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Our verdict

Get an introductory rate on balance transfers for the first 6 months and a low annual fee of $30.

The Macquarie Credit Union Visa is a low-cost credit card that offers simple features and one of the lowest annual fees on the market at $30. Unlike most credit cards, it also offers up to 55 days interest free on purchases each month – even if you don’t pay the full closing balance by the due date on your statement.

Outside of any interest-free or promotional offers, the Macquarie Credit Union Visa has an interest rate of 12.99% p.a. for purchases and cash advances, which is competitive with other low rate credit cards.

Pros

6.95% p.a. introductory rate for the first 6 months on balance transfers
Up to 55 days interest-free on purchases
Get an additional cardholder for $0.

Cons

This card is not linked to any rewards program.
Charges a 3.5% foreign transaction fee

The Macquarie Credit Union Visa credit card offers an introductory 6.95% p.a. on balance transfers for the first 6 months.

This reverts to a competitive 12.99% p.a. interest rate at the end of the honeymoon period.

Details

Product details

Product Name	Macquarie Credit Union Visa Credit Card
Balance transfer rate p.a.	6.95% for 6 months, then 12.99%
Purchase rate p.a.	6.95% for 6 months, then 12.99%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	12.99%
Min credit limit	$1,000
Max credit limit	$10,000
Card type	Visa

Eligibility

Available to temporary residents	No
Joint application	Yes

Rewards

Bonus points

N/A

Fees

Annual fee	$30
Minimum monthly repayment	5% of the closing balance or $20, whichever is greater
Late payment fee	$0
Foreign currency conversion fee	3.5%
Cash advance fee	$4
Overseas ATM withdrawal fee	$4
Additional cardholder fee	$0
Number of additional cardholders	3

How to apply

You can apply for the Macquarie Credit Union Visa credit card online in around 15 minutes when you meet the following criteria and have all the documents and details outlined below.

Eligibility criteria

Income. You must be currently employed and/or receive a regular income.
Residency. You must be an Australian citizen or permanent resident.

Credit history. You must have a clear credit history without any defaults, bankruptcy or insolvency listings for the past five years.
Age. You must be at least 18 years old to apply.
New cardholder. This offer is only available to new customers.

Required documents

Personal details. This includes your full name, date of birth, email address, phone number, residential address, marital status and number of dependents. You also need to provide a valid form of ID, such as your driver's licence number.
Income details. This includes your salary, job title, length of employment and your employer’s contact details. If you receive income from another source – such as government payments or superannuation – you will need to provide details of the pre-tax amount and sources. You may also be asked for recent payslips, bank statements or your accountant’s contact details as part of the application.
Financial details. This covers any other assets, such as savings or investments, as well as your existing debts, cards and other loans. You also need to provide an estimate of your regular expenses, including rent or mortgage payments, utility bills, petrol and groceries.
Balance transfer details. If you want to take advantage of the honeymoon interest rate on this card, you need to provide details of the total amount of debt you want to transfer, along with your existing account’s name, number and BSB.

Card benefits

Balance transfer offer. This card offers a 6.95% p.a. introductory interest rate for balance transfers. At the end of the introductory period, any remaining balance transfer debt will attract the card’s 12.99% p.a. interest rate.
Up to 55 days interest-free. This card offers up to 55 days interest-free on all your purchases. The interest-free period begins at the start of your statement period and ends on the closing date for that statement. This means the number of interest-free days available will depend on when in your statement cycle a purchase is made. If you carry a balance after the due date on your statement, interest will apply from the due date (not the date the purchase was made).

Visa benefits. Make payments in-store, online or over the phone anywhere Visa is accepted, with tap-and-go payments available for in-store purchases of $100 or less. Plus, get access to exclusive retail, travel, dining and entertainment offers listed on Visa's Offers + Perks page.

Rates & fees

Annual fee. The low $30 annual fee on this card is charged when you first open your account, then each year around the anniversary of that date.
Additional cardholder. If you want to share this account with your partner or a family member, you can get 3 additional cardholders for free. Note that you will still be responsible for managing the account.

Interest rate. The purchase interest rate on this card is 12.99% p.a. If you withdraw cash or make other cash advance transactions, you’ll be charged 12.99% p.a. from the date of the transaction. This is because cash advances are not eligible for interest-free days.

Sources

Macquarie Credit Union Visa Credit Card TMD

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Macquarie Credit Union Visa Credit Card

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Eligibility criteria

Required documents

Card benefits

Rates & fees

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