Does the First Option Bank Environmental Rewards program cost anything?

You won't pay any fees for the Environmental Rewards program that's offered with the First Option Bank Low-Rate Credit Card. Instead, First Option Bank donates funds to environmental causes based on your credit card spending. The amount that's donated is shown on a personalised statement you'll get at the end of each financial year.

Who owns First Option Bank?

First Option Bank is a member-owned bank. This means profits go back into the bank and its community. As part of this structure, each person who opens an account pays a $2 share to own part of the bank, which is refundable if they close all their accounts and end their membership.

Is First Option Bank safe?

First Option Bank offers security through its internet and mobile banking services to help keep your accounts safe, including options to lock or cancel cards if they are lost or stolen. Its credit card also has a 24/7 fraud-monitoring service. First Option Bank is subject to the same government regulations and requirements as other banks in Australia, which are outlined by the Australian Prudential Regulatory Authority (APRA). It has an Australian Financial Services Licence and Australian Credit Licence, with further details available on its website.

First Option Bank Credit Cards

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First Option Bank is a member-owned bank with a head office in Melbourne, VIC and a full range of online and phone banking services.
It offers one low rate credit card, which also has an environmental rewards program that donates a percentage of funds to positive causes based on your spending.

First Option Bank Credit Card

Purchase rate p.a.	Bonus points	Points per $ spent	Interest-free period	Balance transfer rate p.a.	Annual fee
First Option Low-Rate Visa Credit Card	Purchase rate p.a. 10.49%	Bonus points N/A	Points per $ spent N/A	Interest-free period Up to 45 days on purchases	Balance transfer rate p.a. N/A	Annual fee $48	An eco-friendly credit card made from recycled plastic where 0.25% of every dollar spent goes to funding conservation projects.	View details Compare product selectionCompare	loading

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Benefits of getting a credit card with First Option Bank

Some of the key features you'll get with First Option Bank include:

Sustainability initiatives

First Option Bank's credit card has a unique Environmental Rewards program that helps fund positive impact projects based on your spending. Unlike most credit cards in Australia, the physical card is also made from 82% recycled plastic. The bank's operations are also carbon neutral through a partnership with trace.

Visa benefits

With a First Option Bank credit card, you can shop in-store and online with businesses in over 200 countries and regions around the world through the Visa network. You also get access to exclusive deals on travel, shopping, dining and entertainment through Visa Offers + Perks.

Digital wallets

You can use your compatible device to make contactless payments when you link your First Option credit card to Apple Pay and Google Pay.

Banking tools

First Option Bank offers internet banking and a mobile app so you can manage the account, including checking the balance, making payments and putting a temporary lock on the card.

How to apply for a First Option Bank credit card

Applying for a credit card online is fast and easy. You'll need to be at least 18 years of age and meet the card's eligibility criteria. For more about eligibility, the kinds of documentation you'll need and the factors that can affect whether your card application is approved, check out our full guide to applying for a credit card.

Credit card brands similar to First Option Bank

If you want a credit card with a sustainability focus or one from a member-owned bank, here are 3 other credit card providers you could compare with First Option Bank:

Frequently asked questions

You won't pay any fees for the Environmental Rewards program that's offered with the First Option Bank Low-Rate Credit Card. Instead, First Option Bank donates funds to environmental causes based on your credit card spending. The amount that's donated is shown on a personalised statement you'll get at the end of each financial year.
First Option Bank offers security through its internet and mobile banking services to help keep your accounts safe, including options to lock or cancel cards if they are lost or stolen. Its credit card also has a 24/7 fraud-monitoring service.
First Option Bank is subject to the same government regulations and requirements as other banks in Australia, which are outlined by the Australian Prudential Regulatory Authority (APRA). It has an Australian Financial Services Licence and Australian Credit Licence, with further details available on its website.

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Written by

Amy Bradney-George

Journalist

Amy is an experienced journalist with over 16 years of experience, contributing to major publications like Money Magazine, The Sydney Morning Herald, and ABC News Australia. Specialising in personal finance, she frequently appeared in media outlets and on radio. Amy holds a Bachelor of Arts in Journalism and Drama from Griffith University and earned RG146 certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, ensuring her expertise is grounded in current financial regulations. Amy was Finder's Senior Writer for Credit Cards from 2016 to 2024. See full bio

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First Option Bank Credit Cards

A First Option Bank credit card offers low-cost features and an environmental rewards program. Here's what you need to know.