The Mac MyCard Low Rate Mastercard

A competitive card that comes with a low annual fee and charges a low ongoing rate on purchases

The Mac MyCard Low Rate Mastercard charges a low interest rate of 12.99% p.a. Purchases you make using this low rate card receive protection through complimentary insurance covers, and that’s not all the benefits your purchases receive.

Pay your balance back in full each statement period and up to 55 interest-free days on purchases are there for the taking. If you apply in time, you can keep paying a discounted annual fee for as long as your account remains active.

Product NameThe Mac MyCard 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
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$5.00 per transaction
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

The Mac MyCard Low Rate Mastercard review

Use this card and enjoy its interest-free days for up to 55 days. This card also has a low annual fee of $49 for the life of the card. Added security is on offer in the form of complimentary insurance covers.

Benefits of The Mac MyCard Low Rate Mastercard

  • Balance transfer offer. Take on a competitive new card and pay off outstanding debt of your existing one. If you use this card to transfer balances from existing cards at the time of the card’s approval, you can keep paying a low 0% p.a. balance transfer rate for 12 months.
  • Low interest rate. A low ongoing rate that applies on purchases, currently standing at 12.99% p.a. If you keep balances in your account rolling over from one month to the next, this low rate can lead to savings in the long run as your interest won’t pile up as much. This means you have a convenient line of credit that doesn’t cost you as much.
  • Complimentary insurance covers. Purchases that cardholders make using their low rate cards receive protection through a guaranteed pricing scheme, meaning you won’t have to worry about changing prices, as well as purchase cover insurance.
  • Use anywhere, at anytime. Mastercard finds acceptance at over 22 million locations worldwide, so using this card when you’re travelling internationally is easy. All you have to look for is the Mastercard logo, be it at EFTPOS terminals or ATMs. You can also use your Mac Low Rate Mastercard to make transactions over the Internet and over the phone.

The Mac MyCard Low Rate Mastercard features

  • Annual fee. This card attracts a low annual fee of $49.
  • Balance transfer offer. You can save a tidy sum by using this card for balance transfers, because transferred balances attract a low 0% p.a. interest rate for the first 12 months. At the end of this period, any outstanding balance starts attracting the card’s cash advance rate. Transferred balances cannot exceed 80% of your card’s credit limit.
  • Interest-free days. If you pay the closing balance mentioned on your statement in full before each due date you can make use of as many as 55 interest-free days on purchases.
  • Additional cardholders. You can request for up to 4 additional cards, letting you share the convenience of the card. This is provided nominated individuals are over the age of 16 years.
  • Fraudshield. This feature is in place to monitor your card’s activity and detect suspicious transactions. Upon the detection of any such transaction, you receive a phone call immediately.
  • SecureCode. This online service provides an additional layer of security when your card details make it to the online marketplace.
  • PayPass. If you spot the PayPass symbol anywhere, you can use this card to make contactless payments of less than $100.

How to apply for the The Mac MyCard Low Rate Mastercard

You can visit any Mac branch to apply, you can speak to a Mac representative over the phone, or you can download an application and mail or fax it over once it’s complete. The following eligibility criteria will have to be met:

Application criteria

  • You’re over 18 years of age
  • You’re a permanent Australian resident
  • You don’t have bad credit history
  • You earn at least $25,000 p.a.

Required documents

To make sure that your application processes without any glitches, provide the required information, which includes the following:

  • Personal details like your date of birth and driver’s license number
  • Information about your work, including things like your employer's name and contact details as well as your employment status
  • Financial information comprising details about your income and expenditure

The Mac MyCard Low Rate Mastercard comes with a noteworthy balance transfer offer that stays in effect for 12 months, it provides complimentary purchase insurances, and it charges a low ongoing rate on purchases.

Applying for this low rate Mastercard makes sense if you want to use its balance transfer offer, but don’t do so before you compare it with other cards that come with similar offers.

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Rates last updated December 12th, 2017
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