Balance Transfer Rate
Max Free Days
- Free supplementary cards
- Fraud protection
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
Balance Transfer Rate
Balance Transfer Rate
max card limit
Balance Transfer Fee
Foreign Exchange Fee
2% on Visa
Estimated ATM Cost
for AU $300 withdrawal
- FREE SUPPLEMENTARY CARDS
- FRAUD PROTECTION
Members with a Packaged Home Loan are exempt from the annual fee
Compare and review credit cards with similar features
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.
The First Option Credit Union Low Rate Visa credit card is advertised as a credit card low on rates and fees. This credit card does indeed have a very low introductory interest rate in the first six months; it then reverts to the standard, moderately low interest rate.
Rather than an annual fee, this credit card includes a monthly fee of a few dollars, which works out to the equivalent of a low annual fee. There are moderate number of interest-free days available each billing cycle with this credit card, and balance transfers are available at this card’s standard variable interest rate.
First Option Credit Union are also offering the ability to earn rewards points on purchases, which are then converted into a cashback percentage. Cash advances are also available with this credit card, at the same moderately low interest rate on purchases and balance transfers.
- Very low introductory interest rate
- Low annual fee
- Earn cashback rewards
- No complimentary insurance
- No frequent flyer points
- Low return on rewards points
Who is it good for?
The First Option Credit Union Low Rate Visa credit card is a no-frills credit card that may suit customers who simply want to add a line of credit to their financial products.
The very low introductory interest rate, and even the standard moderately low interest rate on purchases, makes this card a more affordable option, especially for customers who may not be in the habit of paying off their credit cards in full each month.
The credit limit on this card ranges from low to very high, so it is suitable for all levels of spending. However, bigger spenders could potentially find more value with the perks that come with other credit cards.
The interest rate on both purchases and balance transfers is low, so this card might be a suitable option for consumers who are looking to moderate their credit card spending or pay off debt.
What RateCity says
The First Option Credit Union Low Rate Visa credit card offers a competitively low interest rate on purchases, as well as balance transfers. Unlike many other credit cards, the low interest rate on balance transfers is not limited to an introductory offer, but is the standard variable rate.
This credit card is also low on fees, with a low annual fee, no late payment fee and the ability to add a free additional cardholder. It has a wide-ranging credit limit, making it a suitable credit card for almost all income levels.
What this card lacks in fees, it also lacks in perks and benefits. There are no complimentary insurances or frequent flyer points to be earned with the First Option Credit Union Low Rate Visa credit card. You can earn rewards points for cashbacks, but these have a low return.
To apply for the First Option Credit Union Low Rate Visa credit card, you must be at least 18 years old and meet any other serviceable criteria. You can apply online in three steps, and will need to provide information on your employment, income and financial dependents. When applying, it is a good idea to have some form of identification, as well as recent bank statements and payslips on hand.
About the lender
First Option Credit Union was established in 1965 and is an entirely member-owned institution. First Option Credit Union today was formed from a merger of several credit unions in 2005. First Option Credit Union is headquartered in Melbourne, and also has offices in the Sydney suburb of Granville and the Melbourne suburbs of Ringwood and Altona. First Option Credit Union provides products and services in credit cards, loans, insurance, financial planning and more.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
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.
The numbers on your credit card actually follow a universal standard which is used to identify specific functions. Each credit card has a different amount of numbers. Visa and Mastercard have 16, American Express has 15 and Diner’s Club has 14.
The first number on a credit card always identifies what type of credit card it is. Visa cards start with a 4, whereas Mastercard starts with a 5 and American Express with a 3. The remainder of the digits represent the account number, including the last number which is used to verify that your credit card is actually valid.
Credit cards also have additional verification numbers, which are mainly used when the card isn’t present for phone and online purchases. These are the three-digit numbers on the back of Visa and MasterCard or the four-digit numbers on the front of an American Express card.