The Rock MyCard Low Rate Mastercard Review

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Save on your spending and pay down your debt – a low balance transfer rate with up to 55 interest-free days on purchases.

The Rock Low Rate Mastercard, as its name implies, charges a low ongoing rate that applies to purchases you make on your card. An introductory balance transfer rate is also on offer and stays in place for 12 months. If you ensure you pay your closing balance in full every month you can get up to 55 interest free days on purchases, and those purchases receive protection through complimentary insurance covers.

Product NameThe Rock Low Rate Mastercard
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 date30 September 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.
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.
$2,000
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
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.
Minimum Monthly Repayment2% or $30 whichever is greater
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) for each cash advance
Overseas Cash Advance Fee$5.00 per transaction
Additional Cardholder Fee$0
Number of Additional Cardholders4

Benefits of the Rock Low Rate Mastercard

  • Balance transfer offer. You can use the Rock Low Rate Mastercard to transfer balances from existing cards and take advantage of a low balance transfer rate of 0% p.a. for 12 months. At the end of this period, any outstanding amount starts attracting the card’s cash advance rate.
  • Low rate. This credit card charges a low ongoing rate of 12.99% p.a. on purchases, which can be particularly beneficial if you don’t pay your balances in full each month.
  • Complimentary insurances. This low rate card provides protection to purchases through a guaranteed pricing scheme and purchase cover insurance.
  • Use anywhere, anytime. Mastercard finds acceptance in most countries around the world, so you can look forward to using this card internationally at EFTPOS terminals and ATMs alike. You can also use it for purchases and bill payments online and over the phone.

The Rock Low Rate Mastercard features

  • Annual fee. If you apply for this card during an ongoing offer period, you get to keep paying a discounted annual fee of $49 for the life of the card.
  • Balance transfers. A low 0% p.a. balance transfer rate for 12 months can lead to noticeable savings in the form of interest, especially if you transfer balances from a higher interest rate card. The total of transferred balances cannot exceed 80% of your credit limit.
  • Interest-free days. If you can pay your account’s closing balance completely each month you can get as many as 55 interest-free days on purchases.
  • Complimentary insurances. Purchases you make using your Low Rate Mastercard receive protection through a guaranteed pricing scheme and purchase cover insurance.
  • Additional cards. You can request for up to 4 additional cards linked to your primary card. Primary cardholders should be at least 16 years of age.
  • Card security. This microchip-enabled card offers more protection against fraudulent use in the physical world when compared to cards with magnetic strips. When your card details make it to the online world, SecureCode provides an additional layer of security. Fraudshield monitors your card activity and notifies you upon detecting suspicious transactions immediately.
  • Mastercard PayPass. This convenient feature enables you to make contactless payments for purchases under $100, anywhere you see the PayPass symbol.

How to apply for the Rock Low Rate Mastercard

You can apply for this low rate card by visiting any Rock branch, you can do so over the phone, or even online. The online application is relatively easy to complete, but before applying, establish if you meet the following eligibility criteria:

Eligibility criteria

  • You are a permanent resident of Australia
  • You are over 18 years old
  • You earn at least $25,000 p.a. in taxable income
  • You don’t have poor creditworthiness

Required documents

The application process takes 10 to 15 minutes to complete, and requires that you provide information which is comprised of the following:

  • Personal details like your name, phone number, home address, date of birth, driver’s license number, marital status, and number of dependants
  • Employment-related information which includes your employment status and your employer’s name, phone number, and address
  • Financial information which includes details about your income, expenditure, and liabilities

If you’re looking for a low rate card with a balance transfer offer, this card is a good one to use, but given that you can come by other cards that offer similar features, take some time to compare a few.

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Credit Cards Comparison

Rates last updated September 18th, 2018
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.
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.
Westpac Altitude Platinum Card - Qantas
20.24% p.a.
$50 p.a. annual fee for the first year ($200 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.
St.George Vertigo Visa
13.74% p.a.
0% p.a. for 16 months
$55 p.a.
Get 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitive annual fee.

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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