Latitude Low Rate Mastercard

Last updated: Aug 21, 2020

Save with a low 9.89% interest rate for purchases and a competitive annual fee.

A no-frills card suited to those looking to save, the Latitude Low Rate Mastercard offers a competitive interest rate, protection for your purchases and a low minimum credit limit.

With up to 55 interest-free days on purchases, a $69 annual fee and minimal extras, this card is designed to save on credit card costs.

9.89% p.a.

Purchase rate

$69 p.a.

Annual fee

55 days

Interest free period

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Details

Product Name	Latitude Low Rate Mastercard
Purchase rate	9.89% p.a.
Annual fee	$69
Interest-free period	55 days
Cash advance rate	18.89% p.a.
Min credit limit	$500
Card type	Mastercard
Foreign currency conversion fee	3%

Available to temporary residents	Yes - Conditions apply
Joint application	No

Pros

9.89% p.a. on purchases
Up to 55 days interest-free on purchases
Purchase insurance, price protection and extended warranty cover

Cons

Does not feature travel insurance or access to a rewards program

Annual fee	$69
Minimum monthly repayment	2.22% of the closing balance or $10, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	3%
Cash advance fee	3% or $1.95, whichever is greater
Overseas cash advance fee	3% of transaction amount or $1.95 (whichever is greater)
Overseas ATM withdrawal fee	$4
Additional cardholder fee	$0

Expert review

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy Bradney-George is the acting editor for credit cards and has more than 13 years’ experience writing about personal finance. She has bylines in publications including The Sydney Morning Herald, ABC News and The Equity Magazine. A passionate writer, she’s also acting editor for Finder X and senior writer for Finder Green. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University, and when she’s not writing she spends her time as an actress.

Expert review

The combination of a competitive purchase rate and annual fee on the Latitude Low Rate Mastercard could help you keep credit card costs down. When compared to other low rate cards, the 9.89% p.a. interest rate for purchases is at the lower end of the scale and could help you save on interest charges if you want to pay off purchases over time. The $69 annual fee is also competitive with other cards in this category.

The Latitude Low Rate Mastercard also gives you the benefit of complimentary insurance for purchases in the form of price-drop protection, purchase protection and extended warranty cover. But there are some other low rate cards that offer lower or $0 annual fees, so it’s still worth comparing your options before you decide on a card that fits your needs.

How to apply

You can apply for the Latitude Low Rate Mastercard online in a few minutes and should get a response within 60 seconds of submitting your completed application. Before you do that, make sure you meet the following eligibility requirements and have all the documents and details needed to apply.

Eligibility criteria

Residency. You are an Australian citizen or permanent resident. If you are a temporary resident and want to apply, you must have a valid visa with at least 12 months remaining.
Age. You must be at least 18 years old to apply.

Required documents

Personal details. This includes your full name, date of birth, email address, phone number, residential address, marital status and number of dependents. You also need to provide a valid form of ID, such as your driver's licence number.
Employment details. This covers your employment status, salary, job title and employer's contact details. You may also need to provide recent payslips, bank statements or other documents that verify this information.
Financial details. This includes other forms of income, such as pension or government payments, your assets and savings, as well as any existing loans, cards and debts. You also need to share details of your regular household expenses, such as rent or mortgage payments, bills and groceries.

Card benefits

Purchase interest rate. This card has a competitive 9.89% p.a. purchase interest rate.
Price protection. When you use your card to make an eligible purchase and the price drops within 30 days, Latitude will refund the difference.

Purchase protection. You can shop with peace of mind thanks to purchase protection. If an eligible purchase is accidentally damaged or stolen within 90 days, Latitude will help with the cost to repair or replace it.
Extended warranty. You'll receive an additional one-year warranty on eligible purchases that have an existing one- to two-year manufacturer's warranty.
Interest-free days. If you pay your balance in full by the statement due date, you can take advantage of up to 55 interest-free days on purchases.
Mobile payments. You can use this card to make payments straight from a mobile device with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay or Garmin Pay.

Rates & fees

Annual fee. This card charges an annual fee of $69 p.a.
Cash advances. If you use this card to make a cash advance (such as an ATM withdrawal), you'll be charged interest at the 18.89% p.a. cash advance rate. You will also be charged a fee of 3% of transaction amount or $1.95 (whichever is greater).

International transaction fee. You'll be charged 3% of the Australian dollar value if you use your card to make foreign transactions online or overseas.
Additional cardholder. You can request additional cardholders for $0.

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2 Comments

Tom
March 5, 2019

is there any loan/credit card I can apply for given I’m a full time student on scholarship and my other form of employment is recently commenced self employed contracting?

Reply
- Nikki
  March 6, 2019
  
  Hi Tom,
  
  Thanks for reaching out to Finder. On this page, you’ll find a list of providers that accept applications without income. Just go to the part of the page that says “What discounts and eligibility criteria apply to student personal loans?” and review the eligibility of each provider carefully. Before lodging an application, read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
  
  Hope this was helpful. Don’t hesitate to message us back if you have more questions.
  
  Best,
  Nikki
  
  Reply

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Latitude Low Rate Mastercard