First Option Low Rate Credit Card

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Reduce your interest costs with a low purchase rate with the First Option Low Rate credit card.

The First Option Low Rate credit card boasts a low 9.99% interest rate on purchases. This card also offers up to 45 interest-free days, Visa perks and can be linked to Apple Pay, Google Pay or Samsung Pay.

9.99% p.a.

Balance transfer rate

9.99% p.a.

Purchase rate

$48 p.a.

Annual fee

45 days

Interest free period

Details

Product NameFirst Option Credit Union Low Rate Visa Credit Card
Balance transfer rate9.99% p.a.
Purchase rate (p.a.)9.99% p.a.
Annual fee$48 p.a.
Interest Free Period45 days
Cash advance rate (p.a.)17.99% p.a.
Min credit limit$500
Card TypeVisa
Foreign Currency Conversion Fee (Visa/Mastercard)2% of transaction value
Complimentary Travel InsuranceNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Joint ApplicationNo

Pros

  • Low variable purchase rate of 9.99% p.a.
  • No fee for additional cardholders
  • No late payment fees

Cons

  • Offers 45 days interest-free on purchases, compared to other cards that offer up to 55 days
Annual fee$48 p.a.
Minimum Monthly Repayment3% of the closing balance or $25, whichever is greater
Late Payment Fee$0
Foreign Currency Conversion Fee (Visa/Mastercard)2% of transaction value
Overseas Cash Advance Fee$175
Overseas ATM Withdrawal Fee$0
Additional Cardholder Fee$0

Expert review

Sally McMullen

Review by


Sally McMullen is Finder's credit cards and frequent flyer editor by day and a music maven by night. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone.

Expert review

The First Option Low Rate credit card has one of the lowest standard purchase interest rates on the market. If you regularly carry a balance from month to month, this card could help you cut your card costs compared to other options. Like most low rate credit cards, this card doesn’t offer loads of extra features.

How to apply

You can apply for the First Option Low Rate credit card online, but you should check if you meet the eligibility requirements and that you have the necessary information to complete the application first.

Eligibility criteria

  • Age. You must be at least 18 years old to apply.
  • Credit history. You'll need to have a good credit history to receive approval.

Card benefits

  • Low interest rate. This card charges a 9.99% p.a. interest rate on purchases.
  • Visa benefits. You can use your card at millions of worldwide locations wherever Visa is accepted and take advantage of exclusive discounts and deals through Visa Offers and Perks.

Rates & fees

  • Annual fee. This card charges a standard annual fee of $48.
  • Cash advances. If you use your card to make a cash advance (such as an ATM withdrawal), you'll attract the 17.99% p.a. interest rate and will be charged a cash advance fee.

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