bcu Rewards credit card review

Earn cashback on your eligible spending and take advantage of low rates and fees with the bcu Rewards credit card.

This credit card combines rewards with low rates, offering 0.66% cashback per $1 spent on eligible purchases and a standard variable purchase rate of 12.8% p.a. It also gives you access to Visa contactless payment technology and up to 55 days interest-free on purchases when you pay your balance in full by the due date on your statements.

Product Namebcu Rewards credit card
Purchase rate (p.a.)12.80% p.a.
Annual fee$89 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)14.80% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$20,000
Minimum Monthly Repayment3% of the closing balance or $10, whichever is greater
Card TypeVisa
Late Payment Fee$0
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3.65% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationYes
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$20,000
Annual Fee$89 p.a.
Minimum Repayment3% of the closing balance or $10, whichever is greater
Late Payment Fee$0
Overseas Emergency Replacement$300
Overseas ATM Balance check$1
Overseas ATM Withdrawal Fee$1
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3.65% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Get 0.66% cashback per $1 spent on eligible transactions.
  • Enjoy a low standard variable interest rate of 12.8% p.a. on purchases.
  • Receive up to 55 days interest-free on purchases.
  • This card comes with 24-hour fraud monitoring.

Cons

  • This card does not feature any introductory offers on purchases and balance transfers.

Review of the bcu Rewards credit card

The bcu Rewards credit card sets itself apart from other reward programs by offering cashback per $1 spent and a low purchase rate. It’s annual fee of $89 is also on the lower end of the scale compared to other reward cards.

But the cashback earn rate of 0.66% per $1 spent means you would have to spend at least $13,485 per year to offset the cost of the annual fee. The amount of cashback you can earn each year is also capped at $500, although you would have to spend $75,758 to reach this limit.

Benefits and features of the of the bcu Rewards credit card

The highlights of this cashback credit card from bcu include:

  • Cashback rewards. Enjoy a cashback rate of 0.66% per $1 spent on eligible purchases (capped at $500 cashback per year). Eligible purchases include most personal, household and consumer purchases but exclude transactions such as cash advances, BPAY, fees and charges, balance transfers or transactions for business purposes.
  • Purchase rate. The bcu Rewards has a low standard variable purchase rate of 12.8% p.a.
  • Interest-free days on purchases. Enjoy up to 55 days interest-free on your purchases when you pay your account balance in full by the due date on each statement.
  • Visa benefits. This Visa credit card offers contactless payments through Visa payWave and gives you access to exclusive ticket and lifestyle offers through Visa Entertainment.

Rates and fees of the bcu Rewards credit card

Weigh up the following costs to help decide if the bcu Rewards credit card is right for you:

  • Annual fee. This card has an annual fee of $89.
  • Cash advance rate. If you use this card to get cash out, or for any other cash advance transaction, an interest rate of 14.8% p.a. will apply from the date of the transaction.
  • Minimum repayments. This card requires you to pay the greater of 3% of the outstanding balance or $10 by the due date on your statement.
  • Currency conversion. A fee worth 3.65% of the total transaction cost applies when you use this card for payments in a currency other than Australian dollars.

How to apply for the bcu Rewards credit card

You can apply for the bcu Rewards credit card online in a few minutes. But before you get started, make sure you meet the following eligibility requirements.

Eligibility criteria checklist

  • How old are you? You must be at least 18 years old to apply.
  • What is your residency status? You must be an Australian citizen or permanent Australian resident to apply for this card.
  • Do you have good credit history? If you want to apply for this card, you must not have any outstanding defaults or judgements and must not be an un-discharged bankrupt.

Information and documents you’ll need

To speed up the application process, make sure you have the following details and documents on hand.

  • Personal information. This includes your full name, date of birth, street address, email address, phone number and driver's licence number. You’ll also need to include your marital status and details of any dependants.
  • Employment details. This includes your current job, salary, length of employment and your employer’s contact details. You also need to provide recent employment history.
  • Financial details. If you have any other forms of income or assets (such as savings or shares), you’ll need to provide these details in your application. You also need to include information on any existing loans and debts, as well as an estimate of your monthly personal expenses.

The bcu Rewards credit card is a low-cost card that also offers cashback rewards for everyday spending. Remember to weigh up the benefits, features and costs of this card based on your own spending habits so you can decide if it suits your needs.

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