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.

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8.2% p.a.

Purchase rate

$50 p.a.

Annual fee

55 days

Interest free period

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Details

Product NameAuswide Bank Low Rate Visa Credit Card
Balance transfer revert rateCash Advance Rate (8.2% p.a.)
Purchase rate8.2% p.a.
Annual fee$50
Interest-free periodUp to 55 days on purchases
Cash advance rate8.2% p.a.
Min credit limit$500
Max credit limit$30,000
Card typeVisa
Foreign currency conversion fee3%
Minimum income$30,000
Available to temporary residentsNo
Joint applicationNo

Pros

  • 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

Cons

  • No rewards program so you won't be rewarded for spending
  • Charges a 3% foreign transaction fee
Bonus pointsN/A
Annual fee$50
Minimum monthly repayment3% of the closing balance or $30, whichever is greater
Late payment fee$20
Foreign currency conversion fee3%
Cash advance fee$3.50
Overseas cash advance fee$5
Additional cardholder fee$0
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Review by


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.

Expert review

The Auswide Bank Low Rate Visa is different to almost every other credit card in Australia because it sets its interest rates based on the Reserve Bank of Australia’s (RBA) official cash rate and a fixed margin applied by the bank. This means the low 8.2% p.a. variable rate will only change if the official cash rate goes up or down. And, if it does change, it will only be adjusted by the same amount as the RBA cash rate.

How to apply

You 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.

Eligibility criteria

  • Minimum income. You must earn at least $30,000 per year.
  • Age. You must be at least 18 years of age.

Card benefits

  • 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%.

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.

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