Heritage Bank is the largest building society in Australia. Since 1875, they have focused on helping Australians realise their financial dreams and helping them enrich their lives. They work just like any other bank in the sense that they are an authorised deposit-taking institution under the Banking Act, but their core point of difference they offer, is that they are a mutual company, owned by their members, not shareholders. This means that they are not focused on pursuing massive profits for their company, but instead, focus primarily on helping their members.
See our credit union credit cards for some more offers.
Comparison of other Credit Cards with Heritage Bank Credit Card
Heritage Bank Visa Classic Rewards Credit Card
Coles No Annual Fee MasterCard
American Express Platinum Edge Credit Card
Coles Rewards Mastercard
American Express David Jones
|Purchase Rate (p.a.)||8.95% p.a. for 13 months (reverts to 16.75% p.a.)||17.99% p.a.||20.74% p.a.||19.99% p.a.||20.74% p.a.|
|Balance transfer rate (p.a.)||0% p.a. for 6 months||0.99% p.a. for 6 months with 1% balance transfer fee||0% p.a. for 6 months|
|Offer end date||31 December 2013||28 February 2014|
|Cash advance rate (p.a.)||16.75% p.a.||17.99% p.a.||19.99% p.a.|
|Interest Free Days||25 days||62 days||55 days||62 days||44 days|
|Fees & Charges|
|Annual Fee||$0 p.a. annual fee for the first year ($48 p.a. thereafter)||$0 p.a.||$195 p.a.||$49 p.a.||$99 p.a.|
|Balance Transfer Fee||1%|
|Late Payment Fee||$20||$25||$30||$25||$30|
|Over Limit Fee||$20||$15||$15|
|Overseas Emergency Replacement||$200||$0|
|Overseas ATM Balance check||$0|
|Overseas ATM Withdrawal||$5||$4||$5|
|Foreign Currency Conversion Fee (VISA)||2.5% of transaction value|
|Foreign Currency Conversion Fee (MC)||2.5% of transaction value||2.5% of transaction value|
|Foreign Currency Conversion Fee (AMEX)||3% of transaction value||3% of transaction value|
|Gambling Transactions Allowed||No||No||No||No||No|
|Additional Cardholder Fee||$0||$29|
|Number of Additional Cardholders||9||1|
|Minimum Age||18 years of age||18 years of age||18 years of age||18 years of age||18 years of age|
|Available to Temporary Residents||No||No||No||Yes – Conditions apply||No|
|Credit Rating Requirement||Good||Good||Good||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||$10,000||$50,000||$30,000|
Review of the Heritage Bank Credit Card Range
An increased number of individuals are looking for ways to save money and to cut back on their expenses. There are a number of banks that can provide assistance with this but there are also building societies. The Heritage Bank is one of those that are helping to make a difference in the lives of individuals by assisting them to make their financial dreams to come true.
The credit card is something that most people have and it has caught a high percentage of these individuals into a trap. By offering good credit card rates and services, the Heritage has protected its members from this pitfall. These items along with many of its other financial products are assisting people in making their financial lives into better ones.
Table of Contents: Guide to Heritage Bank Credit Cards
- The Financial Products of the Heritage
- Focusing on Credit Cards
- The Visa Debit Card
- My First Credit Card
- The Classic Rewards Visa Credit Card
- The Gold Rewards Visa Credit Card
- The Classic Basic Visa Credit Card
- The Gold Basic Visa Credit Card
- No Frills Classic Visa Card
- The No Frills Gold Visa Credit Card
- The Process of Creating the Card
- Applying for the Credit Card
The Building Society vs. The Bank
There is a big difference between the building society and the bank and this difference is the reason behind it being able to help out more than the bank. The building society is one that is run by the members and owned by the members. They are not run by bank managers or huge corporations that are trying to make millions of dollars a year.
The History of the Heritage Bank
The Heritage Bank is the largest organization of this type in Australia dating back to its origins in 1875. Ever since their establishment, they have been helping Australians live out their financial dreams not just in terms of helping them to become more financially stable but so much more than that. The Heritage isn’t involved with shareholders meaning there is no need to try to please outside investors. They are there to please the members.
Service for the People
Because the Heritage Bank is made up of members that control the processes, the services that they provide are better quality than their competitors or other institutes that offer financial products. They know what it is that members want and they work to provide it. The customer service is improved when required and even the financial products that they offer are of higher standards. They offer higher interest rates for deposits, lower interest rates for credit and overall, a better schedule for other fees and charges pertaining to the variety of products that they have available.
The Financial Products of the Heritage
The Heritage Bank offers a number of different financial products to its members. These products have all been thought through by its leaders to ensure that they are of better quality than other organizations. They have been structured to meet the needs of the members in a variety of ways.
Accounts: There are many different accounts for a member to choose from depending on their needs. There is everything from Simple Access account which allows a person to access the account for any transaction that they need every day without penalty to the Online Saver account which has been designed for a person who wants to concentrate on saving money. This is considered to be a high interest savings account. There are also accounts for those receiving their pension, for those in the agriculture sector, for those who want to have high interest but instant access to their account, and so on. There is something for everyone.
Home Loans: The Heritage is proud to be able to offer various home loan options to their members. They have a fixed rate loan, a premium variable loan, a basic variable loan and more. These are all designed to offer the borrower the best rates and the most flexible loan terms.
Personal Loans: These are created to be used for a number of different items, whether it is to cover other debt, to buy a car, or other such things. There are several different types of loans available including the standard personal loan, the car loan, the consolidated loan, amongst others. There are also options for a person wanting to pay off their loan faster than their arranged terms.
Term Deposits: Term deposits are great ways of investing money and making it grow within a relatively short period of time. The Heritage offers some of the best rates around for its various terms available. These terms include four month, six month, twelve month, and five year deposits as well as various others. The current rate of deposit respectively are 5.85%, 6.25%, 6.35%, and 7.00% on deposits of $5000 or higher. These deposits are guaranteed as secure by the Australian government.
Insurance: The Heritage offers a variety of types of insurance to its members. There is car insurance, life insurance, coverage for the home and its contents, travel insurance and so on. There are different packages to choose from and they are all very competitive in the market giving better premiums for higher levels of coverage than other competitors.
Financial Planning: There are plenty of individuals who need help in planning their finances whether it is to help them save, invest or spend. The professionals at the Heritage can assist a person with their planning in the proper way for each individual situation.
Focusing on Credit Cards
The credit card is something that even college students have at this stage but they can cause an easy trap for individuals who don’t understand how they should be used or for people who have very high interest rates on the balance. For the Heritage, because the members are the most important aspect, they have created cards that work for the member, not for them. There are a number of different options available for these cards that cater to a number of different needs and lifestyles. Please note that the interest rates specified for the cards are subject to change without notice and are calculated per annum.
The Visa Debit Card
There are times when a person doesn’t want to get into debt and they do have their own cash but they want to build up their credit rating. The Visa Debit is the perfect solution. This card is linked to the bank account so it only uses the cash that is available. There are a number of benefits that a person can take advantage when using this card including the following:
- The card and the system are easy to use and very convenient;
- This card is accepted anywhere that accepts Visa credit cards;
- It can be used in Australia and worldwide;
- It is accepted at various ATMs, financial institutes or EFTPOS outlets that have the Visa logo displayed;
- The owner can pay bills, use it to make purchases over the phone or internet or make simple cash withdrawals;
- The cards are available for personal use but also for business use accounts.
There is a fee schedule to using the Visa Debit card but there are also ways to sometimes avoid these fees. The fee that is charged to a person’s account when the card is used does depend on the type of account that they have.
Any purchases that are made through the EFTPOS, upon selecting the ‘cheque’ or ‘savings’ options, the appropriate fee will be deducted from the account. However, in the case that a person selects the ‘credit’ option, there will be no fee deducted. Not all EFTPOS stations have ‘credit’ as an option but in the case that they do, a person can save some money by choosing it.
Purchases that are made in a foreign currency do have a currency exchange fee charged to the account in Australian Dollars.
My First Credit Card
There is a need for a credit rating at a certain stage in life and this is a good way to get it. This is created especially for someone who has never had a credit card before and has a number of features that a person can benefit from.
- The annual fee for the first year is waived.
- The first 25 days of the card are interest free and the first 13 months have a special introductory interest rate.
- The minimum payments are calculated to be either 5% of the balance or $30 – the amount that is greater.
- The credit limit is $500 but if in the first six months, the member proves to be able to manage the credit then the member can apply for a higher limit or another credit card.
- The card can be linked to various transaction accounts therefore limiting the need to one card.
- There is a wide variety of payment options available for the card.
- The individual can use the card to access cash advances at any of the 2,900 and more ATMs that are nationwide.
- The can use these same ATMs to request balance enquiries.
- The individual has access to Visa Entertainment with this card.
- The card is secured with Verified by Visa.
- The individual can personalize their card with their own image.
The Rates and Fees of My First Credit Card: The introductory interest rate for the first 13 months is 8.95% and switches to the standard variable rate of 16.75% after this time. After the first 12 months without an annual fee, there is a fee of $18 per year. The annual fee is waived if the purchases made on this card exceed $10,000.
Considerations: This is the possible solution for someone who needs an alternate method of payment and has not had a credit card before. The limit is manageable for many people and there is the option to change after six months of good management.
The Classic Rewards Visa Credit Card
For the individuals that want just a basic credit card that gives reward points, this one might be the answer. There are a number of features that accompany it.
- There is a 13 month low introductory interest rate plus the first 25 days are interest free.
- There is no annual fee for the first 12 months.
- The monthly payments are either 5% of the balance or $30 – the amount that is the greatest.
- The Heritage gives credits for every $1,000 spent during each calendar month.
- The credit limits vary from between $1,000 and $10,000.
- There is no need to have a card for each account because each account can be linked to the one card.
- A person has a variety of payment options for the card.
- Balance enquiries can be made at ATMs in which there are 2,900 network ATMs across the nation.
- Cash advances can be made at these ATMs.
- The individual has access to Visa Entertainment.
- There is a Verified by Visa feature included.
- The card can be personalized with a choice photograph including one of the card user.
Rates and Fees for the Visa Classic with Rewards: The introductory rate stands at 8.95% while the standard variable rate is 16.75%. After the first 12 months of use, the annual fee is $48.
Considerations: This card is a great option for individuals who want to collect extra points for their purchases and get rewards with them. It has a smaller credit limit for individuals who do not require a high limit or for those who do not have an income to backup a card with a larger limit. The more purchases that are made, the more points a person receives.
The Gold Rewards Visa Credit Card
This card, although similar to the Classic Rewards is slightly different in that it offers a larger amount of credit. The benefits of this card are as follows:
- There is a 13 month introductory offer of a lower interest rate on the card plus 25 days interest free;
- The minimum payments are either 5% of the balance or $30 – the amount that is the greatest;
- The amount of credit available ranges from $5,000 to $50,000;
- There are various methods of payments available;
- The card is able to be linked to various accounts thus there is no need for more than one account;
- A person can obtain balance enquiries from any of the 2,900 network ATMs available across the nation;
- A person can obtain cash advances from these ATMs;
- There is access to Visa Entertainment through this card;
- The card is secured through Verified by Visa;
- The card can be personalized with the photograph of choice including that of the use.
The Rates and Fees for the Gold Visa with Rewards: The introductory rate for the first 13 months sits at 8.95% with a standard variable rate after this period at 16.75%. The annual fee after the first free 12 months is $90.
Considerations: This is a good card for those individuals who need a higher credit limit for larger purchases and who can afford to make the payments. These cards can really help a person build up the points and receive more rewards. It is suitable for individuals that prefer to make credit card purchases but can still maintain their good credit rating.
The Classic Basic Visa Credit Card
A third type of Visa card available from Heritage is the Classic Basic card. It offers many of the same benefits that the other cards do but without the extra rewards of the two previous cards.
- There is no annual fee in the first twelve months of having the card and there is a special rate of interest for the first 13 months.
- In the case that the purchases on the card exceed the amount of $10,000 in the 12 month period after the first annual fee is waived, the following annual fee is waived also.
- The first 25 days for having the card are interest free.
- Credit limits range on this card from between $1,000 and $10,000.
- The minimum payment on the card each month is either 5% of the balance or $30 – whichever figure is the greatest.
- This card can be linked to various transaction accounts, which prevents a person from needing more than one card.
- The member can choose between a number of options for payment.
- A person can access cash advances at over 2,900 ATMs across the nation;
- The individual can request balance enquiries at these same ATMs.
- This card grants access to Visa Entertainment;
- The security feature Verified by Visa is included;
- The card can be personalized with the member’s choice of photograph or image.
The Rates and Fees of the Classic Basic Visa: The special introductory rate for this car stands at 8.95% for the first 13 months then changes to the standard variable rate of 16.75%. There is no annual fee for the first 12 months and after this first year, there is an annual fee of $18 unless the charges exceed $10,000 for which the fees are waived.
Considerations: Ideal for individuals who don’t necessarily prefer to use the credit card as a method of payment but need some form of credit. It is also suitable for those who like to have an alternative form of payment but do not wish to have a high credit limit or do not have the income to cover a high credit limit. This is the most basic card with Heritage and very practical.
The Gold Basic Visa Credit Card
The Gold Basic Visa card offered by the Heritage is similar to the Classic Basic but has various features that are more suitable for the person who needs to make larger purchases using the card. The features of the card include the following:
- There is a special introductory interest rate on the card for the first 13 months.
- There is no interest placed on the card in the first 25 days that the person owns the card.
- If the member makes more than $20,000 of purchases within a 12 month period, the annual fee is waived.
- The monthly payment is calculated to be 5% of the balance or only $30. The amount that is the greatest is chosen.
- The credit limits for this card range from anywhere between $5,000 and $50,000.
- Because the card can be linked to various transaction accounts, a person only needs the one card.
- The member has a variety of methods to choose for payment.
- The individual has over 2,900 ATMs where they can access cash advances.
- The individual can also choose to request a balance enquiry from these ATMs.
- The card gives the member access to Visa Entertainment.
- The card includes the security feature, Verified by Visa.
- The member can choose to personalize their card with their own image.
The Rates and Fees of the Gold Basic Visa: The introductory rate for this card for the first 13 months sits at 8.95% and changes to the standard variable rate of 16.75% after this special period. The annual fee is $36 per year but this is waived if there are over $20,000 worth of purchases in the calendar year.
Considerations: This is a practical option for a person who doesn’t want any extras on their card such as the rewards but needs a higher credit limit. It is also suitable for a person who wants to make larger purchases and needs an alternate method of payment.
No Frills Classic Visa Card
This is a credit card that is the basic type that is for those who like the most practical of cards. It comes with no extra features – just the basics. The following are the features that the user does benefit from.
- There is no annual fee for this card.
- There is a special introductory interest rate for the card for the first 13 months.
- There are no interest free days featured for this card which is more beneficial to those who generally carry a balance.
- The monthly payment is calculated at either 5% of the balance or $30 – whichever amount is the greatest.
- The available credit limits for the card range from between $1,000 to $10,000.
- There can be a number of transaction accounts linked to the card preventing the need for more than one card.
- There are a variety of payment options available.
- The member is given access to Visa Entertainment.
- The card has the security feature, Verified by Visa.
- The individual can personalize their card with their own image.
The Rates and fees for the No Frills Visa: The introductory rate for this card is 8.95% which after the first 13 months, changes to the standard variable rate of 11.80%. There is no annual fee for the card.
Considerations: This is a suitable card for individuals that don’t necessarily need a high credit limit but intend on carrying the balance. The lower interest rate allows a person to carry a balance without paying extraordinary amounts in interest.
The No Frills Gold Visa Credit Card
This is one of the most popular credit cards that the Heritage Bank has to offer. It has great lower rates of interest and other features while not overwhelming the user with too many offers or promises.
- There is no annual fee to pay.
- There are no interest free days on the card which is better suited to those who tend to carry a balance on their card.
- The monthly payments are calculated to be either 5% of the balance or $30. The greater amount is chosen.
- The credit limits available for this card range from $5,000 to $50,000.
- The card can be linked to different transaction accounts preventing the need for more than one card.
- There is a variety of payment options available.
- There are over 2,900 network ATMs to choose from nationwide where a person can receive cash advances.
- These same ATMs can be used for balance enquiries.
- The member is granted access to Visa Entertainment.
- The card includes the security feature, Verified by Visa.
- The member has the option to personalize their card with their own image.
The Rates and Fees for the No Frills Gold Visa: There is no special introductory rate for this card but there is a low rate of 11.80% applied. There is no annual fee to pay.
Considerations: This card is a nice solution for individuals that need to buy larger ticket items and that tend to carry a balance forward on their card. It has a lower interest rate than most other credit cards from Heritage to prevent a person from accruing so much interest on their balance.
There are extra fees that apply for these cards in the case of a person going over the limit on their card. There also may be extra interest added to the balance because of these fees. The total amount will depend on the card and the balance. There are also other fees such as those from using the ATM machine, counter withdrawal, amongst others.
Creating the Card
Aside from the financial products that make the Heritage unique, there is also another aspect – they let the client use their own creativity. The individual who applies to have their own credit card can also have the chance to design it as well. They can have their own photograph added to the front of the card whether it is of themselves or otherwise. The card doesn’t have to be boring anymore and can be different from everyone else’s card. Any photograph that a person wants can be added to the front of the card through a simple process.
The fee is only $15 and it lets the person have their individuality, allows them to remember their loved ones if so chosen and they can change the photograph whenever they want as often as they want.
The Process of Creating the Card
To create their own card, the member only has to follow these directions:
- Visit the website www.chooseyourowncard.com.au.
- Click on the icon of the card to enter the page and choose the type of card whether it is the Visa Debit, Visa Classic, Visa Gold or Visa Business.
- Click on the link that says ‘select your own image’ to upload the appropriate photograph.
- Browse the selection of photos that are available and when it is found, simply click on the ‘upload’ option.
- In the case that the individual doesn’t have their own photograph or image, they can choose from those provided by Heritage.
- It might be necessary to edit or resize the image which is the next step. They have all the tools necessary for the member to do so including the arrows and flip tool. This image needs to cover the whole card.
- To preview the card, click on ‘next’.
- If the image is correct then ‘next’ should be clicked but for changes, ‘go back’ is the correct option. Then the individual can make the appropriate changes or can even choose a different image.
- The member needs to read the terms and condition as stated and enter their email address before clicking on ‘next’.
- The screen will display a record of the image number and it is recommended that the person print this or at least write it down and keep it in a safe place.
- The process is complete and a person only then needs to wait.
Applying for the Credit Card
There are a few different ways that a member can apply for the credit or debit card of their choice. The fastest and easiest way is to complete your credit card application online. In the case that they start an online application but cannot finish it or their application process is interrupted, they can save the application.
On the application, the member will be asked a series of questions including about information regarding their age, their residency status, the amount or supply of income, how many applicants wish to have a card, amongst other questions. It takes approximately three business days for the application to be processed and then a representative from the Heritage Bank will call the individual regarding the decision.