Our verdict

This Visa credit card offers both a low interest rate and an ongoing $0 annual fee, but is only available to people in the Australian health sector.

The Health Professionals Bank Credit Card is a no-frills Visa credit card suited to people who want to keep their account costs down. As well as an ongoing $0 annual fee, it offers a very low 7.9% p.a. interest rate for the first 6 months. After that, a 11.5% p.a. interest rate applies to purchases and cash advances, which is competitive with other low rate cards.

The other features on the Health Professionals Bank Credit Card are relatively simple but you can add it to your Apple Pay, Google Pay and Samsung Pay accounts or tap to pay at the checkout. Just keep in mind that you need to be a current or retired employee of the Australian health sector – or an eligible family member – to join Health Professionals Bank and apply for this card.

Pros

7.9% p.a. for 6 months on purchases and balance transfers
Ongoing $0 annual fee
Up to 55 days interest-free on purchases

Cons

No rewards program and insurance covers
2.9% foreign transaction fee

The Health Professionals Bank Credit Card has no annual fee ever, a low interest rate and worldwide acceptance through the Visa card network. It also offers up to 55 days interest-free when you pay the total closing balance by the due date on your statement. It doesn't come with perks like complimentary insurance or rewards, so make sure you consider that as part of your comparison.

Details

Product details

Product Name	Health Professionals Bank Credit Card
Balance transfer rate p.a.	7.9% for 6 months, then 11.5%
Purchase rate p.a.	Purchase rate p.a. 7.9% for 6 months, then 11.5%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	11.5%
Min credit limit	$1,000
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 $0
Minimum monthly repayment	3% of the closing balance outstanding
Late payment fee	$10
Foreign currency conversion fee	Foreign currency conversion fee 2.9%
Cash advance fee	$4.50
Overseas ATM withdrawal fee	$4.50

How to apply

You can apply for the Health Professionals Bank Credit Card by filling in a secure application form on the bank's website. To get started, make sure you meet the eligibility requirements and have all the documents and details you need for the application.

Eligibility criteria

Membership. You can apply for this card if you're a retired or current Australian health sector worker, or an eligible family member. If you're not already a member of Health Professionals Bank, you'll also need to pay a one-time membership fee of $10.
Residency. You must be a permanent resident or citizen of Australia.

Credit history. You must not be an undischarged bankrupt. And if you're not sure what details are on your credit report, you can get a free copy of your report and score through Finder .
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, contact number and marital status. You also need to provide a valid form of ID, such as your Australian driver's licence or passport.
Employment information. This covers your income, occupation, employment status and your employer's contact details. You may also need to provide recent payslips or tax assessment notices from the ATO (Australian Taxation Office).
Financial information. As well as your income, you'll be asked about other forms of income, assets and existing cards, loans or other debts. You also need to provide details of your regular household expenses, such as rent or mortgage payments, utility bills and groceries.

Card benefits

No annual fee. The Health Professionals Bank Credit Card has an ongoing $0 annual fee. In comparison, credit card annual fees in Australia typically range from $25 to $1,450.
Low interest rate. This card offers an introductory 7.9% variable interest rate on purchases and balance transfers for the first 6 months. At the end of the introductory period, a 11.5% p.a. variable interest rate applies, which is also competitive with other low rate cards.

Digital wallets. You can add the Health Professionals Bank Credit Card to your Apple Pay, Google Pay and Samsung Pay accounts to shop straight from your mobile phone or device.
Visa benefits. This card can be used in over 200 countries and territories around the world, anywhere Visa is accepted. It also offers zero liability protection against fraudulent transactions and access to Visa Offers + Perks.

Rates & fees

Interest-free days. The Health Professionals Bank Credit Card offers up to 55 days interest-free on purchases and balance transfers when you pay the closing balance in full by the due date on each statement.
Credit limits. You can request a credit limit ranging from $1,000 to $25,000, subject to approval.

Foreign currency fee. A fee of 2.9% applies when you use this card overseas or shop online in a foreign currency.

Sources

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Health Professionals Bank Credit Card

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