Heritage Bank Classic Credit Card

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

The Heritage Bank Classic Credit Card

The Heritage Bank Classic Credit Card is a classic card that earns rewards on Heritage Bank’s own rewards program, with redemption options ranging from homewares and technology, to sports equipment and gift cards. The card offers up to 55 days interest free on purchases, and if you spend at least $25,000 each year, you will pay no annual fee.

What we love...

With the Heritage Bank Classic Credit Card in your wallet, you will automatically become a member of the Heritage Credits rewards program. Using the card, you will earn 1 Heritage Credit for every $1,300 you spend on eligible purchases each month. You may also earn bonus Credits, for example, when you have held Heritage membership for at least two years, you will receive one bonus Credit each year.

Unlike some rewards programs, Heritage keeps it pretty simple, with one earn rate to remember on this card. Once you’ve earned at least five Credits, you can choose to redeem them within the program, either by logging on to internet banking or by calling Heritage Bank direct. While rewards change seasonally, you can usually find a wide range of options to choose from, with plenty of big name brands and retailers’ gift cards in attendance.

So, what should you expect to pay for this card? The Heritage Bank Classic Credit Card actually has a pretty reasonable annual fee. But, if you spend more than $25,000 on the card over the year, the annual fee is waived, allowing you to maximise the return on your spending with the Credits you earn.

Helping you to save on interest, the card also offers up to 55 days interest free on purchases. This is a great feature on a rewards card, because if you want to make the most of the rewards you earn, you need to keep interest costs at zero. The easiest way to do that is to clear your balance by the due date, to take advantage of the card’s interest free period.

What’s not so great...

While the purchase rate on the Heritage Bank Classic Credit Card is not as high as some rewards cards, it’s not low either. But this doesn’t have to be a deal breaker. As long as you avoid interest by paying off your balance by the due date, the purchase rate won’t affect you. Then, as long as you spend more than $25,000 on the card each year, you can effectively earn rewards for free.

Why should you choose this card?

If you want to earn something back on your card spending, and you don’t want to get involved in an overly complicated rewards program, the Heritage Bank Classic Credit Card could be for you. However, think about how much you will likely spend on the card before you apply.

Meeting the $25,000 minimum annual spend will make the card much more rewarding, otherwise your spend will not offer enough value to cover the annual fee. To give you an idea of value, a spend of $41,600 equals one $50 gift card, which is slightly less than the annual fee.

Overall Rating

A decent rewards option, the Heritage Bank Classic Credit Card works best for cardholders who would spend at least $25,000 on the card each year, to pay no annual fee and earn rewards for free.