Auswide Bank Low Rate MasterCard

Information verified correct on December 10th, 2016

Pay 0% p.a. balance transfers for the first 9 months and get up to 55 interest-free days on purchases.

The Auswide Low Rate MasterCard is a basic credit card devoid of features like rewards and a concierge service access, which is how it manages to charge a low ongoing rate. An even lower promotional rate is in place for 9 months and applies to balance transfers. Use this card in the right way and you can get up to 55 interest-free days on purchases.

Product NameAuswide Bank Low Rate MasterCard
Balance transfer rate (p.a.)0% p.a. for 9 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.74% p.a.)
Balance Transfer Limit80% of available credit limit
Purchase rate (p.a.)12.99% p.a.
Offer end date31 January 2017
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.)21.74% 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.
$2,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$15,000
Minimum Income$25,000
Card TypeMasterCard
Late Payment Fee$10
Foreign Currency Conversion Fee (MC)
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.
3.4% of transaction value
Complimentary Travel Insurance Cover0 months
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$25,000
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.
$2,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$15,000
Annual Fee$49 p.a.
Late Payment Fee$10
Over Limit Fee$40
Cash Advance Fee$2.70 (or 2.70% of amount when >= $100) for each cash advance
Overseas Cash Advance Fee$5.00 for each cash advance
Foreign Currency Conversion Fee (MC)
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.
3.4% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders4
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes

Auswide Bank Low Rate MasterCard review

This low rate MasterCard, as its name implies, charges a low ongoing rate on purchases, enabling you to save considerably in the form of interest in the long run, especially if you keep balances in your account rolling from one month to the next. If you use this card for balance transfers you can make use of the discounted balance transfer rate, which can lead to further savings. The complimentary insurance covers that protect your purchases can also help.

Benefits of the Auswide Bank Low Rate MasterCard

  • Low rate. The Auswide Bank Low Rate MasterCard charges a low ongoing interest rate on purchases, which currently stands at 12.99% p.a. Compare this with the higher interest rates that some cards charge to see how much you can end up saving.
  • Balance transfer offer. If you want to transfer the outstanding balance of a card that charges a higher interest rate, you can make use of a promotional 0% p.a. rate that will remain for 9 months. Once the promotional period comes to a close, any leftover balance starts attracting the card’s cash advance rate.
  • Convenient access to funds. This credit card, owing to it being a MasterCard, finds acceptance the world over, allowing you to make retail purchases and withdraw money from ATMs. This card also works when it comes to making online or over the phone purchases and bill payments.
  • MasterCard Privileges. This service, made available to all MasterCard cardholders, gives you access to a number of local and international experiences across spheres like entertainment, travel, shopping, and dining.

Auswide Bank Low Rate MasterCard features

  • Annual fee. Applying for this low rate MasterCard before 31 January 2017 gives you the ability to keep paying a discounted annual fee of normal annual fee for this card is $75 for the life of your card.
  • Balance transfer offer. This card comes with a special 0% p.a. interest rate on balance transfers, and this rate stays in effect for the first 9 months.
  • Interest-free days. If you pay your account’s closing balance in its entirety before each due date you can get ample time interest-free for your purchases – up to 55 interest-free days.
  • Complimentary insurance covers. Purchases you make using this card receive protection through the guaranteed pricing scheme and purchase cover insurance that come free with the card.
  • Additional cardholders. You can apply for as many as 4 additional cards. Just keep in mind you remain liable for all transactions made using these cards.
  • Credit limit. The minimum credit limit of this low rate MasterCard is $2,000, and the maximum can go up to $15,000. Your card’s limit depends on your financial situation and your ability to manage your repayments.
  • MasterCard PayPass. A growing number of merchants across the world are turning to this technology, which allows you to make contactless payments. When you see the PayPass logo you can simply tap your card to pay for transactions under $100.
  • Card security. The microchip technology this card uses provides protection every time you make use of it. SecureCode, an online program, provides extra security when your card details are used for online transactions.
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How to apply for the Auswide Bank Low Rate MasterCard

Applying online takes a matter of minutes, you can get an Auswide Bank rep to help you through the process over the phone, or you can drop into any Auswide Bank branch. Please check that you meet the following eligibility criteria to apply:

Eligibility criteria

  • You need to be over 18 years of age
  • You must be a permanent resident of Australia
  • Your credit history has to be in good standing
  • You cannot earn less than $25,000.

Required documents

While completing the application does not take much time, you have to provide various details, which include the following:

  • Personal details like your date of birth, driver’s license number, marital status, and contact details will be required
  • Work-related information like your employment status along with the name and contact details of your employer
  • Details about your income and expenses
  • Details about your assets and liabilities

While the low balance transfer rate offer this card comes with can lead to noticeable savings in the form of interest, there are other cards with similar offers, so it’s best that you compare a few before applying.

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Rates last updated December 10th, 2016
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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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