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ME Bank

ME Bank frank credit card

Medium frank credit card

Good For

Low Fees Low Rates Max Interest Free Days No Annual Fee

  • Type: MasterCard
  • Level: Standard

All Offers

Balance Transfers Offers N/A
Introductory Offers N/A
Special Offers N/A

Rates & Fees

Ongoing Purchase Interest Rate 11.99%
Annual Fee $0
Maximum free days Up to 55
Late Payment Fee $10
Over Limit Fee $0

Overseas Spending

Currency Conversion Fee 2.3%
Overseas ATM Charges $4 or 2% (the higher of)
Estimated ATM Cost for AU$300 withdrawal $12.90

Perks

Travel Insurance N/A

Repayment Details

$ Minimum Repayment $10
% Minimum Repayment 3%

Application Requirements

Minimum Credit Limit $1,000
Maximum Credit Limit $20,000

The ME Bank Frank Credit Card doesn't mince words. The main thing you need to know about the product is right there in its name. If you want to have the freedom of using your credit card without the worry of falling deep into debt through an exorbitant interest rate, this is one low rate credit card option you might consider.

So what are the ME Bank Frank Credit Card features that may interest consumers looking for a credit card?

The key benefits of the ME Bank Frank Credit Card

The chief advantage of this low rate credit card is in its attempt to minimise the ordinary costs footed by the typical cardholder. True to its word, the ME Bank Frank Credit Card offers a low interest rate of 11.99 percent p.a., which applies to:

  • Purchases
  • Cash advances
  • Balance transfer

This means you can switch credit cards or get cash out in a bind with less of the interest-related stress of your average credit card. Note that you'll still have to pay a cash advance fee equal to $4 or 2 percent of the withdrawn total, whichever is larger.

Purchases will also get 55 days interest free, provided you pay your balance in full by each month's due date.

This product isn't only a low rate credit card, however — it's also a low fee credit card. The ME Bank Frank Credit Card carries no annual account-keeping fee or a fee for balance enquiries at the following banks' ATMs:

  • ME Bank
  • Westpac
  • Bank of Melbourne
  • St George
  • BankSA

You can also add up to 8 extra cardholders to the card without paying anything extra.

The ME Bank Frank Credit Card also includes the more invisible benefits that automatically come with MasterCard products. This means the use of Tap & Go technology for purchases worth less than $100, added security when using the card online, and access to MasterCard Zero Liability protection if unauthorised purchases are made.

The ME Bank FrankCredit Card's other charges

This is not to say the ME Bank Frank Credit Card is a free lunch in plastic form. While these costs are very low compared to other credit cards, there are still a number of fees and charges to keep in mind.

If you're planning on using your ME Bank credit card to fund your travel journey, be cautious — there is a 1.5 percent fee on any foreign currency transaction that is then converted into the Australian dollar. On top of this, MasterCard International will add a 0.2 percent fee on such transactions, as well as a 0.8 percent charge on transactions where the merchant account is held outside Australia.

Other fees include:

  • A late payment fee of $10
  • A dishonour fee worth $15 per cheque or direct debit
  • A fee for emergency replacement of a card — $20 here in Australia, and $100 if you're overseas

Applying for an ME Bank Frank Credit Card

If you decide it's the card for you, there is a 5-step application process on the ME Bank website you can follow to make it yours. You'll need to meet some basic criteria:

  • Hold Australian citizenship or permanent residency
  • Be at least 18 years old
  • Have a decent credit rating
  • Earn income of at least $25,000 a year — a relatively low threshold that is accessible to many applicants

You'll need to provide documents like a driver's licence, as well as proof of your income, savings, assets and debts. When the ME Bank Frank Credit Card arrives in the mail, log in to ME Bank's internet banking, activate the card, choose a pin and voila - you've got a low rate credit card of your very own.