First Option Credit Union Credit Cards

First Option Credit Union is a provider of credit cards, home loans, personal loans and car loans, green loans, savings and transaction accounts, superannuation, home insurance, car insurance, travel insurance, and business banking products.

“Be money happy.” (First Option Credit Union)First Option logo

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If you’re considering a First Option Credit Union credit card, check out the low rate options available for a $2,000 monthly spend below in our comparison table, sorted by Star Rating (highest first).

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Types of First Option Credit Union credit cards

First Option Credit Union has two credit cards available at the time of writing:

  1. First Option Cash Rewards credit card
  2. First Option Low Rate credit card

First Option Cash Rewards credit card

Features

  • Card type: Visa
  • Minimum credit limit: $500
  • Maximum credit limit: $15,000
  • Interest-free days: Up to 55 days interest-free
  • Rewards program: Earn 1 reward point for every $1 spent. For every 200 reward points, cardholders receive $1 in cash rewards. Points are redeemable for cash back or other cash rewards.
  • Contactless: Contactless payments enabled via Visa payWave
  • Digital wallet: Card is enabled for Android and Apple Pay digital wallets
  • Security: Verified by Visa for greater online purchasing security, monitored 24/7 for fraud

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First Option Low Rate credit card

Features

  • Card type: Visa
  • Minimum credit limit: $500
  • Maximum credit limit: $15,000
  • Interest-free days: Up to 55 days interest-free
  • Contactless: Contactless payments enabled via Visa payWave
  • Digital wallet: Card is enabled for Android and Apple Pay digital wallets
  • Security: 24/7 fraud monitoring

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Eligibility to apply for First Option Credit Union credit cards

In order to be eligible for a First Option Credit Union card, you will need to be:

  • Over 18 years of age
  • Australian citizen or permanent resident
  • Earning permanent regular income and a stable job
  • Apply as an individual, not a business

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How to apply for a First Option Credit Union credit card

If you meet the above eligibility criteria, you can apply by comparing credit cards on the Canstar website and applying for the card of your choice online on the First Option website. If you need help to apply, you can call First Option Credit Union on 1300 855 675 between business hours to apply over the phone or to ask them any questions you might have.

You will need the usual documentation to apply for a credit card, including:

  1. Your employment details
  2. Your annual income
  3. Your usual living expenses
  4. Details about assets you own such as a home, car, other belongings, or savings
  5. Any debts you currently owe on other credit cards, loans, or overdrafts

Read our checklist on applying for a credit card for a more detailed explanation of how the process works.

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First Option Credit Union credit card FAQs

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 Credit Union on 1300 855 675 during business hours.

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First Option Credit Union’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 Credit Union 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 Credit Union 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 Credit Union 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 Credit Union 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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First Option Credit Union Low Rate Credit Card

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Rating:
Award: 2017 Credit Card Star Ratings

Written by: William Jolly | Last updated: August 18, 2017