Hume Bank Value Visa 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 Hume Bank Value Visa Credit Card

With a strong focus on value, the Hume Bank Value Visa Credit Card works to keep costs down by charging no annual fee for both primary cardholders and additional cardholders. The card also has a low ongoing purchase rate for cardholders who carry a balance, and for those who don’t, there is up to 55 days interest free on purchases available.

What we love...

The Hume Bank Value Visa Credit Card is a no frills card. That means, instead of offering lots of fancy features, it keeps it simple. But, for the right cardholder, simple can be good. Why would you want a simple card? One of the main reasons to choose this type of card is that simple typically equals low cost. So, it can help you save money.

First, let’s look at this card’s annual fee. Can’t see it? That’s because it doesn’t exist. This is a no annual fee credit card, which means there is no annual fee to pay, ever. And if you want to add an additional cardholder to the account, this also happens to be free, with no additional cardholder annual fee to worry about either.

While low rates and low fees don’t always go hand in hand, with the Hume Bank Value Visa Credit Card, they do. As Hume Bank is a mutual, it can offer a nice low rate on purchases, alongside no annual fee. What does being a mutual have to do with it? With no external shareholders to pay profits to, mutuals like Hume Bank can re-invest profits to provide more competitive rates.

The card’s low rate could appeal to cardholders who carry a balance. If you have to pay interest on your balance, you want that interest rate to be as low as possible. Which is why cardholders who carry a balance are usually better off with low rate cards than fuller featured cards with higher interest rates.

However, if you happen to clear your balance each month, this card can offer you the opportunity to save as well. By paying off your balance by the due date each statement period, you can benefit from up to 55 days interest free on purchases. That means, with no annual fee and no interest to pay, you are effectively accessing credit for free.

What’s not so great...

As we mentioned earlier, the Hume Bank Value Visa Credit Card is a basic card, which means features are thin on the ground. This may not suit all cardholders, especially those who expect more from their card. If you want more in features and rewards, it would be best to look elsewhere. Hume Bank’s Clear Visa offers cash back rewards, which could provide a worthy alternative.

Why should you choose this card?

Choosing the Hume Bank Value Visa Credit Card means being part of a mutual. As smaller organisations owned by members, mutuals can provide a very different experience for those who choose to bank with them. As a member, you could benefit from access to credit for no annual fee, lower rates, and excellent customer service from a bank that truly values its members.

With no annual fee, the card could appeal to those who want to save money, or those who believe access to a credit card shouldn’t come with an annual fee. It could work well for someone who wants to keep a card in their wallet for emergencies, or someone who wants a simple card that doesn’t require an instruction manual to understand its features.

Overall Rating

A no frills option, the Hume Bank Value Visa Credit Card has no annual fee and a low ongoing purchase rate.