- 12.80% p.a. for purchases and 14.80% p.a. for cash advances
- Receive 0.66% cash back for every eligible dollar back into your bcu transaction or savings account
- Up to 55 days interest free on purchases
Making it super easy to earn cashback on everyday card spending, the bcu Rewards Credit Card is a great alternative to standard rewards cards. With a low purchase rate and a reasonable annual fee, the card keeps its features fairly simple, concentrating on those cashback rewards, while providing access to credit.
There’s no denying earning rewards can be pretty exciting. It feels like you are getting something for nothing, like you are getting a little treat simply for spending on your credit card. But, rewards programs can be complicated. Sometimes it can be hard to work out whether you are actually getting value for money.
Which is where the bcu Rewards Credit Card comes in. Unlike standard rewards cards that earn points that are then redeemed for rewards, this card earns cashback, which can be spent in any way the cardholder pleases. There are no tiered earning structures to remember, and cardholders don’t have to pour over rewards options, trying to figure out how to redeem their points to get the best value from them.
Instead, cardholders simply earn 0.66% back on every dollar they spend on eligible purchases. So, for every $1,000 you spend on the card, you will get $6.60 back. In case you were wondering, eligible purchases are most purchases made on the card, apart from cash advances, BPay, fees, charges and enforcement expenses, interest, balance transfers or transactions for business purposes.
When you apply for this card, bcu will automatically open a Rewards Savings Account in your name. Each month, the cashback you have earned will be automatically credited to this account. You can then spend it as you like. How much value does this offer? You would need to spend $13,500 on your card each year to cover the annual fee, but from there, all points are yours. Take note, the maximum cash back you can earn annually is $500.
In terms of costs, the card has a low rate for a rewards card. But, carrying a balance and paying any interest on it – even if it is on a low rate – will make it very hard to enjoy real value on the cashback rewards you receive. Instead, it’s better to clear your balance by the due date, and then you can enjoy the card’s interest free feature, with up to 55 days interest free on purchases.
The main sticking point on this card is its application process. While most providers now offer online or over-the-phone credit card applications, bcu requires new cardholders to visit a branch to apply. As long as you live near a branch, this could be easy enough, but with branches focussed along the Queensland and NSW coast, it’s not going to be possible for all applicants.
If you clear your balance each month and want to earn something back on your credit card spending, the bcu Rewards Credit Card could offer real value. Cardholders who don’t have time for complex rewards programs, or who simply want to earn cashback to spend as they like can enjoy an easy way to get something back on their spending day-to-day.
Unlike some rewards cards, this one offers a low minimum credit limit of $500, making it a good choice for cardholders who want to reduce their temptation to overspend. And of course, as a credit card, it provides all the access and security features you would expect, including worldwide acceptance, contactless payments via Visa payWave, and security via Verified by Visa.
An everyday rewards card that offers cashback on card spending, the bcu Rewards Credit Card is a basic offering with a low purchase rate and reasonable annual fee.
Purchase rate 12.80% p.a.
Cash advance rate 14.80% p.a.
Interest free period on purchases up to 55 days
Minimum credit limit $500
Maximum credit limit $20,000
Annual fee $89 p.a.
Additional cardholder fee N/A
Foreign transaction fee 3.65%
Minimum repayment 3% or $10, whichever is greater
Cash advance fee 0%
Late payment fee $0
International Travel Insurance No
Flight Inconvenience Insurance No
Transit Accident Insurance No
Smartphone Screen Insurance No
Purchase Protection Insurance No
Extended Warranty Insurance No
Rental Vehicle Excess In Australia Insurance No
0.66% cash back for every $1. Capped at $500 p.a.
The BCU Rewards credit card has a great low interest rate of 12.80% p.a. on purchases and comes with the added bonus of cash back rewards. Receive 0.66% cash back for every eligible dollar spent. Up to 55 days interest free on purchases and an annual fee of $89.
Be over 18 years old
Good Credit and have not applied for multiple credit cards recently
Resident or citizen of Australia
You have your personal details ready to complete the online application
Roland B Bleyer founded Creditcard.com.au in 2005 and has extensive knowledge about credit cards. He personally answers all questions and write the editor reviews for each card here. Always keen to share his passion to educate consumers and help you select better suited credit cards.
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