- Same low 5.95% p.a. on purchases and cash advances. From 1 April 2021 the interest rate will revert to 9.95%p.a.
- $49 annual fee
- Up to 55 days interest free on purchases if you pay the full balance shown on your statement each month
As a mutual, Greater Bank focuses its attentions on providing one low cost credit card that simply offers the basics. No rewards, no fancy features. Instead, cardholders can benefit from a low rate on purchases, with up to 55 days interest free when they pay off their balance by the due date. Helping to keep costs down, the card also has a low annual fee, which is waived after a minimum yearly spend of $12,000.
If you’ve been checking out credit card options, you may have noticed the dizzying array often offered by bigger banks. From low rate and low fee cards, to rewards cards, platinum cards and more. Many of these cards will be packed with tantalising features, and may offer the chance to earn enticing rewards on credit card spending.
But, these cards can also come with a high price tag, which often translates to a high annual fee and a high purchase rate. And while they may offer value for some types of cardholders, they’re not for everyone. Which is why Greater Bank keeps it simple with its one credit card offering: the Greater Bank Visa Credit Card.
As the bank itself says, “We’d rather bring you one credit card and make it the best we can”. So, what does this card have to offer? Forgoing fancy extras, this card instead focuses on value – which is something we often see on cards from mutuals such as Greater Bank. In terms of interest, the card has the same low interest rate for both purchases and cash advances.
This can make it a worthy option for cardholders who tend to carry a balance on their card. Instead of their balance accruing more interest on a card with a higher interest rate, they can save on interest costs by choosing a low rate card such as this. This should allow them to pay off more of their balance, to clear it faster.
Cardholders who pay off their balance in full each month can take advantage of the card’s interest free feature. This offers an interest free period of up to 55 days on purchases, allowing cardholders to keep interest costs at zero. On top of that, the card offers further opportunities to save with a low annual fee. As a nice touch, cardholders who spend at least $12,000 on their card each year will pay no annual fee.
Cards like the Greater Bank Visa Credit Card tend to suit cardholders who want basic, and whose primary objective is to keep costs down. That means there are no exciting extras on offer. If you want more back from your card, and think that a card that offers more in rewards or features can offer more value to you, you may want to look elsewhere.
The Greater Bank Visa Credit Card is a money-saving credit card. It is simple, basic and offers no frills. If you want to save on annual fees and interest, this card could certainly make that happen. If you want a card that is uncomplicated, offering only what’s necessary, then this could very well be the card for you.
However, it is nice to see that even though this is a simple card, you can benefit from excellent customer service and support, while being part of a mutual organisation that gives back to the community. You can enjoy worldwide acceptance using the Visa network, while accessing Visa payWave, Visa Checkout, Verified by Visa and Visa Offers. Real-time payments via PayID & Osko by BPAY are also available.
A no frills card that keeps costs down and complications to a minimum, the Greater Bank Visa Credit Card has a low rate and a low annual fee, which is waived after meeting a minimum yearly spend.
Purchase rate 5.95% p.a.
Cash advance rate 5.95% p.a.
Interest free period on purchases up to 55 days
Minimum credit limit $N/A
Maximum credit limit N/A
Annual fee $49 p.a.
Additional card holder fee N/A
Foreign transaction fee N/A
Cash advance fee N/A
Late payment fee N/A
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
Pay no annual fee if you spend a minimum of $12,000 annually after the first year
Be over 18 years old
Good Credit and have not applied for multiple credit cards recently
Permanent Resident or Australian Citizen
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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