Bank of us
Bank of Us is Tasmania’s only customer-owned bank. Headquartered in Launceston, it has more than 30,000 customers and operates eight branches across Tasmania. Bank of Us was founded in 1870, making it one of Australia’s oldest financial institutions. Bank of Us customers can access funds through rediATMs across the state.
Bank of Us offers Visa credit cards, which are marketed as a ‘no-frills’ option with low costs. Customers can apply over the phone, in a branch, or online.
Pros and cons
- Very low interest rates
- Moderately low annual fee
- Moderately high interest-free period
- No rewards scheme
- No sign-on bonuses
- No platinum offering
Bank of us credit cards rates
Product Name Card
Interest Free Days
Interest Free Days
Late Payment Fee
Go to site
About Bank of Us credit cards
Unlike the big four banks in Australia, Bank of Us offers a thin range of cards to their customers. Because it’s a customer-owned bank, Bank of Us is able to provide low-cost options. Bank of Us does not offer travel cards, frequent flyer cards, platinum cards or student cards. Instead, it delivers no-frills choices intended for everyday use.
Bank of Us credit cards have a moderately high number of interest-free days. The cards charge a moderately low annual fee and a moderate late payment fee.
Typically, Bank of Us credit cards do not come with any introductory offers or perks. Customers do not earn rewards.
In general, Bank of Us credit card rates are very low. Bank of Us credit cards offer the same interest rate on purchases, cash advances and balance transfers.
Bank of Us credit card review
Bank of Us credit cards are simple and straightforward, providing a low-cost option to Bank of Us customers. Because it is a customer-owned bank, it’s able to bring costs down and provide lower rates and fees.
Bank of Us credit card rates are generally low and remain the same for purchases, cash advances and balance transfers. The cards charge a moderately low annual fee and moderate late fee, with a moderately high number of interest-free days.
Bank of Us does not offer rewards cards, which may make them unattractive for customers who want to earn cash, points or frequent flyer miles as they spend. Rather, the credit cards are designed for those who want low fees and low rates without having to pay extra for perks or benefits.
Customers can apply for Bank of Us credit cards within a bank branch or by filling out an online application.
Learn more about credit cards
How do credit cards work?
Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.
Can a pensioner get a credit card?
It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:
- Annual income. Look for credit cards with minimum annual income requirements you can meet.
- Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee.
- Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.
How do I transfer money from my Commonwealth bank credit card to my bank account?
Your Commonwealth bank credit card may include a cash advance benefit, but you won't be able to transfer money to your bank account.
You can, however, withdraw cash from your credit card at an ATM. You should remember that you have to pay a fee for such transactions, and you’ll be charged interest from the day you withdraw the cash.
Unlike other credit card transactions, you don’t get an interest-free repayment period for cash advances. Also, you may not be able to access your full credit card limit for a cash advance.
How to increase your Bendigo Bank credit card limit?
As a Bendigo Bank credit cardholder, you can avail a minimum limit of $500, but if you use your card regularly, you may want to consider increasing it. To increase your Bendigo Bank credit card limit, you can contact the bank’s credit card team on 1300 236 344 and talk to the bank directly.
You can also apply for a credit card limit increase through online banking, by logging into Bendigo Bank web portal or through the app on your phone or tablet. Once you’ve successfully logged in, you'll want to send a secure message to Bendigo Bank asking them to increase your credit card limit.
If you cannot access the online portal or the app, you can also apply to increase your credit card limit through the online enquiry form. Simply add relevant information in the required fields and click ‘Submit’. Once you have completed the application, Bendigo Bank should verify your details and analyse your current financial standing. Based on this assessment, the bank will either accept your application to increase your credit card limit or deny it.
Does Macquarie Bank offer any credit card insurance?
Yes, Macquarie Bank may offer credit card insurance; it just depends on the type of Macquarie Bank credit card you have. There is a range of credit card insurance offers you can benefit from when you take out a Macquarie Bank credit card.
If you have a Macquarie Black or Platinum credit card, you have access to travel insurance for you, your spouse and any dependent children while travelling overseas. Under this travel insurance you receive:
- Interstate Flight Inconvenience Insurance, which provides cover for meals and clothing, depending on the delay
- Medical Emergency Expense Cover, which offers you unlimited cover for most medical expenses, and limited cover for dental treatment and emergencies caused by an act of terrorism
- Baggage, Money and Documents Cover, which is subject to certain sub-limits mentioned in the terms and conditions
As a Macquarie Bank credit cardholder, you could be eligible for Extended Warranty insurance, which provides an extension to the manufacturer’s Australian warranty on certain products. To access this cover, you must have purchased the product using your Macquarie Bank credit card.
Select Macquarie Bank credit cardholders might also be able to take advantage of Rental Vehicle Excess Insurance. This insurance will cover you for any excess or deductibles that you’re liable to pay during the rental period.
Most Macquarie Bank credit cards also come with purchase protection insurance which protects you against fraudulent transactions. You should check the terms and conditions to find out more.
What is a credit card?
A credit card is a payment method which lets you pay for goods and services without using your own money. It’s essentially a short-term loan which lets you borrow the bank’s money to pay for things which you can pay back – potentially with interest – at a later date. Credit cards can also be used to withdraw money from an ATM, which is known as a cash advance. Because you’re borrowing money from a bank, credit cards charge you interest on the money you use (unless you repay the entire debt during the interest-free period). When you apply for a credit card, the bank gives you a credit limit which sets the maximum amount you can borrow using your card. Credit cards are one of the most popular methods of payments and can be a convenient way of paying for goods and services in store, online and all around the globe.
Can I transfer money from my American Express credit card to my bank account?
If you’re an American Express credit card customer, you may not be able to transfer money from your credit card to your bank account. However, you may be eligible for cash advances, which involves withdrawing money through an ATM.
To qualify for a cash advance, you’ll likely have to enrol for American Express Membership Rewards. Consider checking your online credit card account to see if you can withdraw a cash advance and, if so, the fees and charges you’ll incur for this transaction.
You should remember that cash advances are different from balance transfers, which were available with some American Express credit cards earlier. Balance transfers allow customers to consolidate debt from high-interest credit cards to a credit card offering a lower interest rate. If you only recently applied for an American Express credit card, balance transfers may not be available irrespective of the card you own.
Can I transfer money from a credit card to a bank account with HSBC?
With HSBC’s cash transfer function, you can transfer money from a credit card to a bank account. Customers who wish to make cash transfers have to apply through HSBC and are charged interest on the transactions, but no other fees. Under the program, customers can:
- Borrow between $500 and $15,000, so long at least 20 per cent of the credit limit is still available after the transfer
- Transfer to any nominated bank account quickly.
Registered HSBC online banking users can log in to their accounts and select credit cards online from the My Banking tab. They can then complete the form from the Cash Transfer option. On approval, the requested amount is transferred to the nominated bank account within three days.
Customers can also register for the cash transfer program via the Mobile Banking app. Don’t forget to check the interest rate you’ll be charged, both before and after any promotional period.
How do you use credit cards?
A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.
Does Bendigo Bank offer credit card insurance?
No matter which type of Bendigo Bank credit card you own, you may qualify for complimentary purchase protection insurance, extended warranties, and best price guarantee.
If you are eligible for one or more of these complimentary insurances, you won’t need to activate them separately. Consider checking the coverage limits as well as the terms of purchase to find out if they apply to your purchases. For instance, the annual coverage limit under Bendigo Bank’s purchase protection insurance for one type of credit card is $25,000. However, the coverage limit per item is $5,000, and you may have to pay an excess of $250 every time you file a claim.
Some Bendigo Bank credit card customers may also qualify for mobile device insurance, which covers the accidental damage to or loss of your phone. Again, the coverage limit varies for repairing or replacing your phone,compared to repairing accidental damage to your phone’s screen. Other complimentary insurance offered by Bendigo Bank on some credit cards includes coverage for overseas travel, domestic flight inconvenience, and transit accidents. If you rent a car using an eligible Bendigo Bank credit card, you may be able to get a waiver on the car rental excess as well.
What to consider before transferring money from your credit card to your bank account in Citibank?
You can transfer money from a Citibank credit card to a bank account depending on the available limit of each. The process is known as a cash advance transaction, and Citibank should allow you to transfer some portion of the total credit limit.
Transferring funds from a credit card to a bank account is likely to attract additional charges, so please consider the following potential costs:
- A cash advance fee, which is a per cent of the total transfer amount
- A 2 per cent transaction fee when you transfer money from a Citibank credit card to a bank account
- Cash advance interest rate applicable on the transfer amount without any interest-free period.
To learn more about such transfers, you can contact the bank via the online service desk, email, or by calling 13 CITI (13 24 84).
How to increase ME Bank credit card limit?
If you want your ME bank credit card limit increased, you’ll have to fill the “credit card limit increase request form” and send it to the bank via post, email, or fax. The requirements for increasing the credit limit include:
- You should have the card for at least six months;
- Your income has increased; and
- Your debt liabilities have decreased.
How do you apply for a credit card?
You can apply for a credit card online, over the phone or in person at the bank. Once you’ve compared the current credit card offers, the application process is quick and easy. Before you get your application started, you’ll need to gather your personal information like proof of ID, payslips and bank statements, proof of employment and details of your income, assets and liabilities. To be eligible for a credit card, you’ll need to be an Australian citizen over 18 and earn a minimum of $15,000 each year. Once you’ve applied for a credit card, you should get a response fairly instantly. If your credit card application has been approved, you should receive a welcome pack with your new credit card within 10-15 days.
Are there credit cards for students?
Yes, there are credit cards available with students in mind. These can help young Australians to build their credit report and learn crucial life skills around budgeting and managing personal finances.
What is the lowest monthly repayment on my credit card?
As a rule of thumb, this tends to be around 2-3 per cent of the outstanding balance. You can choose how much you want to repay each billing period as long as it is higher than this minimum required amount.