Turning to IMB for a credit card presents you with two MasterCard alternatives. Do you want a low rate card or a platinum card?
It has a growing network of branches spread across Sydney, Illawarra, NSW South Coast, ACT, and Melbourne; an extensive ATM network; and a widespread mobile lending team.
Comparison of IMB Credit Union Credit Cards
Rates last updated February 24th, 2017.
- IMB Low Rate Mastercard
Balance transfer and annual fee offer has been extended until 31 January 2016
July 7th, 2015
- IMB Low Rate Mastercard
Balance transfer period changed from 9 to 12 months, and is valid until 31 July 2017.
February 2nd, 2017
- IMB Platinum Rewards Mastercard
New bonus points offer of 20,000 upon sign-up which is valid until 31 July 2017.
February 2nd, 2017
Types of credit cards that IMB offers
IMB, through its MasterCard offerings, gives you the ability to choose between a credit card that offers a low ongoing interest rate and one that offers rewards.
Low rate credit cards
If paying your credit card balance in full each month is not your cup of tea, you can save in the form of interest by getting a low rate card. The IMB Low Rate MasterCard enables you to transfer balances from existing credit cards, and if you do you can avail of an introductory rate for the first nine months. If you pay your balances in full each month you can get up to 55 interest-free days on purchases.
Platinum credit cards
If you’re looking for a credit card with a whole bunch of extras you can consider getting a platinum card. The IMB Platinum MasterCard comes linked to the Card Services Rewards Program, it offers 24/7 access to a platinum concierge service, and it comes with a number of free insurance covers. Cardholders can avail of a special introductory p.a. interest rate on purchases and balance transfers for the first months. This card can give you up to 55 interest-free days on purchases.
Benefits of getting an IMB credit card
Given the MasterCard connection, you can use both IMB credit cards just about anywhere in the world, with IMB Mastercard Online you can track all your transactions using the internet, and you can look forward to other benefits as well.
Discounted annual fee
If you apply for either the low rate or the platinum card before a given date you get to keep paying a discounted annual fee for the life of your card.
Wide ATM network
As an IMB member you can use all St. George, Westpac, BankSA, and Bank of Melbourne ATMs without paying any direct charge fees. This gives you access to over 3,000 direct charge fee free ATMs across Australia.
Free insurance covers
Low rate and platinum cardholders receive protection through guaranteed pricing scheme and purchase cover insurance. As a platinum cardholder you also get interstate flight inconvenience insurance and international travel insurance for free.
Platinum concierge service
Platinum cardholders receive 24/7 access to a platinum concierge service that assists them globally. This service can help you make travel plans, find restaurants, book tickets to events, and buy gifts.It can assist you in various other ways as well.
Both these cards make use of microchip technology, which offers considerably more protection when compared to cards that rely on magnetic strips. PayPass technology allows you to use these cards to make contactless payments for purchases under $100.
Applying for an IMB credit card
You can visit any IMB branch to apply for an IMB credit card and you can also initiate the process over the phone. If you want to apply online simply click on the ‘Go to Site’ button next to the card you choose.
- You’re over 18 years old
- You’re a permanent resident of Australia
- You don’t have bad credit history
- You have to earn at least $25,000 p.a. to apply for the low rate card, and at least $35,000 p.a. to apply for the platinum card
Completing the application requires that you submit a variety of personal, work related, and financial information
- Personal. This includes your name, date of birth, nationality, marital status, number of people dependent on your income, mother’s maiden name, and name and phone number of a friend or relative who does not reside with you.
- Contact. This section requires your residential address, how long you’ve lived there, residential status, phone number, and email address.
- Job. You have to mention your occupation, industry, employer’s name, and employer’s contact details.
- Income and expenses. You have to mention how much you earn, annually or monthly, and this includes income from all sources. Expenses comprise monthly living expenses as well as other recurring expenses. You also have to provide details about existing loans, credit cards, store cards, and other debts.
What happens after you apply
A Card Services representative might contact you for additional information. Card Services makes an employment and income verification call to your employer, and if you payroll department knows of this call in advance it can help speed things along. If you’re new with IMB you’ll have to complete a legally required identity verification process, for which a trip to an IMB branch might be in order.
Frequently asked questions
If you have a question about IMB credit cards you might find the answer here, and if you don’t you can use the form at the end of the page to leave one behind.
How much time would I take to complete the online application?
The application takes around 10 to 15 minutes to complete, but it requires that you have access to different types of information.
Can I check the status of my application?
Once you complete your online application you get an Application ID. You can use this ID to check your application’s status online or over the phone.
How long does the application take to process?
It can take up to three weeks for your application to process.
How can I make repayment?
You can use a transaction or savings account to set up direct debits, and this way you don’t have to remember making your repayments each month. You can make over-the-counter payments at IMB branches and you can mail in cheques.
Is there is limit on balance transfers?
Yes, you cannot transfers balances exceeding 80% of your credit card’s limit.
When should I apply for a balance transfer?
You should provide all relevant details during the application process.
What credit limit might I get and can I ask for an increase?
Your initial credit limit is subject to multiple factors. The maximum credit limits of the low rate card and the platinum card are $15,000 and $30,000, respectively. While you can request for an increase in your card’s limit you have to meet certain criteria to qualify.
Can I get an additional card, and if so, how?
You can get up to four additional cards for free, and you can apply for one online, over the phone, or by visiting an IMB branch. The additional cardholder should be over 16 years of age and must fulfill required identity verification requirements.
Is there anything I need to know about my credit card statement?
If you submit your application online you give consent to receive your statements and all other documents electronically. Once you open your account you can change these preferences at any time. You receive a statement each month.
How do I earn reward points?
You earn reward points when you use your platinum card to make eligible purchases, where every dollar spent earns 1 reward points. You don’t earn reward points on the following
- Cash advances
- Balance transfers
- Refunded purchase
- Special promotions
- Interest, bank fees, and charges
How do I redeem reward points?
You can redeem your reward points by visiting the Card Services website or by calling Card Services on 1300 135 538.
What can I get for my reward points?
You can book flight tickets through Take Flight, or you can transfer your reward points to a frequent flyer program. You can use your reward points in the form of cashback, to pay your card’s annual fee or to reduce your account’s balance. You also get a plethora of travel and store vouchers from which to choose.
Who can use my reward points?
While you and the first additional cardholder have automatic access when it comes to redeeming your reward points, you can grant this access to other cardholders as well.