Low Rate Mastercard
Balance Transfer0% p.a. balance transfer for 12 months. Offer ends 31 January 2018.
- Last updated on 08 Aug 2020
Balance Transfer Rate
for 12 months then 21.74%
Max Free Days
- Balance Transfers Available
- Free supplementary cards
- Purchase protection insurance
- Price guarantee
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
No set max
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
for 12 months then 21.74%
of the approved credit limit
Balance Transfer Fee
Foreign Exchange Fee
3.4% on Mastercard
Estimated ATM Cost
An email address that can be provided upon application
- FREE SUPPLEMENTARY CARDS
- PURCHASE PROTECTION INSURANCE
- PRICE GUARANTEE
- Balance Transfer 0% p.a. balance transfer for 12 months. Offer ends 31 January 2018.
Compare and review credit cards with similar features
IMB Bank has provided financial services for Australians since 1880 and has branches in Illawarra, Sydney, NSW South Coast, the ACT and Melbourne.
IMB Bank offers a limited range of credit cards in addition to other personal finance products such as savings accounts, insurance products, financial planning, term deposits and loans.
Members can access their accounts through their mobile device or 24/7 phone banking from a locally based call centre.
The IMB Bank Low Rate Mastercard is a credit card with a moderate annual fee, moderately low interest rates and a moderate number of interest-free days. The card has an introductory offer of 0 per cent interest on balance transfers for the first 12 months for customers looking to transfer existing debt. After the offer has expired, balance transfers will be charged at the card’s standard interest rates.
This credit card does not have an associated rewards scheme, which means that card holders do not receive points, cash back or frequent flyer miles on eligible purchases. However, card holders do receive complimentary purchase cover insurance and a guaranteed pricing scheme.
The IMB Bank Low Rate Mastercard is protected by Fraudshield, which offers 24/7 fraud monitoring. Fraudshield works to defend against unauthorised and fraudulent transactions on your card.
- Complimentary purchase insurance
- 0% balance transfer offer
- 24/7 fraud monitoring
- Charges an annual fee
- No rewards scheme
- No frequent flyer points
Who is it good for?
The IMB Bank Low Rate Mastercard may suit budget card holders who struggle to clear their credit card debt each month. The card has moderately low interest rates and a moderate interest-free period when customers pay their balance in full for two consecutive months.
This card may also be beneficial for customers who need to transfer existing debt. The IMB Bank Low Rate Mastercard has an introductory offer of 0 per cent interest on balance transfers for the first 12 months. After this deal has ended, customers will be charged the card’s cash advance interest rates.
The IMB Bank Low Rate Mastercard is not well suited to those who want to be rewarded for their spending. This card does not offer any points or frequent flyer perks on eligible purchases.
What RateCity says
The IMB Bank Low Rate Mastercard may be a reasonable choice for customers who want to transfer their existing debt to a new account. However, this card offers little advantage to customers who will not take advantage of the balance transfer deal.
While this card has moderately low interest days and a moderate interest-free period, budget card holders may be able to find cards with comparable rates and more benefits. Card holders who are confident about paying their bill in full each month might consider a card with similar rates, but with the addition of a rewards program.
The IMB Bank Low Rate Mastercard also charges a moderate annual fee, which may deter those who wish to minimise credit card costs. These types of card holders should consider a no-annual-fee credit card that suits their preferences.
Customers can apply for the IMB Bank Low Rate Mastercard through a secure online application. To be eligible, you must be at least 18 years old and hold either Australian citizenship or permanent resident status. The IMB Bank Low Rate Mastercard application will require your contact information, employment details and financial liabilities. You may also be required to submit a form of photo ID, such as an Australian driver’s licence or passport.
About IMB Bank
IMB Bank is the oldest building society in New South Wales, delivering a range of financial services to Australians for over 135 years. Their offering includes home and personal lending, bank accounts, credit cards, term deposits, business banking and financial planning services. IMB Bank is customer-owned, with members from across the country. Members enjoy access to automated phone and internet banking to help manage their finances. IMB Bank was founded in 1880.
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.
If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.
The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.
However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.
Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.
There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.
Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.
Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.
A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card.
For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.
Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.
Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.
Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.
There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice.
Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward.
Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.
Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.
Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.
Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.
Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.
If you’re wondering about how to make a credit card online application, here are some steps to follow:
- Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
- Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
- Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
- Review details. Ensure the information you’ve entered is correct.