Extended interest free promotions at retailers
The major benefit of this card comes from the extended interest free promotions at select Australian retailers. There’s more than a handful of places where you can get a deal, but it varies depending on the state you live in. There are some online retailers too.
GE Money ‘Go’ MasterCard
Citibank Clear Platinum Card
|Purchase Rate (p.a.)||21.74% p.a.||12.99% p.a.|
|Balance transfer rate (p.a.)||0% p.a. for 12 months|
|Offer end date||31 July 2014|
|Cash advance rate (p.a.)||29.49% p.a.||21.74% p.a.|
|Interest Free Days||62 days||55 days|
|Fees & Charges|
|Annual Fee||$0 p.a.||$49 p.a. annual fee for the first year ($99 p.a. thereafter)|
|Late Payment Fee||$25||$10|
|Over Limit Fee||$5||$40|
|Overseas Emergency Replacement||$0||$0|
|Overseas ATM Balance check||$4||$0|
|Overseas ATM Withdrawal||$4||$5|
|Foreign Currency Conversion Fee (VISA)||3.3% of transaction value|
|Foreign Currency Conversion Fee (MC)||3% of transaction value|
|Gambling Transactions Allowed||No||No|
|Additional Cardholder Fee||$0||$0|
|Number of Additional Cardholders||4|
|Minimum Age||18 years of age||18 years of age|
|Available to Temporary Residents||No||No|
|Credit Rating Requirement||Good||Good|
|Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|Max Credit Limit||$25,000||$60,000|
There are a couple of things you should know about the interest free promotions. Firstly, you can choose your repayment method: you can either pay back the minimum monthly repayment each month, you can opt to pay nothing during the interest free term and pay back the entire balance at the end of the promotional period (Buy Now, Pay Later), or you can choose to back to pay back the balance in equal monthly installments so the balance of the interest free promotion is paid in full by the end of the promotional period.
Second: you can carry multiple interest free promotional balances on your account at the one time provided that the total value of all the promotional balances in less than your credit limit.
Third: if you don’t pay off your interest free balance by the end of the promotional period, any unpaid amount will be charged at the cash rate of interest, currently . Keep in mind that you can’t choose which interest free promotional balance is paid off first, repayments will be applied to balances in the order they’re changed to your account.
To make a purchase under the interest free promotional balance, you will need to present your driver’s licence as well as your GO MasterCard.
Rewards on your everyday purchases
When you make an eligible purchase – everything except promotional purchases, cash advances, cash equivalent transactions, balance transfers, Buyers Protection Premiums or interest, fees and charges – you’ll earn one Go Rewards Points for every dollar you spend on the card up to points a year.
GO Rewards offers all the typical credit card rewards scheme goodies. Things like white goods, electronics, a range of experiences like movie tickets, helicopter rides and so on, vouchers and gift cards, and books. You’ll have to check the GO Rewards catalogue for a full list of rewards.
Buyer’s protection insurance
If you wish to protect yourself against the unexpected – say if you become seriously ill – buyer’s protection insurance may be worth considering. For a charge of 0.8% of your monthly closing balance – up to a maximum of $50 per month – your credit card balance is covered up to a maximum of $20,000. There are exclusions that apply, so it’s definitely worth having a look at the Product Disclosure Statement prior to making a decision as to whether this insurance is right for you.
Other insurance policies offered with this card include:
- Price protection;
- Merchandise Protection;
- Stolen Card Protection;
- Repayment Cover.
Fees and charges
As much as there is to rave about, this account has a number of fees and charges that are not applicable to other credit cards compared on this site.
The cash advance rate of interest
Considering the cash advance rate of interest with most credit cards, it’s not wise to use your card’s cash advance facility unless you have to. This rings especially true with this product. A cash advance rate of is astronomical.
Beware if you’re using the card to pay for large purchases under the interest free promotional terms. The cash advance rate of interest is charged on any interest free promotional balance which is not paid in full by the end of the interest free term.
Monthly account keeping fee
This account also charge a monthly account keeping fee. If you have an outstanding balance (interest free promotions included) that is greater than $10, you’ll be charged a fee every month.
There is also a one off establishment fee charged to the account when the card is activated.
Other standard fees and charges like international transaction fees and cash advance fees apply as well. Consult the fees table at the bottom of the review for further information about the fees and charges that apply to this account.
If you’re looking for a credit card that has extended interest free days linked with a rewards program that you can use everyday, then you may want to consider the GE Money Go Mastercard.