Bank of Heritage Isle Credit Cards

Pauline Hatch     

With the goal of being the trusted bank of choice for Tasmanians, Bank of Heritage Isle functions as a mutual organisation that services the wider Tasmanian community. With branches throughout Tasmania, Bank of Heritage Isle is a full service financial institution that offers a wide range of financial products and services including home loans, personal loans, savings accounts, term deposits, financial planning, insurance and credit cards.

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Bank of Heritage Isle Visa Credit Card

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Bank of Heritage Isle

A mutual bank is owned by its members rather than external shareholders. Decisions are made by members and carried out by a board of directors, with no outside shareholders influencing the bank’s direction. This structure allows profits to be reinvested into the bank to benefit members through better services, lower fees, and more competitive rates.

Proud of its mutual status, Bank of Heritage Isle has a clear purpose: to promote the principles of member-owned financial institutions and to meet members’ financial needs with dignity, honesty, and integrity. While small, it is fully regulated and supervised by the Australian Prudential Regulation Authority (APRA), the same body that oversees Australia’s major banks.

Originally a credit union, the organisation was founded in 1965 by a group of Comalco employees. In 2018, Heritage merged with Sydney-based Police Bank to form Bank of Heritage Isle. The merger grew its membership from 6,667 to 73,000 and increased total assets to over $1.9 billion. It also enabled the bank to introduce new products—such as its credit card—and implement new technology for members.

Bank of Heritage Isle: Its Values

Taking pride in its values, Bank of Heritage Isle promotes:

  • Integrity: Bank of Heritage Isle strives to do the right thing, each and every time.
  • Simplicity: Bank of Heritage Isle aims to continually simplify and improve products, process and services
  • Accountability: Bank of Heritage Isle takes ownership by delivering on what it commits to do and always does its best.
  • Member Focused: Bank of Heritage Isle’s members are at the heart of everything it does.

Like most mutuals, Bank of Heritage Isle also gives back to the community it serves. It sponsors local events and causes important to its members, helping the community grow.

Bank of Heritage Isle: Its Products

As a mutual organisation, you must become a member to apply for its credit card. Membership is free, can be completed online in minutes, and may also give you access to the bank’s other financial products.

What exactly does the Bank of Heritage Isle have to offer in the way of credit cards? Keeping to its value promoting simplicity, the bank only offers one credit card. But, while this card does keep things pretty basic, it still has plenty to offer.

In fact, this little card has been recognised within the industry, receiving a number of awards, including the Money magazine 2018 award for Cheapest Balance Transfer Credit Card, and Mozo’s Experts Choice 2017 for Balance Transfer Credit Card and Low Rate Credit Card.

This card focuses on:

  • Low rates: Offering a low ongoing purchase rate, the Bank of Heritage Isle Visa Credit Card can help keep costs low for cardholders who carry a balance.
  • Low annual fees: The card works hard to keep costs down with a low annual fee. Keep an eye out for offers that waive this annual fee for an introductory period.
  • Being a money-saver: The card offers up to 55 days interest-free on purchases, allowing cardholders who clear their balance each month to keep their interest costs at zero.
  • Functional features: While it may be a basic card, it does offer compatibility with Apple Pay, Samsung Pay and Google Pay, alongside standard Visa features.

To find out more, check out the full details and our review on the card’s page.

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