P&N Bank Credit Cards

Pauline Hatch     

Based in Western Australia, P&N Bank is a mutual bank offering classic credit cards with classic features, or a platinum credit card with appealing extras. Want a low cost option? Because it’s a mutual, P&N Bank offers credit cards that are easy on the wallet as well.

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P&N Bank Visa Classic Credit Card

1 review
$0 saved over 99 months

P&N Bank Visa Platinum Credit Card

1 review
$0 saved over 99 months

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For anyone outside Western Australia, P&N Bank is quite likely unfamiliar. But, with 93,000 members, P&N Bank just so happens to be WA’s largest locally owned bank, offering a wide range of financial products services, such as everyday accounts and savings accounts, home loans and personal loans, insurance and credit cards.

The Need-To-Know on P&N Bank

P&N Bank sets itself apart from the competition with the Power of &. What is the Power of & exactly? According to P&N Bank, “Individually we can be great but together we are greater”. This is what it calls the Power of &, and apparently, it’s at the heart of everything the bank does.

Given that P&N Bank is a mutual bank, its tagline could certainly be fitting. Most mutuals style themselves as financial institutions that provide for their members while giving back to the community, charging less in interest and fees to make their financial products cheaper. Is this the case with P&N Bank? Let’s have a look.

Credit Cards

While we already know that P&N Bank offers a full suite of financial products and services, we are here to talk credit cards. So, what does P&N Bank offer in the way of credit cards?

Types of Credit Cards

Like most mutual banks, P&N Bank keeps it simple with its credit card offerings. Unlike the big banks, which have the facilities – and customer base – to offer an extended range of credit cards, smaller institutions like P&N Bank tend to offer a more basic range. Currently on offer from P&N Bank is the P&N Bank Visa Classic Credit Card and the P&N Bank Visa Platinum Credit Card.

With a classic credit card, cardholders can expect an uncomplicated range of features, with an affordable annual fee and purchase rate. These classic cards generally aren’t packed with extras, and are designed to offer cardholders only what they need: access to credit, security, typical tech features, and perhaps a few little extras, such as interest free days on purchases.

With a platinum credit card, cardholders can expect more, as they are usually paying more for the card in annual fees, and often, more in interest. Platinum features range according to the type of card it is – whether it’s a standard card, a rewards card or a travel rewards card – and how much is charged in annual fees. Higher annual fees usually mean more lavish features.

So, with all that in mind, let’s look more closely at the type of features and extras that may be offered on credit cards, and what each of the P&N Bank credit cards has to offer.

Credit Card Features

If you apply for the P&N Bank Visa Classic Credit Card, the biggest feature on offer is its low purchase rate. Why would you want a low rate credit card? When you have a low rate credit card in your wallet, any balance you carry on that card will attract a low rate of interest. So, if you are not able to pay off your balance each month, a low rate card could help you save on interest.

A low rate card can also be a good option if you are new to credit cards and are unsure about how best to deal with them. If you get carried away with your spending and are unable to pay off your balance at the end of the month, you won’t have to pay as much in interest as you would with a more expensive, feature-packed credit card.

Another attractive feature of the P&N Bank Visa Classic Credit Card is its low annual fee. A low annual fee credit card can be the ideal choice for someone who wants to save money, or someone who doesn’t use their card that often. And as low fee credit cards generally have fewer features, this is a great option for anyone who wants access to credit, without paying for lots of additional extras that are simply not needed.

As it’s a mutual bank, P&N Bank’s platinum offering also happens to be relatively low cost. While other platinum cards can have annual fees in the hundreds of dollars, the P&N Bank Visa Platinum Credit Card has a nice low annual fee – and an incredibly low purchase rate for a platinum card. This can help cardholders save money while still enjoying access to platinum features.

However, it is worth pointing out that the platinum cards that charge higher annual fees usually offer more in the way of features and extras. Because P&N Bank’s platinum card is low cost, is also has fewer features available. Cardholders need to decide what features they actually need, and how much they are willing to pay for them.

Credit Card Extras

As you may have guessed, with its low annual fee, there’s not much to talk about in terms of extras on the P&N Bank Visa Classic Credit Card. Cardholders can take advantage of up to 45 days interest free on purchases, as well as many of the standard extras credit cards typically offer. This includes:

  • Contactless technology using Visa payWave,
  • Security against fraudulent transactions with Verified by Visa and Visa Zero Liability,
  • Smartphone compatibility through Apple Pay, Google Pay or Samsung Pay.

With a slightly higher annual fee, the P&N Bank Visa Platinum Credit Card has a few more extras on the table. Cardholders can enjoy access to Visa Premium, providing them with lifestyle, travel and entertainment perks. Also on offer is a range of complimentary insurance covers. These include:

  • Overseas travel insurance
  • Interstate flight insurance
  • Extended warranty insurance
  • Purchase security insurance
  • Transport accident insurance

Similar to other platinum cards, the P&N Bank Visa Platinum Credit Card has a personal concierge service. This is offered through the Visa Platinum Concierge Service, and is available 24/7, providing cardholders with assistance in booking flights and accommodation, reserving tables at restaurants, and giving recommendations on what to do and where to go when travelling.

Credit Card Offers

When comparing credit cards, you may have noticed that some cards have introductory offers advertised. Enticing cardholders to sign up, these introductory offers can provide low interest rates on purchases or balance transfers for a certain period of time, low or no annual fees, or bonus rewards points.

However, with low cost credit cards, such as those on offer from P&N Bank, introductory offers can be scarce on the ground. These cards entice new cardholders with their low costs, and don’t typically have to rely on introductory offers to do the hard work for them. But that’s not to say P&N Bank cards will never have introductory offers available – so keep checking back.

Credit Card Fees

When comparing credit cards, fees are ever-important. It’s easy to get swept up in extravagant introductory offers and incredible features and extras when looking for a new credit card. It’s not so easy to get into the nitty gritty and the boring stuff. Here are some fees to look out for:

  • Annual fee: This is the fee you pay each year to keep the card. Both the P&N Bank Visa Classic Credit Card and the P&N Bank Visa Platinum Credit Card have relatively low annual fees, so it’s simply a matter of weighing up what you’re paying out in annual fees for both cards, against what they offer in return.
  • Balance transfer fee: This fee may be charged on balance transfers, and can be a set amount or a percentage of the amount transferred.
  • Cash advance fee: When you take out a cash advance on your credit card, there will usually be a cash advance fee charged to your account. This is in addition to the higher rate of interest cash advances typically attract. Both P&N Bank credit cards charge a significant cash advance fee and cash advance rate.
  • Late payment fee: This fee may be charged when you don’t pay your minimum payment on time.
  • Overlimit fee: This only applies to credit card accounts opened before 1 July 2012. It is charged when you exceed your credit card limit in a statement period.
  • International transaction fee: When you use your card to make a payment overseas, either in person or online, your card may charge an international transaction fee.
  • Replacement card fee: If your card is lost or stolen and needs to be replaced, your card provider may charge a replacement card fee, especially if you request an emergency replacement and you are overseas.
  • Additional cardholder fee: While some cards allow additional cardholders at no extra cost, other cards charge a fee. This is usually paid once a year, alongside the annual fee.

Time for a Package Deal?

Both of P&N Bank’s credit cards can work to save cardholders money, either in annual fees, interest rates or both. However, you may be able to save even more money, by bundling products together. Check for availability to see what’s on offer.

Credit Card Essentials

Before applying for a credit card, you must check the small print to ensure you are eligible. To apply for a P&N Bank credit card, you must be 18 or over, and have an Australian mailing and residential address.

If you are not yet a P&N Bank member, you will need to become a member by buying a $10 share. This doesn’t have to be paid straight away – it will be deducted from your account after it has been set up. The bank will also need photo ID and some other personal details.

You should also be sure to check for any other eligibility requirements, such as a minimum annual income, and keep in mind the minimum credit limit on each card. Classic cards tend to have a lower minimum credit limit and annual income requirement than platinum offerings.

More About P&N Bank

If you have not heard of P&N Bank before, then it only makes sense to do some background research.

P&N Bank is an Approved Deposit Taking Institution (ADI), and is regulated to the same high standards of security as all other major banks in Australia, by government agencies such as APRA, ASIC, the Reserve Bank of Australia, AUSTRAC and the ACCC.

As we previously mentioned, P&N Bank is a mutual bank, which means that unlike the big banks, there are no third party shareholders. This allows P&N Bank to offer financial products and services that have lower fees and interest, as profits can be reinvested back into the bank.

P&N Bank started out life as the Police & Nurses Credit Society, which formed in 1990 through the merger of the Police Credit Society of Western Australia and Western Australia Nurses Credit Society.

In 2001, the organisation merged with Energy Credit Union, which was the amalgamation of a number of smaller WA credit unions. Then in March 2013, after obtaining regulatory approval, the Police & Nurses Credit Society became a mutual bank, trading as P&N Bank.

Now offering a wide selection of financial products and services, P&N Bank has a network of 14 branches in Western Australia, a Perth-based contact centre, online banking facilities, and is part of the national rediATM network.

For its troubles, P&N Bank has been awarded with a number of prestigious industry awards, including the Australian Lending Awards’ Best Mutual in 2017 and 2018, and a whole host of Roy Morgan Research Customer Satisfaction Awards.

Time to apply?

If you like the sound of what P&N Bank has to offer, take a look at its credit cards in detail to find out which one will work best for you. Compare the features and extras, find out more about the fees and interest charged, and check whether you will be eligible to apply. It’s that easy.

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