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 31 July 2019, 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||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||31 July 2019|
|Annual fee||$49 p.a.|
|Interest Free Period|
The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date.
|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 upon application. This is the maximum credit limit available on this card and you can apply for increases after the account has been opened.
|Minimum Age||18 years of age|
|Available To Temporary Residents||No|
|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|
|Additional Cardholder Fee||$0|
|Number of Additional Cardholders||4|
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