First Option Credit Union Visa Credit Card – Cash Rewards

Information verified correct on December 10th, 2016

Get all the features of a standard Visa Card combined with points for cash rewards when you use the First Option Credit Union Cash Rewards Visa Card.

The worldwide acceptance of the Visa logo will make earning your rewards easy with the First Option Credit Union Cash Rewards Visa Card. With 1 point earned for every dollar charged you can make money by spending it.

Product NameFirst Option Credit Union Cash Rewards Visa Credit Card
Rewards ProgramFirstoption Cash Rewards
Balance transfer rate (p.a.)0% p.a. for 6 months
Purchase rate (p.a.)0% p.a. for 6 months (reverts to 15.99% p.a.)
Annual fee$0 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 45 days on purchases
Cash advance rate (p.a.)15.99% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Minimum Monthly Repayment3%
Card TypeVisa
Late Payment Fee$0
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Annual Fee$0 p.a.
Minimum Repayment3%
Late Payment Fee$0
Over Limit Fee$15
Overseas Cash Advance Fee$175
Overseas Emergency Replacement$175
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$0
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
Rewards ProgramFirstoption Cash Rewards
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (AMEX)0
Rewards Points per $ (VISA/MC) Cap15,000
Rewards Points per $ (AMEX) CapN/A
Points ExpiryNever

First Option Credit Union Cash Rewards Visa Credit Card Review

The cash rewards program offered by First Union allows you to redeem your earned points for cashback. For every 200 points earned you get one dollar back, making this a unique way to use your card for cash incentives.

There are no rewards redemptions to worry about or expiring points. Every month the rewards points you have earned are converted to the cash equivalent and credited to a special savings account.

This is a unique rewards program for a credit card, so something to consider. When looking at other rewards credit cards ask about the types of rewards offered. While they may not have items or services you would need or want, you will always have a need for cash.

Cashback rewards program

The cashback rewards program allows your purchases to earn you money.

  • Special savings account linked rewards program Unlike other rewards programs, this one is linked to a special savings account which accepts your cash rewards at the end of each month. You can use this money for purchases, or apply it to the balance of your credit card.
  • Reward points against direct purchases Rewards points are not applicable for balance transfers or cash advances. Only direct purchases with your First Option Credit Union Cash Rewards Visa Card will earn you the 1 point for dollar spent.
  • Reward points limit There is a limit of 15,000 rewards points you can earn each month. That works out to a maximum of $75 to be put into your points savings account on a monthly basis.
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Features of First Option Credit Union Cash Rewards Visa Credit Card

There is more to this Visa card than cashback for reward points. Here are some of the other features on offer:

  • Annual fee. There is no annual fee with this credit card. Instead, you pay a $3 monthly fee.
  • Interest rate. The interest rate for purchases made with the card is 15.99% p.a.
  • Cash advances. You can withdraw money using your First Option Credit Union Cash Rewards Visa Card. You will be charged a 15.99% p.a. interest rate and you may also be responsible for other fees and charges for cash withdrawal transactions.
  • Interest free days. You will have up to 45 days to pay for purchases on your card before the interest rate is applied. This feature does not apply to cash advances or balance transfers.
  • Credit limit. There is a minimum credit limit of $500 for this card.
  • Accounts. The credit card is linked with an Access Saver account. This allows you the choice of accessing your funds from your credit card or savings account.
  • Rewards program. You earn 1 point for every dollar you spend which will be converted to cash at the end of each month. The 1 dollar for every two hundred points you earned will automatically be deposited into your savings account.
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How to apply for the First Option Credit Union Cash Rewards Visa Credit Card

Eligibility

Before doing so you will want to make sure that you meet the following eligibility requirements:

  • Age. You and any co-applicant or additional cardholder must be at least 18 years old.
  • Declaration. You must agree to signing a privacy protection form that allows the credit union to obtain your credit history.

Documentation

While the application can be completed in full online, you will be asked to submit some pertinent documentation:

  • Income. Your last two pay slips or a letter from your employer that indicates the income that you receive.
  • Self employed. You will need to supply the last two years tax statements for you and your business.
  • Liabilities. A current statement for each debt listed in the application.
  • Rent. A copy of your rental agreement or other form of evidence for your rental payments if applicable.
  • Homeowner. Copies of the current rates notices for the property.

While looking into rewards programs that supplement credit cards, it is important to consider what means the most to you. Cashback is a good incentive, but if you are a frequent flyer, you may get more benefit from a travel-oriented rewards program. Compare these types of rewards programs before you make your final choice.

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