Geelong Bank was established in 1974 as FCCS Credit Union, and since then has grown to serve over 10,000 members throughout Australia.
Geelong Bank offers credit card services in addition to everyday bank accounts, home loans, car loans, personal loans, insurance, financial planning and savings accounts.
Geelong Bank serves mostly as an online banker as it has only one branch, located in Geelong.
Pros and cons
- Very low introductory interest rate
- Moderately low annual fee
- Balance transfer offer
- No rewards or perks
- Moderately high late payment fee
- Only one branch to visit
Geelong Bank credit cards rates
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About Geelong Bank credit cards
Geelong Bank offers a standard-level Visa credit card to customers, named Amigo. There are no credit cards with perks and rewards to choose from.
Geelong Bank credit cards come with a very low interest rate on purchases for an introductory period. Thereafter, those with a Geelong Bank credit card receive a moderately low interest rate on purchases.
A moderate number of interest-free days are available, giving Geelong Bank credit cardholders some time to pay off their debt before interest begins to accrue. However, customers who don’t pay their bills on time will face a moderately high late payment fee.
The Geelong Bank Visa also comes with a moderately low annual fee.
For those wishing to carry over debt from another card, an introductory balance transfer rate applies with no balance transfer fee.
Geelong Bank credit cards review
With only one standard credit card to choose from, Geelong Bank credit cards will most likely appeal to people who are happy with a no-frills credit card. Those who are looking for a platinum card with perks and rewards will need to look at other options.
New customers with Geelong Bank receive a very low interest rate on purchases for an introductory period. Afterwards, Geelong Bank cardholders receive a moderately low interest rate on purchases.
Additionally, Geelong Bank credit card customers are charged a moderately low annual fee. With this in mind, Geelong Bank credit cards could be suitable for the budget cardholder.
For customers looking to transfer existing debt, Geelong Bank does offer an introductory balance transfer offer and no balance transfer fee. However, it isn’t the lowest transfer rate on the market.
Learn more about credit cards
What is a balance transfer credit card?
A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card.
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 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.
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 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 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.
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 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 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.
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.
Can I use PayPal to transfer from a credit card to a bank account?
You can easily link your credit card to your PayPal account. When you need to make a payment, PayPal makes an instant transfer from your bank account, provided you’ve linked and confirmed your credit card details.For credit card holders, you can transfer funds from eligible cards listed in the “Instant” section of the money transfer page.
Here is how you can transfer money from PayPal to your bank account:
- On the “My Wallet” tab, select “Transfer Money” and then click on the “Transfer to your bank account” option.
- Choose the bank account where you want to transfer the money and click “Continue.”
- Enter the amount, review and click “Transfer Now.”
- When you confirm the transfer, the amount should be moved to the bank account linked from the chosen credit card.
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.
Should I get a credit card?
Once you've compared credit card interest rates and deals and found the right card for you, the actual process of getting a credit card is quite straightforward. You can apply for a credit card online, over the phone or in person at a bank branch.
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 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.