- 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)
- Annual fee of $49
- RACQ member discounts
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. It aslo offers extras such as complimentary purchase cover insurance and member discounts via RACQ.
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 an annual fee of $49. 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.
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.
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.
Offering a low purchase rate, the RACQ Bank Low Rate Credit Card offers RACQ member discounts and complimentary purchase cover insurance.
Purchase rate 12.99% p.a.
Cash advance rate 21.74% p.a.
Interest free period on purchases up to 55 days
Minimum credit limt $N/A
Maximum credit limit N/A
Annual fee $49 p.a.
Additional card holder fee $0 p.a.
Foreign transaction fee 3.4%
Cash advance fee N/A
Late payment fee $30
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
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 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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