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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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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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  • ^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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