CREDIT UNION SA
NON-BANK CREDIT CARD ISSUER OF THE YEAR
Some credit cards seduce us with a low introductory rate on balance transfers before charging much higher rates on purchases or cash advances. However, Credit Union SA’s Visa credit card bucks the trend. It offers credit cards with a consistently low rate – something Finn Miller, senior manager, marketing, at Credit Union SA says reflects one of the key differences between a credit union and a bank.
“As a member-owned organisation, our members – everyone who banks with us – own us collectively,” says Miller. “We don’t have shareholders like the banks, so we get to channel profits back to our members in the form of lower fees, more competitive interest rates and enhanced digital banking solutions.
“We understand the financial challenges our members face. By offering competitive rates we can help our members get more control over their finances.”
Credit Union SA offers three credit cards. The Visa card comes with a low rate of 10.49% for purchases and cash advances. An annual fee of $39 applies, and cardholders have the benefit of up to 55 interest-free days. A balance transfer offer of 0% for the first six months is also available. Cardholders can make fast payments with Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay and Visa payWave.
The Visa card doesn’t come with a rewards program. However, Miller says this means “we can keep our interest rates lower than most other banks and credit unions. We all know the stories of people who forget to use their rewards. The lower interest rate ensures that all our members benefit.”
Credit Union SA also has an Education Community credit card, which is available to employees of the South Australian education community, students carrying out studies in education, and their immediate family, including parents, children, grandparents, grandchildren, siblings and partners. The card rate is 9.99% with no annual fee.
The Workplace Benefits credit card also comes with a rate of 9.99% and no annual fee. However, it is only available to employees of SA Power Networks.
While Credit Union SA is based in South Australia, this is no hurdle to becoming a member. “Our application process is very easy, and sign-up can be completed online,” says Miller. “By signing up for a credit card you will automatically become a member. While our focus is on supporting the South Australian community, we offer our products and services nationwide.”
Accounts can be managed from anywhere through Credit Union SA’s award-winning app and internet banking, and Credit Union SA has extended contact hours, until 8pm weekdays and 8am-2pm (ACST) on Saturdays.