To start your relationship with your credit card off right, take advantage of promotional deals, which temporarily waive interest on purchases and debt transfers. Nevertheless, what happens when the novelty wears off and you have to commit to a lengthy agreement with significantly higher interest rates? When that happens, a card like the ME Frank Credit Card really shines.
Although it doesn’t have those initial promotions, its $0 annual fee and modest continuous interest rates guarantee long-term savings rather than enticing you with flashy, fleeting deals.
ME Frank Bank History
ME Bank also referred to as ME, is a direct bank with headquarters in Melbourne, Australia. Sydney, Brisbane, Adelaide, Perth, Hobart, Canberra, and Darwin no longer have ME Bank locations. In July 2021, it was admitted as a Bank of Queensland subsidiary.
Super Member Home Loans (SMHL), a company established in 1994 by Australia’s industry superannuation funds, changed its name to Members Equity Bank in 1999. In July 2001, APRA granted SMHL a banking license and authorized it to function as an authorized deposit-taking institution, allowing it to accept deposits from the general public.
ME Bank was first established to provide access to home loan products, but it now provides a variety of low-cost banking services, such as transaction accounts, credit cards, savings accounts, and house loans.
Services for retail banking.
Customers of ME Bank can choose from a variety of banking services and products, such as transaction and savings accounts, personal and home loans, term deposits, and credit cards.
ME Bank doesn’t have a branch network and works as a direct bank. A mobile salesforce of banking managers, internet banking, or over-the-phone are all options for getting assistance and services.
How to apply.
In around 5 to 10 minutes, you can complete an online ME Frank credit card application. Make sure you meet the prerequisites and are prepared with the needed information and documentation to begin the application process quickly.
Eligibility requirements
- Minimum salary. To qualify for this card, you must make at least $25,000 per year in gross income.
- Residency. You must be a permanent resident or an Australian citizen.
- Financial history. A solid credit history is required.
- Age. To apply, you must be at least 18 years old.
Required Paperwork
- Personal information. This information includes your full name, birthdate, email address, mobile number, home address, residency status, and license or passport number.
- Employment information. This includes your title, pay, and the name and contact information of your employer. You might need to submit the contact information for your accountant and any prior Australian Taxation Office statements if you’re self-employed.
- Information about money. This contains information about your earnings, assets (such as savings or investments), and any outstanding debts and other financial obligations, like bills.
Fees & Rates
- Interest-free time frame. You can benefit from up to 55 days of interest-free shopping when you pay off your entire balance from the prior statement period. Starting on the first day of your statement cycle, the precise amount of time will depend on when you make the purchase in your payment cycle. For instance, purchases bought on the first day of a new statement period will be eligible for 55 days of interest-free repayment, purchases made on the second day would be eligible for 54 days of interest-free repayment, and so on.
- Fee for cash advances. A fee of 2% of the transaction amount, or $4, will be applied to any cash withdrawals or additional cash advance transactions you make using your card (whichever is greater).
- ME currency exchange rate. Every foreign cash that is changed into Australian dollars is subject to a 1.5% fee from ME.
- Currency conversion using Mastercard. Any transaction made with this card that involves a non-Australian merchant will incur a Mastercard cross-border fee of the amount of the transaction. Nota bene: Mastercard International is the recipient of this fee.
- Additional cardholders. Up to 8 more cardholders may be requested on your account at no additional cost. You will continue to be accountable for all transactions and repayments and receive a single statement for the account.
Benefits of ME Frank Credit Card Rewards
- Everything at one reasonable price.
There is only one low rate of 11.99% p.a., regardless of whether you plan to pay interest on purchases, cash advances, or balance transfers. The interest rate on that credit card is one of the lowest ones currently offered in Australia.
The low rate, unlike certain cards, also applies to different kinds of transactions.
The low rate will be used if you require an immediate cash advance from an ATM. Just keep in mind that there is a separate cash advance cost of $4 or 2%, whichever is bigger. Therefore, for instance, if you borrow $100 in cash, you’ll have to pay back $104. From the day you obtain the cash advance, interest will be charged at a rate of 11.99% per year, although this rate is significantly less severe than the 20% per year or higher fees levied by many other credit cards.
- No yearly charge
Both frequent credit users and those who like to keep a card on hand for emergencies can benefit from having a card like this, which costs you nothing to keep in your wallet.
There are no additional fees for adding up to 8 additional cardholders to your account. The minimum age for additional cardholders is 16.
- Purchases are interest-free for up to 55 days.
Some low-rate, low-fee cards make up some of their costs by limiting the number of days that purchases are interest-free, but not this one. Due to the 30-day billing cycle and the additional 25 days before payment is due, if you pay off your entire debt each month on or before the due date, you will receive up to 55 days interest-free on purchases.
- Not the finest card for a balance transfer, probably.
The ME Frank Credit Card might not be your best choice if you need to consolidate credit card debt at a low rate. There is no promotional offer for a balance transfer at 0% interest.
All offers for interest-free balance transfers do, however, ultimately end. On another card, you can end up paying interest at the reversion rate (typically the higher cash advance interest rate), which might be over 20% per year, if you are unable to pay off the balance before the offer ends.
Compare this to the ME Frank Credit Card, which has a significantly lower ongoing interest rate.
If you believe you might need to hold a balance for a lot longer than any of the interest-free balance transfer offers let, carefully weigh your options.
- Low foreign currency exchange fee.
Even if you don’t regularly travel abroad, you could occasionally find yourself making internet purchases from foreign vendors. It can be a nasty surprise if you believe you’ve found a great deal only to find out that your credit card also charges you a foreign exchange or transaction fee on top of the direct conversion into Australian dollars.
For this, some cards charge up to 3% of the transaction’s face value. However, when a merchant is based outside of Australia, the ME Frank levies a 1.5% foreign transaction fee as well as a further 0.8% as the Mastercard cross-border cost. They sum up to just 2.3% in total foreign exchange and international transaction fees.
FAQ
Q1. How does the ME Frank Credit Card make shopping more convenient?
The ME Frank Credit Card comes equipped with MasterCard PayPass Tap & Go technology, allowing for quick, easy, and PIN-free purchases for amounts under $100. For purchases over $100, contactless transactions are still possible, but authorization with a PIN is required. Additionally, all PayPass Tap & Go transactions are covered by the MasterCard Zero Liability policy.
Q2. What is the credit limit for the ME Frank Credit Card?
The ME Frank Credit Card has a minimum credit limit of $1,000, which can be adjusted later to suit the cardholder’s spending pattern. The $25,000 minimum income requirement may be high for a basic, low-rate card, but the manageable credit limit allows for greater control over spending.
Q3. What is the cost of replacing a lost ME Frank Credit Card overseas?
If a cardholder loses their ME Frank Credit Card while overseas, the cost of an emergency replacement card is $100. However, if the card is lost within Australia, the replacement fee is only $20. It is advised to take extra care of the card while traveling to avoid the higher replacement fee.