Understanding Credit Unions
A credit union is basically made up of members of the public who use their savings as loans. The money available is a combination of all of the member’s money. Those who do choose to deposit money will receive interest. This basically acts as an incentive so that people continue to put money into the Union.
When you join you automatically become a member. The great thing about credit unions is that they are designed purely with members in mind. This makes them unique to other financial institutions. All credit unions will ask you to deposit between $2-$10 for a share in a nominal account. Broken Hill Community charge $10. Once you have deposited this amount then you will get an equal say in how the credit union is run.
About Broken Hill Community Credit Union
Broken Hill Community Credit Union was set up in 1974 by volunteers. It was guided by the Association of New South Wales Credit Unions. It is now one of the biggest financial institutions within Broken Hill.
The services on offer from the company include non-cash payment facilities, savings accounts, financial planning, insurance, fixed term deposits, phone and Internet banking and credit cards.
The MyCard Credit Union MasterCard
If you choose the MyCard Credit Union MasterCard then you will experience many benefits. It comes with:
- Purchase Cover
- Easy Account Management
- Fraudshield
- Superior Rewards programme
- International Travel Insurance
Practically all new purchases that you make will be covered on the card. They are protected for up to 3 months against loss, theft or damage. There will also be excellent protection against fraudulent use of the card. It doesn’t matter where you are, if the company suspects that your account is being misused they will ring you and tell you.
This card is also really easy to manage. You can log in to your account online no matter here in the world you are. You can also use telephone banking and there is a wide range of payment options available.
If you use the MasterCard to buy international flight tickets then you will automatically benefit from international insurance. This will cover any unexpected medical or travel expenses. If you lose any of your luggage or if there is a trip cancellation then you will also be protected.
Finally you will get to benefit from a superior rewards programme. Your points will never expire and you receive 1 point for every $1 that you spend. Once you have enough points you can redeem them for a variety of rewards. These include retail vouchers and merchandise. Or if you would prefer you can make charitable donations or use them to pay off your annual fee. You can even use them to pay for flights with the Take Flight feature.
Gold or Silver – Your Two Options
There are two types of MasterCard that you can apply for. These include gold or silver. The one that you choose will depend upon your credit card needs. Many members will only be able to apply for the silver MasterCard. This is available to those who earn a minimum of $20,000 per year. The gold option is available to those who earn a minimum of $35,000 per year. This applies to applicants who are aged 18-55. If you are over 55 then the minimum salary is lowered to $15,000 for silver cards.
The question is what is the difference between the two? Well the gold MasterCard has all of the same features as the silver one, only it comes with additional benefits too. You will get to enjoy a higher credit limit and complimentary International accident and travel insurance. You will also be able to redeem points using the Qantas frequent flyer points.
In order to truly decide which one is better for you, you should look at the fees and rates included with both cards.
Fees and Rates
One of the main differences between the silver and gold cards is the annual fee. For the silver MasterCard you will pay $45 per annum. For the gold card you will need to pay $85 or $118 if you want to benefit from the Qantas Frequent Flyer points scheme.
You can make balance transfers and there will be no fee on either card for additional cards. This is great news if you want to give a card to your partner for example. Both credit cards also offer up to 55 days interest free on all purchases. This is providing that you pay off the balance in full at the end of the month.
The interest rate on the cards is exactly the same. No matter which one you opt for you will pay an annual rate of 17.99%. This is quite good in comparison to many other credit cards available on the market.
The other main difference is the credit limit. With a silver card you can typically have from $2,000 to $7,500. The gold card however can have from $5,000 to $25,000.
One thing that surprises some people is the fact that you do not earn additional reward points with the gold card. Often a lender will enable you to earn 2 points per $1 spent instead of $1. However, with both the silver and the gold card you will receive 1 point for every $1 spent.
All in all the two cards are not too much different from each other. You can gain access to your funds worldwide and they both also give you the option of a cash advance. However cash advances do tend to be quite expensive in interest so always avoid them if you can.
Applying for the Card
If you would like to apply for the Broken Hill Community Credit Union MasterCard then you will need to send an application form to the company. You can download the form through their website or pick one up from a local branch. The minimum requirements are that you must be at least 18 years of age and you must be a permanent Australian resident. If you would prefer to you can also drop the application off in your local branch.
Make sure that you fill in the appropriate application form. There is one for those aged 18-55 and then there is a separate application form for those aged 55 and over.
Understanding the Rewards
The great thing about this card is that you can earn reward points on everything that you spend. So whether you are using it for your everyday purchases or for one off buys, you will earn 1 reward point for every $1 that you spend on the card.
If you make a balance transfer or take out cash advance then this does not earn you any reward points. It is advised that you use the card for a variety of things if you want to make the most of the reward program. You could pay your household bills with it for example, along with everyday purchases.
You do not have to pay any additional fees to be part of the rewards program. It is covered in the annual fee. If you just want to earn standard rewards with your gold card then you can pay just the $85 annual fee. However if you do want to upgrade to the Qantas reward scheme then you will need to pay an extra fee, taking the total to $118.
If this card doesn’t appeal to you then the Broken Hill Community Credit Union Low Rate MasterCard may be a better option. It offers a lower interest rate of just 11.85%. It is not a reward card but it is ideal for those who are looking to transfer an existing balance onto the card. It is also an excellent every day credit card.
Overall you are mainly benefiting from a member run financial institution when you apply for a MyCard Credit Union MasterCard. It is a card that you know you can trust and it comes with a fairly good interest rate. A you can manage the account online, it enables you to gain access to your information no matter where you are.
As long as you are a permanent resident of Australia and you earn a minimum of $20,000 then you could benefit from this great credit card. Why not take a look on the website today and download an application form? Make sure that you read through all of the terms and conditions before you apply.
That way you will know exactly what fees and charges apply and whether there is anything else that you should be aware of before you take out the card.
