The MOVE Bank Low Rate Credit Card has been named as highly commended in the Best Low Rate Credit Card category of the Finder Credit Card Awards 2024.
This credit card has a low 8.99% p.a. interest rate for purchases and a $0 first-year annual fee, which were scored highly against Finder’s methodology for the awards.
The $59 annual fee that applies after the first year is also competitive for credit cards in this category.
For 6 years, Finder’s product awards have recognised credit cards that offer outstanding value by analysing 12 months of market data against a robust methodology. This year, the Finder Credit Card Awards covered 270 cards from 82 different lenders – almost every product on the market.
For the Best Low Rate Credit Card category, the interest rate for purchases made up 70% of the final score.
The MOVE Bank Low Rate Credit Card’s current purchase rate is at the very low end of the scale for this category, which only considered cards with a purchase rate of up to 15%.
In fact, the 8.99% p.a. variable interest rate on MOVE Bank’s credit card is 11.17 percentage points lower than the average standard credit card rate in Australia (20.16% according to RBA data1). One reason for this is that MOVE Bank is 100% member-owned.
That means profits can be put towards offering very competitive rates, fees and features on products, including the Low Rate Credit Card.
Finder’s team of credit card experts actually noted that all of the cards recognised in the Best Low Rate Credit Card category in 2024 were from member-owned financial institutions.
This recognises the high level of value a member-owned structure offers. For MOVE Bank, specifically, it highlights the ongoing value placed on every single one of the 22,000 current members.
Check out the Finder Credit Card Awards 2024 for details on winners, finalists and the methodology.
Amy Bradney-George
Personal finance expert at Finder
Amy Bradney-George has been writing about personal finance for more than 14 years – including over 7 years as the senior writer for credit cards at Finder. She is also the editorial lead for Finder Green, covering sustainability across different industries. Her work has appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy also has a Bachelor of Arts in Journalism and Drama from Griffith University.
1 https://statements.qld.gov.au/statements/99186
