Melbourne Credit Union launches new credit card rewards program

A new credit card and Member Rewards Program was released by Melbourne Credit Union earlier this month:

Interest Rate
8.95% fixed for the first 12 months
13.85% standard variable rate

Fees & Charges
No Establishment Fee
No Annual Fee
No Fees on Visa purchase
No fees for payment of bills via Visa

20 free ATM/EFTPOS withdrawals (in total) per month. Excess Transaction Fee: $2.00 per transaction.

Normal FID & BADT Government Charges apply

Minimum Repayments
3% of the outstanding balance as at the end of the month or $20.00, whichever is the greater of the two.

Interest Free Days
Currently not available. Coming soon

Credit Limits
$1,000 – $5,000

Interest Calculated
On outstanding balance and charged monthly

Member Rewards Program details:
*Member Rewards earned for Visa purchases only
*No joining fee to enter Member Rewards Program
*Every dollar spent on Visa purchases = one member reward point
*Member Reward points are redeemable for cash
*Member Reward points are converted to cash at a rate of $9.00 per $1,000 points
*Points can be redeemed for cash twice a year, at the end of June and the end of December
*Member Reward points are non-expiring.

The new product complements an affinity card released in June this year for the NSW branch of the Rail, Tram and Bus Union (RTBU) which was designed exclusively for RTBU members. It is automatically available to all 14,500 Melbourne Credit Union members, however non – members receive automatic membership upon application. Further details can be obtained from Melbourne Credit Union on 1800 808 908.

This year has seen a large range of co-branded and rewards points related credit cards released to the market. To avoid possible confusion always remember that if you're looking for a new card, just be wary of changing your normal spending patterns for the sole reason of accumulating reward points. Those that do may find themselves financially worse off.