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Our verdict

Offers a 10.99% p.a. interest rate for purchases and cash advances, with a $50 annual fee.

The Auswide Bank Low Rate Visa is suited to people who want a credit card with simple, low-cost features. Its 10.99% p.a. variable interest rate is very competitive with other low rate cards. It's also much lower than the average standard credit card interest rate in Australia, which is currently 20.16%.

It also offers an introductory 0% p.a. interest rate on balance transfers for the first 12 months, with no balance transfer fee. While there are longer balance transfer offers on the market, this could still give you up to a year to save on interest as you repay existing credit card debt. And after the introductory period, the card's 10.99% p.a. interest rate applies to any remaining balance transfer.

Pros

Low variable interest rate of 10.99% p.a. on purchases and cash advances
0% p.a. for 12 months on balance transfers
The $50 annual fee can be waived if you're under 25 years old
Up to 55 days interest-free on purchases

Cons

No rewards program so you won't be rewarded for spending
No interest-free days on purchases while you're paying off a balance transfer
Charges a 3% foreign transaction fee

The Auswide Bank Low Rate Visa offers a 10.99% p.a. variable interest rate for purchases and cash advances and up to 55 days interest-free on purchases if you pay the full closing balance by the due date on each statement. Its $50 annual fee is similar to other low rate cards and is waived for anyone under 25 years old. Its other features are typical of most credit cards, including worldwide acceptance, zero liability for fraudulent transactions and access to Visa Offers + Perks.

Details

Product details

Product Name	Auswide Bank Low Rate Visa Credit Card
Balance transfer rate p.a.	0% for 12 months, then 10.99%
Balance transfer limit	80% of available limit
Purchase rate p.a.	Purchase rate p.a. 10.99%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	10.99%
Min credit limit	$500
Max credit limit	$50,000
Card type	Visa

Eligibility

Available to temporary residents	No
Minimum income	$30,000
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	Annual fee $50
Minimum monthly repayment	3% of the closing balance or $30, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	Foreign currency conversion fee 3%
Cash advance fee	$3.50
Overseas cash advance fee	$5
Additional cardholder fee	$0

How to apply

You can apply for the Auswide Bank Low Rate Visa in a branch, over the phone (1300 138 831) or by filling out a detailed inquiry form on the bank's website. Before you get started, make sure you meet the following eligibility requirements and have all the essential documents and details ready to go.

Eligibility criteria

Minimum income. You must earn at least $30,000 per year.
Age. You must be at least 18 years of age.

Required documents

Personal information. This includes your full name, date of birth, residential address, email address and contact number. You also need a valid form of ID, such as a passport or driver's licence.
Employment information. This covers your salary, employment status, length of employment and your employer's contact details. You may also need to provide recent payslips or bank statements to verify these details.
Financial information. As well as your salary, you need to provide details of any other forms of income or assets as well as existing debts and liabilities. You also need to estimate your regular household expenses, including rent or mortgage payments, utility bills and groceries.
Balance transfers. If you want to move your existing credit card or store card debt onto the Auswide Bank Low Rate Visa, you need to submit a separate application form with details of the account.

Card benefits

0% balance transfer offer. If you want to pay off debt on an existing credit card from another financial institution, this card offers an introductory 0% p.a. interest rate on balance transfers for the first 12 months. At the end of the promotional period, any remaining balance will attract the card's purchase rate of 10.99% p.a.
Low variable interest rate. The 10.99% p.a. interest rate on this card applies to both purchases and cash advances and is very competitive with other low-rate cards.

Interest-free days. If you pay the full closing balance by the due date on your account statement for 2 consecutive months, you can get up to 55 days interest-free on purchases for the next statement period. Note that interest-free days are not available for cash advance transactions or when you carry a balance transfer debt.
Security features. This card offers zero liability for fraudulent transactions and an extra layer of security for online purchases through Visa Secure.
Visa Offers + Perks. Access exclusive travel, shopping and entertainment offers both in Australia and overseas through the Visa Offers + Perks platform.
Mobile payment technology. This card comes with a Visa payWave technology which allows you to make tap-and-go payments without the need for a PIN or a signature for purchases less than $100. You can also link your Auswide Bank Low Rate Visa with Apple Pay or Google Pay to make contactless payments using your Android and Apple devices.

Rates & fees

Annual fee. The $50 annual fee on this card is competitive with other low-rate options. It's also waived if you're under 25 years old.
Credit limit. This card has a minimum credit limit of $500 and a maximum limit of $50,000. Note that your actual credit limit is determined based on the bank's credit criteria and your individual and financial circumstances.

Additional cards. If you want to share your account with a loved one, you can take advantage of a $0 additional cardholder fee. Note that you'll need to submit a request to add them to your account and you will remain responsible for the management of the account.
Currency conversion fee. A fee worth 3% applies for each transaction made overseas or online in a foreign currency.

Sources

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Auswide Bank Low Rate Credit Card

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