Macquarie Credit Union Visa Credit Card – Rates & Fees

Information verified correct on December 10th, 2016

Pay a low introductory rate on balance transfers for the first 6 months, and get up to 55 interest-free days on purchases.

The Macquarie Credit Union Visa Credit Card is a no-frills card that charges a low introductory rate on balance transfers for the first 6 months. You can get up to 55 interest-free days on all purchases, and you can get an additional card for free.

Product NameMacquarie Credit Union Visa Credit Card
Balance transfer rate (p.a.)6.95% p.a. for 6 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (13.54% p.a.)
Purchase rate (p.a.)13.54% p.a.
Annual fee$15 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.)13.54% 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
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.
$10,000
Minimum Monthly Repayment20%
Card TypeVisa
Late Payment Fee$0
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.
1% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
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
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.
$10,000
Annual Fee$15 p.a.
Minimum Repayment20%
Late Payment Fee$0
Over Limit Fee$5
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$0
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.
1% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders3
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes

Macquarie Credit Union Visa Credit Card review

Anyone looking for a basic low rate credit card should take a look at what Macquarie Credit Union has to offer. For the first 6 months you'll be charged an introductory rate of 6.95% p.a. on balance transfers. What also helps is that you don’t have to pay the account’s closing balance in full every month to take advantage of the interest-free days on purchases.

Benefits of the Macquarie Credit Union Visa Credit Card

  • Balance transfer offer. You can make use of this card’s introductory rate of 6.95% p.a. on balance transfers for the first 6 months to pay down debt from existing cards that charge higher interest. This can lead to considerable savings.
  • Low ongoing rate. A competitive standard rate of 13.54% p.a. applies to purchases and cash advances, and this same rate applies to any outstanding balance transfer amount at the end of the introductory period.
  • Easy access to funds. You can use your Macquarie Credit Union Visa card at any ATM or EFTPOS terminal that displays the Visa logo, in Australia and elsewhere in the world. If you’re looking for a credit card to make purchases and pay bills online or over the phone, this card will serve you well.

Macquarie Credit Union Visa Credit Card features

  • Annual fee. Every year you hold this card account you'll need to pay a fee of $15.
  • Balance transfer offer. An introductory rate of 6.95% p.a. is in place for balance transfers, and this rate stays in effect for the first 6 months.
  • Interest-free days. While most credit cards require you to pay your account’s closing balance in full every month to take advantage of interest-free days, this is not the case with the Macquarie Credit Union Visa card. This card offers up to 55 interest-free days on all purchases, your account’s closing balance notwithstanding.
  • Credit limit. The minimum credit limit on this card is $1,000, and the maximum available limit is $10,000. The limit assigned to your card takes into account your ability to make repayments.
  • Additional cards. You can get up to 3 additional cards for individuals who satisfy the 100-point check identification criteria, and are at least 16 years of age. You don’t have to pay any additional card fees.
  • Repayment options. Your options when it comes to making repayments include visiting the Macquarie Credit Union head office, via Bank@Post, through online or phone banking, via payroll deduction, or by direct debits from your transaction or savings account.
  • Dynamic Sweep Facility. This facility allows you to access a different Macquarie Credit Union accounts using this card.
  • Verified by Visa. This online security program is in place to monitor online card activity, and if it detects suspicious activity it asks for certain personal details to complete the given transaction.
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How to apply for the Macquarie Credit Union Visa Credit Card

You can visit the Macquarie Credit Union branch to apply, you can apply over the phone, or you can apply online.

Before you proceed, check if you meet the following application criteria:

  • You’re a permanent resident of Australia
  • You’re over 18 years of age

The application requires that you provide different types of information, so prepare to part with the following:

  • Your name, contact information, and address are all required.
  • Your employment status, occupation, employer's name and contact details.
  • You'll need to list any bankruptcies or judgments you've had listed against you and you'll also need to list your wages and details of your other income.

While the Macquarie Credit Union Visa Credit Card is a good card to consider, there are a number of similar cards out there, so it’s worthwhile to compare a few before applying.

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Rates last updated December 10th, 2016
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