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Balance transfer rate for 9 months with no balance transfer fee: 0% p.a.
Purchase rate: 11.99% p.a.
Annual fee for the first year ($49 p.a. thereafter): $0 p.a.
Interest-free on purchases: Up to 56 days

Our verdict

Enjoy a 0% p.a. interest rate on balance transfers for 9 months and a $0 annual fee in the first year.

The Summerland Bank Low Rate Credit Card offers a $0 annual fee in the first year, which then reverts to a competitive $49. Both the annual fee and the 11.99% p.a. interest rate are on par with those of other low rate credit cards.

While the 0% p.a. balance transfer offer on this card does not have the longest introductory period on the market, it does give you 9 months to pay off your debt interest-free. If you are still paying off your balance transfer after the introductory period, the 11.99% p.a. variable purchase rate will apply. This revert rate is competitive when you consider many balance transfer cards apply a cash advance rate at the end of the introductory period.

Pros

$0 first-year annual fee
0% p.a. on balance transfers for the first 9 months with no balance transfer fee

Cons

A transaction fee of 3% is charged for online or overseas purchases made in a foreign currency using this card.

Details

Product details

Product Name	Summerland Bank Low Rate Credit Card
Balance transfer rate p.a.	0% for 9 months, then 11.99%
Purchase rate p.a.	Purchase rate p.a.11.99%
Interest-free days	Up to 56 days on purchases
Cash advance rate p.a.	15.99%
Min credit limit	$1,000
Card type	Visa

Eligibility

Available to temporary residents	No
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	$0 first year ($49 after)
Minimum monthly repayment	2.5% of the closing balance or $20, whichever is greater
Late payment fee	$0
Foreign currency conversion fee	3%
Cash advance fee	$3.50

How to apply

You can apply for the Summerland Bank Low Rate Credit Card online. To get started, make sure you meet the following eligibility criteria and have all the documents and details required for the application.

Eligibility criteria

Employment. You must currently have paid employment to apply for this card.
Residency status. You must be an Australian citizen or a permanent resident with rights to work in Australia.

Age. You must be at least 18 years of age.

Required documents

Personal details. This includes your full name, date of birth, marital status, residential address, email address and phone number. You also need to provide one of the following forms of ID: your driver’s licence, passport or Medicare card number.
Employment details. This covers your current employment status, including your salary, job title, type of employment and your employer’s contact details. You may also need to provide recent payslips to help verify these details.
Financial details. As well as your salary, include details of any other forms of income, along with your savings and other assets. You also need to provide details of your debts and liabilities, including existing credit cards, plus your share of household expenses such as rent, mortgage payments and utility bills.
Balance transfer details. If you want to move existing credit card debt to this card, you will need to include the account details and the amount of debt you wish to transfer. Note that you must request a balance transfer of at least $1,000 and can only move debt from Australian credit card accounts not issued by Summerland Bank.

Card benefits

Balance transfer offer. The Summerland Bank Low Rate Credit Card offers 0% p.a. for 9 months on balance transfers with no balance transfer fee when you request the transfer at the time of your application. At the end of the introductory period, any remaining balance transfer debt will attract the card’s variable purchase rate, currently 11.99% p.a.
11.99% p.a. on purchases. If you want to make purchases with this credit card, the 11.99% p.a. variable interest rate could help keep interest charges down when compared to cards with higher standard purchase rates.

Interest-free days. Pay your account’s closing balance in full by the due date on your statement and you can enjoy up to 56 days interest-free on purchases. This interest-free period starts at the beginning of your statement period and ends on the due date listed on the statement for that period.
Visa benefits. This card lets you make payments around the world anywhere Visa is accepted, whether it is in-person, online or over the phone – with tap-and-go payments available at the checkout. When you’re shopping online, you can get added security through the Visa Secure service, and you can make payments faster through Visa Checkout. Plus, enjoy exclusive offers for entertainment, shopping, dining and more through Visa Offers + Perks.

Rates & fees

Annual fee. This card offers a $0 annual fee in the first year and then charges a $49 annual fee after that. The cost of the annual fee will then apply each year around the date that you opened the account.
Foreign transaction fee. A 3% fee applies for transactions that are made in a foreign currency and converted to Australian dollars. This can include transactions made overseas as well as online transactions that are processed overseas.

Cash advances. If you use this card to withdraw cash or make any other cash advance transactions, a fee of $3.50 will apply. The card’s 15.99% p.a. cash advance interest rate will also apply from the time of the transaction.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Summerland Bank Low Rate Credit Card key fact sheet
2. Summerland Bank Low Rate Credit Card information PDF

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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 profile

Summerland Bank Low Rate Credit Card

Pros

Cons

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Eligibility criteria

Required documents

Card benefits

Rates & fees

Sources

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