Aussie Credit Card Overview
If you've had enough of paying high interest charges on your creditcard, it may be time to consider the Aussie MasterCard. In a strategythat has allowed the Aussie credit card to stand up to the opposing big banks,
Aussie MasterCard is offering some relief to interest-burdened consumers with low interest rates on purchases and balance transfers.
Low interest on purchases: The interest rate differentials are huge.Interest on new purchases can run up to 19% p.a. for some credit cards(although the prevailing average for the industry as at 4 February 2009is 16% p.a.). If you submit a new credit card application and getapproved for the Aussie MasterCard, you will have one full year (12 months) be entitled to an interest rate of only 9.99% p.a. on purchases.
There have been credit cards offering low purchase interest rates butthey revert to a much higher standard rate at the end of theintroductory period. This is not the case with the Aussie MasterCard.After the 12-month promotional period, the Aussie credit card revertsto the issuing bank's standard variable interest rate prevailing at thetime of expiry. Right now, that standard rate is only 11.74% p.a. — a mere 1.75% increment over the promotional rate.
Low balance transfer rate: You can also use the Aussie MasterCard toconsolidate debts from high-interest credit cards. As soon as yourcredit card has been activated, you may transfer balances from credit cards, store cards or charge cards to your
Aussie credit card. Transferred balances will be subject to a lowintroductory interest rate of 5.99% p.a. only. At the end of theintroductory period, the interest will revert to the standard variablerate (currently 11.74% p.a.). Unlike other cards, the Aussie MasterCard does not charge any transaction fees for transferring balances.
There are some easy conditions you'll need to follow. Balances may betransferred from only two cards (store, charge, or credit card,excluding an existing Aussie MasterCard). The accounts involved shouldbe current and the total of the balances to be transferred should notexceed 95% of your authorised credit limit. Moreover, acceptablebalances will only be those transferred within the 12-month period starting on the date your Aussie credit card is approved.
Other benefits:
The AussieMasterCard does not offer any rewards programs (which are expensive).Low interest is perhaps the better gift to you, and you can use the savings to obtain the reward you want.
There are very attractive partner benefits available, however. TheAussie MasterCard holder enjoys access to MasterCard Applause, whichallows you to purchase tickets to concerts and live events atdiscounted prices and during pre-sale periods. For a modest fee, youmay join the eDine service, which entitles members to discounts athundreds of participating restaurants and resorts. Holders of Aussiecredit cards also become members of the Aussie Wine Service club, whichgives you access to fine wines at reasonable prices, delivered right at your doorstep.
You will also enjoy the added security features from Aussie MasterCard.In case your Aussie credit card gets stolen, make it a point to file apolice report on the incident. It involves some hassle, but AussieMasterCard will give you $200 for taking the trouble. Do you know ofother credit cards which do that?
For additional information on credit cards or related topics please visit our library of credit card articles.
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