RACQ Low Rate Credit Card Review

Not yet rated

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 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
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.
  • 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.
Back to top
Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.

Credit Cards Comparison

Rates last updated August 15th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Citi Clear Platinum - Exclusive Offer
14.99% p.a.
0% p.a. for 24 months with 1.5% balance transfer fee
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
finder Exclusive: Receive 0% p.a. for 24 months on balance transfers and a discounted annual fee in the first year. Plus, access to Citi World Privileges.
Westpac Low Rate Card
13.49% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Westpac Altitude Platinum Card - Qantas
20.24% p.a.
$50 p.a. annual fee for the first year ($150 p.a. thereafter)
Earn 60,000 bonus Qantas Points when you spend $3,000 within 90 days of card approval. Plus, a $50 first year annual fee.
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.

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.

Ask a question
Go to site