Get a low rate First Option Visa credit card that you can use worldwide, or opt for a cash rewards Visa credit card instead.
Comparison of First Option Visa Credit Cards
Types of credit cards that First Option offers
First Option, along with a tie-up with Visa, offers its members two distinct credit cards, each coming with its share of features.
Low rate credit cards
A typical low rate card is one that gives you different ways to access your line of credit and charges a low interest rate. First Option’s Standard Visa Credit Card is one you can use to pay for goods or services at point-of-sale terminals, over the phone and online. You can use it for cash advances at ATMs the world over, as long as they display the Visa logo. Keeping in mind your account’s billing date and when you use your card, you can get up to 45 interest-free days on purchases. This card does not charge any annual fees, but you have to pay a nominal monthly fee.
Rewards credit cards
This type of card rewards you in accordance with how much you spend on your card, and this is exactly what you can expect from First Option’s Cash Rewards Visa Credit Card. This card gives you up to 45 interest-free days on purchases, it charges a nominal monthly fee.
Benefits of banking with First Option Credit Union
Getting a First Option credit card offers various benefits, and these vary in accordance to the card you choose. Here are details of some benefits you can look forward to when using your First Option credit card.
If you have a First Option Access Saver account you can link it to your Visa credit card and access your account funds without requiring an extra card. Switching between your savings and credit account is easy: all you have to do is choose the ‘savings’ or ‘credit’ option when making any payment.
What sets First Option’s Cash Rewards Visa Credit Card apart from other similar cards is that you aren’t restricted in how you use your reward points. With this rewards program, your points convert into dollars and accumulate in a ‘cash rewards’ savings account. You earn 1 reward point for every $1 you spend, with 200 reward points being equal to $1 in cash rewards.
These Visa credit cards come with embedded chips to provide enhanced security against being fraudulently used. Online shopping is safer owing to the use of Verified by Visa technology. Both these cards come with PINs, enabling you to use any ATM in the world that displays the Visa symbol.
Applying for a First Option credit card
You can apply for a First Option credit card over the phone or by visiting a branch, and in both cases you’ll have a professional guiding you through the entire process. If you’re comfortable completing the application on your own you can download an application, complete it, and drop it in a branch, mail it, or fax it. To complete your application online, simply click on the ‘Go to Site’ button next to the card you’ve chosen. Make sure you meet the following eligibility criteria before you proceed.
- You’re at least 18 years old
- You’re an Australian citizen or a permanent resident of Australia
- You have a steady source of income
- You have good credit history
The application requires that you provide with some personal, employment-related and financial information, which includes the following:
- Personal. You’ll need to give your name, home address, email address, phone number, date of birth, marital status, and number of financial dependants.
- Employment. Provide your employer’s name and contact details along with your own income details.
- Financial. This section requires information about your assets, liabilities and expenses. If you have existing loans, credit cards, and store cards, prepare to part with information surrounding your repayments and credit limits for these accounts.
You can do your bit in speeding the process along by mailing or faxing the following supporting documents:
- Last two payslips or a letter from your employer to provide evidence of your income
- Tax returns for the last two years, if you’re self-employed
- A statement of all existing debts that you disclose in your application
- Proof of rent, if applicable
- Copies of current rates notices for all the properties you own, if applicable
What happens after applying?
If First Option requires any more information from you after reviewing your application, a representative will get in contact with you. Part of the process can involve First Option making a phone call to your employer to verify your income. All new First Option members have to go through an identity verification process, as mandated by the Australian government. You have to complete this formality before receiving your card, and this might require a visit to a First Option branch.
Frequently asked questions
There are a number of commonly asked questions about First Option credit cards, and you’ll find answers to most here. If you have any other question to ask, you can use the form at the bottom of the page.
How long does the online application take to complete?
The online application is quick and easy to complete, and with all the required information at hand it should take around 10 minutes. You can save your application in between and retrieve it later using your email address and a PIN.
Can I check the status of my application?
Yes, you can check the status of your application by calling First Option.
What is the minimum credit limit and can I ask for an increase?
Both First Option Visa credit cards offer a minimum credit limit of $500. You can request an increase in your card’s limit after using it for a given time period, but keep in mind there is no guarantee of approval.
Is the cash advance rate the same as the purchase rate?
Cash advance rates these cards attract is slightly more than their corresponding purchase rates.
What interest rate do balance transfers attract?
If you use any of these cards for balance transfers, the transferred balances attract the given card’s purchase rate.
Does the rewards program attract a fee?
No, you get free enrolment into the reward program when you get your Cash Rewards Visa Credit Card.
How can I find out how many points I have?
You can call First Option or refer to your monthly credit card statement.
Do these points expire and do they come with any kind of a cap?
These rewards points don’t expire as long as your account is active and in good standing. You can’t earn more than 15,000 per month.
How do I earn reward points?
You earn reward points when you make purchases and non-BPAY bill payments. You don’t earn reward points for cash advances, EFTPOS withdrawals, direct debits, and BPAY transactions. Every dollar you spend earns one reward point, and you get a $1 cash reward for every 200 reward points.
How do I redeem my cash rewards?
You can redeem your cash rewards to make regular purchases by accessing the ‘cash rewards’ savings account.