If you're in the market for a new credit card that has all the top features you'd want like a low purchase rate, low annual fee and 45 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 also comes with a 0% p.a. balance transfer rate for 12 months, and low revert rate of 11.99% p.a.
The Low Rate Visa Card has an ongoing purchase rate of 11.99% which is up there with the lowest purchase rates in the market, so this could be a good credit card if you do tend to carry a balance. If you pay your balance off in full each month though, you'll get up to 45 days interest-free. There is a $49 annual fee to weigh up though.
The card is connected to the Visa network, so you can use it in Australia or overseas wherever Visa is accepted. You'll also be able to 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, although this is relatively standard for most credit cards.
Where the Low Rate Visa Card can offer some real value is if you're looking to save money by transferring a balance from another credit card. That's because it currently offers 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 will revert to the low 11.99% purchase rate.
And before you ask, 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 could be 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 by making use of the handy balance transfer offer.
You'll need to be at least 18 years old, a citizen or permanent resident of Australia and currently, be employed or receiving a regular income to apply. There's also a $10 late payment fee, but this can be easily avoided by setting up automatic monthly repayments.
11.99% p.a.
none
0% p.a. for 12 months and then 11.99% p.a.
no
19.99% p.a.
45
$49.00
none
none
none
$10.00
$4.50
2.95%
$2.50
$35.00
$0.00
$20.00
2.0
yes
none
Suits me!
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Read full reviewGood product not enough shop fronts.
Read full reviewGood product not enough shop fronts.
Australian Military Bank (previously known as ADCU) offers financial products to members of the Australian Defence Force, civilian employees, defence contractors and their families. As well as offering services to people associated with the defence force, the provider welcomes other individuals. Australian Military Bank offers a comprehensive range of saving and investment accounts, loans, insurance and financial advice especially designed for its members.
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