Heritage Isle Credit Union Rewards MasterCard – Rates & Fees

Information verified correct on September 28th, 2016

Heritage Isle Credit Union Rewards MasterCard Review

You can use this card for every kind of purchase, from everyday expenses like groceries to larger things like emergency repairs. It offers a purchase interest rate of 20.24% p.a. and a cash advance rate of 21.74% p.a. There is also a balance transfer option at a rate of 21.74% p.a. (after the 14 month promotional 0% p.a. rate ended).

The rewards scheme allows you to earn rewards points when you make purchases with your card, too. There are other features like interest-free days and complimentary insurances as well. There is an annual fee of $179 for the Heritage Isle Credit Union Rewards MasterCard and no other mandatory fees.

Benefits of the Heritage Isle Credit Union Rewards MasterCard

  • Balance transfers
    • Pay a 0% p.a. interest rate on balance transfers for 14 months. When you apply and are approved for the Heritage Isle Credit Union Rewards MasterCard you will receive a promotional interest rate of 0% p.a. for the first 14 months of your account being open.
    • Save money on interest payments with balance transfers The promotional rate allows you to save money on interest payments. This is because the 0% p.a. interest rate may be less than the interest you were paying on your existing credit card that you can transfer over.
    • Pay off your credit card debt faster with a balance transfer Since balance transfers allow you to move the balance of an established credit card to your Rewards MasterCard it keeps all of your credit card debt in one account. This means that you are able to pay down your credit card debt with one repayment instead of multiple. This also cuts down on the number of separate bills you had to pay each month.
  • Interest-free purchase period

    • Earn up to 55 days of interest-free purchases with your credit card When you pay off your credit card’s full balance by the designated date on your monthly bill you are able to activate your interest-free period. This period allows you to make pay only for the cost of items purchases instead of paying that plus the interest rate.
    • Pay down your balance faster during interest-free days Without worrying about interest payments you were able to focus on putting money toward your overall balance instead. By continuously paying down your balance each statement period you can always take advantage of these interest-free days.
  • Promotional rates and fees

    • interest on purchases for months New cardholders are offered a promotional interest rate of on purchases for months. This meant that you’re free to make purchases with your MasterCard without worrying about paying interest on the items for months.
    • Competitive standard interest rates are available for purchases and cash advances When the promotional rate period is over your rate on purchases reverts to 20.24% p.a. Cash advances are available as well for a rate of 21.74% p.a. Both of these rates are considered competitive to the market rates for a rewards card. Since this card is offered by a credit union, all profits go right back to the members of the union instead of stockholders.
    • Pay no mandatory fees other than the standard annual fee The Heritage Isle Credit Union Rewards MasterCard only has a mandatory annual fee of $179. There were no establishment or introductory fees and no ongoing additional account-keeping fees either. All other fees attached to the card were avoidable as they were for specific occurrences like late payments.

Heritage Isle Credit Union Rewards MasterCard Features

While balance transfers, competitive rates and fees, and interest-free days are beneficial features, there were also other features associated with the credit card.

  • Rewards scheme available. You’re able to earn 1.25 points for every dollar you spend on your credit card. These are redeemable for rewards like gift cards.
  • Additional cardholders. You are able to add up to 4 additional cardholders to your account.
  • Generous credit limits. With this credit card it’s possible to have a credit limit as high as $30,000.
  • International travel insurance. This is complimentary with your credit card and covered certain expenses that may have occurred during an international trip.
  • Purchase cover insurance. This is a complimentary insurance cover that protected newly-purchased items in the instance of theft or damage.
  • Interstate flight inconvenience insurance. This complimentary insurance covers you in the instance that you had to spend additional money due to a flight delay or missed connection.
  • Transit accident insurance. This was a complimentary cover that protected you in the case of injury or accidental death caused while on public transport like a plane, ferry, bus, train, or similar transport.
  • Guaranteed pricing scheme. If you purchased an item and then saw it for a cheaper price within a certain number of days after your original purchase, this complimentary insurance would cover the difference.
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How to apply for the Heritage Isle Credit Union Rewards MasterCard

Application criteria

Even though this offer is no longer available you should always check the eligibility criteria of a credit card offer before you apply for it. When this offer was available it had its own criteria.

  • You must be a credit union member
  • You must be 18-years-old or over
  • You must be at least a permanent Australian resident
  • You must have a good credit history free of defaults

If you met the eligibility requirements you were able to apply for the offer through the Heritage Isle Credit Union website by clicking on ‘go to site’ on the credit card web page. While no specific documents were needed during the application process you still needed some information.

Required information

  • A current Heritage Isle Credit Union membership
  • A properly filled out application

While no specific documentation was required each application was still subject to approval and involved an employment and income check.

The Heritage Isle Credit Union Rewards MasterCard is no longer available for new cardholders but when it was available it offered competitive rates and fees and a number of extra features, including complimentary insurance covers.

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