Balance Transfer Rate
Max Free Days
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
Balance Transfer Rate
Balance Transfer Rate
of the approved credit limit
Balance Transfer Fee
Foreign Exchange Fee
2.5% on Visa
Estimated ATM Cost
for AU $300 withdrawal
Compare and review credit cards with similar features
Bendigo Bank Low Rate Mastercard
for 12 months then $45
Balance Transfer0% on Balance Transfers for 6 months. $0 annual fee in Year 1 then reverts to $45. Get a $150 Woolworths Supermarket Gift Card when you spend $1k in 60 days.
Woolworths Employees’ Credit Union has been providing financial services to Woolworths employees and their immediate family members since 1971.
All members pay a fee when joining, making them equal part owners with other members of Woolworths Employees’ Credit Union. According to Woolworths, profits are put back into the credit union to help improve products and services for members.
Members have access to credit card services, everyday bank accounts, savings accounts, loans, insurance and financial planning.
The Woolworths Employees Credit Union Visa credit card has a low annual fee, moderate interest rates and a moderate number of interest-free days. Interest charges are calculated daily and charged monthly. The card also offers fee-free balance transfers.
Because the card is supplied by the Woolworths Employees’ Credit Union (WECU), this card is only available to WECU members. All Woolies employees and their family members are welcome to join WECU.
The Woolworths Employees Credit Union Visa credit card is accepted at over 24 million locations worldwide, so you can use your card anywhere that Visa is accepted.
Card holders are granted access to online banking, which allows customers to manage their account through a secure online portal. Telephone banking is also available for those who prefer to manage their card over the phone.
- Fee-free balance transfers
- Low annual fee
- Online banking available
- No rewards program
- No frequent flyer points
- No complimentary insurance
Who is it good for?
The Woolworths Employees Credit Union Visa credit card might suit those who are members of WECU and want a simple credit card for everyday spending. The card charges moderate interest rates as well as a moderate interest-free period, so it may be more suitable for those who typically pay their bill in full each month.
The Woolworths Employees Credit Union Visa credit card also offers fee-free balance transfers, which may be helpful to potential card holders that are looking to transfer existing debt to a new card.
This card is only available to members of the Woolworths Employees’ Credit Union. Only Woolworths employees and their family members are able to join the Woolworths Employees’ Credit Union. As such, this is not a feasible credit card for potential card holders who are not current Woolies employees.
What RateCity says
The Woolworths Employees Credit Union Visa credit card may be a practical choice if you are already a member of the Woolworths Employees’ Credit Union, or if you are a Woolworths employee who is planning to become a member. The card offers moderate rates and a low annual fee, which may make it an attractive offer for some Woolworths employees.
However, card holders who struggle to clear their credit card debt each month can find cards on the market with lower interest rates than the Woolworths Employees Credit Union Visa credit card can offer.
In addition, this card does not offer any sort of rewards scheme, which means that card holders do not receive points, cash back or frequent flyer miles for their purchases. While the card’s interest rates are moderate, there are cards with comparable rates that also offer rewards.
The Woolworths Employees Credit Union Visa credit card is only available for members of Woolworths Employees Credit Union (WECU). You must be a Woolworths employee to become a member of WECU. When you apply, you’ll need to provide personal details including name, date of birth, mailing address and phone number. You’ll also need to complete an income summary as well as list your assets. A list of your current loans may also be applicable.
About Woolworths Employees’ Credit Union
Woolworths Employees’ Credit Union, also called WECU, is an Australian credit union. This means that, unlike banks, WECU is owned by its members. WECU has served Woolworths employees for almost 50 years, providing an alternative to large banks and other financial institutions. Woolworths Employees’ Credit Union provides a range of financial products and services such as savings and investment accounts, credit cards, loans, health and others insurances, and financial planning.
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.