The Benefits of the ECU Low Rate Visa Credit Card
ECU includes no interest days, low interest rates on cash advances and purchases and a low rate for the yearly fee eligible to be waived for the first year if the account holder has mortgaged their home with ECU. Card holders also qualify for Verified by Visa. Verified by Visa is an additional security measure for those who use their credit card online.
Cash Advances and balance transfers do not qualify for no interest days.
ECU Low Rate Visa is supported by Hunter United. Hunter United is a credit card union and has become an institution offering full financial services, realizing assets in excess of 229 million dollars.
Interest Rates, Fees & Charges
Interest Rates, Fees & Charges
| Interest Rate on Purchases |  |
13.50% p.a. |
|---|---|---|
| Annual Fee | |
$48 |
| Interest Free Period | |
up to 55 days |
| Cash Advance Rate | |
13.50% p.a. |
| Card Type | |
Standard |
| Credit Card Type | |
Visa |
| Rewards Program | |
No |
The Application, The Approval
The ECU Low Rate Visa Card application can be submitted online, over the telephone or in person during regular, daily banking hours. All information on the application is required to be included. Applicants 18 years of age or older are eligible to apply for an ECU credit card. The applicant must also be a permanent resident of Australia. The applicant must also be employed permanently and have the ability to show documented proof.
The application is reviewed for compliance with credit standards and completeness and either be approved or denied within the specified time frame. An incomplete application will be returned to the applicant for completion, and will delay the approval process.
Upon approval, the new credit card holder will officially establish the account by agreeing to the Terms. The applicant will be bound by the Terms for the duration of the life of the credit card account.
If at any time during the billing cycle the card holder wishes to pay the balance in full, no penalty will be assessed.
No Interest Days
ECU Low Rate Visa Credit Card offers the most economical feature a card issuer can ever offer, and that feature is no interest days. That is, in the event the account holder pays the entire balance before the last day of the billing cycle, the account will not be charged interest. In the event there is a balance due at the end of the billing period and it is not paid in full at the end of the billing cycle, then interest will be charged for an item purchased for the number of days between the date of purchase and the last day of the billing cycle.
If May 1 is the first day of the billing cycle, and May 31 is the last day, and the number of no interest days is 55, June 24 is the day payment is due on the balance. If a purchase was made on May 20 the credit card is charged interest for 36 days in the event the balance is not paid by the last day of the billing period.
Balance Transfer Rate
A credit card balance transfer program is offered to new card customers. It allows the new customer to transfer existing credit card balance from no more than two non ECU credit cards or store credit cards to the new ECU card. This enables the account holder the opportunity to erase that debt with less interest than before, saving the card holder interest charges.
Credit card transfer balance and cash advances are not allowed to enjoy no interest days. They are subject to the standard, current day rate of interest. A word of note, when two individual interest rates exist on the credit card, payments is applied automatically to the interest rate with the lowest balance until the lower balance is paid in full.
