ME Bank Low Rate Credit Card (No longer for sale)

ME Bank Low Rate Credit Card

Offer
Card features
balance transfer
purchase rate
annual fee
Apply
ME Bank Low Rate Credit Card
Get 9.99% p.a. on purchases and 9.99% p.a. on cash advances.
The perfect annual fee: $0 p.a.
Just 1.5% on foreign currency transactions.
Add to comparison
9.99% p.a.
ongoing
9.99% p.a.
ongoing
$0
ongoing

Pros & cons

What's good?

What's not so good?

At 9.99% p.a., this card has one of the lowest ongoing interest rates on purchases.
Cash advances are also cheap. Interest on these are just 9.99% p.a. ongoing, with a 2% fee, which is also low in comparison with others.
The perfect annual fee: $0 p.a.
Purchases made in a foreign currency incur a 1.5% foreign exchange fee. Few cards are as cheap.
You can add up to 9 additional card holders. Thankfully the additional card fee is $0 p.a.
Lacks an introductory offer on balance transfers and/or purchases.
Applicants must earn $25,000 minimum. Some low rate cards don’t require as much income.
Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

User reviews

3.6 out of 5.0 based on 2 reviews100% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

No frills, no fuss

Reviewed and recommended by Nicholas on 09 Dec 2016

I transferred to this card from Commonwealth Bank two years ago and have been extremely happy. It has no annual fee and a very low interest rate (half what i paid before).

I would recommend this card to anyone that just wants a credit card and doesn’t need rewards points or frequent flyer points.

Good rate

Reviewed and recommended by Suzanne on 02 Jul 2016

Very easy to navigate online banking and a good low interest rate. It’s easy to contact them when you need to and you get prompt service. I got this card for the balance transfer offer a while back, but I have kept it because the interest rate is better than other banks. Good value card.

Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup
Single
Card tier
Standard
Card type
MasterCard
Card use
Personal
Credit rating
Good
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$25,000
Minimum income for pensioners
N/A
Pensioners
N/A
Rewards program
None
Temporary residents
N/A

Cardholders

Additional cardholders
9
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
N/A
Maximum credit limit
N/A

Repayments

Interest charged from
Purchase Date
Interest free period
Up to 55 days on purchases
Minimum repayment
3%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers9.99% p.a.N/ANone100% of credit limit9.99% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
100% of credit limit
Available to existing customers
No

Banks you can't balance transfer from

You can't balance transfer to the ME Bank Low Rate Credit Card at the promotional balance transfer rate from:

  • ME

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers9.99% p.a.N/ANone100% of credit limit 9.99% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 0.83% 9.99% p.a.
Purchases 0.83% 9.99% p.a.

Fees

Annual fee
$0 p.a.
Cash advance fee
2%
Dishonour fee
$15
Duplicate statement fee
$5
Foreign exchange fee
1.5%
Late payment fee
$10
Over limit fee
N/A
Overseas ATM balance fee
N/A
Overseas ATM withdrawal fee
N/A
Overseas emergency card replacement fee
$100
Transaction verification fee
$10

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $25,000 per year
Have a good credit history
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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People are happy
Rated 4.8 out of 5 for customer satisfaction.
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