First Option Low-Rate Credit Card Review

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

Who suits the First Option Low-Rate credit card?

Rainy Day Prepper: You like to know you have access to money if you need it, and don't need to spend much to keep it in your pocket.	First Timer: you’re looking for a simple card with a few perks to get you started. Ideally it has a low annual fee and a low interest rate.	Money Geek: you want a low-cost card for saving on interest. If it has a twist, like extra perks or a focus on its members, even better.

First Option Low-Rate Credit Card Review

First Option Bank is pretty distinctive. It’s a mutual bank that focuses its sights on preserving our natural resources and protecting endangered species. If you’re a cardholder with a conscience, you might like knowing that you're part of global change every time you use your card.

Before I get into the card review, I’ll introduce you to First Option Bank. It seems important since a lot of the bank’s offering is wrapped up in its values.

One of the reasons you might choose First Option’s card (besides the low interest rate) is its passion for sustainability initiatives. First Option partners with like-minded businesses such as Carbon Landscapes to help protect our habitats, flora and fauna, contributing 0.25% of your purchases to fund different causes.

I’ll explain the Environmental Program in the review below, but just know there is no extra cost to you for being part of the program or for First Option’s donations on your behalf.

Editors Review: What I love about the First Option Bank Low-Rate card

Let’s start with the money side of things.

One thing that stands out about First Option Bank from a non-financial perspective is the way it speaks about its staff and members. It deems itself a family bank with staff who have been there for over 20 years and prioritises its members and their families. Its respect for its community and desire to protect our landscape seems genuine and heartfelt.

When I called First Option with a question about their card, I was connected to the Melbourne head office and had my query answered within minutes. Another tick for accessibility and customer service.

How the Environmental Rewards program works

What’s not so great...

This card is simple and no-frills, meaning it doesn’t have too much to be offended by. There are a few fees to be aware of, including:

The simplicity of the card is only a drawback if you’re looking for something with some points-earning pizzazz or free insurances. While you won’t get any of that with the First Option Low Rate card, you’ll instead get a robust little card that doesn’t cost much to keep in your pocket and helps you feel better about your own carbon footprint.

Overall Rating

The First Option Low-Rate card has a lot of good things going for it, and does lots of good for the world. The low interest rate is very competitive, and helpful if you’re going to be paying interest month-to-month. The annual fee waiver is another bonus, and even its ongoing rate is very cheap compared to other low-interest cards.

Of course, for a low rate you don’t get many perks, but you will get to be part of a bigger movement towards sustainability and biodiversity. I think this card ticks a lot of boxes for people who want a simple card with a bit of heart.