Low Rate Mastercard

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Basic

Card Level
Card Level
Standard
Interest Free Days
Interest Free Days
55
Maximum credit limit
Maximum credit limit
No set max
Minimum credit limit
Minimum credit limit
$2,000
Minimum repayment dollars
Minimum repayment dollars
$30
Minimum repayment percent
Minimum repayment percent
2
Number free supplementary
Number free supplementary
4
Annual Fee
Annual Fee
$49
Late Payment Fee
Late Payment Fee
$10
Over limit fee
Over limit fee
$40
Duplicate statement fee
Duplicate statement fee
$7
Supplementary card annual fee
Supplementary card annual fee
$0
Apple Pay available
Apple Pay available
Google Pay available
Google Pay available
Samsung Pay available
Samsung Pay available
Card Level
Card Level
Standard
Interest Free Days
Interest Free Days
55
Maximum credit limit
Maximum credit limit
No set max
Minimum credit limit
Minimum credit limit
$2,000
Minimum repayment dollars
Minimum repayment dollars
$30
Minimum repayment percent
Minimum repayment percent
2
Number free supplementary
Number free supplementary
4
Annual Fee
Annual Fee
$49
Late Payment Fee
Late Payment Fee
$10
Over limit fee
Over limit fee
$40
Duplicate statement fee
Duplicate statement fee
$7
Supplementary card annual fee
Supplementary card annual fee
$0
Apple Pay available
Apple Pay available
Google Pay available
Google Pay available
Samsung Pay available
Samsung Pay available

Rates

Purchase Rate
Purchase Rate
12.99%
Cash advance rate
Cash advance rate
21.74%
Purchase Rate
Purchase Rate
12.99%
Cash advance rate
Cash advance rate
21.74%

Balance Transfer

Balance Transfer Rate
Balance Transfer Rate
0%
for 12 months then 21.74%
Transfer Limit
Transfer Limit
80%
of the chosen credit limit
Balance Transfer Fee
Balance Transfer Fee
$0
Balance Transfer Rate
Balance Transfer Rate
0%
for 12 months then 21.74%
Transfer Limit
Transfer Limit
80%
of the chosen credit limit
Balance Transfer Fee
Balance Transfer Fee
$0

Overseas spending

Foreign Exchange Fee
Foreign Exchange Fee
3.4% on MasterCard
Overseas charges
Overseas charges
$5
Estimated ATM Cost
Estimated ATM Cost
Foreign Exchange Fee
Foreign Exchange Fee
3.4% on MasterCard
Overseas charges
Overseas charges
$5
Estimated ATM Cost
Estimated ATM Cost

Rewards

Program name
Program name
Rewards Available
Rewards Available
Program name
Program name
Rewards Available
Rewards Available

Eligibility

Minimum age
Minimum age
Minimum income
Minimum income
$25,000
Eligibility conditions
Eligibility conditions
Minimum age
Minimum age
Minimum income
Minimum income
$25,000
Eligibility conditions
Eligibility conditions

Perks

  • Price GuaranteeIf you purchase personal goods in Australia and then find the same product advertised later at a cheaper price within 60 days of purchase, from a store within 25km of the store where the item was purchased, you can claim back the difference if it is more than $75.
  • Purchase ProtectionCovers up to $50,000 per year
  • Free Supplementary Cards

Features

The MyState Low Rate Mastercard has a moderately low annual fee and a low late payment fee. This card charges moderately low interest rates and offers a moderate number of interest-free days. The card permits card holders to have additional card holders (age 16 or older) at no extra cost. The MyState Low Rate Mastercard does not have an associated rewards scheme.

This card offers an introductory balance transfer deal to customers who wish to transfer existing debt to a new account. This deal offers 0 per cent interest on balance transfers for the first 12 months. After the offer has expired, balance transfers are charged the credit card’s standard interest rates.

The MyState Low Rate Mastercard uses Fraudshield for 24/7 card monitoring, which helps protect customers from unauthorised or fraudulent transactions. 

Pros
  • 0% balance transfer offer
  • Low late payment fee
  • Free purchase cover insurance
Cons
  • Charges an annual fee
  • No rewards scheme
  • No frequent flyer miles

Who is it good for?

The MyState Low Rate Mastercard may be suitable for potential card holders who struggle to clear their credit card debt each month. This card may be suitable for those who have existing debt they want to transfer to a new account. The MyState Low Rate Mastercard’s introductory balance transfer deal offers 0 per cent interest on balance transfers for 12 months. This deal may help budget card holders to take control of their debt.

The MyState Low Rate Mastercard may not be a good fit for customers who want to be rewarded for their spending. This card does not offer a rewards scheme. As such, customers are not able to earn points or frequent flyer miles on eligible purchases. Rewards-seeking customers should consider the type of rewards they want and find a card with a suitable rewards scheme.

What RateCity says

The MyState Low Rate Mastercard may be a sensible choice for current MyState members who want a no-fuss credit card with relatively low interest rates. The card’s introductory balance transfer deal may also be beneficial for customers who wish to transfer their existing debt by offering 12 months of 0 per cent interest.

However, this card does not provide any unique benefits for customers who do not require a balance transfer deal. The MyState Low Rate Mastercard does not offer an associated rewards scheme for those who want to be compensated for their spending, nor does it have any complimentary travel or purchase insurance.

This card also charges an annual fee, which is not waived in the first year. This fee may deter those in search of a card that minimises credit card costs.

Applying/eligibility

Eligible applicants can apply for the MyState Low Rate Mastercard through a secure online application. To be an eligible applicant, you must be at least 18 years old and have a good credit rating. You must also have an annual income of at least $25,000. To apply, you’ll need to provide a form of photo ID, such as a passport, as well as proof of income. You may also need to submit financial information such as current assets and liabilities.

About MyState

MyState is a wholly owned subsidiary of MyState Limited, which is headquartered in Hobart. MyState Limited formed in 2009 following the merger of MyState and Tasmanian Perpetual Trustees Limited. MyState serves over 120,000 customers across Australia and provides financial products and services to both individuals and businesses. Their offering includes credit cards, home loans, bank accounts, personal loans, term deposits and a range of insurance policies. Customers can contact MyState by phone, email or at a MyState bank branch.

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