RACQ Low Rate Credit Card Review

Save with 0% interest for 12 months on balance transfers and save on interest with a low 12.99% p.a. interest rate.

The RACQ Low Rate credit card is designed to help you save money on both purchases and existing debt. Cardholders can enjoy 55 days interest-free on purchases and a low annual fee.

If you're looking to repay your debt, you can take advantage of 0% p.a. on balance transfers for 12 months. After that, the variable cash advance rate will apply to any balance remaining. Apply by 31 March 2018 to take advantage of these offers.

Product NameRACQ Low Rate Credit Card
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 Limit80% of available credit limit
Purchase rate (p.a.)12.99% p.a.
Offer end date31 March 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.
Card TypeMastercard
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.
3.4% of transaction value
Minimum Income$25,000
Minimum Age18 years of age
Available To Temporary ResidentsNo
Credit Rating RequirementGood
Annual fee$49 p.a.
Late Payment Fee$10
Cash Advance Fee$3.50 (or 3.50% of amount when >= $100
Overseas Cash Advance Fee$5
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.
3.4%
of transaction value
Additional Cardholder Fee$0
Number of Additional Cardholders4

Pros

  • Enjoy 0% p.a. on balance transfers for the first 12 months.
  • This card comes with a low variable interest rate of 12.99%
  • Get up to 55 days interest-free on purchases.
  • Receive up to $50,000 complimentary purchase cover insurance per 12 months.

Cons

  • The standard cash advance rate of 21.74% p.a. is relatively high.

RACQ Low Rate Mastercard review

This card is built for the cost-conscious consumer with flexible features for a discounted annual fee of $49 p.a. for the life of the card, normally $75. User convenience is a priority, with card replacement of lost or stolen cards within 24 to 48 hours available at no cost.

Benefits of RACQ Low Rate Mastercard

  • Competitive purchase rate. The card comes with a purchase rate of 12.99% p.a. This can help reduce the interest costs if you don't plan on paying your balance back in full each statement period.
  • Balance transfer promotion. Get 0% p.a. interest for 12 months on balance transfers with no balance transfer fee. After the promotional period expires, any remaining balance will be charged at the cash advance rate. Apply by 31 March 2018 to take advantage of this offer.
  • Low annual fee. For access to the features you have with this card, you'll need to pay an ongoing discounted annual fee of $49 p.a. for the life of the card.
  • Interest-free days. If you pay your balance off in full for two consecutive months, you'll be able to enjoy up to 55 days interest-free days on retail purchases.
  • Complimentary purchase cover insurance. Get cover against loss, theft or accidental damage for personal goods purchased within Australia or overseas.

Features of RACQ Low Rate Mastercard

  • Cash advance rate. If you use your card to withdraw cash from an ATM, a 21.74% p.a. rate will apply.
  • Replacing lost or stolen cards. RACQ Low Rate Mastercard assures replacement of lost or stolen cards within 24 hours in Australia and 48 hours overseas without any extra charges.
  • Additional free cards. New cardholders can obtain up to $0 additional free cards. Share the benefits of your card with members of your household and reduce the costs of separate credit card account fees.
  • Security. Have peace of mind with the protection of 24/7 Fraudshield security.

Eligibility criteria:

  • Age. You must be 18 years of age or older to apply.
  • Income. You must earn at least $25,000 per year.
  • Credit Rating. Your credit rating must be good.
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Credit Cards Comparison

Rates last updated February 24th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
American Express Velocity Escape Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$0 p.a.
Receive a bonus 12,500 Velocity Points, pay a $0 annual fee for life and take advantage of a 0% p.a. for 12 months balance transfer offer.
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
Exclusive to finder.com.au, enjoy a 0% BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months
$99 p.a.
Platinum card benefits including complimentary insurance, plus 0% p.a. for 24 months on balance transfers (with no BT fee). Ends 28 February 2018.
Westpac Low Rate - Online Offer
13.49% p.a.
0% p.a. for 30 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Take advantage of 0% p.a. for 30 months on balance transfers with a 2% balance transfer fee when you apply online by 28 February 2018.

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* 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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