Mozo Review Australian Military Bank Low Rate Visa Credit Card Review
Last updated: 25 October 2017.
If you're in the market for a new credit card that has all the top features you'd want like low purchase rate, low annual fee and 55 interest free days, then you can't go past Australian Military Bank's Low Rate Visa Credit Card. And if you're looking to save on credit card interest by switching cards, there's even better news. The Low Rate Visa Card was recently awarded a 2017 Mozo Experts Choice Award in the balance transfer category for its 0% balance transfer rate for 12 months, and low revert rate of 10.99%.
Anyone can apply for the Low Rate Visa Card, you don't need to be a member of the military to have an account with Australian Military Bank.
The Low Rate Visa Card has an ongoing purchase rate of 10.99% which is one of the lowest purchase rates in the market, so this is a good credit card if you occasionally carry a balance. If you pay your balance off in full each month, you'll get up to 55 days interest free. There is a $49 annual fee.
The card is connected the Visa network, so you can use the card in Australia or overseas wherever Visa is accepted. You can also just tap and go for purchases under $100 as the card has PayWave functionality. If you use the card overseas, you'll pay a 2.95% foreign exchange margin on purchases, which is standard for most credit cards.
Where this card offers real value is if you're looking to save money by transferring a balance from another credit card. It has a 0% balance transfer rate for 12 months, and unlike many other credit cards that revert to the cash advance rate after the balance transfer period, any remaining balance reverts to the low 10.99% purchase rate.
Who it's good for:
This credit card is suitable for a range of people, whether you're looking for a low rate card or want to get on top of your credit card debt and save on interest repayments.
You'll need to be at least 18 years old, a citizen or permanent resident of Australia and be currently employed or receiving regular income to apply.
There's a $10 late payment fee but this can be easily avoided by setting up automatic monthly repayments.