First Option Bank is a member-owned bank with a head office in Melbourne, VIC and a full range of online and phone banking services. It offers one low rate credit card, which also has an environmental rewards program that donates a percentage of funds to positive causes based on your spending.
The First Option Low-Rate Credit Card has a 10.49% p.a. interest rate for new purchases, which is low compared to the average interest rate of around 20% for credit cards in Australia. Its standard $48 annual fee is also competitive with other low rate credit cards. It also comes with an Environmental Rewards program, which means First Option Bank donates 0.25% of what you spend towards sustainability programs run by its partners.
Benefits of getting a credit card with First Option Bank
Some of the key features you'll get with First Option Bank include:
Sustainability initiatives
First Option Bank's credit card has a unique Environmental Rewards program that helps fund positive impact projects based on your spending. Unlike most credit cards in Australia, the physical card is also made from 82% recycled plastic. The bank's operations are also carbon neutral through a partnership with trace.
Visa benefits
With a First Option Bank credit card, you can shop in-store and online with businesses in over 200 countries and regions around the world through the Visa network. You also get access to exclusive deals on travel, shopping, dining and entertainment through Visa Offers + Perks.
Digital wallets
You can use your compatible device to make contactless payments when you link your First Option credit card to Apple Pay and Google Pay.
Banking tools
First Option Bank offers internet banking and a mobile app so you can manage the account, including checking the balance, making payments and putting a temporary lock on the card.
How to apply
You can apply for a First Option credit card online by filling in a simple enquiry form. You can get started by checking you meet the following eligibility criteria and have the required details for the application.
Age. You must be at least 18 years old.
Australian residency. You must be a citizen or a permanent resident of Australia.
Income. You should have a steady source of income.
Documents and details
Personal details. This includes your name, email address, phone number and preferred contact time for the initial enquiry form. You'll also need to provide a valid form of ID, such as your driver's licence or passport, as part of the application.
Employment details. You need to provide your main income and details of your employer. If you're self-employed, you'll need to provide details such as your accountant's information and recent tax assessment notices.
Financial details. This includes your other assets, loans, credit cards or other debts as well as regular household expenses.
If you want more details about what to include when you apply, check out Finder's credit card application tips to help you prepare and increase your chance of approval.
After you submit a credit card enquiry, First Option Bank will contact you with details of the process. If you're approved, you'll typically get your new credit card in the mail within 5-10 working days.
Credit card brands similar to First Option Bank
If you want a credit card with a sustainability focus or one from a member-owned bank, here are 3 other credit card providers you could compare with First Option Bank:
You won't pay any fees for the Environmental Rewards program that's offered with the First Option Bank Low-Rate Credit Card. Instead, First Option Bank donates funds to environmental causes based on your credit card spending. The amount that's donated is shown on a personalised statement you'll get at the end of each financial year.
First Option Bank is a member-owned bank. This means profits go back into the bank and its community. As part of this structure, each person who opens an account pays a $2 share to own part of the bank, which is refundable if they close all their accounts and end their membership.
First Option Bank offers security through its internet and mobile banking services to help keep your accounts safe, including options to lock or cancel cards if they are lost or stolen. Its credit card also has a 24/7 fraud-monitoring service.
First Option Bank is subject to the same government regulations and requirements as other banks in Australia, which are outlined by the Australian Prudential Regulatory Authority (APRA). It has an Australian Financial Services Licence and Australian Credit Licence, with further details available on its website.
Contact details and related links
First Option Bank phone number: 1300 855 675
Lost or stolen cards: +61 3 9869 8700 overseas or 1300 855 675 in Australia.
Amy Bradney-George was the senior writer for credit cards at Finder, and editorial lead for Finder Green. She has over 16 years of editorial experience and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald. See full bio
Amy's expertise
Amy has written 565 Finder guides across topics including:
Made from 82% recycled plastic, the First Option Low-Rate Visa combines a 10.49% purchase rate with support for environmental causes. Here’s how it works.
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