First Option Bank Credit Cards

Once your application has been approved and your card has arrived, you need to activate your credit card before you can use it to make any purchases. You can do this by following the instructions that come with your card. If you are unsure about how to activate your credit card, contact First Option Bank on 1300 855 675 during business hours.

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First Option Bank’s mobile banking app and internet banking give you the freedom to manage your money online. You can manage your First Option credit card through online banking, including setting up alerts, viewing your transaction history, viewing your balance, making scheduled regular payments, and much more.

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When interest is charged

Interest is charged on purchases when you carry a balance on your First Option Bank credit card. Interest is charged on cash advances from the date of withdrawal.

When interest is not charged

To avoid paying interest, you must pay the statement balance in full by the 25th of each statement month. Up to 55 interest-free days apply if you have paid the balance in full for the previous month’s statement and for the current month’s statement. For more information about interest-free days, check out our article on how they work.

Your credit limit for a First Option Bank credit card will be determined based on the information you provide in your application, keeping in mind the minimum and maximum credit limits available (see above).

You can apply to increase your credit limit at any time by contacting First Option; they may approve or reject this request at their discretion based on their lending criteria. Find out more about how credit limits are determined here.

You can close your First Option Bank credit card account at any time by contacting them via phone or email, to tell them your intentions to cancel. You will then have to surrender your card to them or provide other proof that the card has been destroyed.

Your card balance will need to be repaid in full even after the card is closed. You will continue to receive monthly statements until your card balance is fully repaid.

If you’re cancelling your credit card because you aren’t happy with it, then consider checking out what else is on the market by clicking the button below to compare credit cards using the Canstar website:

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First Option Bank has over 50 years of experience, having started in 1965. It rebranded as First Option Credit Union in 2005 when TAB Credit Union merged with Flying Horse Credit Union.

First Option is first and foremost a member-owned financial institution, so its profits are invested back into the business in order to better benefit its customers and employees rather than shareholders.

As well as helping its members with their finances, First Option is also active in helping the wider community. First Option sponsors a wide range of initiatives, such as the TAB cricket competition.

First Option is also a member of CUFA (the Credit Union Foundation Australia), which supports Australian credit unions to promote sustainable corporate, economic, social, and environmental practices.

Source: FirstOptionCU

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