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. It offers a $0 annual fee in the first year, which then goes to $48 after that. Both the 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.
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First Option Low-Rate Credit Card
Edited by Moira Daniels
Terms and conditions apply
- Purchase rate
- 10.49% p.a.
- Annual fee for the first year ($48 p.a. thereafter)
- $0 p.a.
- Interest-free on purchases
- Up to 45 days
Our verdict
Offers a 10.49% p.a. interest rate on purchases, sustainability benefits and a $0 annual fee in the first year, which goes to $48 after that.
Pros
-
$0 first-year annual fee ($48 p.a. thereafter)
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10.49% p.a. interest rate on purchases
-
Environmental Rewards program donates a portion of spending to sustainable causes
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Made from 82% recycled plastic
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Carbon neutral bank
Cons
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A higher 17.99% p.a. interest rate on cash advances
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No introductory purchase rate or balance transfer rate offer
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Does not earn points per $1
Details
Product details
| Product Name | First Option Low-Rate Visa Credit Card |
| 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 | $0 first year ($48 after) |
| Minimum monthly repayment | 3% of the closing balance or $25, whichever is greater |
| Late payment fee | $0 |
| Foreign currency conversion fee | 2% |
| Overseas cash advance fee | $175 |
| Overseas ATM withdrawal fee | $0 |
| Additional cardholder fee | $0 |
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Amy Finder
Editor
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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.
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Johan
September 18, 2023
Would I qualify if I am self employed?