ME Bank is ending its low-rate Frank credit card

ME Bank is shutting down its popular low-rate Frank credit card, effective July 2025. This card has been closed to new customers since October 2023, and ME Bank is now advising customers to consider alternatives. One option is Virgin Money, which is part of the Bank of Queensland Group, like ME Bank. A representative from the group stated that they are simplifying their product range by reducing credit card offerings. They claim to offer various credit cards with low interest rates and no annual fees. If you are looking for balance transfer options, there are deals available. For instance, some cards offer 0% interest on balance transfers for 12 months, but a 2% balance transfer fee applies. It’s important to read all the details, as interest rates can revert to a higher cash advance rate after the promotional period. Mozo, a financial comparison site, has identified that some banks like CBA and Bank of Queensland are providing lengthy balance transfer terms. Other banks, such as Westpac and ANZ, offer terms of up to 26 months with varying fees. When it comes to low-rate credit cards, ME Bank's offering ranks low compared to others. The best options are from G&C Mutual Bank and Unity Bank, both charging a low 7.49% interest rate. They also provide 50 days of interest-free purchases. While looking for a new card, applicants should consider the stricter approval criteria in place. You need to show you can pay off the entire credit limit within three years. If you apply for a card and get denied, it’s wise to lower the requested credit limit before trying again, as applying for the same amount can harm your credit score.