Southern Cross CU MyCard Low Rate Mastercard Review

Southern Cross offers savings with a low introductory rate on balance transfers and an ongoing low rate on purchases.

The Southern Cross CU MyCard Low Rate Mastercard offers you a way to manage your spending without charging too much in the form of interest. A low ongoing rate on purchases means any spending you do on the card doesn't cost you too much if you don't pay your balance back, while the balance transfer offer can help you pay down existing credit card debt. This card also comes with complimentary purchase insurances.

Product NameSouthern Cross Credit Union Low Rate Mastercard
Balance transfer rate (p.a.)0% p.a. for 12 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.74% p.a.)
Balance Transfer Limit80% of available credit limit
Purchase rate (p.a.)12.99% p.a.
Offer end date31 January 2018
Annual fee$49 p.a.
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.)21.74% 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.
$2,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$15,000
Minimum Monthly Repayment2% or $30 whichever is greater
Minimum Income$25,000
Card TypeMastercard
Late Payment Fee$10
Foreign Currency Conversion Fee (MC)
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.
3.4% of transaction value
Complimentary Travel InsuranceYes
Available To Temporary ResidentsNo
Minimum Income$25,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
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.
$2,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$15,000
Annual Fee$49 p.a.
Minimum Repayment2% or $30 whichever is greater
Late Payment Fee$10
Over Limit Fee$0
Cash Advance Fee$3.50 (or 3.50% of amount when >= $100) for each cash advance
Overseas Cash Advance Fee$5
Overseas Emergency Replacement$200
Foreign Currency Conversion Fee (MC)
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.
3.4% of transaction value
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders4
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
MailYes

Southern Cross CU MyCard Low Rate Mastercard Review

If you plan to keep balances rolling in your account from one billing cycle to the next, getting this low rate Mastercard can make sense. It can help even more if you’re thinking about transferring balances from existing cards, given its low introductory balance transfer rate for 12 months. If you use this card in the right way, you can also make use of up to 55 interest-free days on purchases.

Benefits of Southern Cross CU MyCard Low Rate Mastercard

  • Low rate. If you don’t pay your account’s closing balance in full each month purchases start attracting interest immediately, and this is where you can benefit from this card’s competitive rate. This purchase rate currently stands at 12.99% p.a.
  • Balance transfer offer. If you use this card to transfer balances, at the time of application or when you receive your card, transferred balances attract a low rate of 0% p.a. for the first 12 months. This can lead to noticeable savings in a relatively short period.
  • Complimentary insurance covers. While purchase cover insurance provides cover to purchases made using this card against theft, loss, and damage, a guaranteed pricing scheme is in place so you don’t end up feeling short-changed by a product you buy going on sale in the near future.
  • Global, online, and phone access. Mastercard finds acceptance at over 22-million locations around the world, so you can use your card just about anywhere your travels take you. You can also use this low rate Mastercard for online transactions and for transactions made over-the-phone.

Southern Cross CU MyCard Low Rate Mastercard Features

  • Annual fee. An ongoing offer means you can keep paying a discounted annual fee of $49 for as long as you keep your card.
  • Balance transfer offer. Pay a low 0% p.a. interest rate for any balances you transfer for the first 12 months and save. You cannot transfer more than 80% of your card’s credit limit.
  • Interest-free days. If you pay the account’s outstanding balance in full for two consecutive months you can take advantage of as many as 55 interest-free days on purchases.
  • Complimentary insurance covers. When you make a purchase using this card it receives protection through guaranteed pricing scheme and purchase cover insurance.
  • Additional cards. You can request for up to 4 additional cards, but nominated additional cardholders should be at least 16 years old.
  • Fraudshield. This service monitors your account activity and keeps a look out for suspicious transactions. As and when it detects any, you can expect to receive a phone call immediately, even when you’re travelling overseas.
  • SecureCode. This online program is in place to provide additional security when your credit card’s details make it to the Internet, requesting some personal details if it detects unusual or suspicious activity.
  • PayPass. When you see the PayPass symbol at a merchant you can use this card to make contactless payments for purchases under $100.

How to apply for the Southern Cross CU MyCard Low Rate Mastercard

You can visit any Southern Cross Credit Union branch to apply, you can get started over the phone, and you can even apply online.

Eligibility criteria

  • You're over the age of 18
  • You're a permanent resident of Australia and earn a minimum of $25,000 p.a.
  • You should also have a good credit history

Required documents

If you meet this criteria, gather the following information to get your application started:

  • Information such as your name, age, contact details and driver's license number will be required.
  • You will need to list your employment status as well as details of your employer for verification purposes.
  • How much you earn, what assets you hold and any debts and liabilities you have will need to be listed.

Applying for this card can be a good idea if you want to take advantage of the features detailed on this pages, but keep in mind there are a range of credit card options available on the market. Take some time to compare few more cards before deciding which one’s most suit your needs.

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Rates last updated July 21st, 2017
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