In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own.
First Option Low-Rate Visa Credit Card
Terms and conditions apply
Purchase rate
10.49% p.a.
Annual fee
$48 p.a.
Interest-free on purchases
Up to 45 days

Our verdict

Offers a 10.49% p.a. interest rate on purchases and sustainability benefits, with a $48 annual fee.

The First Option Low-Rate Visa stands out as a credit card that is actively addressing climate change. Unlike most cards in Australia, this one is made from 82% recycled plastic. And while some rewards cards let you use points for donations to good causes, this card's Environmental Rewards gives you a way to support sustainable projects automatically. First Option has partnered with Carbon Landscapes, the Odonata Foundation and trace – with the 0.25% that's donated based on your spending going directly to environmental programs they manage.

Pros

  • $48 annual fee
  • 10.49% p.a. interest rate on purchases
  • Environmental Rewards program donates a portion of spending to sustainable causes
  • Made from 82% recycled plastic
  • Carbon neutral bank

Cons

  • A higher 17.99% p.a. interest rate on cash advances
  • No introductory purchase rate or balance transfer rate offer
  • Does not earn points per $1

In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews
  • Ask a question

The First Option Low-Rate Visa is suited to people who want a low-cost card that also helps support the environment. First Option is a carbon neutral bank, and 0.25% of the value of your spending is automatically donated to sustainable initiatives through the Environment Rewards program. Both the $48 annual fee and 10.49% p.a. purchase rate are competitive among low rate credit cards. Just keep in mind that unlike a rewards card, you won’t directly earn points or cashback as you spend.

Details

Product details

Product Name First Option Low-Rate Visa Credit Card
Purchase rate p.a.
Purchase rate p.a.
10.49%
Interest-free period
Up to 45 days on purchases
Cash advance rate p.a. 17.99%
Min credit limit $500
Max credit limit $25,000
Card type Visa

Eligibility

Available to temporary residents No
Joint application No

Rewards

Bonus points N/A

Fees

Annual fee
Annual fee
$48
Minimum monthly repayment 3% of the closing balance or $25, whichever is greater
Late payment fee $0
Foreign currency conversion fee
Foreign currency conversion fee
2%
Overseas cash advance fee $175
Overseas ATM withdrawal fee $0
Additional cardholder fee $0

How to apply

You can easily apply for the First Option Low-Rate Visa online by completing an enquiry form on the bank's website. Here, you can check if you meet the eligibility criteria and get all the required documents and details ready to go.

Eligibility criteria

  • Residency. You should be an Australian citizen or resident.
  • Credit history. You should have good credit history.

Card benefits

  • Low interest rate. This card has a 10.49% p.a. interest rate for new purchases. In comparison, other cards in this category have purchases rates ranging from 7.49% p.a. to 15% p.a.
  • Environmental Rewards program. When you pay with the First Option Low-Rate Visa, an equivalent of 0.25% of your spending is donated to sustainable projects with First Option's environmental partners. For example, First Option has supported Carbon Landscapes in a project to help protect the endangered Mallee Emu-Wren.

Rates & fees

  • Annual fee. This card has a $48 annual fee, which is on par with other low rate cards.
  • Interest-free days. This card offers up to 45 days interest-free on purchases. Any unpaid balance after the due date on your statement will be charged interest from either the beginning of the month or the date of the purchase (whichever is later).

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question
Avatar

Amy Finder

Editor

Hi there, looking for more information? Ask us a question.

Error label

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
Accept and continue

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 Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Avatar

Johan

September 18, 2023

Would I qualify if I am self employed?


Avatar

Amy Bradney-George Finder

September 22, 2023

Hi Johan,

You can select “Self-Employed” as your employment type when you submit an enquiry through the First Option website. You also need to include your total net monthly income (after tax). If you have further questions about eligibility or the application process, you can contact First Option on 1300 855 675. I hope this helps.


Show more Show less
Go to site