Australian Military Bank Low Rate Visa Credit Card

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A no-frills card that helps you save on interest with a 0% promotional balance transfer rate for 12 months, a low ongoing interest rate on purchases and a low annual fee.

The Australian Military Bank Low Rate Visa Credit Card, as its name implies, charges a low ongoing rate on purchases. It also comes with a 0% p.a. interest rate offer for 12 months on balance transfers. Pay your balance back in full each statement period and get up to 55 interest-free days on purchases. If you're after a low rate card that gives you a few different ways to save as well as convenient access to credit, the Australian Military Bank Low Rate Visa Card is one to consider.

Product NameAustralian Military Bank Low Rate Visa Credit Card
Balance transfer rate (p.a.)0% p.a. for 12 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (10.99% p.a.)
Purchase rate (p.a.)10.99% p.a.
Annual fee$49 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)19.99% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$1,000
Minimum Monthly Repayment2% or $20, whichever is greater
Card TypeVisa
Late Payment Fee$10
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2.95% of transaction value
Available To Temporary ResidentsNo
Joint ApplicationYes
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$1,000
Annual Fee$49 p.a.
Minimum Repayment2% or $20, whichever is greater
Late Payment Fee$10
Cash Advance Fee$4.50
Overseas ATM Withdrawal Fee$4.50
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2.95% of transaction value
Additional Cardholder Fee$0 p.a.
BPAYYes
Phone BankingYes
Internet Banking TransfersYes

Pros

  • This card comes with an introductory balance transfer offer of 0% p.a. for 12 months.
  • A low ongoing purchase rate of 10.99% p.a. applies.
  • Get up to 55 interest-free days on purchases.
  • You can add additional cardholders for free.

Cons

  • There is no rewards program or linked to this account.

Australian Military Bank Low Rate Visa Credit Card review

If you’re looking for a low rate credit card that comes with a balance transfer offer, your search might just end here, given that this card charges 0% p.a. interest on transferred balances for the first 12 months with no balance transfer fee. If you don’t intend to pay your account’s closing balance in full every month, you can benefit from this card’s low rate on purchases. If you do pay your balance in full every month, you can get up to 55 interest-free days on purchases.

Benefits of the Australian Military Bank Low Rate Visa Credit Card

  • Low rate. The Australian Military Bank Low Rate Visa Credit Card charges a low purchase rate of 10.99% p.a. and if you carry over a balance from one month to the next, you can save a tidy sum in the long run.
  • Balance transfer offer. You can take advantage of a 0% p.a. interest rate for 12 months on balance transfers. This introductory offer is available within 3 months of card activation, with a minimum balance transfer amount of $1,000. If you apply after 3 months of card activation, an interest rate of 3.99% p.a. for 12 months will apply for new balance transfers. At the end of the introductory period, the card's low ongoing purchase rate of 10.99% p.a. will apply to any balance remaining.
  • Convenient access to funds. You can use this Visa card at EFTPOS terminals and ATMs all over the world, as long as you see the Visa logo. This card is perfect to use when making purchases or bills payments over the internet or over the phone.

Features of the Australian Military Bank Low Rate Visa Credit Card

  • Annual fee. If you take up this account, you'll have to pay $49 each year to keep it active.
  • Interest-free days. By paying your card’s outstanding balance completely before each due date, you can get as many as 55 interest-free days on purchases.
  • Credit limit. The minimum credit limit for the Australian Military Bank Low Rate Card is $1,000, with the limit assigned to you depending on your ability to repay.
  • Additional cards. No fees apply for additional cards that you add to your account.
  • Visa payWave. This payment method is finding acceptance with a growing number of merchants, and any merchant that supports this technology allows you to make contactless payments for purchases under $100.
  • Card security. This chip-enabled credit card offers increased protection against fraud when compared to cards that rely on magnetic strips. Verified by Visa, an online service offered by Visa, provides additional security every time an online transaction makes use of your card details.

How to apply for the Australian Military Bank Low Rate Visa Credit Card

If you're interested in applying, you can do so by completing an online application, visiting an Australian Military Bank branch, or you can even get an Australian Military Bank rep to guide you through the process over the phone. Before you proceed, check if you meet the requirements below.

Eligibility criteria

  • You’re an Australian citizen or a permanent Australian resident.
  • You’re at least 18 years old.
  • You are currently employed or receiving a regular income.
  • You must have a good credit history. This means that applicants must not have declared bankruptcy or insolvency or defaulted on any loans, credit cards, interest free finance or store cards in the last five years.

Required documents

  • Details of your Australian driver’s license or passport
  • Income and expense details
  • Employment details
  • Details about assets like real estate, motor vehicles, home contents, savings and investments
  • Details about liabilities like your current loans, credit cards, store cards and overdrafts

The balance transfer offer that this card comes with makes it worthy of your attention, but take some time to compare it with other card offers before making your final decision.

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