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.

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.

Product NameMy Credit Union Low Rate Visa
Balance transfer rate (p.a.)4.99% p.a. for 6 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (7.99% p.a.)
Purchase rate (p.a.)7.99% p.a.
Annual fee$0 p.a. annual fee for the first year ($59 p.a. thereafter)
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.)11.99% 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
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
Minimum Age18 years of age
Available To Temporary ResidentsNo
Credit Rating RequirementGood
Joint ApplicationNo
Annual fee$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Minimum Monthly Repayment5% or $20, whichever is greater
Late Payment Fee$20
Cash Advance Fee$4
Overseas ATM Withdrawal Fee$4
Foreign Currency Conversion Fee
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

Pros

  • Enjoy $0 annual fee for the first year.
  • Take advantage of 4.99% p.a. for 6 months on balance transfers.
  • Receive up to 55 days interest-free on purchases.

Cons

  • A fee of $20 for late payments will be imposed.

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.
  • 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.
  • 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.
  • 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.
  • Late payment fee. A fee of $20 will apply if you don’t make the minimum payment by the due date on your statement.

How to apply for a My Credit Union Low Rate Visa

You can apply for this credit card online in around 10 minutes and could get conditional approval within 24 hours of submitting your completed application. Before you begin, make sure you’re eligible to apply and have all the relevant documents and details on hand.

Eligibility criteria

  • Are you over 18? You must be at least 18 years of age to apply for a credit card.
  • What’s your residency status? You must be an Australian resident to apply for a My Credit Union credit card.
  • Have you had previous issues with debt or bankruptcy? To apply for a MYCU credit card, you must never have been declared bankrupt. You also can’t have any judgments or legal actions listed against you for the recovery of debt.

Documents and details

  • Personal information. You’ll need to provide your full name, contact details and a valid form of identification such as your driver’s licence.
  • Employment information. This includes your employment status, income and employer’s contact details. MYCU also asks whether you work more than 20 hours per week.
  • Financial information. Provide details of any other forms of income and assets such as savings or shares. You should also give details of any existing loans or debts.
  • Household information. This includes your relationship status and whether you have any dependents. You’ll also need to provide an estimate of your regular household expenses including rent or mortgage payments, food and transport costs and utility bills.

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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Credit Cards Comparison

Rates last updated February 19th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
Exclusive to finder.com.au, enjoy a no BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months
$99 p.a.
Platinum card benefits including complimentary insurance, plus 0% p.a. for 24 months on balance transfers (with no BT fee). Ends 28 February 2018.
Westpac Low Rate - Online Offer
13.49% p.a.
0% p.a. for 30 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Take advantage of 0% p.a. for 30 months on balance transfers with a 2% balance transfer fee when you apply online by 28 February 2018.
Woolworths Everyday Platinum Credit Card
19.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.

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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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