RESI launches credit card

Competition continues to grow in Australia’s credit card market RESI Mortgage the latest non-bank lender to launch a credit card.

The RESI Credit Card offers an introductory rate of 7.99 per cent for six months, a standard rate of 15.99 per cent, an interest free period of up to 55 days and no annual fee in the first year.

“This means people can transfer outstanding credit card balances to the RESI Credit Card and reap substantial interest savings,” RESI’s joint managing director Peter James said.

The card can also be linked to RESI’s home loans and used to pay off home borrowings faster. “Borrowers simply have their salary deposited directly into their home loan, where it can work to reduce the interest costs of their loan. They then use their credit card to pay for their everyday living expenses, with the credit card debt being automatically swept from the home loan when it falls due,” Mr James said

There is no annual card fee in the first year and the $25 annual fee will be waived in every subsequent year if the card member spends $5,000 or more per year on the card.

The RESI Credit Card has been launched with American Express is linked to the Amex Membership Rewards program.