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Our verdict

Get a low 8.99% p.a. interest rate for your purchases and a $0 annual fee in the first year.

Finder Awards winner

The Illawarra Credit Union Low Rate is a no-frills credit card with a very competitive 8.99% p.a. interest rate for purchases. You can also get up to 45 days interest-free on purchases if you pay your balance in full by the due date on each statement.

If you’re a new cardholder, you’ll save in the first year with a $0 annual fee. After that, a $50 annual fee applies – which is still reasonable compared to other low-rate cards. The other features on this card are basic, but you do have the option of making payments straight from your mobile phone or device if it’s set up with Apple Pay, Google Pay or Samsung Pay.

Pros

Low 8.99% p.a. interest rate on purchases and 15.88% on cash advances
$0 annual fee for the first year (reverts to $50 p.a.)
Compatible with Apple Pay, Google Pay and Samsung Pay

Cons

Charges a 3% foreign transaction fee
No rewards program and travel insurance

The Illawarra Credit Union Low Rate credit card has simple account features and an annual fee of $50 that applies after the first year. It also offers contactless and mobile payments through Apple Pay, Google Pay and Samsung Pay.

Details

Product details

Product Name	Illawarra Credit Union Low Rate Credit Card
Purchase rate p.a.	8.99%
Interest-free period	Up to 45 days on purchases
Cash advance rate p.a.	15.88%
Min credit limit	$500
Max credit limit	$25,000

Eligibility

Available to temporary residents

Rewards

Bonus points

N/A

Fees

Annual fee	$0 first year ($50 after)
Minimum monthly repayment	3% of the closing balance or $20, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	3%
Cash advance fee	$2
Additional cardholder fee	$0

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Congratulations, Illawara Credit Union!

Illawarra Credit Union has won the 2024 Finder Award for Best Low Rate Credit Card, after being a finalist in 2023. It scored highly for its Low Rate Credit Card's 8.99% interest rate on purchases and $0 first-year annual fee. The $50 annual fee that applies after the first year is also competitive with other low rate credit cards on the market in Australia. As a credit union, it's owned by members and can pass on profits in the form of competitive products – including the Illawarra Credit Union Low Rate Credit Card.

Full list of 2024 winners

How to apply

You can apply for the Illawarra Credit Union Low Rate credit card online by filling in a secure application form. You can get started now by checking if you’re eligible to apply and have all the documents and details you’ll need for the application.

Eligibility criteria

Australian residency status. You must be an Australian citizen or permanent resident.
Age. You must be at least 18 years of age.

Required documents

Personal details. This includes your full name, date of birth, residential address, email address, phone number and marital status. You also need to provide a valid form of ID, such as your driver’s licence, passport or Medicare number.
Employment details. As well as your salary, you’ll also need to provide your job title, length of employment and your employer’s contact details. You may also need to provide recent payslips or bank statements to verify this information.
Financial details. This covers any other forms of income, savings, investments or other assets as well as existing loans, cards or other debts. You also need to give an estimate of your share of regular expenses such as rent or mortgage payments, utility bills and groceries.

Card benefits

8.99% p.a. on purchases. The purchase interest rate on this card is very competitive with other low-rate credit cards.
$0 first-year annual fee. You won’t have to pay an annual fee for the first 12 months you have this card. After that, an annual fee of $50 applies.

Mobile wallets. You can add the Illawarra Credit Union Low Rate credit card to your account with Apple Pay, Google Pay or Samsung Pay and then make contactless payments straight from your mobile device.
Interest-free days. If you pay the full balance listed on your statement by the due date, you can take advantage of up to 45 days interest-free on new purchases. You can learn more about how this works in Finder’s guide to interest-free days.

Rates & fees

Annual fee. Outside of any promotions, this card has an annual fee of $50. This is charged each year around the anniversary date of opening the account.
Cash advance rate. If you use this card to withdraw cash or make any other cash advance transactions, an interest rate of 15.88% p.a. will apply from the date of the transaction.

Cash advance fee. A $2 fee applies for each cash advance made with this card.
Foreign transaction fee. A fee of 3% applies when you use this card overseas or shop online in a foreign currency.

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Illawarra Credit Union Low Rate credit card

Pros

Cons

Congratulations, Illawara Credit Union!

How to apply

Eligibility criteria

Required documents

Card benefits

Rates & fees

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