Low Rate Visa Credit Card

What is a low rate credit card?

A low rate credit card typically has a lower interest rate than standard credit cards. This lower interest rate can benefit cardholders who tend to carry a balance on their credit card from month to month. It means that when you carry a balance forward to the next month on your low interest rate credit card, you’ll incur less interest expense. However, the lower cost of this credit card also typically means fewer perks and rewards than a standard credit card. Perks that you would normally find on a credit card, like complimentary insurance or rewards points programmes may not be offered with a low rate credit card. So while you may save on interest charges, you may not enjoy the same level of benefits.

Do I meet the criteria to apply for a credit card?

To apply for the Low Rate Visa Credit Card, you must:

• Be 18 years or older
• Be a Permanent Australian Resident and an Australian Tax Resident
• Have a valid Australian mobile number and email address
• Receive a regular income (you may be asked to provide payslips or bank statements.)
• Have a good credit rating

What is the purchase rate on credit cards?

The purchase rate on a credit card is the interest rate that is charged on purchases you make using the credit card. It’s essentially the cost you incur if you carry a balance on your card by not paying off your full statement balance by the payment due date. Interest is charged at the end of each statement period.

What is the interest charged on credit cards?

The interest rate that is charged on your credit card is essentially the cost of borrowing money through the credit card. When you make purchases, or carry a balance on your card, the issuing bank or lender charges you interest on the amount you owe. This can be offset by taking advantage of interest free periods or other promotional offers. Understanding your credit card’s interest rate and any associated terms is essential to ensure that you maximise the benefits of your credit card, while minimising the cost of borrowing.

How does credit card interest work?

The interest incurred on your credit card is charged when you don’t pay off your full balance by the set due date. How much interest you’ll pay will depend on the type of card you have, how much you have spent and when you make your repayments.

How do I apply for a credit card?

Please note, applications for a new Credit Card are temporarily unavailable from 26 October 2025.

The first step is to compare our credit cards. Decide which product suits your needs, then once you have decided which card you would like to apply for, click ‘Apply now’. It should take less than 10 minutes to complete if you have all your info on hand, and once approved we'll have your Card out to you within 10 working days. We'll need to know your age (minimum age is 18 years), Australian residency status, your driver’s license if you have one and your current financial details including employment and monthly expense and income details.

How is my credit limit determined?

Your credit limit is determined when we apply our credit assessment criteria to your individual financial situation.

How does the interest free period work?

You'll enjoy interest-free days on all purchases, providing you repay the full balance on your card each month, excluding any Fixed Payment Option balance which isn’t due for payment by that payment due date.

While you have a balance transfer, you won’t be eligible for any interest-free days. Interest free periods also don't apply to cash withdrawals and you will incur interest from the date the transaction is made (regardless of whether the account is repaid in full each month). You'll be charged interest on retail purchases if the statement's full closing balance is not repaid by the due date.

What document do I require?

You’ll need to provide at least one form of ID:​

• Australian Driver Licence
• Australian passport or foreign passport

Information you need to give us​

• Driver Licence number (if you have one)
• Your current employment status​
• Your income, before and after tax
• What debts you owe, including personal loans, home loans, other credit cards or buy now, pay later accounts
• Your general living expenses, including food and groceries, recreation, education and dependents, rent, medical and health, insurance, vehicle and transport