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.

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.
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.
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
Annual fee$49 p.a.
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.
3.4% of transaction value
Cash Advance Fee$3.50 (or 3.50% of amount when >= $100
Overseas Cash Advance Fee$5
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 variable 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.
  • 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 January 20th, 2019
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
Suncorp Clear Options Platinum Credit Card - Online Offer
20.74% p.a.
0% p.a. for 18 months
$49 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% balance transfer offer and earn up to 60,000 Bonus Reward Points. Plus, a discounted first year annual fee when you apply online.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect 90,000 bonus Qantas Points when you spend $4,000 within 60 days of account opening. Plus, a $295 annual fee in the first year.

Compare up to 4 providers

* 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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