Woolworths Team Bank Visa 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.

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The Woolworths Team Bank Visa Credit Card

Exclusively for the use of Woolworths Team Bank members – who are employees of the Woolworths (Aust) Limited group of companies and their immediate families – the Woolworths Team Bank Visa Credit Card is a basic card designed to help lower cardholder costs. With no ongoing annual fee and a low variable interest rate, the card keeps it simple with features, offering up to 55 days interest-free on purchases and a 6-month 0% p.a. balance transfer offer.

What we love...

There’s no hiding the fact that the Woolworths Team Bank Visa Credit Card is a simple card. Instead of offering complex features and enticing rewards programs, it simply sells itself on the fact that it can help cardholders save money from day to day. While this will not interest everyone, it could appeal to many, especially those who want a basic option with a low rate and no annual fee.

This card also comes with a balance transfer offer: 0% p.a. and no fee on your balance transfer for 6 months. After that, you'll pay 13.45% p.a. on any balance you have remaining on your transferred amount, which is still a low rate compared to other cards.

It offers other opportunities to save in the long term. One of the ways it does this is with a low rate of interest across purchases and cash advances. A low purchase rate may appeal to cardholders who carry a balance. Carrying a balance means paying interest on that balance, and on every new purchase made on the card.

So, it only makes sense that you would want that card to accrue interest at the lowest possible rate. Fancy features may turn your head, but if they come with a high purchase rate, you are likely not seeing much value in those features thanks to all the interest you are paying out.

Another nice money-saving feature on this card is its interest-free feature. When you pay off your balance by the due date, you can take advantage of up to 55 days interest-free on purchases. This could help you keep interest costs at zero for both everyday spending, and well-timed larger purchases as well.

Last on the list of things to like about this card is that it has no annual fee. Cards packed with features generally come at a price, which is why you will usually find these cards have high annual fees. However, if you are trying to save on outgoing costs or don’t need those features and don’t want to pay for them, a basic card with no annual fee, such as the Woolworths Team Bank Visa Credit Card, could be a better option.

What’s not so great...

The main thing to note on the Woolworths Team Bank Visa Credit Card is the fact that you need to become a member before you apply. Membership to WTB - Woolworths Team Bank – is exclusive to employees of the Woolworths (Aust) Limited group of companies and their immediate families, so if you don’t fit this description, you may not apply.

Why should you choose this card?

The main reason to choose the Woolworths Team Bank Visa Credit Card is to save money. So, let’s take a quick look at who would most benefit from a card such as this.

Cardholders who carry a balance: These cardholders could save on interest month to month, working to pay down their balance as they pay less in interest than they would on a more expensive card. The balance transfer feature can help you pay off debt from other credit cards without paying interest for 6 months.

Cardholders who are new to credit: As long as they meet eligibility requirements, this simple card could provide a great stepping stone into the world of credit, keeping interest costs down should they overspend.

Cardholders who want to save: With no annual fee and low interest, the card could be a perfect match for those who want to save money as they enjoy access to credit.

Cardholders who don’t use their card much: Those who want to keep a card ‘just in case’ usually don’t want to spend heaps in annual fees. A card such as the Woolworths Team Bank Visa Credit Card could provide the ideal solution.

Cardholders who like simple: Not everyone is interested in features and extras that take days reading the small print to understand. As a no frills option, this card has no complex features to worry about.

Overall Rating

A simple option, the Woolworths Team Bank Visa Credit Card has no annual fee, a low ongoing interest rate and up to 55 days interest free on purchases, available to Woolworths Team Bank members only.