First Option Bank Ltd Credit Cards
First Option Bank is a member-owned financial institution, formerly known as First Option Credit Union. Founded in 1965, First Option Bank has provided banking and financial services to the Australian public for over 50 years. Because it is owned by its members, First Option is able to offer competitive rates and lower fees than many of Australia’s big banks.
Anyone can join First Option Bank, but only First Option members can take advantage of their credit card offering.
First Option Bank credit cards rates
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- Low to moderately low fees
- Cash rewards offered
- Low-rate option offered
- Limited range of credit card choices
- No frequent flyer points
- No sign-on bonuses
About First Option Bank credit cards
First Option Bank offers a smaller variety of credit cards than larger banks in Australia, but they also offer competitive rates and low fees. First Option provides both rewards and low-rate credit cards to suit a range of customers.
Because First Option is a member-owned institution, its credit card rates tend to be on the lower end of the market. First Option Bank credit card rates vary from moderately low to moderate. However, First Option also gives their customers a very low introductory interest rate for the first six months.
Like their credit card interest rates, First Option also tends to charge reasonable fees. First Option charges low to moderately low annual fees in the form of a monthly administration fee, and does not charge a late payment fee. First Option Bank allows balance transfers and gives customers a moderate number of interest free days.
First Option Bank credit cards review
First Option Bank delivers a credit card offering that may be suitable for both budget customers and rewards-seekers. First Option offers a low-rate credit card that may suit those who want a credit card with minimal costs.
A rewards card is also available for those who want to be compensated for their spending. First Option provides cash rewards for their rewards card customers. However, cardholders cannot choose to receive frequent flyer points or reward points.
As a customer-owned credit union, First Option is able to charge reasonable rates and fees, though these numbers do differ between credit card options. First Option Bank credit card rates vary from moderately low to moderate, while their ongoing fees range from low to moderately low.
All First Option credit cards are equipped with Verified by Visa, which gives customers greater online purchasing security. All card transactions are also monitored 24/7.
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Looking to get your first credit card? You might be confused as to exactly where to go to apply for one. Here’s where to go when you are ready to put in that application.
The bank: Your bank is a great place to start, provided that you have a good banking history. Since you already have a financial history, you have more chance of your application being approved.
Credit card provider: Another option is to apply for a credit card directly from the issuer, such as Visa, Mastercard or Amex. This will most likely be an online application, so do your research and apply for a suitable card for your circumstances.
Major retailers: Coles, Woolworths, Myer and David Jones all have credit cards available. But watch out for the interest rate and annual fees – these cards are designed to help you spend more in store.
Credit cards are a personal responsibility, so getting a credit card is up to your specific financial wants and needs. As a hypothetical, ask yourself if you could afford repayments on the maximum credit limit offered by a credit card you may be interested in.
Also, consider all the pros and cons of taking out a credit card before you sign on the dotted line. Pros include the fact that credit cards can be a good way of paying for purchases, earning rewards points and building a credit history. Cons include how credit cards can be expensive and put a lot of financial pressure on you.