IMB Low Rate MasterCard Review

Information verified correct on December 4th, 2016

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 9 months.

If you apply by 31 January 2017, you can keep paying a discounted annual fee for as long as your account remains active. Cardholders also get complimentary insurance covers.

Product NameIMB Low Rate MasterCard
Balance transfer rate (p.a.)0% p.a. for 9 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.74% p.a.)
Balance Transfer Limit80% of available credit limit
Purchase rate (p.a.)12.99% p.a.
Offer end date31 January 2017
Annual fee$75 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.
$2,000
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.
$15,000
Minimum Monthly Repayment2% or $30 whichever is greater
Minimum Income$25,000
Card TypeMasterCard
Late Payment Fee$10
Complimentary Travel Insurance Cover0 months
Available To Temporary ResidentsNo
Minimum Income$25,000
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.
$2,000
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.
$15,000
Annual Fee$75 p.a.
Minimum Repayment2% 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 p.a.
Number of Additional Cardholders4

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 9 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 9 months. If there’s any outstanding balance leftover 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. This card attracts an $75, you get to keep paying a discounted annual fee of discounted annual fee for life for $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.
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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:

Application 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.

Required documents

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.

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Credit Cards Comparison

Rates last updated December 4th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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