Latitude Eco MasterCard – Rates & Fees

Information verified correct on December 10th, 2016

The Latitude ECO MasterCard offered fixed interest rates and flexible repayments, and provided for the environment through carbon offsets.

While it no longer exists, the Latitude ECO MasterCard used to offer competitive rates and fees. The credit card also offered extra features like balance transfers and interest-free days, in addition of the normal benefits of a MasterCard. This card is not available anymore but there are a number of other credit cards still offered by Latitude.

The ECO MasterCard also offered a program that bought carbon offsets in the cardholder's name through the Origin's Carbon Reduction Scheme. This was the first credit card in Australia to offer this kind of benefit. The offsets helped fund things like renewable energy, water treatment, and reforestation.

Product NameLatitude Eco MasterCard
Rewards ProgramGO Rewards Program
Balance transfer rate (p.a.)0% p.a. for 6 months
Purchase rate (p.a.)22.49% p.a.
Annual fee$49 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.)22.49% 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.
$500
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$20,000
Minimum Monthly Repayment2.5%
Card TypeMasterCard
Late Payment Fee$25
Foreign Currency Conversion Fee (MC)
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.
3% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationYes
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.
$500
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$20,000
Annual Fee$49 p.a.
Minimum Repayment2.5%
Late Payment Fee$25
Over Limit Fee$0
Cash Advance FeeGreater of $1.95 or 3% of the cash advance amount
Overseas Emergency Replacement$0
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$4
Foreign Currency Conversion Fee (MC)
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.
3% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders9
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingNo
Internet Banking TransfersNo
In BranchNo
MailYes
Rewards ProgramGO Rewards Program
Rewards Points per $ (VISA/MC)0
Rewards Points per $ (AMEX)0
Points ExpiryNever

Latitude Eco MasterCard Review

Since the Latitude Eco MasterCard isn't available, you'll have to consider applying for another Latitude credit card. When it was available it offered a fixed interest rate as well as flexible repayments that allowed you to pay weekly, fortnightly, or monthly. There were also added benefits like interest-free days and balance transfers.

The ECO MasterCard charged a 22.49% p.a. interest rate on purchases, and a cash advance rate of 22.49% p.a. There was an annual fee of $49 but there were no establishment fees or ongoing account-keeping fees. There was also the option to have 9 additional cardholders in addition to the carbon offset program.

Features of the Latitude Eco MasterCard

  • Competitive interest rates. The ECO MasterCard had an interest rate of 22.49% p.a. on purchases and a 22.49% p.a. interest rate on cash advances. Unlike other credit cards that have variable interest rates, this credit card offered a fixed interest rate so you would always know what your repayments would be each billing cycle.
  • Fees and charges. The ECO MasterCard had a competitive annual fee of $49 that covered all of the additional features that the card offered. There were no establishment fees or ongoing account-keeping fees associated with the ECO MasterCard, which saved you money in the long run.
  • Interest-free days. Latitude offered you up to 55 days of interest-free purchases.This allowed you to enjoy using your MasterCard without having to worry about paying interest on the items. In order to get these days, you had to pay off the remaining balance on your credit card. For the purchases to remain interest-free, you also had to pay off the balance before the designated period ends.
  • Balance transfer options. Latitude also allowed you to transfer the balance of another credit card to your ECO MasterCard. This was a way to save money if your other credit card had a higher interest rate than this card. You would also benefit from consolidating your credit card debt into one bill instead of multiple bills. This offered a way for you to pay down your debt faster.

How to apply for the Latitude Eco MasterCard

The ECO MasterCard is no longer available and you can't apply for it at this time. However, there remains a number of other Latitude credit cards available for you to apply for.

Before you apply for any Latitude MasterCard, you should make sure that you are eligible for the credit card offer. In order to find out the specific eligibility requirements you should contact Latitude Financial Services. In the meantime, here are some basic requirements that you'll need to meet.

  • Age and residency requirements. Most credit card offers require you to be at least 18 years old. You also have to be an Australian citizen or a permanent resident with a valid Australian address.
  • Income and credit requirements. In order for the bank to determine that you can make the repayments on your credit card, they require that you make a certain minimum annual income. You must also have a good credit history with no defaults or bad debt.

In order to make the application process easier, make sure you gather all necessary paperwork before travelling to the bank.

  • Identification information. In order to verify your identity, you'll need to provide proof in the form of a valid driver's license, a passport, an Australian birth certificate, and/or your Medicare card.
  • Income information. To verify your income and credit history, you'll also have to bring financial records with you. These can be payslips or similar documents. You may also need an accounting of your financial liabilities and assets as well as your employer's information. If you are self-employed, you'll need your accountant's information.
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4 Responses to Latitude Eco MasterCard – Rates & Fees

  1. Default Gravatar
    Delores | September 14, 2013

    Could you send me application in mail? I do not have a computer.

    • Staff
      Jacob | September 16, 2013

      Hi Delores.

      We can’t do this for you. You may want to apply for a card in branch.

      Thanks.

  2. Default Gravatar
    Ruby | April 12, 2012

    How can i find out the balance owing on my card please

    • Staff
      Jeremy | April 27, 2012

      Hi,

      The best way to view your account is to log onto the Latitude Financial Services website where you can manage your account online. Cheers.

      Jeremy

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