Bank of us Credit Cards

What do you need to know about Bank of us?

While it may have a few brand changes under its belt, Bank of us happens to have a long history in Tasmania, dating back to 1870, when the Launceston Equitable Building and Investment Society was launched to provide housing finance by way of a co-operative venture.

Fast forward a century or so, and Tasmania’s two leading building societies – the Equitable Building Society and the Bass Building Society – merged to become Bass & Equitable Building Society, to then later re-brand as B&E in 2001.

So, what does it mean to be a customer-owned bank? As Bank of us says, it’s not Bank of ‘me’ or Bank of ‘you’, it’s Bank of us. This is a Bank that prides itself on placing people at the heart of banking.

As it’s owned by customers – not by external stakeholders like the major banks – Bank of us can use its profits to benefit customers, by providing better products and services. One great example of this is the Bank of us credit card range.

What do you need to know about Bank of us credit cards?

Bank of us keeps its credit card range simple. So simple, in fact, that the range only features one credit card. Aside from the bank’s Visa Debit option, the only credit card on its books is the Bank of us Visa Credit Card.

But, just because this credit card stands alone, does not mean it’s not got lots to offer. Let’s take a look at what you can expect from the Bank of us Visa Credit Card to find out if Bank of us is right for you.

Low Rates

One of the most appealing aspects of a customer-owned bank is its ability to offer low cost financial products and services. Because it can re-invest profits instead of lining external shareholders’ pockets with them, a customer-owned bank can keep costs low on rates and interest, making them more affordable for customers.

Offering one low rate on purchases, cash advances and balance transfers, the Bank of us Visa Credit Card is not only easy to understand, it’s also easy on the wallet. Why should you choose a low rate credit card?

Benefits of a Low Rate Credit Card:

• It can save you money: If you tend to carry a balance on your card, it’s a good idea to have a card with a low interest rate. This can help you save money on interest as you work on paying down your balance.
• It can help you learn about credit: If you’re new to credit cards, it can be easy to get carried away with your credit card spending. If this happens on a low rate card, you will pay less in interest as you work on paying off your balance again.
• It can keep things simple: Low rate cards tend to offer fewer features than more expensive credit cards. If you don’t need fancy features, this gives you a simple, low cost option.

Low Annual Fee

Why do some credit cards have higher annual fees than others? That’s simple. It all comes down to what the card has to offer. If a card is stacked with features and rewards, it will typically come with a higher annual fee. After all, credit card providers are not going to give away all that stuff for free.

You will usually find low feature cards have a lower annual fee. The Bank of us Visa Credit Card is a great example of this. Instead of heaping its card with features, Bank of us attracts cardholders with its low costs. That means having a low interest rate – and yes, a low annual fee.

Not only is the annual fee exceptionally low, cardholders can actually skip paying it altogether, as long as they spend at least $8,000 on their card each year.

Why choose a low fee credit card?

• You can save money: When you have a credit card with a low annual fee – or an annual fee that magically disappears when you spend a certain amount on your card – you can save money. Simple.
• You can keep it for emergencies: If you don’t use your credit card that often, you probably don’t want to spend too much money to keep it in your wallet. A low or no fee card lets you keep a credit card should you need it, without breaking the bank.
• You can keep things simple: If you don’t want a fancy, feature-packed card with a complicated rewards program and complex extras, you can keep it simple with a low-feature, low annual fee card.

Other Fees

If you really want a credit card that saves you money, you need to avoid any unnecessary fees and charges. That means finding out what fees and charges may apply, before you get hit with them.

Be aware of the late payment fee on the Bank of us Visa Credit Card, and avoid it by paying your credit card repayment by the given due date. If you shop online at overseas merchants – or travel and use your card overseas – take note of the overseas ATM withdrawal fee and the overseas card transaction fee.

Interest Free Days

Carrying on this theme of saving money, the Bank of us Visa Credit Card can help you save on interest when using your card to buy stuff, providing you with up to 57 days interest free on purchases.

How does this work? Like many credit cards, the Bank of us Visa Credit Card gives a certain number of days interest free on purchases made using the card. So, as long as you pay the full closing statement balance by the payment due date each month, you could enjoy up to 57 days interest free on purchases.

It’s worth bearing in mind that you do not get 57 days interest free on every purchase you make – it depends on the date of the purchase, and how far through the credit card’s statement cycle the purchase is made. To make this feature work for you, make sure you understand how it works!

Bank of us Compatibility

Ease of use is key with low feature cards such as the Bank of us Visa Credit Card. Making life as easy as possible for cardholders, this card can be linked with up to two other Bank of us accounts, so you only have to carry the one card in your wallet.

Access

Another feature filed under the ‘ease of use’ category is the card’s access. Much like what’s on offer from bigger banks, Bank of us offers cardholders access to their account via 24/7 phone banking, internet banking and mobile banking.

As it’s a Visa card, it can be used anywhere Visa is accepted, at more than 24 million outlets worldwide. Bank of us offers plenty of convenient ways to bank for its cardholders in Tasmania. There are eight Bank of us branches state-wide and members have access to cash from over 10,000 ATMs across Australia that are direct charge free.

Credit Limit

When it comes to high-end credit cards such as platinum and black cards, there is not only higher fees and interest to worry about, there is usually a higher minimum credit limit to consider as well. If you’re not a big spender, or you don’t have a high disposable income, you may not want a credit card with a high minimum credit limit.

Fortunately, the Bank of us Visa Credit Card has a low minimum credit limit, which may make it easier to get approved for than prestige credit cards with high minimum income requirements and high minimum credit limits.

However, the Bank of us will look at each application individually to assess the applicant’s credit worthiness, so be sure to check out eligibility requirements before you apply.

Visa Features

Much like Mastercard, Visa offers its cardholders a number of features as standard. Some of the basic Visa features offered on the Bank of us Visa Credit Card include:

• Visa payWave: Allowing cardholders to ‘tap and go’ when making purchases under $100, this contactless payment system can help to save time and hassle when shopping.
• Verified by Visa: This security feature offered by Visa allows cardholders to set a personal password that has to be provided when making purchases online. Much like inputting a PIN when paying in person, this provides added security to the online shopping experience.

A Bit More About Bank of us

When it comes to money, it pays to know who is looking after it for us. Want to know more about Bank of us? That makes sense to us!

As Tasmania's only customer-owned bank, Bank of us has more than 30,000 customers, eight branches across the state, and more than $1 billion in assets. But what sets Bank of us apart from the competition?

• Value for Customers, Not Shareholders: Big banks with external shareholders have to think about profits in terms of what they can offer those shareholders. As Bank of us is a customer-owned bank, it can put its customers first, thinking first and foremost about providing good value banking products.
• Commitment to the Community: If you don’t live in Tasmania, this may not be a deal-breaker for you. However, Bank of us supports a wide range of community events and activities that promote and encourage positive health outcomes for all Tasmanians.
• A Strong History: It’s nice to know that the financial institution you trust with your money has a strong past, and wasn’t created yesterday. With a proud history that goes back more than a hundred years, Bank of us takes pride in its past, as it works to stay relevant for the future.
• Conservative with your Money: Bank of us says it is proud to be a ‘conservative’ financial institution. How does this affect you as a customer? Well, Bank of us believes it’s this conservatism that ensures its exposure to risk is minimal, so it remains in excellent shape.
• Supporter of the Customer Owned Banking Code of Practice (COBCOP): Bank of us customers can have confidence in knowing they are covered by a plain English commitment to fair and responsible banking.

Is a Bank of us credit card for you?

Time to make a decision! While Bank of us certainly has a lot going for it, a Bank of us credit card may or may not be for you. If you want heaps of fancy features or an elaborate rewards program, Bank of us simply doesn’t have that to offer.

On the other hand, if you want to save money on fees and interest, Bank of us could help you do that. If you want a low cost card in your wallet, providing you with money-saving features and access to credit, Bank of us could have the card for you.