After a credit card with $0 ongoing annual fee plus a low 11.99% p.a. interest rate on purchases and cash advances? A ME credit card may be the right choice for you
ME Bank rebranded to ME not very long ago, and this financial institution has its headquarters in Melbourne, Victoria. It also has sales and service centres in Adelaide, SA and Brisbane, QLD. Owned by one of Australia’s leading industry superannuation funds, and with over two decades of experience, it offers financial products with a low fee approach.
ME provides a range of personal and business banking solutions which include transaction and savings accounts, term deposits, insurance solutions, and not to mention, credit cards. Its credit card offering is easy to understand, it gives you easy access to money, and you don’t have to pay excessive fees for features you’ll never use.
ME Credit Cards
Types of ME credit cards
ME offer only one credit card: the ME frank Credit Card. Find out about this low rate card option below.
Low rate credit cards
A typical low rate card is one that charges a low ongoing rate, which generally applies on purchases, but not on cash advances. With the ME frank credit card, you have to pay the same low rate on purchases and cash advances, which is a definite plus. This card does not attract any ongoing annual fees, and if you use your card in the right manner you can get up to 55 interest-free days on purchases.
The benefits of banking with ME
Various benefits accompany a ME credit card, and here’s what cardholders can look forward to when using their frank cards:
If you ever need cash in a hurry, you can turn to any ATM that displays the MasterCard logo. ME has an ATM partnership with the Westpac Group, which gives you ATM fee-free access to over 3,000 Westpac, St.George, BankSA, and Bank of Melbourne ATMs across Australia. You can also use ME ATMs.
ME gives you the ability to get up to 8 additional cards linked to your primary account. You continue getting a single statement each month, and you remain liable for all purchases made using additional cards linked to your account. To add any additional card holders, you can download and fill in a form from the ME website to fax or email a request.
Low interest rate
ME frank credit card’s low interest rate requires special mention because this low rate applies on purchases and cash advances alike. With cash advances, you would have to pay a cash advance fee.
The MasterCard connect
The ME frank credit card comes with an affiliation to MasterCard, so you can look forward to using your card when you travel overseas. While you can use your card at EFTPOS terminals and ATMs, you can also use it for online and over the phone transactions. The MasterCard PayPass technology enables you to make contactless payments for purchases under $100.
The features of ME credit cards
If you’re considering applying for a ME frank credit card, know that it does not offer extras like complimentary insurance covers and rewards, which is why it manages to charge a low interest rate and no annual fees. This card comes with a number of features, though, and here’s what you can expect:
- No annual fee. A number of credit cards require that you pay an ongoing annual fee for as long as you keep using the card, but this is not the case with the ME frank credit card. Get this card and don’t pay any annual fees for the life of your card.
- Interest-free days. You can make use of as many as 55 interest-free days on purchases. To take advantage of these interest-free days you have to pay your account’s closing balance in full before each given due date.
- Multiple payment methods. You can sign up for direct debits linked to your Australian bank account, you can make payments via BPAY, you can transfer funds from other ME accounts, and you can visit Australia Post Bank@Post outlets to make payments via cash or cheque.
- Direct debit options. If you wish to sign up for direct debits, you can choose to pay the minimum monthly payment, you can set a fixed monthly amount, you can set a percentage of the statement amount, or you can pay the account in full.
How to apply for a ME credit card
You can apply for a ME credit card online. The online application is secure and can be completed in a few short minutes. You should get a response about your application moments after you hit submit.
You can visit any ME service centre, you can initiate the process over the phone, and you can apply online. To apply online, click on the ‘Go to Site’ button, but not before you establish that you meet the following eligibility criteria:
- You are over 18 years old
- You are a permanent Australian resident or an Australian citizen
- You are not a US tax resident or a US citizen
- You don’t have poor creditworthiness.
- Personal details like your name, date of birth, and driver’s license or passport number
- Contact details to include your residential status, home address, phone number, and email address
- Your employer’s name, phone number, and address
- Income details from all sources as well as details of all assets. This includes any Centrelink or rental income and is after tax. You may be asked to provide proof of your income.
- Details about expenses to include information about all existing debts like loans, credit cards, and overdrafts.
What happens next?
If you apply online, you might have to send copies of personal identification documents over by fax or email, and you may also have to send copies of payslips for income verification. Once ME approves your application, you can expect to receive your new credit card within the next seven business days. Before using your card you have to activate it, which you can do over the phone or online.
Frequently asked questions
Read the FAQs about ME credit cards for answers to general questions, or ask us a question if you want to find out more.
How do I transfer my credit card debt to a ME credit card?
A balance transfer is a great money-saving credit card feature that can help you pay off unwanted credit card debt. Check to see whether there is a balance transfer offer for the ME credit card you’re comparing. You can apply for a balance transfer to a ME credit card when you complete the online application. You can also complete and return a balance transfer request form after you apply. This form is available from the ME website.
The following conditions apply.
- The maximum balance transfer amount is up to your available credit card limit -$100.
How can I make a ME credit card repayment?
Pay your ME credit card the following ways:
- Direct debit - Set up an automatic direct debit from a savings or transaction account so you can pay your ME credit card on time. Pay just the minimum, a nominated amount or the outstanding balance of your card.
- BPAY - You can make a BPAY payment to your ME credit card.
- Bank@Post - Pay your ME credit card in person at an Australia Post retail outlet. Use cash or EFTPOS to make a payment to your credit card.
Check your credit card statement for detailed instructions on how to make a payment to your ME credit card.
How do I get interest-free days?
Up to interest-free days is another great credit card feature that rewards people who are able to pay off their credit card balance each month. Pay back what you spend and you get ‘up to’ a number of days to make purchases interest-free. It’s based on the time you make a purchase and the time your credit card statement is issued.
A good rule of thumb is pay back everything you’ve spent in the previous statement cycle before you credit card statement’s due date and you can continue to make interest-free purchases on your credit card. Remember that you won’t get interest-free days if you’re paying off a balance transfer balance. Even a balance transfer balance will void the interest-free days feature.
How do I get an additional card?
You can apply for an additional card when you complete the online application for a ME credit card. Alternatively, you can complete and send in an additional cardholder request form. Check the ME credit cards review pages for information about the number of additional cardholders offered under each account and whether there’s a fee for issuing a supplementary card. Additional cardholders can be anyone over the age of 16 who is a permanent Australian residents and can provide their identity.
How do I change my credit limit?
You’re assigned a credit limit based on your financial situation. You may need to increase or decrease your credit limit as your circumstances change. You can apply for a credit limit increase on your ME credit card if your account has been open for nine months. To change your credit limit, speak to a ME customer representative or download and complete a credit limit increase application.
Who do I call if my card is lost or it’s stolen?
Lost or stolen credit cards must be reported to ME immediately.
Can I use my ME credit card to make bill payments?
If the service in question accepts payments via credit cards, you can use your ME credit card to make payments.