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 Geelong Bank
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.
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 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.
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.
How to increase my Commonwealth credit card limit?
Commonwealth Bank credit cards are extremely popular in Australia for everyday purchases and big ticket items alikers. A number of the card’s functions can be customised, depending on your needs and desires. If you wish to increase your Commonwealth credit card limit using the CommBank, you can usually do so on the app or via NetBank.
In the CommBank app, tap on the ‘Cards’ icon and choose your credit card. Then, click on ‘Credit Limit’ and select the ‘Increasing your limit’ option. If you don’t have the CommBank app, you can also increase your Commonwealth Bank credit card limit through NetBank. Simply log on and go to Settings, then click on ‘Product Requests’ and then choose ‘Credit Card Limit Changes’.
Once the bank has received your application, they will review your account and payment history. Based on this assessment, your application will either be approved or denied. If approved, your new limit will be applied to your card instantly.
While increasing your credit card limit may be an easy process, it’s important to remember that you should only request limits that you can manage. A high limit increases the risk of having a larger debt, even with cards that provide low-interest rate options. So, it’s important to think carefully and seek advice from people you trust before increasing your Commonwealth Bank credit card limit.
What does Westpac credit card insurance cover?
If you own a Westpac credit card, one of the perks may be free travel insurance. If you’re eligible, you may be covered if you get sick while travelling, have lost your luggage, have to cancel a trip or have an accident while you’re on the move.
Besides these standard inclusions, the Westpac credit card insurance policy may also cover you for hospital essentials, emergency dental treatment and alternative transport if your original plans go awry. It may also cover loss of income when you get back home after being sick overseas and your pets’ boarding costs too.
If you have any queries, the Westpac credit card insurance contact number is 1800 091 710. You can submit a claim online.
What is the CUA credit card increase limit process?
A credit limit is pre-assigned based on factors like your income, expenses, and debt by the card-issuing company. It varies from time to time based on credit utilisation and changes to your circumstances.
If your income has increased or your liabilities have reduced, you can request for an increase of your CUA credit card limit. You can lodge the request via online banking on the website, or by visiting the closest branch, or by downloading the application form and mailing it. While making the application, you may need to provide information about your income, employment status, desired limit, and the reason for the increase. The card-issuing company will assess your request before approval.
Before you apply for an increase to the credit limit, ensure your bills are paid in full and you aren’t asking for a very steep enhancement.
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.
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.
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 is credit card interest charged?
Your credit card will be charged interest when you don’t pay off the balance on your credit card. Your card provider or bank charges you the individual interest rate that is associated with your card, which is usually between 10 and 20 per cent.
The interest will be added onto your bill each month or billing period if you don’t pay off the balance, unless you are in an interest-free period.
You will be charged interest on anything that hasn’t been paid for inside the interest-free period. Usually you will receive a notice on your bill or statement saying you will be charged interest so you have some form of notice before you’re charged.
How to pay a credit card from another bank
Paying or transferring debt from one lender to the other is called a balance transfer. This involves transferring part or all of the debt from a credit card with one lender to a credit card with another. As part of the process, your new lender will pay out the old lender, so that you now owe the same amount of money but to a new institution.
Many credit card providers offer an interest-free period on balance transfers to help new applicants better handle their debt. During this period, cardholders are not required to pay interest on the debt they brought over from the other card. This can be a great opportunity for consumers to pay off credit card debt with no interest. There are often fees associated with balance transfers; normally, these are a percentage of the amount transferred.
So make sure you read the terms and conditions of the card before transferring any debt across.
How do you use a credit card?
Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.
What can I do about my Commonwealth Bank expired credit card?
You’ll typically receive your replacement Commonwealth Bank credit card before your current one expires.
Once you receive the replacement card, you may need to update the new card with all the direct debits that you had set up on your expired Commonwealth Bank credit card. These could include insurance payments, electricity or gas bills, and monthly entertainment subscriptions.
To see a list of all your regular payments in NetBank, follow these steps:
- Log on to NetBank
- Click on ‘settings’
- Go to ‘product requests’, and select ‘credit card regular payments’.
If you don’t use NetBank, you can see the list of your regular payments on your most recent credit card statement. Keep in mind, this list may not be complete and you should also check your past statements or your transaction history.
If you haven’t received your replacement card before your current card expires, call 13 22 21 and the bank will send a new card to you.
It is important that you safely discard your expired credit card. This often means cutting it up with scissors and throwing it out.