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Pretty much every bank has a tagline or slogan. This is something the bank stands for, or would like to be known for. NAB is More Than Money. Bankwest is Making Banking Easier. For IMB, it’s all about value. As the bank itself says, IMB is Better Value Banking.
But does it stand up in real life? Does IMB really offer better value banking? As a customer owned bank, IMB is certainly well-placed to offer better value to its customers. Unlike traditional banks, which typically focus on profits for shareholders, a customer owned bank can focus on giving back to its customers.
In a customer owned bank, profits can be reinvested back to provide better service and better products. It can also offer better value, by providing better rates. This is exactly what Better Value Banking means to IMB. It strives to offer better service, better products and better value.
Looking for a credit card? IMB has a couple of credit cards currently on its books. But are they for you? Let’s take a look at the credit cards IMB has to offer. We’ll see who they work best for – and who would perhaps be better looking elsewhere.
This is IMB’s low purchase rate offering. The IMB Low Rate Credit Card is not exactly packed with features, but it still has plenty going for it. First up, let’s look at why you might need a credit card with a low purchase rate.
So, you want to make a substantial purchase. But, you don’t happen to have the cash available today. A credit card can make that happen. Nevertheless, it needs to be used wisely – and you need to choose the right credit card for the job.
With a low rate credit card, such as the IMB Low Rate Credit Card, your purchase will attract a lower rate of interest than a standard credit card. So, if you don’t pay off that purchase before interest starts accruing, the interest you are charged will grow at a lesser rate.
In the time it takes you to pay off that purchase, you should pay less in interest overall, hopefully clearing the debt sooner. However, it’s worth pointing out that all efforts should be made to clear credit card debt each billing cycle to avoid paying interest altogether.
One way to do this is by using the card’s interest free days. As it happens, the IMB Low Rate Credit Card has up to 55 days interest free on purchases. That means – depending on the day of your billing cycle – you could enjoy up to 55 days before you start paying interest on your purchase. Be sure to read the small print to find out how this works before buying.
While it’s always recommended to clear your balance each billing cycle to avoid paying interest, we know that’s not always possible. For cardholders who have trouble paying off their credit card in full each month, it can be a good idea to choose a card with the lowest possible purchase rate.
This can allow the cardholder to pay less in interest each month, paying down more of their debt, and clearing it sooner. Another option for cardholders looking to pay down their debt quicker is a balance transfer credit card. More on that later.
Some people jump in feet first with their first credit card. They don’t know too much about credit, or how best to deal with it. Worst of all, they don’t fully understand the consequences of dealing with credit incorrectly.
Getting in over your head with debt, racking up large debts, and missing repayments can severely affect your credit rating. That means, when you apply for credit in the future – such as a home loan – your credit provider may decline your application because your credit history shows you don’t know how to deal with credit.
The solution? Get clued in before taking out a credit card. You can also choose a credit card with a low purchase rate, such as the IMB Low Rate Credit Card, to keep interest as affordable as possible while you get the hang of it all.
So, now we know who can benefit most from a low rate credit card – what other features does the IMB Low Rate Credit Card have to offer? When choosing a credit card, it’s important to think about how much it will cost. That means thinking about annual fees.
Most cards charge an annual fee. You could call it a service charge. The card provider is providing a service (access to credit and various features), so there is a service charge cardholders have to pay in return. However, the amount you pay in annual fees will vary greatly.
Some credit cards have annual fees in the hundreds – and sometimes, thousands – of dollars. These cards usually offer heaps of features. Perhaps that means offering a rewards program, or maybe fantastic features and extras, such as insurances and concierge services. For cardholders who use these extras, it’s worth paying the higher annual fee.
On the other hand, some credit cards offer minimal features for a much lower annual fee. While these credit cards aren’t as flashy and exciting, they do keep costs down. With an affordable annual fee, the IMB Low Rate Credit Card is one such no frills card.
A low fee card can be the perfect option for many types of cardholder. Some cardholders don’t need lots of features and don’t want to pay for them. Some cardholders simply want to save money on their card.
We’ve already mentioned the card’s 55 day interest free period, so what else is on offer? Top tier cards, such as platinum cards, often offer complimentary insurances. While it may not be top tier, the IMB Low Rate Credit Card does offer a few handy insurances of its own.
Cardholders can benefit from purchase cover insurance and a guaranteed pricing scheme. All they need to do is use their card, and they can enjoy that extra level of cover on their purchases. Aside from that, the card offers the standard stuff on pretty much every credit card. Online and mobile banking, secure shopping and the like. To find out more, read the small print.
Alongside its low rate card, IMB has a platinum offering. The IMB Platinum Credit Card provides cardholders with platinum perks, and a rewards program as well. Let’s take a look at rewards cards and platinum cards, to see who they work best for.
When it comes to rewards cards, it pays to spend big. No, we’re not talking about spending more than you can afford to pay back, because that doesn’t work on any card. But, with a rewards card, the more you spend, the more points you earn. Unless the card features points capping, that is.
If you tend to spend a lot on your card, and pay it off in full each billing cycle, a rewards card could work well for you. The main thing to think about is how much you are paying out. Taking into account your annual fee, work out whether you’re getting more back in rewards than you are paying out for the card.
This is why carrying a balance does not work on a rewards card. Cardholders will usually find that the interest they pay out is higher than the value of the rewards they get in return. Do the maths. A rewards card may or may not be for you.
A platinum card, such as the IMB Platinum Credit Card, tends to offer more features than a standard card. This is why their annual fees tend to be higher too. But, for some cardholders, it makes sense to pay more. They actually use those features, making it worthwhile to pay for them.
Before applying for a credit card, take a close look at the features on offer. Do you really need a personal concierge service? Will you actually use the insurances on offer? Is the reward program actually rewarding for you? If the value of the features on offer outweighs the cost, then it could be a good deal.
At this point, it’s worth pointing out that platinum cards usually don’t work well for cardholders who carry a balance. Platinum cards tend to have higher purchase rates. So, cardholders who carry a balance can pay out more in interest than they get in extras.
The IMB Platinum Credit Card has a fairly standard annual fee. Platinum cardholders expect to pay higher fees, as we said. But what’s on offer for that outlay?
Offering pretty good value on everyday spending, this card offers 1 point per $1 spent. Points earned can be redeemed for a vast array of items. They can be transferred to a variety of airline programs, or they can be redeemed for travel, cashback, gift cards and merchandise.
The IMB Platinum Credit Card provides cardholders with a raft of handy insurances. In terms of travel cover, there is international travel insurance and interstate flight inconvenience insurance. As for purchase cover, there is purchase cover insurance and a guaranteed pricing scheme.
Ever wanted your very own concierge service? With the IMB Platinum Credit Card, you can enjoy just that. Available online or over the phone, this concierge service is on hand 24/7. Want to know where to eat when you travel to a new city? Want to book theatre tickets? Your personal concierge can do all this and more!
Credit card providers often introduce introductory offers to entice customer to sign up for their cards. These intro offers can take various forms, and can change from month to month. Here are some of the more common intro offers to look out for on IMB credit cards.
Looking to pay a lower annual fee on your new credit card? Many cards offer lower annual fees on sign-up, helping to save cardholders money. This lower fee can last for an introductory period or for the life of the card. If it’s an introductory offer only, make sure the standard annual fee is one you can afford long term.
Need to pay off credit card debt on another card? With a balance transfer offer, you’ll pay a much lower rate of interest on that transferred balance for a certain period of time. To make this work, choose the offer that lasts the longest, with the lowest intro interest rate. Be sure to find out what that rate reverts to though. Any balance left unpaid may revert to the cash advance rate, which can be pretty steep.
Looking to make a big purchase? With a purchase rate offer you could save on interest while you pay it off. A purchase rate offer offers a lower interest rate on purchases for a certain period of time. Try to pay your purchase off before the end of the intro period to avoid interest accruing.
Want to earn bonus rewards points? Rewards cards often offer bonus points on sign-up as an incentive. Be sure to check the small print though! Some bonus offers require cardholders to spend a certain amount within a certain period of time to receive those bonus points.
So, is IMB for you? If you’re looking for a low rate card with some handy features, perhaps the IMB Low Rate Credit Card is for you. Or, if you want a rewards card with a decent earn rate and great extras, the IMB Platinum Credit Card could be your guy. Find out more today and apply! Better value banking is just a few clicks away.
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