Queenslanders Credit Union Low Rate MasterCard

Information verified correct on September 26th, 2016

Save on costs with a competitive annual fee, interest free days and complimentary insurances.

The Queenslanders Credit Union Low Rate MasterCard costs $49 p.a. a year to own. If you need to consolidate your debt, you can transfer your existing credit card balances to the Low Rate MasterCard and pay 0% p.a. interest for 9 months. If you pay your balance in full each month, you can also take advantage of up to 55 interest free days on purchases. Otherwise, you’ll pay a competitive ongoing interest rate of 12.99% p.a.

Product NameQueenslanders Credit Union Low Rate MasterCard
Balance transfer rate (p.a.)0% p.a. for 9 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.74% p.a.)
Purchase rate (p.a.)12.99% p.a.
Offer end date31 January 2017
Annual fee$49 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)21.74% p.a.
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.
$2,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$15,000
Minimum Monthly Repayment$30 or 2%
Minimum Income$25,000
Card TypeMasterCard
Late Payment Fee$10
Foreign Currency Conversion Fee (MC)3.4% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$25,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
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.
$2,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$15,000
Annual Fee$49 p.a.
Minimum Repayment$30 or 2%
Late Payment Fee$10
Cash Advance Fee$3.50 for each cash advance
Overseas Cash Advance Fee$5
Foreign Currency Conversion Fee (MC)3.4% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders4
BPAYYes
ChequeYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Queenslanders Credit Union Low Rate MasterCard review

The Queenslanders Credit Union Low Rate MasterCard combines the features of a low rate and low fee credit card. Pay $49 a year and you can benefit from a low purchase rate of interest, a competitive interest free balance transfer offer and complimentary purchase insurances. For the price of the card, the complimentary insurances are another standout feature of this Low Rate MasterCard.

Benefits of the Queenslanders Credit Union Low Rate MasterCard

  • Balance transfers. Pay 0% p.a. interest for 9 months on any credit card debt you balance transfer when you apply for the Low Rate MasterCard. The promotional period starts when you activate your credit card. You can use up to 80% of your available credit limit for a balance transfer.
  • Interest free days. Get up to 55 days interest free when you pay your balance back in full by the due date on your credit card statement.
  • Purchase protection insurance. Any items you buy using your credit card are automatically protected for 90 days under the purchase protection insurance. Pay an excess of $200 and purchases you make with the card are covered for damage, theft and loss provided you make a claim within 21 days.
  • Guaranteed pricing scheme. Insurance cover so you always get the best price. Get reimbursed up to the value of $500 if you find an item on sale for cheaper and the difference is more than $75. The item must be available within 25km of the place of purchase.

Features of the Queenslanders Credit Union Low Rate MasterCard

  • Annual fee. This low rate MasterCard has an annual fee of $49 p.a.
  • Purchase rate. The Queenslanders Credit Union Low Rate MasterCard has a purchase rate of interest of 12.99% p.a.
  • Cash advance rate of interest. The cash advance rate of interest is 21.74% p.a. Queenslanders Credit Union also charges a cash advance fee for cash advance transactions.
    MasterCard. This credit card gives you the ability to tap and go for purchases under $100. MasterCard also provides overseas emergency cash assistance if your card is lost or stolen outside of Australia.
  • Minimum repayments. You’re required to pay the greater of 0% by the statement due date every month. If you fail to make the minimum monthly repayment you will be charged a late payment fee of $10. This fee is charged every seven days that you continue to fail to make the minimum monthly repayment.
  • Currency conversion fee. When you use this low rate credit card to make a purchase or withdrawal in a foreign currency, Queenslanders Credit Union will apply a charge of 3.4% of the transaction value. Note cash withdrawals outside Australia incur an overseas cash withdrawal fee of $5.
  • Fraud protection. The MasterCard Zero Liability Guarantee protects you from credit card fraud. This guarantee does not apply to cash withdrawals. Queenslanders Credit Union also offers Fraud Shield protection, which monitors your account around the clock.

How to apply for the Queenslanders Credit Union Low Rate MasterCard

If you’ve compared your options and decided the Queenslanders Credit Union Low Rate MasterCard is right for you, you can apply online or in branch. Before you do so, make sure you’ve met the eligibility requirements and have the required documents on hand:

Eligibility criteria checklist

    • Age. You must be 18 years of age or older to apply for the Queenslanders Credit Union Low Rate MasterCard.
    • Residency. You must be an Australian resident or citizen.
    • Credit history. You must have a good credit history.

Income requirement. You must earn more than $25,000 p.a. to be eligible to apply for this credit card.

The documents you’ll need

  • Identification. You’re required to become a member of the credit union when you apply for the Low Rate MasterCard. You can complete the identity verification process online by supplying your driver’s licence, passport or proof of age card identification number.
  • Income and assets. Detail information about your annual income and any other income generating assets such as investment accounts.
  • Expenses and liabilities. Also provide information about your ongoing expenses such as rent and liabilities like credit cards or personal loans.

The Queenslanders Credit Union Low Rate MasterCard provides one of the cheapest purchases rates in the market. However, as it’s not the only low rate card on the market, it’s wise to compare a few options before applying.

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Rates last updated September 26th, 2016
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