Frank Credit Card
Virgin Money Virgin Australia Velocity Flyer Card (Balance Transfer Offer)
Balance Transfer0% p.a. for 22 months on balance transfers. Earn 3 additional bonus Velocity Points per $1 on your everyday spend in the first 3 months (capped at 10,000 points per month).
Balance Transfer Rate
Max Free Days
- No Annual Fee
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
Balance Transfer Fee
Foreign Exchange Fee
1.5% on Mastercard
Estimated ATM Cost
Australia Citizen, Permanent Resident
- Free Supplementary Cards
Compare and review credit cards with similar features
Created by Australia’s leading industry super funds, ME stands for a new kind of banking: one that’s fairer, more transparent and is committed to great deals for customers.
With award-winning home loans and term deposits, low-cost savings accounts, country-wide ATM access and banking experts that come to you at your convenience, ME is set to change the way Australians bank.
The ME Bank Frank credit card has no annual fee, moderately low interest rates, and a moderate number of interest-free days. The card charges international transaction fees and low late payment fees. This card does not have an associated rewards scheme.
ME Bank offers internet banking that allows card holders to put a temporary stop on your credit card should the card be lost or misplaced. Card holders also enjoy extra protection for online shopping and unauthorised purchases.
While the ME Bank Frank credit card does not come with a rewards program, card holders are granted access to Mastercard Priceless Cities. Mastercard Priceless Cities offers customers exclusive deals in cities both domestically and internationally, from food and wine to transportation and accommodation.
This card comes with tap-and-go for fast and secure purchases.
- No annual fee
- Access to Mastercard Priceless Cities
- Low late payment fee
- No rewards scheme
- No frequent flyer points
- No complimentary insurance
Who is it good for?
The ME Bank Frank credit card is a low-rate, no-fee card, which might make it suited to budget card holders who don’t always clear their credit card debt each month. The moderately low interest rates of the ME Bank Frank credit card may help customers control and pay off their debt.
The ME Bank Frank card might also be a good fit for those who like to minimise credit card costs. This card never charges an annual fee and only charges a low late payment fee.
The ME Bank Frank card is not a rewards card, which means it might not be suited to those who want to earn points or frequent flyer miles for their spending. For customers in search of a rewards card, consider which type of rewards suit you best and search for a credit card that fits your preferences.
What RateCity says
The ME Bank Frank credit card is a sensible choice for budget card holders. The card charges moderately low interest rates, which may be especially beneficial for customers with existing debt or for those who struggle to pay their bill in full each month. The card also charges a low late payment fee, which can lower costs for those who tend to make late payments.
While low rates and few fees make this card reasonable for many potential card holders, others may want a broader range of benefits. The card does not come with any complimentary insurance, nor does it have an associated rewards program for earning points on eligible purchases.
Although this card tends to have low fees, customers should be aware of the international transaction fees. The ME Bank Frank credit card charges an overseas spending fee, making it less than ideal for travel.
In order to be eligible for the ME Bank Frank credit card, you need to be at least 18 years old and have Australian citizenship or permanent residency. Applicants must also earn more than $25,000 annually. To complete the online application form, you’ll need to have a photo ID, such as your Australian driver’s licence or passport. You’ll also be asked to supply information on your income and expenses. Existing ME bank customer should have their account number ready.
About ME Bank
ME is a bank created and owned by 29 of Australia’s industry superannuation funds. ME Bank serves over 400,000 Australians across the country, providing a variety of banking and financial solutions. Their offering includes bank accounts, credit cards, home loans, personal loans and term deposits. They also offer debt consolidation services. ME Bank does not operate bank branches, but rather operates entirely online, though customers can also contact a representative by phone.
Credit cards aren’t something you want to collect unnecessarily. If you’ve paid the balance off or have upgraded to a new credit card, it’s important to cancel your old cards to avoid any additional fees. Unless you’re doing a balance transfer, you’ll need to pay the outstanding balance before you cancel your credit card. If you’ve opted for a card with reward points, make sure you redeem or transfer the points before you close your account. To avoid any bounced payments and save yourself an admin headache, redirect all your direct debits to a new card or account. Once you’ve done all the preparation, call your bank or credit card provider to get the cancellation underway. Once you receive a confirmation letter, destroy your card and make sure the numbers aren’t legible.
Pensioners can get credit cards with certain banks – if they can convince the bank they’re credit-worthy. Here are some points to consider if you are a pensioner looking for a credit card:
Annual income: Look for a credit card for which you easily fall within the minimum annual income requirements. This can be from the pension, superannuation or any other sources.
Annual fees: If high fees are a concern for you, opt for a card with a low or $0 annual fee. You want to make it as easy as possible to fit a credit card into your current lifestyle and spending habits.
Interest rate: Make sure you won’t have any nasty surprises on your credit card bill. Choose a card with a low interest rate to minimise risk (to both yourself and the bank – and this will help your application).
What happens if I have a bad credit score?
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.
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.
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 often 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.
If you discover you have a substandard credit rating, there are nine steps you can take to improve it. Those steps include consolidating multiple debts, fixing errors on your credit file, making repayments on time, paying off loans and closing extra credit cards.
A credit card is a payment method which lets you pay for goods and services without using your own money. It’s essentially a short-term loan which lets you borrow the bank’s money to pay for things which you can pay back – potentially with interest – at a later date. Credit cards can also be used to withdraw money from an ATM, which is known as a cash advance. Because you’re borrowing money from a bank, credit cards charge you interest on the money you use (unless you repay the entire debt during the interest-free period). When you apply for a credit card, the bank gives you a credit limit which sets the maximum amount you can borrow using your card. Credit cards are one of the most popular methods of payments and can be a convenient way of paying for goods and services in store, online and all around the globe.
Credit cards are a personal responsibility, so the reasons behind getting a credit card should also be personal.
You should always consider all the pros and cons of taking out a credit card before you sign on the dotted line.
For example, pros include the fact that credit cards can be a good way of paying for purchases, earning rewards points and building a credit history.
But there are also cons – credit cards can be expensive and put a lot of financial pressure on you.
You need to consider your personal finances and your lifestyle choices. Do you need a credit card? What options are out there for me? Can I handle the repayments? Why am I getting a credit card in the first place?
Yes, some lenders will provide credit cards to Australians with bad credit scores but it depends on their individual lending criteria and whether you’ve presented your personal finances to show you’re an ‘ideal’ borrower.