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The Macquarie Credit Union Visa credit card has a low annual fee, moderate interest rates and a moderate interest-free period. Unlike some other credit cards, these interest-free days do not rely on the card holder paying their balance in full each month. Each new purchase receives the interest-free period each month.
This card also has a high credit limit and no late payment fee. Card holders are permitted one additional card holder (age 16 or older) at no additional cost. The Macquarie Credit Union Visa card does not have an associated rewards scheme.
The Macquarie Credit Union Visa credit card offers an introductory balance transfer offer, which discounts the interest rate on transfers for the first six months. After the deal has expired, balance transfers will incur the card’s moderate interest rates.
- Free additional cardholder
- No late payment fee
- High credit limit
- Annual fee charged
- No rewards scheme
- No complimentary insurance
Who is it good for?
The Macquarie Credit Union Visa credit card may suit customers in search of a no-fuss credit card for everyday spending. The moderate interest-free period does not rely on payment being made in full each month, so that budget card holders can save money on interest costs.
While the annual rate of this card is low, the Macquarie Credit Union Visa credit card may still not be well suited to customers who wish to eliminate unnecessary card fees. These customers may be better off with a credit card that charges no annual fee.
This card is not designed as a travel card, which may deter potential card holders in need of a card for overseas use. The card charges an international transaction fee on purchases made overseas and purchases made within Australia from a foreign vendor.
What RateCity says
The Macquarie Credit Union Visa credit card may be a sensible choice for current Macquarie Credit Union members who want a simple credit card for their spending. The card charges a low annual fee and reasonable interest rates, with the added benefit of an interest-free period that does not require card holders to pay their bill in full each month.
For budget customers who are not current Macquarie Credit Union members, there are cards with comparable rates that offer 0 per cent interest introductory rates on balance transfers. Customers looking to transfer debt may be better off with a card that provides low or 0 per cent interest for longer than six months.
Beyond low fees, the Macquarie Credit Union Visa credit card offers few perks to rewards-seeking customers. The card does not provide complimentary insurance and does not offer a rewards program for points or frequent flyer miles.
There are several ways customers can apply for the Macquarie Credit Union Visa card. Applying online takes only 15 minutes, but customers also have the choice of applying over the phone or within a Macquarie Credit Union branch. To be eligible for the card, you must be over the age of 18 and meet all serviceability criteria. When applying, you’ll be asked to provide personal and contact details, employment information, your annual income, and your expenses and assets.
About Macquarie Credit Union
Macquarie Credit Union was founded in 1964 by the electricity workers of Macquarie County Council. Since their beginning, Macquarie Credit Union has sought to provide competitive pricing, simple banking solutions and a member-focused attitude to its customers. They offer a range of products and services, including home, car, and personal loans, term deposits, credit cards, insurance, financial advice, travel services, and business banking. Macquarie Credit Union is headquartered in Dubbo, New South Wales.
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The numbers on your credit card actually follow a universal standard which is used to identify specific functions. Each credit card has a different amount of numbers: Visa and Mastercard have 16, American Express has 15 and Diner’s Club has 14. The first number on a credit card always identifies what type of credit card it is. Visa cards start with a 4, whereas Mastercard starts with a 5 and American Express with a 3. The remainder of the digits represent the account number, including the last number which is used to verify that your credit card is actually valid. Credit cards also have additional verification numbers, which are mainly used when the card isn’t present for phone and online purchases. These are the three-digit numbers on the back of Visa and MasterCard or the four-digit numbers on the front of an American Express card.