When comparing credit cards, consider everything and not just some things; everything matters including the annual fee, the interest free period, the credit limit, and the revert rate after any intro period. You need to know where you stand before and after when it comes to the interest rate; at Queenslander, you know.
There is a trade off between low interest rates at the beginning of an activated card and the standard rate charged afterward. While some MasterCard programs have elected in recent times to offer a long introductory period followed by an expensive rate when that time expires, Queenslanders Credit Union is offering a short term to begin with, but a good rate afterwards.
Anyone who has a small balance to transfer would do well with this card by keeping it for the long haul or until such time as the rates might increase drastically. This plan would also serve someone who needs to make a large purchase that will require a few months to pay back.
What You’ll Like About the Queensland MasterCard
If you have some balances on a credit card that has one of those 19%+ interest rates, you might want to think about transferring to the QCU MasterCard. Even if you have new charges while you are paying off the transferred balance, the standard rate is low enough that you will save money.
Here are some high points of this product.
- The balance transfer rate of 4.9% is one of the best you will find. It is only for six months, which means you will need to concentrate on paying it down quicker than with some other plans.
- The standard rate is 13.35% on new purchases and 17.35% on cash advances, which are both good numbers compared to the vast majority of credit cards.
- The credit limit on the Silver MasterCard is $7500 and $25,000 on the Gold MasterCard. Your actual credit limit will be based on your credit rating.
- The Gold MasterCard comes with travellers insurance for trips at no additional charge. This protects you, the card holder, and your family for loss to your belongings as well as damages. Any flight or luggage delays to you are reimbursable the same as for loss due to flight cancellations. On international trips, your family and you will additionally have medical or hospitalisation coverage and vehicle rental excess. Other coverage may apply.
- Insurance coverage for purchases that applies to lost, damaged, and stolen items. This is good for up to three months after the purchase is made.
Some standard features are a 55 day interest free period from the due date of the monthly billing, which is in effect for as long as the balance is paid in its entirety each month. As with many other MasterCards, you can get complimentary cards for up to four family members at no charge.
The annual fee for the Silver MasterCard is only $45 and the Gold costs $85.
Sizing Up the Queenslanders Credit Union Low Rate MasterCard
The primary benefit of this card is not the 4.9% six months payback on the balance transfer; it is the 13.35% rate that follows after that. There are some credit cards that are a little lower in rates, but they don’t have some of the positive attributes and features of this one.
