Our verdict

This credit card is made from recycled plastic and offers a low 10.49% interest rate for purchases.

The Australian Mutual Bank Visa is a no-frills credit card that gives you both low rates and a low annual fee. The 10.49% p.a. interest rate is on par with other low rate cards and applies to purchases and any debts you balance transfer to the account. You also get up to 55 days interest-free on purchases for each statement period, as long as you pay off the account’s closing balance by the statement due date.

This card is set apart from most other Australian credit cards because it’s made from recycled plastic. You can also add this card to Apple Pay, Google Pay or Samsung Pay if you want to make payments straight from your phone.

Pros

A low 10.49% p.a. interest rate on purchases and balance transfers
Up to 55 days interest-free on purchases
Access to Apple Pay, Google Pay and Samsung Pay

Cons

No rewards program and travel insurance

The Australian Mutual Bank Visa is suited to anyone who wants a card from an ethical bank. The actual card is made from 82% recycled plastic – with new material mainly used for parts that can’t be recycled yet. As well as a competitive low interest rate of 10.49% p.a. for purchases, it has a $30 annual fee that’s also at the lower end of the scale for credit cards in Australia.

Since November 2021, Australian Mutual Bank is the brand used for customers of Endeavour Mutual Bank and Sydney Mutual Bank. It is still member-owned and has a clear set of sustainability and ethical commitments on its website.

Details

Product details

Product Name	Australian Mutual Bank Visa Credit Card
Balance transfer rate p.a.	10.49%
Purchase rate p.a.	Purchase rate p.a. 10.49%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	15.49%
Min credit limit	$1,000
Card type	Visa

Eligibility

Available to temporary residents	No
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	Annual fee $30
Minimum monthly repayment	2.5% of the closing balance or $20, whichever is greater
Late payment fee	$15
Foreign currency conversion fee	Foreign currency conversion fee 3%
Cash advance fee	4% or $4, whichever is greater
Overseas cash advance fee	4%
Overseas ATM withdrawal fee	$4

How to apply

You can apply for the Australian Mutual Bank Low Rate Visa online by filling in a secure application form. To get started, make sure you meet the following eligibility requirements and have all the documents and details you need to complete the application.

Eligibility criteria

Australian residency status. You can apply for this card if you are an Australian permanent resident or citizen.
Employment details. You must have a regular, permanent income.

Age. You must be at least 18 years of age.

Required documents

Personal details. This includes your full name, date of birth, residential address, email address, contact number and your relationship status. You also need to provide a valid form of ID, such as your Australian driver's licence or passport.
Employment details. As well as your regular income, this covers your profession, length of employment and your employer's contact details. You may also be asked for recent payslips or a tax assessment notice from the ATO (Australian Taxation Office).
Financial details. This includes any other forms of income, savings or other assets as well as existing debts, cards and loans. You also need to estimate your share of regular household expenses.

Card benefits

Low interest rate for purchases. You get a 10.49% p.a. interest rate for purchases and balance transfers made with this card, which is competitive with other low rate credit cards.
Recycled plastic card. The physical credit card has a plastic body that's made from 99% recycled PVC (polyvinyl chloride – a type of plastic). The main parts that aren't made of recycled materials are the inlay, magnetic strip, microchip and antenna, as there's no recycling option for these elements yet.

Interest-free days. If you pay the closing balance in full by the due date on each statement, you can take advantage of up to 55 days interest-free on purchases. If you're not sure how interest-free days work, this Finder guide gives you the lowdown.
Mobile payments. You can make payments straight from your smartphone or other devices by adding this card to your Apple Pay, Samsung Pay or Google Pay account.
Visa benefits. This card offers worldwide acceptance through the Visa network, which means you can use it in-store, online or over the phone with any business that accepts Visa. When you shop online, Visa Secure will add a layer of protection to your payments. You can also take advantage of exclusive shopping, dining, travel and entertainment deals through Visa Offers + Perks.

Rates & fees

Annual fee. The Australian Mutual Bank Visa credit card charges a relatively low annual fee of $30.
Cash advances. If you withdraw cash or use this card for any other cash advance transactions, you'll be charged a fee worth 4% of the transaction. Cash advances also attract an interest rate of 15.49% p.a. from the date they are made.

Credit limits. While this card has a minimum credit limit of $1,000, the actual credit limit you get is subject to lending criteria and approval.
Foreign transaction fees. A fee of 3% applies to transactions you make in a foreign currency. This includes online purchases as well as any shopping you do when you're travelling overseas.

Sources

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Australian Mutual Bank Visa Credit Card

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