Guest blogger Jeremy Cabral from Credit Card Finder reviews the Greater's Credit Card product and gives some tips on what to look for when choosing a credit card
When assessing the available credit card offers in Australia, you should always consider those available from building societies and credit unions as they are known for offering some excellent value no-frills options. This is certainly the case with the Greater Building Society Credit Card, with very competitive interest rates and fees available to consumers.
One of the Lowest Interest Rates in Australia
The Greater Building Society Credit Card offers card holders a number of features and benefits of which many can help them save money. One of its strongest features is the very low interest rate on purchases. Compared to other Australian cards this card offers a low 10.74% p.a. This is one of the lowest in Australia.
In addition, card owners can enjoy up to 55 days of interest-free shopping, provided the full card balance is paid off each month.
Option for Transferring Higher Interest Card Debts
Thanks to the low interest rates users can transfer their high-end debt from other unsecured loans to the Greater Building Society Credit Card. This allows them to enjoy better terms and lower costs while paying off their debts faster, even though this card doesn’t offer a traditional balance transfer per se.
Managing a Credit Card Effectively
The best way to manage a credit card effectively is by paying off the full balance each month. Only then will you be able to take advantage of the interest-free shopping terms while saving interest.
If payments lag behind schedule, interest will be charged to any credit card debt, meaning the debt will increase as long as the card isn’t paid off in full.
Small Fees - Big Features
The Greater Building Society Credit Card comes with a great $30/year card fee. This is small in comparison to competing products on the market. Users who spend a minimum of $10,000 on their card each year will be able to enjoy their card fee free.
Only Spend If That’s What You Do Anyway
If however you are not used to spending this amount of money on a credit card, then don’t do it just to save in the card fee. It wouldn’t make sense.
VISA Offers Great Benefits
The Greater Building Society Credit Card is a Visa card. Aside from being able to use the card in millions of locations worldwide you will be travelling with peace of mind that you have VISA acceptance globally.
As a customer of the Greater Building Society you will have access to online banking 24/7, phone banking and BPAY without any extra cost. This will allow you to manage your account at all hours of the day/night. All you need is mobile phone reception or an Internet connection.
Be Smart, Choose Wisely
Choosing a credit card is an important step in managing your finances and avoiding/or cleaning up your existing credit card debt. Deals that tempt you with bells and whistles are not always the best. If you look at rewards cards for example you’ll find that many of them charge much higher interest fees. Consequently those without rewards can give you better interest rate terms as the administration costs for these cards are much lower.
Another problem that arises from rewards credit cards is the temptation to spend more in order to get the coveted awards points. This can quickly lead you into a spending trap. It is best to be savvy about these traps and to think twice about making an application before choosing the wrong card.
The Greater Building Society Credit Card is designed to offer its owners low interest and costs to help them shop wisely while staying competitive.
This review was written by the team at Credit Card Finder, Australia’s leading credit card comparison website. If you are after more information on credit cards, you can visit their website which includes a guide on helping you compare building society and credit union credit cards.