Australian Mutual Bank
Sydney Mutual Bank began as Sydney Credit Union (SCU) in 1963. Offering an alternative to banks for City of Sydney council members, it quickly expanded to offer services to 12 other councils, then in later years merged with several other credit unions, as well as Endeavour Mutual Bank.
With its head office in Blacktown, Sydney Mutual Bank has a network of 25 branches, including several in Sydney’s western suburbs.
Sydney Mutual Bank is owned by its members, so profits go back into the business and are passed onto members through lower fees and rates.
Australian Mutual Bank credit cards rates
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Learn more about credit cards
How do credit cards work?
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.
Does Macquarie Bank offer any credit card insurance?
Yes, Macquarie Bank may offer credit card insurance; it just depends on the type of Macquarie Bank credit card you have. There is a range of credit card insurance offers you can benefit from when you take out a Macquarie Bank credit card.
If you have a Macquarie Black or Platinum credit card, you have access to travel insurance for you, your spouse and any dependent children while travelling overseas. Under this travel insurance you receive:
- Interstate Flight Inconvenience Insurance, which provides cover for meals and clothing, depending on the delay
- Medical Emergency Expense Cover, which offers you unlimited cover for most medical expenses, and limited cover for dental treatment and emergencies caused by an act of terrorism
- Baggage, Money and Documents Cover, which is subject to certain sub-limits mentioned in the terms and conditions
As a Macquarie Bank credit cardholder, you could be eligible for Extended Warranty insurance, which provides an extension to the manufacturer’s Australian warranty on certain products. To access this cover, you must have purchased the product using your Macquarie Bank credit card.
Select Macquarie Bank credit cardholders might also be able to take advantage of Rental Vehicle Excess Insurance. This insurance will cover you for any excess or deductibles that you’re liable to pay during the rental period.
Most Macquarie Bank credit cards also come with purchase protection insurance which protects you against fraudulent transactions. You should check the terms and conditions to find out more.
How to increase your Bendigo Bank credit card limit?
As a Bendigo Bank credit cardholder, you can avail a minimum limit of $500, but if you use your card regularly, you may want to consider increasing it. To increase your Bendigo Bank credit card limit, you can contact the bank’s credit card team on 1300 236 344 and talk to the bank directly.
You can also apply for a credit card limit increase through online banking, by logging into Bendigo Bank web portal or through the app on your phone or tablet. Once you’ve successfully logged in, you'll want to send a secure message to Bendigo Bank asking them to increase your credit card limit.
If you cannot access the online portal or the app, you can also apply to increase your credit card limit through the online enquiry form. Simply add relevant information in the required fields and click ‘Submit’. Once you have completed the application, Bendigo Bank should verify your details and analyse your current financial standing. Based on this assessment, the bank will either accept your application to increase your credit card limit or deny it.
How do I transfer money from my Commonwealth bank credit card to my bank account?
Your Commonwealth bank credit card may include a cash advance benefit, but you won't be able to transfer money to your bank account.
You can, however, withdraw cash from your credit card at an ATM. You should remember that you have to pay a fee for such transactions, and you’ll be charged interest from the day you withdraw the cash.
Unlike other credit card transactions, you don’t get an interest-free repayment period for cash advances. Also, you may not be able to access your full credit card limit for a cash advance.
How do you use credit cards?
A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.
How to increase ME Bank credit card limit?
If you want your ME bank credit card limit increased, you’ll have to fill the “credit card limit increase request form” and send it to the bank via post, email, or fax. The requirements for increasing the credit limit include:
- You should have the card for at least six months;
- Your income has increased; and
- Your debt liabilities have decreased.
What is a credit card?
A credit card is a payment method which lets you pay for goods and services without using your own money. It’s essentially a short-term loan which lets you borrow the bank’s money to pay for things which you can pay back – potentially with interest – at a later date. Credit cards can also be used to withdraw money from an ATM, which is known as a cash advance. Because you’re borrowing money from a bank, credit cards charge you interest on the money you use (unless you repay the entire debt during the interest-free period). When you apply for a credit card, the bank gives you a credit limit which sets the maximum amount you can borrow using your card. Credit cards are one of the most popular methods of payments and can be a convenient way of paying for goods and services in store, online and all around the globe.
Can a pensioner get a credit card?
It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:
- Annual income. Look for credit cards with minimum annual income requirements you can meet.
- Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee.
- Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.
Does switching credit cards affect credit?
If you’re considering getting a new credit card to replace your existing one, there’s a strong possibility that switching these credit cards will affect your credit score. You might want to apply for a new credit card because it makes financial sense to do so or because there is a better deal on offer, but it could harm your credit score.
Each time you submit an application for a new credit card, a new inquiry is recorded on your credit profile. For lenders, having many credit enquiries on your file can imply that you aren’t reliable or in control of your finances and are desperately seeking credit. So, this is how changing credit cards can affect your credit score.
Does Bendigo Bank offer credit card insurance?
No matter which type of Bendigo Bank credit card you own, you may qualify for complimentary purchase protection insurance, extended warranties, and best price guarantee.
If you are eligible for one or more of these complimentary insurances, you won’t need to activate them separately. Consider checking the coverage limits as well as the terms of purchase to find out if they apply to your purchases. For instance, the annual coverage limit under Bendigo Bank’s purchase protection insurance for one type of credit card is $25,000. However, the coverage limit per item is $5,000, and you may have to pay an excess of $250 every time you file a claim.
Some Bendigo Bank credit card customers may also qualify for mobile device insurance, which covers the accidental damage to or loss of your phone. Again, the coverage limit varies for repairing or replacing your phone,compared to repairing accidental damage to your phone’s screen. Other complimentary insurance offered by Bendigo Bank on some credit cards includes coverage for overseas travel, domestic flight inconvenience, and transit accidents. If you rent a car using an eligible Bendigo Bank credit card, you may be able to get a waiver on the car rental excess as well.
Are credit checks mandatory?
In Australia it is impossible to get a credit card without the provider performing a credit check first. This is for your benefit, as it helps to prevent you from falling into avoidable debt.
How to get money from a credit card
You can get money from a credit card, but generally it will cost you.
Withdrawing money from a credit card is called a cash advance, as it operates more as a loan than a simple cash withdrawal. Because it is a loan, you may be charged interest on your cash advance as soon as you make the withdrawal. Interest rates are also usually much higher for cash advances than standard credit card purchases.
In addition to the interest rate, you may also be charged a cash advance fee. This could be a flat rate, or a percentage of your total cash advance. If you are considering a cash advance, make sure to add up how much it will cost you before committing.
What should you do when you lose your credit card?
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.
Is instant approval possible for credit cards?
Instant approval may be possible – but please note that the term may be misleading. “Instant” approval tends to mean that when you apply online the lender will let you know the likeliness of your eligibility for a credit card within 60 seconds of receiving your application.
What is the American Express credit card insurance coverage?
Several American Express credit cards, including the Gold, Platinum and Green cards, come with international and domestic travel insurance, shopping and purchase protection and smartphone screen insurance. All you have to do to activate your American Express credit card insurance cover is use it to pay for eligible purchases, travel, and a smartphone.
The complimentary travel insurance requires you to be less than 80 years old with no pre-existing diseases and your travel must begin and end in Australia.
To make an American Express credit card insurance claim, you’ll need to lodge your request with Chubb Claim Centre within 30 days. Submit the form along with supporting documents like medical reports, original invoices and receipts. You can also contact Chubb on 1800 139 149 or file a claim via the Chubb website.