Get a low rate credit card that comes with a special rate on balance transfers, and get up to 55 interest-free days on purchases.
The IMB Low Rate Mastercard is a basic no-frills credit card that offers up to 55 interest-free days on purchases, as well as an introductory balance transfer rate that stays in place for 12 months.
If you apply by 30 June 2018, you can keep paying a discounted annual fee for as long as your account remains active. Cardholders also get complimentary insurance covers.
|Product Name||IMB Low Rate Mastercard|
|Balance transfer rate (p.a.)||0% p.a. for 12 months|
|Balance Transfer Revert Rate|
The interest rate after the balance transfer ends.
|Cash Advance Rate (21.74% p.a.)|
|Balance Transfer Limit||80% of available credit limit|
|Purchase rate (p.a.)||12.99% p.a.|
|Offer end date||30 June 2018|
|Annual fee||$49 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 55 days on purchases|
|Cash advance rate (p.a.)||21.74% 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.
|Max credit limit|
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
|Minimum Age||18 years of age|
|Available To Temporary Residents||No|
|Credit Rating Requirement||Good|
|Annual fee||$49 p.a.|
|Minimum Monthly Repayment||2% or $30 whichever is greater|
|Late Payment Fee||$10|
|Cash Advance Fee||$3.50 (or 3.50% of amount when >= $100) for each cash advance|
|Overseas Cash Advance Fee||$5.00 per transaction|
|Foreign Currency Conversion Fee|
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.
|Additional Cardholder Fee||$0|
|Number of Additional Cardholders||4|
IMB Low Rate Mastercard review
The IMB Low Rate Mastercard requires your attention if you’re on the lookout for a low rate card that comes with a balance transfer offer. The introductory balance transfer rate this card charges stays in place for the first 12 months. Complimentary insurance covers provide protection to your purchases, and this card also offers the convenience of PayPass.
Benefits of the IMB Low Rate Mastercard
- Balance transfer offer. You can use this card to transfer balances from existing credit cards, and if you do so in time you can lock in a special introductory rate for 12 months. If there’s any outstanding balance left at the end of this promotional period, it will start attracting the card’s cash advance rate.
- Complimentary insurance covers. Low rate cardholders get access to complimentary insurance covers that protect purchases they make using their cards. Purchase cover insurance provides protection against damage, loss, or theft, and a guaranteed pricing scheme reimburses the price difference if any item you purchase later goes on sale.
- Mastercard benefits. You can use your Low Rate Mastercard in most countries around the world, at EFTPOS terminals and ATMs alike. Since this card is PayPass-enabled, you can make contactless payments for purchases up to $100.
IMB Low Rate Mastercard features
- Annual fee. You get to keep paying a discounted annual fee of $49 for as long as you keep your account active.
- Interest-free days. You can get as many as 55 interest-free days on purchases, you just have to keep paying your account’s closing balance in full at the end of every billing cycle.
- Complimentary insurances. Complimentary insurance covers provide protection for any eligible purchases you make using your Low Rate Mastercard.
- Additional cardholders. You, as the primary cardholder, can request for up to 4 additional cards for free. Additional cardholders should be at least 16 years old.
- Card security. This card makes use of an embedded microchip to protect cardholder data, and this technology works better against fraud when compared to magnetic strips. Fraudshield is in place to keep track of any suspected card activity, and if any is detected, you will be contacted immediately.
- Optional credit card insurance. Cardholders can get optional credit card insurance, which provides cover if any eventuality keeps you from making repayments.
How to apply for the IMB Low Rate Mastercard
You can apply for this credit card by visiting the nearest IMB branch, through online or over the phone. If you have decided to apply online, simply complete a secured application form to begin the process. But before you do this, make sure you meet the following eligibility criteria:
- You’re a permanent resident of Australia.
- You’re over 18 years old.
- You have good credit history.
- You earn at least $25,000 p.a.
The IMB Low Rate Mastercard application requires that you provide different types of information, which includes the following:
- Personal details like your name, phone number, home address, date of birth, marital status, number of dependants, and driver’s license number.
- Employment-related information like your employment status, and your employer’s name, address, and phone number.
- Financial informing comprising your income, expenses, assets, and liabilities.
While applying for the IMB Low Rate Mastercard can be a good idea if you want a low rate card that comes with a balance transfer offer, there are other cards with similar features, so take the time to compare a few.Back to top