CUA provides a low rate and a platinum credit card, and both come with introductory balance transfer offers.
CUA is the largest customer-owned financial institution in the country. It offers its customers a range of financial products and services one would typically associate with a bank, including two Mastercard credit cards. Use this guide to compare your options and decide if a CUA credit card is right for you.
Comparison of CUA Credit Cards
Types of credit cards from CUA
CUA offers two different Mastercard credit cards, both of which offer easy access to funds just about anywhere in the world. These cards offer different features designed to suit a range of people. Here’s what you can expect from each:
Low rate credit card
This type of credit card offers a low standard variable interest rate on purchases and usually comes with minimal features. The CUA Low Rate Credit Card charges a competitive 11.99% p.a. (variable) on purchases. It also allows you to save money on existing debt with a 0% p.a. balance transfer offer for the first 13 months. This card offers a $0 annual fee in the first year, normally $49 p.a.
Platinum credit card
The CUA Platinum Credit Card is a premium product that comes linked to the CUA Life Rich Rewards program, enabling you to earn and redeem reward points as you use the card. It also offers complimentary international travel insurance, transit accident insurance, purchase protection insurance covers, and a concierge service. This card comes with an introductory 0% p.a. balance transfer rate for the first 13 months. It charges an annual fee of $149, which is waived in the first year.
Benefits of a CUA credit card
Some of the features and benefits you can enjoy with a CUA credit card include:
Balance transfer offers
CUA credit cards allow you to consolidate your existing card debt and save money on interest with competitive balance transfer offers. The CUA Low Rate Credit Card offers 0% p.a. on balance transfers for the first 13 months. Similarly, the CUA Platinum Credit Card offers 0% p.a. balance transfer rate for the first 13 months. Please note that the standard cash advance rate will apply once the promotional offer ends.
Both CUA credit cards offer up to 55 interest-free days on purchases. To enjoy these interest-free days, you have to pay your account’s outstanding balance in full every month.
If you choose to get a CUA credit card, you can request up to 9 additional cards. This allows you to share your account with a partner or family member, and could help maximise your reward point earnings if you choose the CUA Platinum Credit Card. Keep in mind that you remain liable for all purchases made using additional cards linked to your primary card.
Online and mobile banking
Keep track of your credit card transactions and manage your account 24/7 from anywhere using CUA’s online banking platform or mobile banking app.
CUA customers can access their accounts through the entire rediATM network, which comprises of more than 3,000 ATMs across Australia.
CUA member benefits
CUA ensures that its profits go back to its customers in the form of lower fees and better rates. It also gives you the ability to bundle products such as credit cards and home loans, which can simplify your banking and help you save more on fees. In addition to these benefits, CUA members can participate in its governance, ask questions about management and financial performance and even have voting rights at the Annual General Meeting.
How to apply for a CUA credit card
You can apply for a CUA credit card online in just four steps. Before you apply, make sure you meet the eligibility requirements and have all the relevant details on hand to speed up the process.
- You must be at least 18 years old
- You must be a permanent resident of Australia
- Other criteria will also apply
- Personal details. Your complete name, date of birth, marital status, number of dependents, and mother’s maiden name.
- Contact details. Your residential address, time spent there, residential status, phone number, and email address.
- Employment details. Your employment status, employer’s name and contact details, and time spent with current employer
- Financial details. This includes information on our assets, such as investments, shares or savings. It also includes details of any existing debts and loans, as well as regular payments such as rent and household bills.
CUA credit cards provide a competitive range of features that are designed to suit a wide range of different lifestyles and needs. When considering one of these credit cards, make sure you check all the requirements and fine print. It's also important to compare a range of other options so that you can choose a credit card that suits your needs.
Frequently asked questions
What does the application process involve?
You can apply for a CUA credit card online via a secure application form. This process has four steps to it, where you provide information about yourself and your finances. It should only take around 15-20 minutes to complete the application, and you should hear from CUA soon after submitting it.
If CUA approves your application you might have to verify your identify by sharing supporting documentation or by visiting a branch. After CUA verifies your identity, it dispatches your credit card and PIN.
Are there any limitations on balance transfers?
To take advantage of the special balance transfer rate you have to inform CUA of your intention to transfer balances when you apply. You will need to include details of the debts you wish to balance transfer on your application. Note that you cannot transfer more than 80% of your new card’s credit limit. You also cannot use your new card to transfer balances from existing CUA credit cards.
What information do I have to provide to move forward with a balance transfer?
You have to provide the name of the card issuer, your account number, and the amount you wish to transfer.
Can I use my CUA credit card for cash advances?
Yes, you can. Cash advances attract a higher interest rate than purchases, though. CUA also charges a cash advance fee worth 2.00% of the cash advance amount, with minimum of $3.50. Note that cash advance transactions are not eligible for interest-free days, which means you'll pay interest from the time the transaction is made.