Security Credit Union Low Rate Visa Credit Card

Information verified correct on September 23rd, 2016

Get an ongoing low rate of interest for purchases, cash advances and balance transfers with the Security Credit Union Low Rate Visa.

Security Credit Union was established in 1964 to provide financial services to staff working in the Department of Human Services. It has now merged with Sydney Credit Union (SCU) and offers a range of products – which aim to put “people before profit” – including the Low Rate Visa.

This credit card features a low standard variable interest rate of 10.49% p.a. for purchases, cash advances and balance transfers. It also has a competitive annual fee of $30 and keeps other charges to a minimum.

Product NameSecurity Credit Union Low Rate Visa
Purchase rate (p.a.)10.49% p.a.
Annual fee$30 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.)10.49% 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.
$1,000
Minimum Monthly Repayment2.50% or $20, whichever is greater
Card TypeVisa
Late Payment Fee$25
Foreign Currency Conversion Fee (VISA)2% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
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.
$1,000
Annual Fee$30 p.a.
Minimum Repayment2.50% or $20, whichever is greater
Late Payment Fee$25
Cash Advance Fee$1.75
Overseas Cash Advance Fee$4
Overseas Emergency ReplacementUS$185
Overseas ATM Balance check$1.50
Overseas ATM Withdrawal Fee$4
Foreign Currency Conversion Fee (VISA)2% of transaction value
Gambling Transactions AllowedNo
BPAYYes
ChequeYes
Direct DebitYes
Phone BankingYes
Internet Banking TransfersYes

Security Credit Union Low Rate Visa review

The Security Credit Union Low Rate Visa is designed specifically to offer customers value for money through its competitive rates and fees. The low, ongoing standard interest rate gives you a chance to save money when you carry a balance and can make it easier to pay down your credit card debt.

This card also offers balance transfers without any additional fees, unlike some other options that charge between 1% and 3.5% of the total debt you move to a new card. As a Visa option, the Security Credit Union Low Rate Credit Card is also accepted at over 24 million locations around the world when you shop in person, over the phone or online.

Benefits of the Security Credit Union Low Rate Visa

  • Low interest rate. This card has a standard variable interest rate of 10.49% p.a. for purchases, cash advances and balance transfers.
  • Fee free balance transfers. While some banks charge you a percentage of the balance you move to a new card, the Security Credit Union Low Rate Visa has no fees for this service.
  • Fast approval. Application approval can be made in as little as 48 hours.
  • Interest free days. Get up to 55 days interest-free on new purchases when you pay the balance of your card in full by the due date on your statement.
  • Visa benefits. This Visa credit card gives you access to exclusive ticket offers for a wide range of experiences and events through the Visa Entertainment program. It also offers security through the Verified by Visa online payment service.
  • PIN selection. This card lets you choose a security PIN so that it’s easier to remember your four-digit code when you make purchases in person.

Features of the Security Credit Union Low Rate Visa

  • Annual fee. This card has a competitive annual fee of $30. This fee is waived for customers with a My Life Home Loan.
  • Credit limit. The credit limits for this card start from $1,000.
  • Late payment fee. A $25 fee applies if you miss the due date for a payment on this card.
  • Cash advance fees. The Security Credit Union Low Rate Visa applies a $1.75 fee for cash advances made at Security Credit Union branches, and a $4 fee for other cash advances.
  • ATM balance inquiries. If you want to check your balance at an ATM in Australia or overseas, a $1.50 fee will apply.
  • Declined transactions. Any ATM or EFTPOS transactions that are declined will attract a $1.50 fee.
  • Currency conversion. This card charges 2% of the total value of any transactions made in a foreign currency, such as when you’re overseas or shopping with international retailers online.
  • Card replacement fees. If your card is lost, stolen or damaged it will cost you $10 to get a new one in Australia. For emergency card replacement when you are overseas, the cost is US$185.
  • Emergency cash advance. If you are overseas and your card is lost or stolen, you can get funds to tide you over by requesting an emergency cash advance. There is a fee of US$185 for this service.
  • Chargebacks. If you have to request a chargeback to your Security Credit Union Low Rate Visa, you will pay a $27.50 fee. Read our guide to find out more about the ways you can reverse a credit card payment and avoid this charge.
  • Minimum payments. If you carry a balance, you will have to pay at least 2.50% or $20, whichever is greater.
  • Security. This card has chip-and-PIN technology and offers Verified by Visa for online payments. It also comes with a Zero Liability Policy for fraudulent charges, providing you meet the requirements outlined in the Security Credit Union Low Rate Visa product disclosure statement.
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How to apply for the Security Credit Union Low Rate Visa

You can easily apply for the Security Credit Union Low Rate Visa online in about 15 minutes. To get started, make sure you meet the following eligibility requirements.

  • Age. You must be at least 18 years of age to submit an application for a credit card.
  • Residency status. You must be an Australian citizen or permanent resident to apply for this card. If you are a temporary resident, you can check out our guide to the cards you can apply for in Australia.
  • Employment. Credit card companies generally prefer you to have full time employment and/or an ongoing income. But you may still be eligible to apply for a credit card if you are retired, self employed or working under other circumstances. You can contact Security Credit Union directly on 13 61 91 to find out more or discuss your situation.
  • Credit rating. You must have a good credit rating to apply for this card.

If you’ve compared your options and decided the Security Credit Union Low Rate Visa is right for you, you can begin your application online or in a branch. Before you apply for the card, please make sure you’ve met the eligibility requirements and have the required documents handy before applying:

Eligibility requirements and required info

  • Full name
  • Date of birth
  • Residential address
  • Contact phone number
  • Email address
  • Marital status
  • Driver’s licence number
  • Details of your employer and income

Supporting documents

  • Copy of your driver’s licence
  • Employment contract
  • Recent payslips
  • Bank statements or most recent tax return

What happens after I’ve submitted the application?

After you have completed the online application Security Credit Union will process it and notify you of the outcome within 48 hours. If you’re successful, you will have to go to a branch to sign the credit card contract. This may also be when you are asked for supporting documentation.

When all of that is done, your new card will be provided either in the branch or in the mail. New credit cards usually take between 5-10 business days to arrive by post but it could be up to 21 days in some cases.

Sign the back of the card when you get it and follow the steps outlined by Security Credit Union to complete the activation. Any balance transfers you’ve requested can then be processed and you’ll be all set to start using the card for purchases.

The Security Credit Union Low Rate Visa is a competitive, no-frills card that offers value for money through its low interest rate and fees. Now that you know more about the features of this card, you can compare it to a range of other options and apply for a card that suits your individual needs.

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Rates last updated September 23rd, 2016
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