Summerland Credit Union Low Rate Mastercard

Summerland Credit Union Low Rate Mastercard

Highlights

  • Enjoy 0% p.a. for 9 months on balance transfers with no balance transfer fee (reverts to 11.99% p.a. thereafter)
  • Get a low 11.99% p.a. interest rate on purchases and cash advances.
  • No annual fee for the first year, $49 p.a. thereafter.

Pros and cons

Pros

  • 0% p.a. for 9 months on balance transfers with no fee.
  • No annual fee for the first year.
  • Competitive purchase and cash advance rate.

Cons

  • There is a 3% foreign conversion fee.
  • Doesn't earn rewards points.

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    The basics

    • Additional cardholders. You can add up to 4 additional cardholders for free. The primary cardholder will be responsible for managing the account and repayments.
    • Digital wallets. This card is compatible with Google Pay.
    • Gambling transactions. Gambling transactions are not allowed.

    Rewards and benefits

    • Complimentary travel insurance. The Summerland Credit Union Low Rate Mastercard does not provide complimentary international travel insurance.
    • Concierge services. This card does not come with access to a concierge service.
    • Insurances. Comes with price protection and fraud protection, but lacks any other beneficial insurance coverage.
    • Rewards points. Since this is a value card, it isn't possible to earn rewards points.
    • Sign-up bonus. There is no signup bonus for this card at this time.

    Rates and fees

    • Annual fee. The ongoing annual fee is $49 p.a. and is waived for the first year.
    • Balance transfers. Offers an introductory balance transfer deal at 0% p.a. interest for the first 9 months. After this period, the revert rate of 11.99% p.a. will apply to any remaining balance. There is no balance transfer fee, which is increasingly uncommon for a balance transfer card.
    • Cash advances. Cardholders will be charged 15.99% p.a. for any cash advances made with the card, and interest will begin to accrue immediately from the date of the advance. Summerland Credit Union will charge a one-off fee per cash advance.
    • Foreign exchange fee. All purchases made overseas or with an online store based overseas will incur a 3% foreign exchange fee.
    • Interest-free period. Take advantage of up to 55 days interest-free on purchases (except cash advances) when you pay your balance in full or make the minimum required payment by the due date.
    • Purchases. The Summerland Credit Union Low Rate Mastercard does not have an introductory offer for purchases. Therefore, purchases with this card will be charged interest at 11.99% p.a. until paid off.

    Nilooka Dissanayake

    Reviewed by Nilooka Dissanayake

    Writer

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