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RACQ Bank Low Rate Credit Card
RACQ Bank Low Rate Credit Card

RACQ Bank Low Rate Credit Card

Updated 5 August 2020

Purchase Rate (p.a)

12.99%

Balance Transfer (p.a)

0% for 12 months No BT fee. reverts to 21.74% p.a.

Annual Fee (p.a)

$37 first year. Then $75 p.a.

$0 over 12 months

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • 0% p.a. for 12 months on balance transfers (reverts to cash advance rate)
  • Ability to add up to 4 additional cards free
  • Low 12.99% p.a. on purchases
  • Up to 55 days interest free on retail purchases (unless you have a balance transfer)
  • Discounted annual fee of $37 for the first year, $75 p.a. ongoing
  • RACQ member discounts

  • 3.4% foreign transaction fee

Creditcard.com.au review

Editor Review

RACQ 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 RACQ Bank Low Rate Credit Card

As a low cost card, the RACQ Bank Low Rate Credit Card offers a low purchase rate and low annual fee, with up to 55 days interest free on purchases. Aside from extras such as complimentary purchase cover insurance and member discounts via RACQ, the card is also currently providing 0% p.a. on balance transfers for 12 months.

What we love...

As usual in our reviews, we’ll talk about the intro offer first. The RACQ Bank Low Rate Credit Card is currently offering a very appealing balance transfer offer, with 0% p.a. on balance transfers for 12 months. As a new cardholder, that gives you a full year to power through your credit card debt, paying it off faster as you pay nothing in interest on your transferred balance.

What about the long term? RACQ Bank designed this card to be a money saver in the longer term too, offering a low ongoing purchase rate. With its low purchase rate, it may appeal to cardholders who carry a balance month to month, as it could help them pay less in interest and more of what they owe.

On the other hand, for cardholders who clear their balance each month, the card offers up to 55 days interest free on purchases. By being smart with your spending, this feature could allow you to keep interest costs at zero. Be aware that this feature is not available if you have a balance transfer on your card.

What about annual fees? There's a discounted annual fee of $37 for the first year, $75 p.a. ongoing. You may also add up to four additional cardholders at no extra cost, which not only helps you to save money as you provide family members who need it with access to credit, you can also simplify your family finances.

What’s not so great...

While the RACQ Bank Low Rate Credit Card may be a low rate card, only its purchase rate is low. With a relatively high cash advance rate, it’s best to avoid the cash advance feature. It’s also worth noting that if you balance transfer onto this card, any unpaid balance remaining after the intro period ends reverts to the card’s cash advance rate. This is also best avoided by clearing that balance on time.

Why should you choose this card?

When you apply for a RACQ Bank Low Rate Credit Card, you become a member of RACQ. This not only provides you with RACQ service you know and trust, it also means you will receive a range of discounts and benefits. RACQ members can enjoy thousands of RACQ member discounts, including savings on theme parks and entertainment Australia-wide and up to 40% off movie tickets.

While the card itself may be fairly simple, it does come with a few nice features, including complimentary purchase cover insurance. It also allows you access to online and mobile banking, and to its dedicated branches and 24/7 Queensland call-centre.

To be eligible, you must be 18 years or older, with a minimum annual income of $25,000, and a good credit rating.

Overall Rating

Offering a low purchase rate, the RACQ Bank Low Rate Credit Card offers RACQ member discounts and complimentary purchase cover insurance, with 0% p.a. on balance transfers for 12 months.

User reviews

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

62% rating based on 1 review

Rates
Fees
Rewards
Customer Service
Value

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 N/A

Banks you can't balance transfer from RACQ Bank

Credit limits

Minimum credit limt $N/A

Maximum credit limit N/A

Fees & repayments

Annual fee $75 p.a.

Additional card holder fee $0 p.a.

Foreign transaction fee 3.4%

Minimum repayment

Annual fee the first year $37

Cash advance fee N/A

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 No

Extended Warranty Insurance No

Rental Vehicle Excess In Australia Insurance No

Overview

RACQ Bank Low Rate Credit Card

Key features

  • 0% p.a. for 12 months on balance transfers (reverts to cash advance rate)
  • Ability to add up to 4 additional cards free
  • Low 12.99% p.a. on purchases
  • Up to 55 days interest free on retail purchases (unless you have a balance transfer)
  • Discounted annual fee of $37 for the first year, $75 p.a. ongoing
  • RACQ member discounts

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

  • Minimum income of $25,000 p.a.

  • 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.

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