Beyond Bank Credit Cards

Pauline Hatch     

Beyond Bank is one of Australia's largest customer-owned financial institutions, operating branches across the country. Beyond Bank prides itself on listening to customer feedback, which has produced multi-award-winning personal and business finance products.

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Beyond Bank Low Rate Credit Card

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Beyond Bank

Beyond Bank

Looking for an alternative to traditional banks? Beyond Bank could be that alternative. Beyond Bank sets itself apart from traditional banks and financial providers. How do we know? Well, for one thing, its tagline is ‘the other way to bank’.

How exactly does it set itself apart then? The big difference between Beyond Bank and say, the Big Four, is that Beyond Bank is customer owned. The Big Four banks have shareholders and investors to answer to. They have to create larger profits to keep those shareholders and investors happy.

Beyond Bank, on the other hand, is able to reinvest its profits, which in turn, benefits its customers. Like many other customer owned financial institutions, Beyond Bank can offer more competitive rates, and prides itself on its superior service and work in the community.

Thinking about applying for a credit card, but not sure which one to pick? You might want to check out what’s on offer at Beyond Bank. It may not offer the variety of the Big Four, but it may still have something you’re looking for.

Comparing Credit Cards

Before looking into the various credit cards on offer, first things first. Let’s look at the different types of credit card - and who they are best for. Here’s a rundown:

Low Rate Credit Cards

A low rate credit card charges a low rate of interest on purchases (and sometimes on cash advances too). This type of card works best for cardholders who want to save money on the balance they carry over each month. With few features on offer, these can be great no fuss credit cards as well.

Low Annual Fee Credit Cards

Another money-saver, the low annual fee credit card charges a low annual fee. This type of card is perfect for cardholders who don’t want to spend a lot on fees. It can also work well as an emergency card, for cardholders who don’t use their card too often. Although, if this is the case, a no annual fee card could work better.

Rewards Credit Cards

Allowing cardholders to accumulate points, a rewards card can offer something back for everyday spending. Points can be redeemed for flights and merchandise, cashback and gift cards. This type of card will usually work best for cardholders who spend big on their cards, and who pay off their balance in full each billing cycle.

Gold and Platinum Credit Cards

Also known as prestige cards, gold and platinum cards offer cardholders extra features or perks. In return for paying a higher annual fee, cardholders can enjoy complimentary insurances, travel and entertainment perks, and personal concierge services. This type of card is best for cardholders who make the most of the extras, who get more back from their card than they pay in fees.

Beyond Bank Credit Cards

Beyond Bank currently has one credit card, which manages to fit into two categories. The Beyond Bank Low Rate Credit Card is a low rate card – obviously – and a low annual fee card. Want to know more? Let’s take a look at what this card’s got to offer.

Low Rates

As its name suggests, the Beyond Bank Low Rate Credit Card has some pretty low rates. Its purchase rate is competitively low, but it should be noted that its cash advance rate is not. Does this matter? For the most part, it’s generally not recommended to use the cash advance feature on a credit card. Not only does it charge high interest rates, there are usually fees involved as well.

What does matter is that purchase rate. Why? Here are a few reasons why you may need a card with a low purchase rate.

Carrying a Balance

Again, this is not something that’s recommended. But, many cardholders do carry a balance on their card. On most cards, balances carried over month to month will attract interest. The amount of interest charged depends on the card.

By choosing a card with a low purchase rate, cardholders can minimise the amount they pay in interest. This can allow them to pay less in interest, and more of their balance. In theory, that should mean paying down their debt faster, while paying less in interest overall.

Don’t believe us? Check out a credit card calculator to see how much you could save simply by having a credit card with a lower purchase rate.

Keeping it Simple

A credit card provider is offering a service. To provide that service it needs to get something back. Flashier cards with rewards programs and platinum perks usually charge higher annual fees and interest rates, allowing card providers to make some money back.

However, low rate cards provide a ‘cheaper service’, so they offer fewer features. That’s why low rate cards are low fuss, with not much excitement on offer. But, there are cardholders who prefer it that way. They don’t need the rewards programs or the perks. And they certainly don’t want to pay for them.

With a low rate credit card, they can keep it simple. Low rate cardholders can enjoy access to credit, keeping costs down, without the hassle of worrying about what features are on offer.

Starting Out

Not that great with credit? A low rate card could be for you. Getting a credit card can be very handy. Not only do you have access to credit, you can also build your credit rating. Why is this important?

Later on down the line, you may want to take out more credit, such as a car loan or home loan. Before allowing you that loan, the financial provider will assess your credit. If you have no credit history, that provider will find it hard to assess your application. Are you good with credit or are you bad? It’s an unknown.

However, you can use your credit card to build your credit rating over time. Don’t spend more than you can afford to pay back. Don’t take out loads of credit cards and rack up a heap of debt. Always pay your bills on time – in full, whenever possible.

By treating your credit card right, you can build a good credit history. This will hopefully make it easier to get approved for credit in the future. But, it can also go the other way too. By mistreating your credit card, you could damage your credit rating. So, when you’re first starting out, it can be a good idea to start small.

Think about starting with a low rate credit card with an affordable purchase rate, and work your way up. This card could very well be the Beyond Bank Low Rate Credit Card.

Low Annual Fees

Low rate cards are often thought of as money savers. They offer low rates, but they often offer low annual fees as well. Such is the case with the Beyond Bank Low Rate Credit Card. With its low annual fee, this card is affordable in the long term, whether it’s used often, or not at all.

Most people who choose credit cards with low annual fees are looking to save money. Some credit cards charge upwards of a few hundred dollars each year, just in annual fees. While those cards work well for some cardholders, they don’t work well for others.

With few extras on the table, low annual fee cards are perfect no fuss cards. You don’t want the hassle of working out how a rewards program works? Not a problem. You don’t need all those expensive extras? No worries. You just need access to credit at a minimal cost? This could be the card for you.

Introductory Offers

Many credit cards offer introductory offers to entice new customers. There are various types of introductory offers available. Here are a few to look out for:

Balance Transfer Offer: This allows cardholders to transfer a balance from an existing card, where they will pay a much lower rate of interest for a certain period of time. After the introductory period is over, any transferred balance left unpaid will revert to the card’s standard purchase rate or cash advance rate.

Best for cardholders who want to pay down their existing credit card debt.

Purchase Rate Offer: This allows cardholders to make purchases on the card at a much lower rate of interest for a certain period of time. Any balance left unpaid at the end of the introductory period will usually revert to the card’s standard purchase rate.

Best for cardholders who want to make a big purchase on their card and pay it down before the introductory period ends.

Rewards Points Offer: This offers cardholders bonus rewards points on card approval. Sometimes the cardholder will have to spend a certain amount on the card within a certain period of time to access these points.

Best for cardholders who will make good use of this card over the longer term, and who will benefit from the bonus points.

Low or No Annual Fee Offer: This offers customers low or no annual fee for an introductory period, or for the life of the card. If the offer only lasts for an introductory period, the annual fee will revert to the standard amount after the intro period ends.

Best for cardholders who want to save money on annual fees – but who also want the card long term.

Beyond Bank offers a range of introductory offers on its credit card, so be sure to check out what’s on offer right now. As with any offer, be sure to read the small print. It’s a good idea to choose a card that works in the long term, unless you plan on cancelling it after the intro period is over.

Interest Free Days

What else does the Beyond Bank Low Rate Credit Card have to offer? One standout feature of this card is the number of interest free days available. Many credit cards offer up to 44 or 55 days interest free on purchases. Beyond Bank goes bigger than that. Its card has a massive 62 days interest free on purchases.

Why would this affect you? When you use your card, you usually have a certain number of days before that purchase starts to attract interest. Depending on the billing cycle day, you may have 15 days or 30 days before your purchase starts attracting interest.

But, with the Beyond Bank Low Rate Credit Card, you have a lot more time to play with. So, if you want to make a fairly large purchase, you can have longer to pay it off before you start paying interest.

Be aware though, you will not have the full 62 days on each purchase. This is determined by the billing cycle. Always read the terms and conditions in full to make sure you understand how your interest free days work before using your card.

Other Features

As we talked about earlier, credit cards with low rates and low annual fees tend to be low on features. The Beyond Bank Low Rate Credit Card is no exception. Yes, it offers low rates. That’s awesome. Yes, it offers a low annual fee. That’s great. Yes it offers up to 62 days interest free – and the occasional introductory offer. That’s just perfect.

But, when it comes to flashy features, this card ain’t got ‘em. As an affordable card, it does offer a nice low minimum credit limit at $1000. This can make it easier to keep track for those wanting to keep any eye on their spending. It can also make it more manageable for anyone getting used to dealing with credit.

Another handy feature is the number of additional cardholders on offer. Cardholders can have up to four additional cardholders for free. So, does this add up to a great card? It all depends on what you’re looking for really! Take a closer look at the Beyond Bank Low Rate Credit Card and apply today if you think it’s for you. Another way to bank? Why yes, we suppose it is.

Recently Asked Questions

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2 questions (showing the latest 10 Q&As)

Ali B

Ali B

11 March 2020
We’ve paid for flight tickets using our Beyond Bank credit card. My husband is 60 and has chronic asthma...we are therefore very concerned about international travel and the Corona virus. Does our Beyond Bank credit card have any insurance associated with it?
    Roland B Bleyer - Founder


    12 March 2020
    Hi Ali, there is no set overseas travel insurance that comes with the card. You should be able to cancel your tickets hopefully with minimal penalty. Speak to your airline or whoever you booked your tickets with. I agree that anyone with that type of condition should be careful. It will depend on which countries you are going to though. As it may be safe to travel to certain ones.
adam bentley

adam bentley

19 July 2018
I have never had a credit card before I have got a everyday visa debit card with beyond bank but I want to get a low rate credit card so I can use for emergencies only I don't earn that much at the moment and I get the disability pension fortnightly can you recommend a credit card for a first time person and who is not very good with money
    Roland B Bleyer - Founder


    19 July 2018
    Hi Adam, credit cards have high fees and if you are not good with money they don't sound like the best option. I understand everyone has an emergency and needs some cash now and then. Though once you max the card out then it would be difficult to make payments. It could end up much worse than the beginning. If you must have a credit card then have a look at the ANZ First. ANZ can see the pension as income. Though your income v expenses, assets v liabilities and any credit history you have will come into consideration. This card does have high interest rates and would need to be paid off in full each month.
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