Pros and Cons
- No Annual Fee
Electronic Wallet Service
Similar credit cards
As the name suggests, Northern Inland Credit Union’s Low Rate Visa credit card comes with a very low interest rate on both purchases and cash advances: a feature which can potentially help you minimise repayments on your credit card bill.
The card also features no annual fee and a low late fee compared to market rates. Cardholders have access to Visa Entertainment: a membership program that offers Visa users special offers such as the chance to book concert and theatre tickets before they go on general release, see movie previews and access offers on movies, books, CDs and home entertainment products.
Northern Inland Credit Union has a range of basic services such as eftpos, Bpay, automatic transfer, mobile banking and a choice between receiving electronic and paper statements. Its members can access fee-free ATMs through the rediATM network, which has over 3,000 ATMs around Australia.
- Very low interest rate
- No annual fee
- Widespread ATM network
- No rewards program
- No interest-free period
- No complimentary insurances
Who is it good for?
The Northern Inland Credit Union Low Rate Visa credit card may be a good fit if you are keen to save money on charges and fees, as this card comes with no annual fee and a low charge for late payments. It may also be a good option if you tend to keep your credit card debt rolling from month to month, as the low interest rate is quite competitive compared to other cards on the market.
On the other hand, this card does not have an interest-free period on repayments: a potential downside if you like to clear your credit card each month to avoid paying interest. It also doesn’t come with a rewards program; if the ability to earn points towards discounts is what you’re after, it may be worth shopping around for a different product.
What RateCity says
The main benefit of this card is the financial savings it offers, especially if you are the kind of spender who struggles to pay their credit card bill on time. Having no annual fee will save you money on extra charges, while the low interest rate will keep your repayments under control – provided you pay a minimum amount each cycle. Not doing so will incur a small fee, as will exceeding your credit limit.
Northern Inland Credit Union is a member-owned financial institution, which means that once you sign on as a member, you have a right to vote at the union’s annual general meetings for the election of board members. This may appeal to those who prefer to bank with a smaller institution where you get some say in how things are run, rather than one of the big four banks.
For details on the serviceability criteria for the Low Rate Visa credit card, get in touch with Northern Inland Credit Union. You can also begin the application process for this credit card online. Just make sure you have your ID and financial documents handy; you may need your rent receipt, rates notice, pay slips, your previous year’s group certificate, superannuation statement and bank statements with other financial institutions from the last three months.
About Northern Inland Credit Union
Northern Inland Credit Union is a member-owned mutual financial institution. It is locally owned and operated from the union’s head office in Tamworth, NSW, with an ATM network across Australia. Northern Inland Credit Union offers a full suite of banking products, such as credit cards, home loans, savings accounts and self-managed superannuation accounts, as well as online banking services. The credit union is regulated by the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission.
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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.