Myer drops new retail rewards credit card
It’s official! The new Myer Credit Card is on the market.
Last week, we reported that Myer was preparing to release its new rewards credit card by the end of October. Only a few short days later and the retail supergiant’s newest credit card has landed on the market.
The Myer Credit Card is issued by Macquarie Bank is available for new applications as of yesterday. The retail rewards credit card doubles as your Myer one card, so you can use it to collect points as you shop. You can earn 3 Myer one shopping credits per dollar you spend on eligible purchases at Myer. You’ll also earn 3 Myer one shopping credits per $1 spent on eligible purchases from Myer affiliates. All other eligible purchases will get you 1 Myer one shopping credit per dollar spent.
Your credits can be redeemed for shopping rewards. 2,000 shopping credits can get you a $20 Myer Reward Card, which means you’d have to spend around $667 at Myer or one of its affiliates to get a reward card worth 20 bucks. This card is obviously geared towards loyal Myer customers who prefer retail rewards over, say, travel or frequent flyer perks.
This card will usually come at the cost of a $69 annual fee, but this will be waived for the first year if you apply before 31 December 2017. Cardholders can also take advantage of a promotional 0% balance transfer interest rate for the first 14 months if you apply by the end of the year. At the end of the promotional period, your remaining balance will collect a 20.69% p.a. interest rate.
If you're determined to repay your debt with the 0% balance transfer, keep in mind that the rewards program could tempt you to spend and add to your balance. The card also has a purchase rate of 20.69% p.a., so it’s best suited to cardholders who can repay their balance in full each month to enjoy the points perks without falling into debt. Plus, if you pay your balance in full, you can save on future purchases with up to 55 interest-free days.
The Myer Credit Card is also equipped with Android Pay and Apple Pay functionality, meaning that you can leave your card at home and shop with your smartphone at tap and go terminals.
Although the Myer Credit Card offers a bounty of benefits, it isn't the only retail or rewards credit card on the market. Before you apply, make sure to compare your options to find the card that can offer you the most rewards.