Save money with a balance transfer offer, no annual fee and a low ongoing variable interest rate.
The Northern Inland Credit Union Low Rate Visa offers a competitive interest rate of 8.99% p.a. (variable) for both purchases and cash advances. If you have existing credit card debt from another provider, you can also take advantage of on balance transfers for the first 12 months. At the end of the promotional period, the standard variable interest rate will apply to any remaining debt from the transfer.
| Product Name | Northern Inland Credit Union Low Rate Visa Credit Card |
|---|---|
| Balance transfer rate (p.a.) | 0% p.a. for 12 months |
| Balance Transfer Revert Rate The interest rate after the balance transfer ends. | Purchase Rate (8.99% p.a.) |
| Purchase rate (p.a.) | 8.99% p.a. |
| Annual fee | $0 p.a. |
| Cash advance rate (p.a.) | 8.99% 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 Type | Visa |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | No |
| Annual fee | $0 p.a. |
|---|---|
| Minimum Monthly Repayment | 2% of the outstanding balance or $20 (whichever is greater) |
| Late Payment Fee | $15 |
| Cash Advance Fee | $2.50 |
| Overseas Cash Advance Fee | US $175 |
| Overseas ATM Withdrawal Fee | $2 |
| 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. | 3% of the transaction value |
Review of the Northern Inland Credit Union Low Rate Visa
This credit card is designed to help you save on rates and fees. As well as offering a competitive standard variable rate for purchases, cash advances and balance transfers, it has a $0 annual fee for life.
Unlike most credit cards, the Northern Inland Credit Union Low Rate Visa has no interest-free days, so the rate of 8.99% p.a. applies from the date you use the card. This makes it important to think about what your goals are.
For example, if you usually pay off your credit card in full by the due date on your statements, a card that offers interest-free days could provide more savings. But if you pay off your credit card over a few months, or if you have existing debt you want to deal with, the low rate available on this card could help you save money in the long run.
Features and benefits of the Northern Inland Credit Union Low Rate Visa
This card’s standout features include:
- balance transfer offer. Request a balance transfer to this card and you can enjoy on the debt for the first 12 months. This offer is available on non-Northern Inland cards only, up to the limit of (subject to lending criteria and approval). At the end of the balance transfer period, the standard variable rate of 8.99% p.a. applies to any remaining debt.
- $0 annual fee. While most credit cards charge an annual fee, the Northern Inland Credit Union Low Rate does not.
- Competitive interest rate. This card offers the same standard variable rate for purchases and cash advances, currently 8.99% p.a.
- Visa benefits. Enjoy tap-and-go payments with Visa payWave functionality and access exclusive event and lifestyle offers through Visa Entertainment.
Rates and fees of the Northern Inland Credit Union Low Rate Visa
Take note of the following charges when considering the Northern Inland Low Rate Visa:
- Interest charges. Interest is calculated daily and charged monthly, with no interest-free days available. This means the standard variable interest rate of 8.99% p.a. applies from the date a transaction is made on this card.
- Cash advances. This card has a cash advance fee of $2.50 and a daily withdrawal limit of $2,000. Northern Inland also reserves the right to withdraw, extend or vary this offer.
- Minimum monthly repayments. This card has a minimum repayment of 2%.
- Billing date. With this card, the billing date for your statements is the 15th of each month.
- Currency conversion fee. A fee worth 3% of the transaction value applies when you use your card overseas.
How to apply
You can apply for the Northern Inland Credit Union Low Rate Visa online by completing an enquiry form. To speed up the process, make sure you are eligible to apply and have all the following details and documents on hand.
Eligibility criteria checklist
- How old are you? You must be at least 18 years old to apply.
- Are you an Australian citizen? You must be an Australian citizen or permanent Australian resident.
Information and documents you’ll need
- Personal details. This includes your full name, date of birth, phone number, email address and residential address. You’ll also need identification, such as your driver’s licence.
- Employment details. This includes your current job, salary and employer’s contact details. Northern Inland also requires at least three recent payslips or a letter from your employer that states your role, your regular hours and earnings and how long you have worked there.
- Financial details. You also need to provide statements for any other income (such as Centrelink benefits), six months worth of home loan, personal loan and savings account statements and one month of credit card statements.
- Balance transfer details. If you want to apply for the balance transfer offer with this card, you’ll need to include account details for the credit card or cards you have with other financial institutions, as well as the amount of debt you want transferred.
The Northern Inland Credit Union Low Rate Visa combines low-cost features with a simple account structure that is designed to help save money on credit card costs. But with no interest-free days, it’s important to compare this card to other low rate and balance transfer products so you can find the right one for your needs.
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