- Last updated on 07 Aug 2020
Balance Transfer Rate
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- Free supplementary cards
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Foreign Exchange Fee
3% on Visa
Estimated ATM Cost
for AU $300 withdrawal
|0.00076923 points for $1 spent||Visa||uncapped||eligible transactions|
- FREE SUPPLEMENTARY CARDS
Earn 1 credit for every whole $1,300 spent per calendar month
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Heritage Bank is Australia’s largest customer-owned bank. Heritage Bank was created in 1875 as the Toowoomba Permanent Building Society. In 1897, the Darling Downs Building Society was established. In 1981, these two organisations merged to become Heritage Building Society.
Heritage Building Society changed its name to Heritage Bank in 2011 and now operates from the head office in Toowoomba’s CBD.
Heritage Bank delivers a broad credit card offering, including options for both personal and business expenses.
The Heritage Bank Classic credit card has a moderately high interest rate, a moderately low annual fee and a moderate number of interest-free days. It also comes with a moderate late payment fee and a low minimum credit limit.
This card is associated with the Heritage Credits rewards program, which allows cardholders to earn points when specified spending thresholds are met during a certain timeframe. Heritage Credits can be redeemed for various rewards including gift cards.
Cardholders have access to exclusive event and entertainment offers through the Visa Entertainment program. A complimentary concierge service is also available.
In terms of security, customers are covered by Visa’s Zero Liability policy for fraudulent or unauthorised transactions.
There is no balance transfer deal associated with this card. Supplementary cards are allowed at no additional cost.
- Moderately low annual fee
- Rewards program
- Allows supplementary cardholders
- Moderately high interest rate
- No complimentary insurance
- Overseas spending fee charged
Who is it good for?
The Heritage Bank Classic credit card may be a suitable choice for those who want a standard credit card with the added benefit of a rewards program. It may also be a good option for people wishing to share an account as it allows supplementary cards (and therefore provides increased rewards-earning potential).
However, due to this card’s moderately high interest rate, it may not be suitable for people on a tight budget, as the risk of accruing debt is increased.
Likewise, it probably wouldn’t be an appropriate choice for people wanting to consolidate debt from other cards because it doesn’t offer a balance transfer deal (transferred balances are subject to the cash advance rate).
Additionally, the Heritage Bank Classic credit card probably wouldn’t be suitable for regular travellers, due to its overseas spending fees and lack of frequent flyer program.
What RateCity says
This card has most of the typical features of a standard rewards card, and it allows multiple cardholders to earn rewards on the same account, which is a nice additional benefit.
Although it has a moderately low annual fee, the trade-off is that the Heritage Bank Classic credit card doesn’t come with added perks like complimentary insurance or airport lounge access.
Additionally, the standard purchase interest rate is moderately high, and depending on your requirements, there may be other cards on the market with a comparable interest rate that offer more suitable benefits.
It also doesn’t come with a balance transfer offer, which is likely to be a downside for people with existing debt.
As such, unless this card’s specific features suit your needs, it may be worth shopping around for a card that offers either better value for money or more advantages.
To be eligible for the Heritage Bank Classic credit card, you need to be at least 18 years of age and meet the bank’s serviceability criteria. When applying, you’ll need to provide personal details such as name, date of birth, phone number and email address. You’ll also need to provide proof of ID, employment details and proof of steady income such as bank statements or payslips. Applications can be completed online or by visiting a branch if preferred.
About the lender
Heritage Bank is Australia’s largest member-owned bank. The bank’s head office is in Toowoomba, Queensland, and it has branches throughout South East Queensland. Heritage Bank provides a variety of banking products and services, such as credit cards, bank accounts, savings accounts, personal loans and home loans, as well as business banking products and insurances. Services are available through the bank’s online portal, mobile banking app, via phone, email and in-branch.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.
The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.
However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.
Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.
There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.
Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.
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.
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.
For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.
Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.
Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.
Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.
There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice.
Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward.
Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.
Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.
Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.
Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.
Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.
If you’re wondering about how to make a credit card online application, here are some steps to follow:
- Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
- Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
- Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
- Review details. Ensure the information you’ve entered is correct.