Balance Transfer Rate
Max Free Days
- Free supplementary cards
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
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
Balance Transfer Rate
Balance Transfer Rate
Balance Transfer Fee
Foreign Exchange Fee
2.85% on Visa
Estimated ATM Cost
for AU $300 withdrawal
- FREE SUPPLEMENTARY CARDS
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G&C Mutual Bank is a member-owned financial institution. G&C Mutual Bank was created in 1959 and has since grown to serve over 36,000 members.
G&C Mutual Bank operates eight service centres throughout New South Wales and Victoria for customers who prefer face-to-face service. G&C also offer phone, online and mobile banking options.
Anyone can join G&C Mutual Bank, but only G&C members can take advantage of their credit card offering.
The G&C Mutual Bank Low Rate Visa credit card has a moderately low annual fee, very low interest rates and a moderate number of interest-free days. This card has a high credit limit, though it does not have an associated rewards scheme and does not earn rewards points or frequent flyer miles on purchases.
The G&C Mutual Bank Low Rate Visa credit card offers a balance transfer deal to potential card holders who want to transfer existing debt to a new account. This deal gives card holders 0 per cent interest on their balance transfers for 12 months. After these 12 months have passed, balance transfers are charged the card’s very low standard interest rates.
The G&C Mutual Bank Low Rate Visa credit card can be used anywhere that Visa is accepted.
- Very low interest rates
- High credit limit
- Charges an annual fee
- No rewards scheme
- No complimentary insurance
Who is it good for?
The G&C Mutual Bank Low Rate Visa credit card may be suitable for budget card holders. Customers who have existing debt can take advantage of the card’s balance transfer deal, which offers 0 per cent interest on balance transfers for the first 12 months. Customers who struggle to pay their credit card bill in full each month will enjoy the very low interest rates and moderate interest-free period.
This card may not be a good fit for rewards-seeking customers. The G&C Mutual Bank Low Rate Visa credit card does not have an associated rewards scheme, which means that customers do not earn points or frequent flyer miles on their purchases. Card holders who want to be compensated for their transactions may be better off with a card that has a rewards program.
What RateCity says
The G&C Mutual Bank Low Rate Visa credit card offers a very low interest rate on purchases, a 12-month balance transfer deal and a moderately low annual fee. These relatively low rates and fees might make this card a suitable choice for budget card holders. Customers who tend to let debt roll over from month to month can save money with the card’s low interest rates, and those who want to transfer existing debt can take advantage of 12 months at 0 per cent interest.
However, this card offers little to customers who pay their entire bill each month. Customers can’t earn points, cash back or frequent flyer benefits on eligible purchases. The card does not offer any complimentary insurance. As such, customers who are confident about clearing their credit card debt each month should might prefer a card that will reward them for their spending.
Applicants can apply for the G&C Mutual Bank Low Rate Visa credit card by online application, over the phone or in a bank branch. To be eligible for the G&C Mutual Bank Low Rate Visa credit card, you must be at least 18 years old, be eligible to work in Australia and have a regular income of at least $20,000 per year. You must have a good credit rating, and you cannot be going through the process of bankruptcy.
About G&C Mutual Bank
G&C Mutual Bank is an Australian member-owned bank. G&C Mutual Bank began in 1959 as the Public Works Department Staff Cooperative. Over their 50-year history, G&C Mutual Bank has gone through 18 mergers with other credit unions, as well as eight name changes before becoming G&C Mutual Bank in 2014. G&C Mutual Bank offers a range of financial products including credit cards, home loans, bank accounts, term deposits and insurance policies.
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.
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.
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.
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 credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.
If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.
Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.
When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.
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.
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.
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.