making the minimum repayment each month. Instead of paying off the credit card, the debt keeps growing, with the cardholder paying out more and more in interest. Cardholders can spend years paying off their balance, while paying thousands in interest to their credit card provider.

There are various solutions to this problem.

  • Transfer to a balance transfer card: The cardholder transfers their balance to a balance transfer card to pay a much lower rate of interest for an introductory period. The cardholder then works to pay off the transferred balance before the intro period ends.
  • Pay off the balance: Cardholders who have the money to pay off their balance – but who didn’t know the value of doing so – can simply pay it off to save loads on interest.
  • Transfer to a low rate card: Some cardholders are not keen on balance transfer cards, or cannot get approval for them. For them, an alternative option is a low rate credit card. By transferring to a low rate card, cardholders will pay less in interest on their balance. Hopefully, they will then work on paying down the balance to pay less in interest overall.

By choosing the last option - transferring to a low rate card, such as the ME Bank Frank Credit Card - cardholders could save on interest, both now, and if they happen to have a balance left unpaid in the future.

Large Balance

This is a similar kind of problem to having a revolving balance. Cardholders who have a large balance on their credit card may not be retaining a balance on purpose. They may simply have racked up debt on their credit card, and are now having trouble paying it off.

Again though, the solutions are pretty similar. Transferring to a balance transfer card can be a good option. When considering this, cardholders should find out what the rate reverts to at the end of the introductory period. Some balance transfer cards have incredibly high revert rates, leaving cardholders in a worse state than they were before the switch.

By transferring to a low rate card, cardholders can enjoy one low rate of interest. They can then work on paying off their credit card debt without worrying about tricky balance transfer introductory offers.

New to Credit

When we are new to something, it’s easy to mess up. When we don’t really know what we’re doing, it can be easy to end up in trouble. This can often be the case with credit cards. For someone who doesn’t know how to correctly deal with credit, getting their first credit card can be somewhat heady.

It’s oh-so easy to overspend on a first credit card, buying stuff simply because there is credit available to do so. Before you know it, you have a large credit card debt that you can’t pay off. That debt will keep on accruing interest until it is paid off. Not so good, when you have a credit card with a high purchase rate.

When applying for your first credit card, it can be a good idea to choose a low rate option. Then, if you happen to mess up, your balance will attract a much lower rate of interest. This should make it easier to pay off than if it were attracting a higher rate of interest.

With a low rate credit card, even if you don’t rack up a high balance, it still provides a relatively safer way to learn about credit cards. From there, cardholders can choose to stick with a low rate option once they’ve got the hang of dealing with credit – or they can try out other cards with perhaps more features.

Money Saver

Some cardholders simply like saving money. They want a card with the lowest possible purchase rate because they want to be as smart as possible with their money. For them, the ME Bank Frank Credit Card could be the perfect option. With a low purchase rate, Frank can provide a perfect money saver.

No Annual Fee

Not only does the ME Bank Frank Credit Card have a low purchase rate, it also happens to charge no annual fee. Australians pay millions each year in unnecessary credit card fees, such as the annual fee. Why is it unnecessary? Because there are credit cards out there – like Frank – that charge no annual fee at all.

Credit card providers charge an annual fee on their credit cards for a number of reasons. Firstly, card providers are providing a service. They are provider cardholders with access to credit. Just like with many other financial products, such as personal loans, providers will charge a fee for the service they are providing.

Secondly, card providers are providing the cardholder with certain features. This could include personal concierge services, insurances, rewards programs, and so much more. But in general, they are not providing these features for free. Features are used to entice customers - but cardholders still have to pay for them. For cardholders who want those features, the key is to make sure they get more back from the features on offer, than they pay out in annual fees.

So then, who would suit a credit card with no annual fee?

Seekers of Simple

ME Bank clearly offers up Frank as a simple, no frills card. For some cardholders, this is perfect. They don’t want any introductory offers to trip them up. They don’t need any tricky rewards programs they don’t understand. They don’t require features such as insurances and warranties, or personal concierge services.

All these cardholders want is access to credit, in the cheapest possible way. Combining a low purchase rate with no annual fee, Frank embodies this ideal. There are no fancy features, but some cardholders simply don’t need them.

Money Savers

Yep, this one again. Just as some cardholders want to save money on interest with low rate cards, some also want to save money on fees with a no annual fee card. Considering some credit cards can charge fees that range from a few hundred dollars to over a thousand, no annual fee cards can help save quite a lot of money indeed.

Saving for an Emergency

Not everyone needs a credit card for everyday use. But, it can be handy to have one, just in case. A no annual fee card such as the ME Bank Frank Credit Card can be perfect for emergencies only. Cardholders don’t pay to keep Frank in their wallet, but it’s there in case of an emergency.

Perhaps the dog ate rocks again and needs expensive surgery. Maybe the head gasket went on the car and it needs an entire rebuild on the engine. An emergency credit card can help cover those unforeseen costs, providing access to credit exactly when it’s needed.

Pretty impressive indeed. No, Frank doesn’t have a rewards program. Nope, Frank doesn’t offer any perks or features. But, Frank is easy to understand and can help save cardholders money on interest and annual fees. This type of card will not be for everyone, but for some cardholders, it can be extremely attractive.

And ME Bank?

Okay, everyone knows about the big banks. They’ve been around longer than we have – and they are everywhere. This is exactly why some people choose the big banks over relatively unknown options, such as ME Bank. But is this a good idea?

The big banks can be a great option for some people. They can offer a huge range of products and services, and they can give some people peace of mind that they are banking with a big bank. But, smaller can be better for some folks.

ME Bank started life in 1994 as Super Member Home Loans (SMHL) by Australia's Industry Super Funds. In 1999, SMHL became Members Equity Bank, and received its banking license from APRA in 2001. But while it may be a bank, it is still owned by industry super funds. Thirty of them, to be exact. These include AustralianSuper, HESTA, HOSTPLUS and Cbus.

Having gained its Australian Banking License, ME Bank is officially an Authorised Deposit-taking Institution. That means it has to abide by all the same rules – and is covered by all the same safeguards – as bigger, better known banks, like the Big Four. Surely, ME Bank must be doing something right. Perhaps it’s time for a closer look at Frank?

Recently Asked Questions

Something you need to know? Ask our credit card expert a question.

Ask Pauline a Question

Hi, I’m a personal finance expert who loves to help you out! I’ll answer your question within a business day. Pinky swear.

We ask for your email so we can respond to you directly. We won’t share your personal data. For more information, see our privacy policy.

29 questions (showing the latest 10 Q&As)



4 May 2022
Can you select to pay the full amount owing each month i.e linked and automatically debited from your saving account therefore never paying any interest ? Thanks
    Pauline -


    5 May 2022
    Hi Mike, yes you may pay your balance in full each month. We don’t have direct access to the card but you can reach ME directly at 13 15 63 to set this up.


1 September 2021
Will ME bank at anytime in the near future have a credit card linked to Qantas ponys
    Roland B Bleyer - Founder


    8 September 2021
    Hi Jo, interesting question! ME Bank have a range of low interest rate credit cards but no rewards. We’re not ones to speculate, but a low interest rate and rewards is never a bad thing! Most rewards cards have a higher rate to offset the benefits. If we do hear of a ME Qantas crossover, we’ll be sure to post about it!


14 March 2021
Hi. I have a ME bank mastercard. It has an annual fee and an interest rate of 12.25%. Why do I have this product instead of FRANK? I cannot actually see my credit card advertised on your website information which states that ME has only the one credit card. Can I sawp over and retain my limit?
    Roland B Bleyer - Founder


    16 March 2021
    Hi Ian, the ME Mastercard is no longer available for new applications (see ME website) but it is still available for use for those who already have it, like yourself. The best thing to do if you want to change cards to the Frank is contact ME directly and see if you can just "swap" rather than have to re-apply. I hope that helps.
Rodney Burns

Rodney Burns

17 December 2020
Wanting to know how much my credit card fee is yearly? And when is it due? Can it be waived?
    Roland B Bleyer - Founder


    17 December 2020
    For the ME Frank, there is no annual fee ever.


25 March 2020
Is there an interest free period on balance transfers?
    Roland B Bleyer - Founder


    25 March 2020
    Hi Bev, no there is no balance transfer offer currently available with Frank. You can transfer debt though it would be at the standard rate of 11.99%


3 March 2020
I applied for credit with me money haven't heard anything
Peter cann

Peter cann

4 March 2019
Is there a interest free period ie55days thanks Peter.
    Roland B Bleyer - Founder


    4 March 2019
    Hi Peter, yes there are up to 55 days interest free on this card. This is depending on when you make a purchase in the billing cycle. You only receive interest free days if you pay off your balance in full the previous period for all credit cards.
Vicki Norris

Vicki Norris

8 February 2019
Got poor cruid can i aply for a card
    Roland B Bleyer - Founder


    11 February 2019
    Hi Vicki, ME are very hard on approvals. Overall with poor credit, it is unlikely that you would be approved for any credit card. You need good credit to get approval these days.


25 October 2018
Is the interest charged from the day of purchase or do you have no interest charged if paid by the due date?
    Roland B Bleyer - Founder


    25 October 2018
    Hi Cheryl, with the ME Frank credit card you get up to 55 day interest free on purchases. This is depending on when you make the purchase in your billing cycle. You only receive interest free days if you paid off the card in full in the previous billing period. That is, you do not hold a balance at the start of the billing cycle. So if you pay off the card in full each time. Then make a purchase and pay that back before the end of the billing cycle. You will get up to 55 days interest free on purchases.
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.