Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
No set max
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
Cash advance fee
2% or $2.5
Balance Transfer Rate
Balance Transfer Rate
Balance Transfer Fee
Foreign Exchange Fee
3% on Visa
Estimated ATM Cost
for AU $300 withdrawal
- FREE SUPPLEMENTARY CARDS
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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 Gold Low Rate credit card has a moderate late payment fee but no annual fee. The card has moderately low interest rates on purchases and does not offer an interest-free period. This card does not have an associated rewards program.
The Heritage Bank Gold Low Rate credit card offers a range of payment methods, including BPAY, automatic credit card payments, internet banking transfers and over-the-counter payments at your local bank branch.
This card also offers Visa’s zero liability policy, which means that card holders are not held responsible for unauthorised or fraudulent card transactions. The Heritage Bank Gold Low Rate card is also enabled with Visa payWave, letting customers make payments under $100 quickly and conveniently.
While this card does not come with a rewards scheme, card holders are granted access to Visa Entertainment.
- No annual fee
- Visa zero liability policy
- Access to Visa Entertainment
- No rewards scheme
- No frequent flyer miles
- No complimentary insurance
Who is it good for?
The Heritage Bank Gold Low Rate card may suit budget card holders. Those who struggle to pay their credit card bill in full each month may find the moderately low interest rates beneficial. However, potential card holders should be aware that this card does not offer an interest-free period.
This card may also be a good fit for potential card holders who want a card that minimises costs. The Heritage Bank Gold Low Rate card does not charge an annual fee, making it an affordable option for many customers.
Because the Heritage Bank Gold Low Rate card is not a rewards card, it is less suited to those who desire rewards for their purchases. For customers in search of the right rewards program, first consider which type of rewards would suit your lifestyle. Frequent travellers may want frequent flyer miles, and online shoppers may seek merchandise rewards.
What RateCity says
The Heritage Bank Gold Low Rate card offers a reasonable interest rate in a no-annual-fee card. This card may be a practical choice for budget card holders who require a relatively low interest rate. The Heritage Bank Gold Low Rate card may also be a sensible choice for customers in search of a simple credit card for their everyday spending. The card offers plenty of methods for payment and doesn’t charge administration fees.
However, this card does have a couple of drawbacks that may deter certain customers from applying. The card does not offer a rewards scheme, so card holders cannot earn rewards points, cash back or frequent flyer miles. This card also charges an international transaction fee, which may be problematic for those in search of a card for overseas use.
In order to be eligible for the Heritage Bank Gold Low Rate credit card, you must be at least 18 years old and be an Australian citizen or permanent resident. You must not have a history of bankruptcy. To apply, you may be required to submit personal and contact information including a photo ID, employment details and any financial liabilities. Applicants can save their online application to complete at a later date.
About Heritage Bank
Heritage Bank is Australia’s largest customer-owned bank. Founded in 1875, Heritage Bank has its headquarters in Toowoomba, Queensland. Heritage delivers a variety of financial services to Australian individuals, including credit cards, bank accounts, international money transfers, home loans, personal loans, business loans and a range of insurance policies. Heritage Bank can be contacted by phone during business hours, or at any time by email or through an online enquiry form.
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 trou