bcu Classic Credit Card

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

The bcu Classic Credit Card

A classic card that keeps it simple, the bcu Classic Credit Card offers a low ongoing purchase rate, helping cardholders to save month to month if they happen to carry a balance. The card provides further money-saving opportunities with a low annual fee, and up to 55 days interest-free on purchases when you pay the balance in full by the due date.

What we love...

As a no frills card, the main attraction on the bcu Classic Credit Card is the opportunity it provides cardholders to save as they enjoy access to credit. First up, the card has a nice low purchase rate. When you use a credit card but are not able to pay off the balance in full at the end of the month, that balance will start accruing interest according to the card’s advertised rate of interest.

Cards that offer rewards and features tend to have higher interest rates, which can make them very expensive for cardholders carrying a balance. While they may think they are getting more from their card with all those lovely extras, it’s likely they are paying more out in interest on that carried balance than the value of the rewards they are enjoying.

The solution? A low rate card such as the bcu Classic Credit Card makes more sense for cardholders who carry a balance. While it may not be as exciting as those other cards, saving money is more important. Then, as you pay less in interest month-to-month, you can pay down more of your balance, to clear it faster.

If there comes a point when you are clearing your balance each month, you may choose to apply for a card with a bit more flash. Or, you may decide that simple is better, and stick to your classic card instead. When you do manage to clear your balance each month, you can benefit from the card’s interest-free feature, with up to 55 days interest-free on purchases.

This can offer an easy way to buy the things you want, to pay no interest until your next credit card statement is due. Remember, if you want to make the most of this one, read the small print to make sure you understand it fully.

Another reason to keep hold of this card is its low annual fee. Cards with heaps of extras tend to charge more in annual fees as well as interest. But, if you don’t really need those extras, or you know you won’t make good use of them, then you definitely don’t want to pay for them. With a low fee card such as the bcu Classic Credit Card, you save on annual fees to take advantage of access to credit. Simple.

What’s not so great...

One of the features the bcu Classic Credit Card does offer is fast approvals. This allows new cardholders to get approved within 30 minutes – as long as they have all the correct documentation and are eligible for the card. However, to apply for this card, you need to go into one of the bcu branches to do so.

Unlike most credit card applications, which can be done online or over the phone, bcu credit card applications must be made in-store. If you don’t happen to live near a branch – which are all located on the coast of Queensland and NSW – then this will be something of a sticking point.

Why should you choose this card?

As a basic card that provides access to credit, the bcu Classic Credit Card could be the ideal option for cardholders who are only interested in simple. There are no rewards programs to get your head around, and no complex features you need to read the small print to understand. It’s a card that allows you to buy stuff now, to then pay back later.

With its low rate and low annual fee, it obviously works well for cardholders who want to save money. And, with a low minimum credit limit of $500, it could be a good option for cardholders who want to limit their spending, or who only need a small credit limit (the maximum credit limit on this card is $100,000, subject to cardholder circumstances).

Overall Rating

The bcu Classic Credit Card has a low purchase rate and a low annual fee, making it a worthy choice for money-savers looking for a basic credit card.