Want a low rate card with competitive interest rates and low fees? Take a look at what Australian Military Bank has to offer.
The Australian Military Bank began operations in 1959, by offering a range of financial services to defence personnel, defence contractors, and their family members. While it continues to focus on people from the Defence sector, it also offers membership to the general public. Australian Military Bank has branches in every major Defence base in Australia, with branches in each state, and it boasts of over 47,000 members and more than $1.03 billion in funds under management. The credit card that Australian Military Bank offers aims to keep your expenses down.
Comparison of Australian Military Bank Credit Cards
Types of credit cards that Australian Military Bank offers
As of now Australian Military Bank offers just one type of credit card, and this credit card offers good value, easy access, and flexibility.
Low rate credit cards
Getting a low rate credit card is ideal if you’re not looking for too much in the form of features, but want low interest rate and low fees. The Australian Military Bank Low Rate Visa Credit Card comes with a competitive interest rate, it attracts a fairly nominal annual fee, and it comes with an introductory balance transfer offer. This card, unlike many others, does not attract any application fee or establishment fee.
Benefits of using an Australian Military Bank credit card
The fact that Australian Military Bank is a credit union definitely works in its favour, given that it directs its profits back into the system to give its members better service and products. The Australian Military Bank Low Rate Visa Credit Card comes with its share of advantages, which include the following:
Balance transfer offer
As opposed to the six-month or nine-month period for balance transfers that you might find with other credit cards, what you get with the Australian Military Bank Low Rate Visa Credit Card is a 0% p.a. balance transfer offer that stays in place for 12 months. In addition, at the end of this period the outstanding balance attracts the card’s low purchase rate, and not its cash advance rate.
The Visa connection
Since this is a Visa credit card you can look forward to using it when you travel to just about anywhere in the world. You can use ATMs that accept Visa to withdraw money, and use it to make purchases via EFTPOS. This card comes with Visa payWave technology, so you can make contactless payments at participating merchants when you shop for less than $100. Besides, you also benefit from Visa’s multiple layers of security.
If you want to get additional cards for your family members you can do so without paying any extra fees.
Easy access to account information
If you want any kind of account related information you can get it through Australian Military Bank’s online banking system. Alternatively, you can turn to phone banking to speak to an Australian Military Bank rep, or simply walk into any branch.
How to apply for an Australian Military Bank credit card
You have four options when it comes to applying for an Australian Military Bank credit card. You can complete an online application, provided that you meet the application criteria and on hand required documents. You can also go through the process over the phone or you can visit a branch. The last option is to download an application form, complete it, and then mail it, fax it, or drop it into a branch.
Before you begin with the application ensure that you meet the following eligibility criteria, and if there is more than one applicant, all applicants should meet the given criteria.
- You are at least 18 years of age
- You are an Australian citizen or a permanent resident
- You have a regular source of income through employment
- 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.
To complete the application you have to furnish details surrounding different aspects, so keep the following handy.
- Personal information. Prepare to provide your complete name, residential address, phone number, date of birth, email address, and driver’s licence number.
- Employment details. You have to part with the name and contact details of your employer, and your designation.
- Financial information. This includes details about your income from all sources as well as your expenditure. You also have to provide details about you assets and liabilities. Assets can include real estate, jewellery, vehicles, shares, and savings. Liabilities include any amount you owe on loans, credit cards, store cards, and overdrafts.
What happens after you apply?
If you don’t have all the details to complete your application, you can save the application midway by using the ‘save’ option at the bottom of each page. By entering your email address you get a PIN that allows you to retrieve your application from where you left off any time in the future.
Once you complete your online application the details go the Australian Military Bank’s online member service team. At this point you receive a reference number that you can use as and when you wish to follow up on the application. You can also keep a copy of the application by using the print option on the last page of your application.
If Australian Military Bank requires any additional information a representative gets in touch with you. After receiving all required information Australian Military Bank moves forward with processing your application, and there is no definite time frame for the same.
Frequently asked questions
Here are answers to commonly asked questions about Australian Military Bank credit cards, and if you have any other question you can ask using the form at the end of this page.
How long does the online application process take?
If you have all the information you need to complete the process, it should around 10 to 15 minutes.
How can I check the status of my application?
When you complete an application and submit it you receive a reference number. Use this number to find out about the status of your application by visiting a branch, over the phone, or online.
What repayment options do I have?
You can make repayments via electronic funds transfer, either through an Australian Military Bank bank account or through any other bank account. You can make cheque payments, either by visiting a branch or by mailing them. In addition, you can also make payments via BPAY.
How do I activate my card?
To activate your new Australian Military Bank credit card you have to acknowledge receiving it along with the PIN and ask for it to be activated over the phone, in writing, or online.
Can I ask for an increase in credit limit?
Yes, you can request for an increase in your credit limit, but the prerogative to do so lies with Australian Military Bank.
Does the Australian Military Bank credit card offer rewards or reward points?
As is the case with most other low rate cards, the Australian Military Bank Low Rate Visa Credit Card does not offer rewards or reward points.
Does this card offer interest-free days?
Yes, you can get as many as 55 interest-free days on purchases, but not on cash advances.
Are the purchase and cash advance rates different?
Yes, the purchase rate of the Australian Military Bank Low Rate Visa Credit Card is noticeably lower than its cash advance rate.
What should I do in case I lose my card?
In case of misuse, theft, or loss of your card you should call the Visa card hotline immediately. If you’re in Australia, call 1800 648 027. From overseas, you should call +61 2 8299 9101.
How do I close my account?
You can close your Australian Military Bank credit card account at any time; all you have to do is submit a written request. Upon account closure, all linked cards stand cancelled. When you request for account closure, Australian Military Bank can continue processing authorised transactions made prior to the request. After account closure you must either destroy the card or return it after cutting it in half. If there is any outstanding balance you have to continue making minimum monthly repayments, or you can pay the balance off in full. It is your responsibility to cancel all direct debits linked to your credit card.