ME frank Credit Card – Rates and Fees

Keep interest costs low, consolidate your debt and pay no annual fee with the ME frank credit card.

The ME frank credit card is a low-cost card that doesn’t charge you for features and benefits that you won’t use. It offers a $0 annual fee for life and a low standard variable interest rate of 11.99% p.a. for purchases and cash advances. It also offers up to 55 days interest-free on purchases.

Product NameME frank Credit Card
Purchase rate (p.a.)11.99% p.a.
Annual fee$0 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.)11.99% 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.
$1,000
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 Repayment3% or $10 (whichever is greater)
Minimum Income$25,000
Card TypeMastercard
Late Payment Fee$10
Foreign Currency Conversion Fee (MC)
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.
1.5% of transaction value
Complimentary Travel InsuranceNo
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.
$1,000
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$0 p.a.
Minimum Repayment3% or $10 (whichever is greater)
Late Payment Fee$10
Over Limit Fee$0
Cash Advance Fee$4 or 2% of the amount (whichever is greater)
Overseas Emergency ReplacementEmergency: 100
Foreign Currency Conversion Fee (MC)
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.
1.5% of transaction value
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders8
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes

Pros

  • A low 11.99% p.a. interest rate on purchases and cash advances
  • $0 annual fee for life

Cons

  • No rewards program, insurance or other perks

ME frank credit card review

The ME frank credit card is designed to offer affordable and straightforward access to credit, with no annual fee and a low ongoing variable purchase rate of 11.99% p.a. It also offers up to 55 days interest-free on purchases when you pay your balance in full by the due date on each statement.

As the frank credit card is a Mastercard, you can use it to shop in person, online and over the phone at millions of locations around the world. You can also save time at the checkout with PayPass contactless payments and enjoy secure shopping with chip-and-PIN technology and Mastercard’s Zero Liability Policy.

Benefits and features of the ME frank credit card

Here are the most popular features of the ME frank credit card:

  • $0 annual fee. This card has no annual fee for life.
  • Low interest rate. The ME frank credit card has an ongoing variable interest rate of 11.99% p.a. This rate applies to both purchases and cash advances.
  • Interest-free period. When you pay your balance back in full for the previous statement period, you can take advantage of up to 55 days interest-free on purchases. The actual length of time will depend on when you make the purchase in your payment cycle, starting from the first day of your statement cycle. For example, purchases made on the first day of a new statement period will be eligible for 55 days interest-free, the purchases made on the second day would get 54 days, and so on.
  • Additional cardholders. You can request to add up to 8 additional cardholders onto your account at no extra charge. You will still receive one statement for the account, and be responsible for all transactions and repayments.
  • Secure shopping. When you shop online, in-store, or over the phone your transactions will be protected against fraud by Mastercard’s Zero Liability Policy. This policy covers you for fraudulent transactions as long as you exercise care when making purchases, keep your account in good standing, and notify ME of the loss, theft or unauthorised use of your card immediately.
  • Temporary lock protection. This card allows you to temporarily lock your card through internet banking if you ever misplace it. When you find it again, you can unblock it.
  • Mastercard PayPass. Save time at the checkout by using your card to "tap and go" without the need for a PIN when you make purchases under $100.
  • Mastercard Priceless Cities. Gain access to Mastercard's Priceless Cities perks and exclusive experiences.

Rates and fees of the ME frank credit card

Weigh up these costs to help you decide if the ME frank credit card is right for you.

  • Cash advance fee. When you withdraw money using your card or make another cash advance transaction, you’ll be charged a fee of $4 or 2% of the amount (whichever is greater).
  • Late payment fee. If you don't make at least the minimum repayment amount by the statement due date, you'll be charged a fee of $10.
  • ME currency conversion fee. ME applies a fee of 1.5% of any foreign currency converted into Australian dollars.
  • Mastercard currency conversion. This card has a Mastercard cross-border fee of 0.8% of the amount of any transaction where the merchant is not held in Australia. Note that this fee is payable to Mastercard International.

How to apply for the ME frank credit card

You can apply for the ME frank credit card online in around 5–10 minutes. To get started, make sure you meet the eligibility criteria and have the required documents and details on hand for a quick application process.

Eligibility criteria

  • How old are you? You must be at least 18 years of age.
  • What is your Australian residency status? You must be an Australian citizen or permanent resident.
  • What is your credit score? You must have a good credit rating.
  • Do you earn at least $25,000? You must earn a minimum of $25,000 a year to apply for this card.

Required documents

  • Personal details. This includes your full name, date of birth, email address, mobile number, residential address, living situation and driver's licence number or passport.
  • Employment details. This includes your position, salary and your employer's name and contact details. If your self-employed, you may need to provide your accountant's details and your previous Australian Taxation Office statements.
  • Financial information. This includes details of your income and assets (such as savings or investments), as well as any existing debts and financial commitments such as bills.

The ME frank credit card is a low-cost card without any extra features. While this card has no annual fee for life and a competitive standard variable rate, other products offer these features and may include extras such as rewards and complimentary travel insurance. So make sure you compare a range of other no annual fee or low rate options to help you find a card that suits your circumstances and needs.

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217 Responses

  1. Default Gravatar
    AlexisAugust 10, 2017

    How long does it take to get approval and receive this credit card. Going overseas in about 58 days

    • Staff
      ArnoldAugust 10, 2017Staff

      Hi Alexis,

      Thanks for your inquiry.

      It usually takes up to 10 business days for the approval and delivery of the card.

      Hope this information helped.

      Cheers,
      Arnold

  2. Default Gravatar
    July 20, 2017

    I’m just wondering where my new credit card is?

    • Staff
      RenchJuly 20, 2017Staff

      Hi Scott,

      Thanks for reaching out to us. Please note that we are not affiliated with ME frank or any company we feature on our site and so we can only offer you general advice.

      Generally, it will take up to 10 business days to receive your credit card. It depends on the process of each bank. Please contact ME frank directly to check the status of your application and you may ask them when you should receive your card.

      You may also find this page helpful for more info.

      Cheers,
      Rench

  3. Default Gravatar
    KatrinaJuly 19, 2017

    Hello,
    I am a student and am looking for a card purely to build up credit so I can get into the property market in 2019. I earn a fair sum a year and live with my parents rent free. Now, I also know I easily forget dates and payments. So I don’t need anything fancy on the ‘balance transfer’ cause I have no debt. I would like a very low rate on the after 55 days deal in case, as I said, I manage to forget to pay it right away. The kicker is of course, is it better to go through the bank I am with in the long run when I go to get a home loan? Or is it not necessary?

    • Staff
      RenchJuly 20, 2017Staff

      Hi Katrina,

      Thanks for reaching out to us. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      You can get helpful info and compare your options from these pages:
      Student Credit Cards
      Low Interest Rate Credit Cards
      Please click on the name of your preferred card to see more details. Then you may click on the green ‘Go to Site’ button to submit an online application.

      It’s actually not necessary to go with the bank where you have your card. You can check home loans on this page and check their eligibility criteria.

      Cheers,
      Rench

  4. Default Gravatar
    NinaJuly 18, 2017

    Hi I would like to transfer my Westpac credit card to your ME credit card. Are you able to help with the steps require. I do have $348 on there at the moment.

    Thanks in anticipation Nina

    • Staff
      ArnoldJuly 20, 2017Staff

      Hi Nina,

      Thanks for your inquiry.

      When bringing an existing credit card balance over to the ME frank credit card, you’ll pay a rate of 11.99% p.a. on that balance.

      If you would like to inquire with ME Bank about doing a balance transfer, please contact them directly. Meanwhile, you can also check this page for helpful info and check other credit cards that you can compare.

      Hope this information helped.

      Cheers,
      Arnold

  5. Default Gravatar
    JamesJuly 12, 2017

    Hi, I was wondering if I sign up with your bank for a credit card, am I able to pay off a gem Visa card which is $7000? The interest rates are way too high and I keep paying it off. They keep adding all their fees. Thank you

    • Staff
      RenchJuly 14, 2017Staff

      Hi James,

      Thanks for reaching out to us. Please note that we are not affiliated with ME Bank or any company we feature on our site and so we can only offer you general advice.

      If you are inquiring with ME Bank about doing a balance transfer, please contact them directly. Meanwhile, you can also check this page for helpful info and check other credit cards that you can compare.

      Best regards,
      Rench

  6. Default Gravatar
    June 1, 2017

    do you give a low interest bankcard to pensioners

    • Staff
      JhezelynJune 1, 2017Staff

      Hi Gil,

      Thanks for getting in touch with finder.com.au.

      Unfortunately through checking, ME frank do not accept pensioners for this product. This means that ME Bank does not see any pensions as income.

      You may consider applying to other banks that accepts pensions as an income.

      Hope this helps.

      Regards,
      Jhezelyn

  7. Default Gravatar
    JaneMay 29, 2017

    Can you provide a debit or credit card without paywave?

    • Staff
      RenchJune 1, 2017Staff

      Hi Jane,

      Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer a general advice.

      Unfortunately, we don’t have a list of debit/credit cards that doesn’t have PayWave. Instead, here – https://www.finder.com.au/visa-paywave-merchants is a list of contactless payment debit cards and for credit cards – https://www.finder.com.au/visa-paywave-merchants.

      We recomment to get in contact with the bank issuer directly to ask if you can disable PayPass/PayWave.

      Hope this helps.

      Best regards,
      Rench

  8. Default Gravatar
    LennyMay 25, 2017

    I am on work comp. Since 2012 and I have permanent report for that I will get my payment my retirement age 67 I am 46 now my income over 40k plus my wife receiving family tax benefit and carer payment any chance to get low interest credit card?

    Thanks

    • Staff
      LiezlMay 27, 2017Staff

      Hi Lennyan,

      Thanks for reaching out.

      Whilst we can’t say if you’ll be approved for a loan of not, you can compare your options of credit cards on this page that might suit your financial situation. It would be best if you can contact the bank or credit card issuer before completing the application process to discuss your likelihood of acceptance or to confirm your eligibility.

      I hope this has helped.

      Cheers,
      Liezl

    • Staff
      HaroldMay 26, 2017Staff

      Hi Lennyan,

      Thank you for your inquiry.

      You may want to check the available option/s for low interest credit card/s through here.

      I hope this information has helped.

      Cheers,
      Harold

  9. Default Gravatar
    MikeMay 25, 2017

    Hi,

    Can you please advise who is the credit card provider/issuer?

    • Staff
      RenchMay 26, 2017Staff

      Hi Mike,

      Thanks for your inquiry.

      The provider of ME Frank Credit Card is ME Bank. If you want to have a look at their credit cards, please visit this page – https://www.finder.com.au/credit-cards/members-equity-credit-cards.

      Hope this information helped.

      Cheers,
      Rench

    • Staff
      HaroldMay 26, 2017Staff

      Hi Mike,

      Thank you for your inquiry.

      You can check the list of providers for credit cards through this page.

      I hope this information has helped.

      Cheers,
      Harold

  10. Default Gravatar
    LeeMay 23, 2017

    Hey mate
    Can i use this card to make a fund transfer to someone with no fee attached? For example use internet banking to transfer 10,000 to a friends account?
    Thanks

    • Staff
      RenchMay 23, 2017Staff

      Hi Lee,

      Thank you for reaching out to us.

      Basically, you can use your credit card when paying for a money transfer to other bank account. Please note though that there may be fees involved when making payments for this type of transaction. As this transaction is treated as cash advance by credit card issuers, with your ME frank, you may be charged CA fee of $4 or 2% of the cash advance amount (whichever is greater) and CA interest of 11.99% p.a.

      Other fees involved would be online banking transactions, charges of the money transfer service providers, etc. You’d be best to confirm with ME bank for all other fees they charge for their credit card when paying for money transfers.

      Hope this information helped.

      Cheers,
      Rench

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Rates last updated November 22nd, 2017
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