Auswide Bank Low Rate Credit Card
Get a competitive variable interest rate that only changes when the Reserve Bank of Australia updates the official cash rate.
The Auswide Bank Low Rate Visa offers a 8.2% p.a. variable interest rate for purchases and cash advances and up to 55 days interest-free on purchases when you pay the full closing balance by the due date on each statement. It also has a $50 annual fee that’s waived for anyone under 25 years old.
Interest free period
|Product Name||Auswide Bank Low Rate Visa Credit Card|
|Balance transfer revert rate||Cash Advance Rate (8.2% p.a.)|
|Purchase rate||8.2% p.a.|
|Interest-free period||55 days|
|Cash advance rate||8.2% p.a.|
|Min credit limit||$500|
|Max credit limit||$30,000|
|Foreign currency conversion fee||3%|
|Available to temporary residents||No|
- Low variable interest rate of 8.2% p.a. on purchases and cash advances
- A low annual fee of $50 (waived if you're under 25 years old)
- Up to 55 days interest-free on purchases
- No rewards program so you won't be rewarded for spending
- Charges a 3% foreign transaction fee
|Minimum monthly repayment||3% of the closing balance or $30, whichever is greater|
|Late payment fee||$20|
|Foreign currency conversion fee||3%|
|Cash advance fee||$3.50|
|Overseas cash advance fee||$5|
|Additional cardholder fee||$0|
Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.
How to applyYou can apply for the Auswide Bank Low Rate Visa in a branch, over the phone (1300 138 831) or by filling out a detailed inquiry form on the bank's website. Before you get started, make sure you meet the following eligibility requirements and have all the essential documents and details ready to go.
- Minimum income. You must earn at least $30,000 per year.
- Age. You must be at least 18 years of age.
- Personal information. This includes your full name, date of birth, residential address, email address and contact number. You also need a valid form of ID, such as a passport or driver's licence.
- Employment information. This covers your salary, employment status, length of employment and your employer's contact details. You may also need to provide recent payslips or bank statements to verify these details.
- Financial information. As well as your salary, you need to provide details of any other forms of income or assets as well as existing debts and liabilities. You also need to estimate your regular household expenses, including rent or mortgage payments, utility bills and groceries.
- Balance transfers. If you want to move your existing credit card or store card debt onto the Auswide Bank Low Rate Visa, you need to submit a separate application form with details of the account.
- Low variable interest rate. The 8.2% p.a. interest rate on this card applies to both purchases and cash advances and is very competitive with other low-rate cards.
- RBA rate tracker. This feature means that the variable interest rate on this card will only change when the RBA adjusts the official cash rate (and not at any other times). If the RBA cash rate goes up or down, the rate on this card will be adjusted by the same amount. However, the interest rate on this card will never be lower than 0%, even if the RBA cash rate goes below 0%.
- Interest-free days. If you pay the full closing balance by the due date on your account statement for 2 consecutive months, you can get up to 55 days interest-free on purchases for the next statement period. Note that interest-free days are not available for cash advance transactions or when you carry a balance transfer debt.
- Security features. This card offers zero liability for fraudulent transactions and an extra layer of security for online purchases through Visa Secure.
- Visa Offers + Perks. Access exclusive travel, shopping and entertainment offers both in Australia and overseas through the Visa Offers + Perks platform.
Rates & fees
- Annual fee. The $50 annual fee on this card is competitive with other low-rate options. It's also waived if you're under 25 years old.
- Additional cards. If you want to share your account with a loved one, you can take advantage of a $0 additional cardholder fee. Note that you'll need to submit a request to add them to your account and you will remain responsible for the management of the account.
- Currency conversion fee. A fee worth 3% applies for each transaction made overseas or online in a foreign currency.
- Credit limit. This card has a minimum credit limit of $500 and a maximum limit of $30,000. Note that your actual credit limit is determined based on the bank's credit criteria and your individual and financial circumstances.