If you are tired of Australian credit cards offering complex rewards programs instead of decent rates, then you will appreciate Aussie’s MasterCard. The Aussie MasterCard doesn’t mess around when it comes to your interest rates: you get low rates on balance transfers, purchases and even cash advances. You would think that a card with such good deals would be difficult to obtain, but the approval criteria are very reasonable and achievable for most applicants. And when you apply, you will get an instant decision in just 60 seconds – brilliant!

Benefit of the Card’s Best Features?

This credit card is all about low interest rates. For the first 12 months after getting this card, you will pay just 9.99% p.a. on purchases. After this introductory period is up, you still are getting a great deal at just 13.29% p.a. Of course, if you pay your balance in full, then you get a generous interest free period of 55 days.

If you have a large amount of high-interest debt from another credit card which needs paying off, then it is worth considering the Aussie balance transfer deal. While 2.99% p.a. on balance transfers is not the best deal, it is a great long-term option. The introductory balance transfer deal lasts 12 months. After that, your remaining balance goes to the standard purchase rate of 13.29% p.a. – much lower than what other cards offer.

No Australian credit card gives good deals on cash advances. But, compared to the competition, Aussie MasterCard really gives you some low rates. It is only 19.99% p.a. for cash advances, quite a bit lower than the industry standard.

There are also some other nice features of Aussie MasterCard we like, such as the automatic enrolment in the eDine program, which gives you discounts as Australian restaurants. The annual fee is just $49 so you won’t have to pay much to keep your account open. The approval requirements for Aussie MasterCard are very low, which is also a nice plus. For example, you only have to have an annual income of $15,000 to be eligible.

Are There Any Drawbacks?

The main drawback is that they don’t have a rewards program (other than eDine rewards). However, Aussie has been very clear that it is their intention to cut out all the rewards so they can give you lower interest rates.

The balance transfer deal may be for a year, but it isn’t interest free. If you have a lot of debt with another credit card, it may be better to choose a 0% balance transfer card rather than the Aussie MasterCard offers – though Aussie MasterCard is better for the long run because you get low rates even after the intro period is up.

There are also a few other annoying drawbacks, like the mandatory $10 p.a. for each additional cardholder. Also expect to pay for extras like card statements, late payments, and a whopping $50 for a card reissue, if needed.

Who Would be Suited?

This credit card is great for people aren’t big spenders and want to take advantage of low interest rates – not a bunch of confusing rewards. With the low interest rates, you can spend your money on what you want, when you want. Since the income requirement of Aussie’s MasterCard is just $15,000, it is a great choice for a first-time credit card or for people with low incomes.

Who is Eligible?

To apply for the Aussie MasterCard, you must be 18 years old, an Australian resident, and have a minimum income of $15,000.