Bank Australia Credit Cards

Bank Australia

But where did Bank Australia come from? It’s not one of the big players, like the Big Four. If you haven’t heard of Bank Australia, don’t worry—it’s not a new bank. It’s an older bank with a new name. Prior to 2015, Bank Australia was known as bankmecu. And before 2011, bankmecu was known as the Members and Education Credit Union.

History lesson over—so what does Bank Australia offer its customers today? A full range of financial products. From savings and transaction accounts to loans, insurance, and of course, credit cards. Which is why we’re here. Want to know more about Bank Australia’s credit cards? Let’s take a look.

Choosing a Credit Card

Why do most people keep a credit card in their wallet? There can be many reasons. Perhaps you want to earn rewards points. Maybe you’re planning a big purchase and want to pay it off using an introductory purchase offer. Or maybe you simply want the flexibility to buy now and pay later.

There are several types of credit cards available, and the key to choosing the right one is to match it to your spending habits. If you’re a big spender, a rewards card may suit you. If you value perks, a platinum card could be the best fit. And if you want to save money, a low-interest or no annual fee card might be your best bet.

If you’re looking to compare Bank Australia’s range of credit cards, it’s important to understand what each one offers—and who it’s best suited for. Let’s take a look.

Everyday Credit Cards

First up on the list is the Bank Australia Visa Credit Card. This is your standard, everyday credit card. It doesn’t offer any flashy features or fancy perks—it simply provides the core services of a credit card, with really quite decent rates.

Rates

As a customer-owned bank, Bank Australia can offer lower rates than many traditional banks—and that’s exactly what it does. With its everyday Visa Credit Card, Bank Australia offers a low purchase rate and cash advance rate. But why should you care about the rates?

Credit cardholders who tend to carry a balance should always take note of how much interest they’re paying. Each month, they pay interest on that carried balance. Naturally, a card with lower rates allows cardholders to pay less in interest compared to one with higher rates—helping them reduce their debt faster.

Fees

Unlike many other everyday credit cards—especially those with low interest rates—the Bank Australia Visa Credit Card also comes with low fees. In fact, there’s no annual fee, and no late payment fee, which is quite rare.

Why does that matter? Credit card providers typically earn money in two main ways: through interest payments and through fees. But it’s not always necessary to pay either. Cardholders who pay off their balance each month avoid interest altogether. And by choosing a card with no annual fees, they can avoid those extra charges too.

Extras

This card offers minimal extras—but that’s by design. Cardholders get up to 55 days interest-free on purchases, which is a nice benefit. It also comes with essential features like 24/7 fraud monitoring, Visa Checkout for secure online shopping, online banking, and mobile payments through Apple Pay and Google Pay.

In other words, this is a no-frills, everyday credit card. It gives cardholders access to credit while keeping costs down. While it may not be exciting, it gets the job done—and for cardholders who don’t need rewards or perks, but want to save money while maintaining access to credit, it could be the perfect choice.

Low Interest Credit Cards

We’ve already discussed the importance of low interest rates on a credit card. While the Bank Australia Visa Credit Card does offer low rates, it’s not officially classified as a low rate card. That title belongs to its “little brother,” the Bank Australia Low Rate Credit Card.

Rates

Offering even lower rates than the standard Visa Credit Card, the Bank Australia Low Rate Credit Card is an excellent option for anyone looking to minimise interest charges. It has a very low purchase rate and cash advance rate—seriously low.

This is ideal for cardholders who tend to carry a balance. Instead of paying large amounts in interest on balances rolled over each month, this card allows you to pay less. In theory, the lower interest means more of your payment goes toward reducing the balance—helping you pay off the debt faster and spend less on interest overall.

Fees

As mentioned earlier, credit card providers need to earn revenue to offer their services. Because of the lower interest rates, this card charges a slightly higher annual fee than the standard Visa Credit Card. The fee is still quite affordable, but it’s worth doing the math to figure out which card will save you more in the long run.

Will you pay more in annual fees than you’ll save in interest? Or will the interest savings outweigh the higher annual fee? Use a credit card calculator to help crunch the numbers and make an informed choice.

Extras

As with most everyday and low cost credit cards, this card doesn’t come with many extras. Its primary appeal lies in its money-saving potential. You won’t find flashy perks or premium features—because the main benefit is the savings.

With this card, you get low interest rates, a low annual fee, and all the standard Visa benefits that come with the regular Bank Australia Visa Credit Card. However, it’s important to note that this card offers 0 days interest-free on purchases (unlike the standard Visa Credit Card, which provides up to 55 interest-free days). This could be a deal-breaker for some cardholders, so think carefully before applying.

Platinum & Rewards Cards

With a rewards card, cardholders can earn rewards points on their everyday spending. Those points can be redeemed for any number of things, depending on the rewards program in question. Points can be turned into flights using frequent flyer rewards. Or, they could be redeemed for cashback, merchandise or gift cards.

With a platinum card, cardholders can enjoy a few extra perks. This could mean enjoying the services of a personal concierge. It could mean benefitting from complimentary insurances. It could mean having lovely extras such as VIP Lounge access at the airport, or priority service at a department store.

Bank Australia combines these two types of cards with its Platinum Rewards Visa Credit Card. Essentially, a platinum rewards card offers platinum perks, plus rewards. It will usually offer a higher rate of earning compared to standard rewards cards as well. So, how does the Bank Australia Platinum Rewards Visa Credit Card stack up?

Rates

To provide perks and rewards costs money. So, cards that offer these features usually charge more in fees and interest. The Bank Australia Platinum Rewards Visa Credit Card is no exception. While its purchase rate and cash advance rate are by no means the most expensive in town, they are still up there.

So, to make this card worthwhile, it’s worth thinking about how it will be used. If the balance will be paid off in full each month, then the purchase rate isn’t really an issue. Even if it is quite high, it won’t apply as long as that balance is paid off before interest starts accruing.

But, for cardholders who tend to carry a balance, this card may not be the best option. Quite simply, the amount they get in rewards is unlikely to be more than they pay in interest. Yes, it’s nice to get extras, but not if you’re paying more for them in interest. To work out if a particular rewards card is for you, weigh up how much you’re getting back against the amount you’re paying in.

Fees

Obviously, this also applies to fees. As a platinum rewards card, this card has a higher annual fee. That’s to be expected. But, the trick is to think about what you’re getting for that fee, and work out whether it’s worth it. If you get heaps back in rewards and features, then maybe paying a higher annual fee is worth it for you.

Thinking about adding an additional cardholder to your account? Having two cardholders on one account can make points stack up faster. But, with this card, cardholders have to pay quite a bit for that additional cardholder in annual fees each year. Again, think about the balance of what you’re paying out, for what you’re getting in return.

Extras

So, to make your decision, you need to know what you’ll get with this card. First up, rewards. With the Bank Australia Platinum Rewards Visa Credit Card, you will earn Qantas points on your spending. That means 1 Qantas Point for every $1 spent, and 2 Qantas Points for every $1 spent on selected Qantas products and services in Australia.

And the platinum perks? You can enjoy access to Visa Platinum entertainment offers, as well as complimentary overseas travel insurance. Oh, and cardholders also get free Qantas Frequent Flyer membership, saving them $89.50.

A Little Bit of History

Before choosing a card, many credit cardholders like to know a little more about their bank. Yes, we know Bank Australia used to be bankmecu, and before that it was the Members and Education Credit Union. But, what does this actually mean?

Well, it’s safe to say this financial institution is not a flash in the pan. In fact, some customers have been banking with Bank Australia (in it various forms) since 1957. These days, Bank Australia has nearly 130,000 customers making up this customer owned bank.

As a customer owned bank, its customers – obviously – are its owners. No investors or shareholders like a traditional bank. So, its first priority isn’t pleasing those investors with profits. This is a bank that prides itself on responsible banking, putting the profits it makes to good use.

With a customer owned bank, profits can be reinvested back into the bank. This allows it to offer lower rates on products such as credit cards, as well as lower fees.

Bank Australia is also into sustainability. The company has been carbon neutral since 2011. On top of that, the Bank Australia Impact Fund distributes 4% of annual after-tax profits to projects that make change in social and environmental issues.

Is Bank Australia right for you? When choosing a credit card, there is a lot to take into account. It’s important to think about what you need from your card, and what you’re willing to spend. You have to think about how you will use your card, and what is the most important outcome. Do you want big features? Do you want to save money?

In terms of the financial institution you choose, think about its background and what it has to offer. Does Bank Australia live up to your expectations? Does it offer the credit cards you want? Check out the range in detail and find out more today.