Who else wants a credit card that gives cardholders low fees and competitive interest rates? The Circle credit card offers this and more.
Circle began operations in the form of the ICI Employees (Vic) Credit Co-op Limited in 1963, and it now assists more than 5,000 members from across the country. While most of its members come from the chemical industry, it also offers memberships to other Australian residents. Members of this cooperative are also its shareholders, so its profits go back into the system. This results in low fees and competitive interest rates. Circle offers its members an array of financial services and products, which include savings and access accounts, home loans, car loans, personal loans, investments solutions, and credit cards.
Comparing the Circle Credit Card
Types of credit cards that Circle offers
Circle offers a Visa credit card, and what sets this card apart from most others is that you can get a lower than standard rate.
Low rate card
While a low rate card might not offer too much in the form of features, its low interest rate can help you save. The Circle Visa credit card, owing to its Visa connection, is one that you can use at more than 25-million merchants worldwide. If you use your card right — by paying back your balance in full each statement period — you can get up to 55 interest-free days on purchases. The maximum borrowing capacity of this card is 100%. Its minimum credit limit is $500 and the maximum is $15,000.
Learn more about low rate credit cards
Benefits of getting a Circle credit card
Despite the fact that the Circle credit card is a low rate card, you can still expect certain benefits as a cardholder. Here’s what you can look forward to:
Circle gives you the advantage of accessing a discounted rate through a few different avenues. If you’re a homeowner you can use the equity in your house as security and get a lower interest rate. If you have an Employees Benefit Savings account you can get an even lower interest rate, and you also don’t have to pay any ongoing monthly fee.
High service standards
Circle is a niche financial services organisation, and its knowledgeable and friendly employees are quick to respond to members’ queries on a one-to-one basis. If needed, you can even contact the CEO directly.
The employee who processes your application remains the same from start to finish and keeps you informed on the goings on a regular basis.
How to apply for a Circle credit card
Applying for a Circle credit card is simple. You can complete an online application in a matter of minutes. To get started, click on the ‘Go to Site’ button next to the credit card’s description. Bear in mind, though, that you have to meet certain eligibility criteria, which include that you should:
- Be a permanent resident of Australia or an Australian citizen
- Be at least 18 years old
- Have a steady source of income
- Have good credit history
Completing the application requires you to part with different types of information. Circle will use these details to establish your identity and the feasibility of offering you a credit card. The information you have to provide includes the following.
- Personal details. Personal details include your complete name, date of birth, driver’s license number, marital status, number of dependent children, residential address and email address.
- Employment details. Here, you have to enter the basis of employment, your occupation, your employer’s name and contact details and your total net income.
- Financial information. This section requires you to list out your assets and liabilities. Your assets can include land, property, motor vehicles, home contents, and savings. Under liabilities, you have to provide details regarding your mortgage payments, rent, loans, credit cards, and store cards.
- Security details. If you wish to provide security to take advantage of the special interest rate available, you have to provide details about the type of property, its address, its current value, and title details.
What happens after I apply?
Once you complete your application, Circle will review it. If any more information is required a representative will get in touch with you. Since Circle might call your employer to verify your income, you can help speed things along by letting your employer know about the call in advance. If this is the first time you’re dealing with Circle you’ll have to complete an identity verification process. You might have to visit a Circle branch to complete the required formalities, or you can mail in verified copies of the documents Circle requires.
Frequently asked questions
Here are answers to questions people commonly ask about Circle credit cards. If you can’t find the answer to any particular question, use the form at the end of the page to ask.