My Credit Union Low Rate Visa

Save on credit card costs with an interest rate of 7.99% p.a. on purchases, a low annual fee and a balance transfer offer.

No longer offered in the market

The My Credit Union Low Rate Visa credit card is no longer available for new applications. However, we've kept the information online for the benefit of existing customers and for those who are interested. You can compare the current range of low interest rate credit cards here.

The My Credit Union Low Rate Visa gives you the convenience of a credit card with simple, low-cost features. As well as offering one of the lowest standard variable purchase rates on the market, this credit card has a competitive annual fee of $59 that’s charged at $0 for the first year. It also offers an introductory balance transfer rate of 4.99% p.a. for the first 6 months, which reverts to the 7.99% p.a. purchase rate.

Review of the My Credit Union Low Rate Visa

This credit card stands out from other low interest options thanks to its ongoing variable purchase rate of 7.99% p.a. In comparison, very few other cards offer a standard rate below 10% p.a. You can also keep your card costs down with up to 55 days interest free on purchases and no annual fee for the first year.

The My Credit Union Low Rate Visa also offers one of the lowest currency conversion fees on the market, worth 2% of each overseas transaction. This could help you save on costs if you want to use a credit card when you're travelling or shopping online with international retailers.

Features and benefits of the My Credit Union Low Rate Visa

Here’s a rundown of the key benefits you’ll get with the My Credit Union Low Rate Visa:

  • $0 annual fee offer. Enjoy a $0 annual fee for the first year (reverts to $59 p.a. thereafter).
  • Low purchase rate. This card has a standard variable purchase rate of 7.99% p.a.
  • Balance transfer offer. The My Credit Union Low Rate Visa offers a special introductory rate of 4.99% p.a. for 6 months on balance transfers from non-MYCU credit cards or store cards. After the introductory period ends, any debt remaining from the transfer will be charged interest at the standard variable purchase rate.
  • Visa benefits. Enjoy worldwide acceptance through the Visa network, the convenience of tap-and-go payments and exclusive ticket and lifestyle offers through Visa Entertainment.

Rates and fees of the My Credit Union Low Rate Visa

Take note of these costs to decide if this card is right for you:

  • Annual fee. MYCU’s Low Rate Visa has a standard annual fee of $59 that’s charged at $0 for the first year.
  • Interest-free days. You can enjoy up to 55 days interest free on purchases when you pay your balance off in full by the due date on each statement.
  • Cash advance rate. If you use this card to withdraw cash at an ATM or for any other cash advance transactions, you’ll be charged a variable interest rate of 11.99% p.a. on the balance from the date of the transaction.
  • Cash advance fee. A fee of $4 applies for each cash advance transaction you make with this card.
  • Currency conversion fee. A fee worth 2% of the transaction is charged when you make overseas purchases with the MYCU Low Rate Visa.

If you want a low-cost credit card, the My Credit Union Low Rate Visa’s highly competitive standard variable interest rates, low currency conversion fee and annual fee of $59 are all very appealing features. But if you have existing debt, the promotional balance transfer rate of 4.99% p.a. for the first 6 months is less competitive than some other cards. So make sure you look at a few options and choose one that suits your needs.

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