- Low variable interest rate of 11.99% p.a. on purchases, cash advances and balance transfers
- Up to 55 days interest free on purchases
- No credit card annual fee
- Add up to 8 extra cardholders free of charge
Cut the nonsense, it’s time to get down to business. If you see life in strictly black and white, with no fuss and nonsense, then the ME Frank Credit Card could be for you. No introductory offers, no rewards, no fancy features: this is a card that gets straight to the point, and puts it all down in black and white.
As a cardholder, you can enjoy a low variable purchase rate of 11.99% p.a., a low cash advance rate of 11.99% p.a., and a low balance transfer rate of 11.99% p.a. Pretty easy to remember, right? On top of that, you pay no annual fee, ever. As a card that is super straightforward, it’s certainly easy to see why this card is a multi award winner.
Unlike so many credit cards out there, the ME Frank Credit Card cuts all the frills, giving you only what you need. If you’re not interested in fancy features or rewards, there’s Frank. If you don’t want complicated introductory offers that get you all tangled up, there’s Frank. If you only want a low rate no annual fee card, then Frank’s your guy.
The low purchase rate of 11.99% p.a. places the ME Frank Credit Card firmly in the low-interest rate card category. But, if you’re comparing low rate cards, you may notice that most of these cards – unlike Frank – also charge an annual fee. For example, the Bendigo Bank Low Rate Mastercard currently has a $45 ongoing annual fee.Then, if we look at comparable no annual fee cards, we generally see higher standard rates of interest on purchases. One such example would be the St.George No Annual Fee Credit Card, which obviously has no annual fee, but also has a current purchase rate of 20.74% p.a.
While we’re at it, we can also point out that unlike Frank’s cash advance rate of 11.99% p.a., the St.George card’s cash advance rate currently stands at 21.49% p.a. Now, in general, we don’t recommend using the cash advance feature as it can be pretty costly, but it’s good to know that (with its 11.99% p.a. balance transfer rate) Frank’s rates are low across the board.
We’re a bit stumped on this one. There’s not much we could come up with that’s negative. We have had some comments from people with good credit and high income that have been declined for the card. We don't know how they are scoring applications but there seems to be some difficultly in being approved. It’s worth looking closely at any fees that may apply to cash advances and transactions. Always read the small print, people.
If you want to pay low interest rates on purchases, cash advances and balance transfers, then the ME Frank Credit Card could be the perfect option. If you tend to carry a balance each month, this card will help to keep interest to a minimum.
On the other hand, if you pay off your balance, then it’s worth noting that the card also offers up to 55 days interest free on purchases. If you want to buy a fairly large purchase, you could have up to 55 days to pay it off before interest starts accruing.
If you don’t need features and rewards – and you don’t want to have to pay for them in annual fees – this is a great choice of card. Plus, you don’t have to worry about intro offers and what happens when they end. And if you so choose, you can add up to eight extra cardholders free of charge.
This award-winner is an awesome no frills card, with low rates across the board – plus, no annual fee. This is a card that’s definitely worth looking in to.
Purchase rate 11.99% p.a.
Cash advance rate 11.99% p.a.
Interest free period on purchases up to 55 days
Balance transfer rate 11.99% p.a. for 99 months
Balance transfer revert rate 11.99% p.a.
Balance transfer from personal loan N/A
Balance transfer fee No fee
Balance transfer limit N/A
Brands you can't balance transfer from N/A
Minimum credit limit $1,000
Maximum credit limit N/A
Annual fee $0 p.a.
Additional cardholder fee Up to 8 at no extra cost
Foreign transaction fee 2.3% (International transaction fee – 1.5%, Mastercard cross-border fee – 0.8%)
Minimum repayment 3% or $10 (whichever is greater)
Cash advance fee 2% or $4 (whichever is greater)
Late payment fee $10
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
Be over 18 years old
Good Credit and have not applied for multiple credit cards recently
Australian citizen or permanent resident
Minimum income of $25,000 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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