Macquarie Credit Union Visa Credit Card

Macquarie Credit Union Visa Credit Card

Highlights

  • Low introductory rate for the first 6 months on balance transfers (reverts to 12.99% p.a. thereafter).
  • Low annual fee of $30 p.a.
  • Up to 55 interest-free days.

Pros and cons

Pros

  • Low interest rates on purchases and cash advances.
  • Competitive annual fee.
  • Visa payWave is available for purchases under $100.

Cons

  • No rewards program.
  • Doesn't work with digital wallets.

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The basics

  • Additional cardholders. Add up to 3 additional cardholders for free and share the account with family members. The main cardholder will be responsible for any costs associated with the account.
  • Digital wallets. Unfortunately, Macquarie Credit Union Visa Credit Card does not currently support Apple Pay, Google Pay, or Samsung Pay.
  • Gambling transactions. Macquarie Credit Union has blocked any gambling-related transactions.

Rewards and benefits

  • Complimentary travel insurance. The Macquarie Credit Union Visa Credit Card does not include complimentary international travel insurance.
  • Concierge services. Cardholders do not have access to a concierge service.
  • Insurances. This card offers repayment insurance and fraud protection.
  • Rewards points. This credit card does not have a rewards program, which is typical of a no-frills card such as this.
  • Sign up bonus. There is no sign up bonus on offer for new customers.

Rates and fees

  • Annual fee. The ongoing annual fee for this card is $30 p.a.
  • Balance transfers. Use their introductory balance transfer offer to transfer debt with no fee and get an interest rate of 6.95% p.a. for 6 months. This will revert to the ongoing rate of 12.99% p.a. once the introductory period has elapsed.
  • Cash advances. Cash advances on the Macquarie Credit Union Visa Credit Card will attract interest at 12.99% p.a., payable immediately from the cash advance date. There is a one-off fee in addition.
  • Foreign exchange fee. All purchases made in a foreign currency — overseas or online — will incur a 3.5% fee.
  • Interest-free period. Use up to 55 days of interest-free purchases (excluding cash advances) when you pay off your previous balance or make the minimum required payments.
  • Purchases. There is no introductory offer for purchases, meaning any purchases that are carried over attract interest at 12.99% p.a. This is a competitively low rate.

Nilooka Dissanayake

Reviewed by Nilooka Dissanayake

Writer

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