Myer prepares to launch new rewards credit card
The card is tied to the Myer one rewards program and offers $0 annual fee for the first year.
Myer has plans to introduce a new store-branded rewards credit card by the end of this month. After severing its ties with Latitude Finance Australia and discontinuing its Myer Card in June 2017, the retail giant is re-entering the payments game with its new Myer Credit Card. This Visa card will be issued by Macquarie Bank and is set to hit the market sometime in October 2017.
The credit card doubles as your Myer one card, allowing you to earn uncapped shopping credit points as you spend. You’ll collect 3 Myer one shopping credits for every $1 you spend on eligible purchases at Myer. You can earn up to 3 Myer one shopping credits for every $1 spent on eligible purchases at Myer affiliates and 1 Myer one shopping credit per dollar you spend everywhere else. You can then redeem your credits for shopping rewards. For example, 2,000 shopping credits can get you a $20 Reward Card.
Myer is also enticing new customers with an annual fee waiver. If you apply and are approved by 31 December 2017, your card will have no annual fee in the first 12 months, but a $69 annual fee will kick in every year after that. If you want to link additional cardholders to your account, you’ll be charged an additional $9 annual fee.
The card also promises a promotional 0% on balance transfers for the first 14 months if you apply by 31 December 2017. At the end of the introductory period, any remaining balances will collect 20.69% p.a. in interest. However, as this card is largely designed to reward you as you spend, it’s probably not ideal if you want to curb your spending and concentrate on clearing an existing debt.
This card also has a relatively high purchase rate of 20.69% p.a. so it's better suited to cardholders who frequently shop with Myer and its affiliate partners but also repay their debt in full every month.
The Myer Credit Card will be competing against other retail rewards credit cards such as the David Jones American Express Card. It will also stand up against other rewards and frequent flyers products on the market, which are sure to ramp up their offers in the lead up to the Christmas spending period.
Although Myer hasn’t finalised the exact launch date, we’ll keep you informed as more information is confirmed.
Pictures: Shutterstock and Myer