Horizon Credit Union Visa Credit Card

Horizon Credit Union’s all-rounder Visa credit card has a competitive interest rate for balance transfers, purchases and even cash advances.

This Visa credit card from Horizon Credit Union is both a no annual fee and low rate product. As a promotion for new customers, Horizon Credit Union charges just 4.99% p.a. on all your account balances for the first 5 months. At the end of the introductory period, any balance transfer, purchase or cash advance balances will accrue interest at the standard variable ongoing rate of interest, 12.95% p.a. – one of the lowest standard rates of interest in the market.

Product NameHorizon Credit Union Visa
Balance transfer rate (p.a.)4.99% p.a. for 5 months
Purchase rate (p.a.)4.99% p.a. for 5 months (reverts to 12.95% p.a.)
Annual fee$0 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.)12.95% 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.
$1,000
Minimum Monthly Repayment3% or $20 (whichever is greater)
Card TypeVisa
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.
2% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
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.
$1,000
Annual Fee$0 p.a.
Minimum Repayment3% or $20 (whichever is greater)
Cash Advance Fee$3
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.
2% of transaction value
BPAYYes
ChequeYes
Direct DebitYes
Phone BankingYes
Internet Banking TransfersYes
MailYes

Pros

  • A low interest rate of 12.95% p.a. on purchases
  • $0 annual fee for life
  • Up to 55 days interest-free on purchases

Cons

  • At the end of the introductory period, the rate will revert to the everyday credit card rate.

Horizon Credit Union Visa credit card review

The Horizon Credit Union Visa Credit Card occupies both the no annual fee and low rate credit card segments of the market. There are less than a handful of credit cards on the market that offer this combination. There are products with better offers for balance transfers or purchases; however, this Visa is an all-round value proposition. Cash advances, purchases and balance transfers are all charged at the one rate of interest, 12.95% p.a., and you’ll get the promotional rate of 4.99% for the first 5 months. Although credit cards should not be used for cash advances due to the high rate of interest and extra fees, you’d be forgiven for using this card to get cash during the introductory period. Horizon Credit Union charges a $3 fee for cash advances.

Benefits of the Horizon Credit Union Visa Credit Card

  • Balance transfers. Transfer your existing credit card debt to the Horizon Credit Union Visa when you apply and get 4.99% p.a. for the first 5 months after you’re approved for the card. At the end of the promotional period, any unpaid balances will accrue interest at the standard variable rate of 12.95% p.a.
  • No annual fee. The Horizon Credit Union Visa Credit Card has no annual fee.
  • Interest-free days. Horizon Credit Union gives you up to 55 days interest-free when you pay your balance in full by the statement due date. If you do this, you’ll save on interest costs on future purchases.

Features of the Horizon Credit Union Visa Credit Card

  • Minimum credit limit. The minimum credit limit for the Horizon Credit Union Visa Credit Card is $1,000.
  • Interest calculations. Horizon Credit Union calculates your interest repayments on your outstanding Visa card balance daily over the course of a year and charges you monthly.
  • Visa access. This Horizon Credit Union Credit Card is a Visa product. You can make withdrawals and purchases wherever Visa is accepted, which is millions of ATMs and merchants all over the world.
  • Online access. Horizon Credit Union internet banking lets you view your card balances, your transaction history and make payments to other accounts from your mobile or desktop computer.
  • Visa payWave. The Horizon Credit Union Visa Credit Card comes with Visa payWave contactless technology. Tap&Go for purchases under $100.
  • rediATM network. Horizon Credit Union is partnered with rediATMs, one of Australia’s largest ATM networks.

How to apply for the Horizon Credit Union Visa Credit Card

Horizon Credit Union provides a secure online application form you can use to apply for the Visa credit card in under 15 minutes. You can quote your application reference number to a Horizon Credit Union customer agent if you would like to talk to someone about your credit card application. You should have a response within 48 hours of submitting your application.

Eligibility criteria

You must meet these eligibility requirements if you want to apply for this credit card.

  • Age. 18 years or older.
  • Residency. You must be a permanent Australian resident.
  • Minimum income. Horizon Credit Union does not list a minimum income requirement for this credit card. You must be able to service the minimum credit limit of $1,000 to have your application considered by Horizon Credit Union.

Required documents

Horizon Credit Union needs your personal information and financials when you apply for the Visa credit card:

  • Identification. You must verify your identity as a new customer with Horizon Credit Union before your application can be completed. You can use your passport, driver’s licence or medicare card to verify your identity with the credit union.
  • Income. You may be asked to provide your last two payslips as well as salary and employment information. Self-employed borrowers may need to provide tax returns or Notices of Assessment for the past two years.
  • Assets and liabilities. You may need to provide statements from other credit cards, rental agreements, council rate notices, savings account statements and other documents which detail your assets and liabilities.

The Horizon Credit Union Visa Credit Card gives you the best of a no annual fee and low rate credit card. If you’re looking for a credit card for a specific purpose, such as for a balance transfer or for extended interest-free terms, our comparison of credit cards has some fantastic offers.

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