G&C Mutual Bank cuts purchase rate on low rate credit card to 7.49%

Ceyda Erem

16 May 2019

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In the midst of recent credit card rate hikes, many Aussie may find themselves a little hesitant to pick up a new piece of plastic.

But today G&C Mutual Bank has cut the purchase rate on its Low Rate Visa Credit Card by a whopping 200 basis points from 9.49% to 7.49%, now making it the lowest rate in the Mozo database.

Previously the title of the lowest purchase rate in the Mozo database was 8.99%, belonging to American Express, Community First Credit Union, Easy Street, Move Bank and Northern Inland Credit Union.

“It’s great to see providers like G&C Mutual Bank bucking the rate hike trend,” said Mozo Director, Kirsty Lamont. “With products like the Low Rate Visa Card, it’s no wonder why Australians are turning away from bigger banks in favour of smaller customer owned mutuals.”  

Low Rate Visa Key features:

- 7.49% interest rate

- $50 annual fee

- Up to 50 interest-free days

2018 Mozo Experts Choice Award winner for Low Rate Credit Card

Keep in mind that there is a 3.00% foreign exchange margin and a 15.49% cash advance rate though, which is still relatively low compared to other cards on the market. When you successfully apply for the card you'll also automatically become a G&C Mutual member - but don't worry, there's no criteria to meet or fees to pay to join up.

G&C Mutual Bank bucks the rate hike trend

Mozo recently reported that big bank, Westpac hiked the purchase rates by 25 basis points across its Low Fee, Low Rate, Altitude Platinum, Altitude Black and Low Fee Platinum cards.

This was also followed by Bank of Melbourne and Bank SA who announced purchase rate hikes by 25 basis points and increased cash advance rates by between 100 to 200 basis points.

If you’re still on the fence about whether the G&C Mutual Bank Low Rate Visa Credit Card is your plastic match, you can compare other low rate credit card offers with our credit card comparison tool.

Compare low rate credit cards - rates updated daily

  • Promoted

    CUA Low Rate Credit Card

    0% p.a. for 20 months and then 21.74% p.a.

    11.99% p.a.

    $49 $0 in the first year

    0% balance transfer rate for 13 months and up to 55 interest free days. No annual fee for the first year and $49 after. Mozo Experts Choice Balance Transfer Platinum Credit Card Winner 2020 20.

    • 11.99% p.a.

    • -

    • 0% p.a. for 20 months and then 21.74% p.a.

    • 21.74% p.a.

    • 55

    • 0.0

    • 3.40%

    • $49 $0 in the first year

    • $12.50

    • 2.00%, Min $3.50

    Read our Mozo Review to learn more about the Low Rate Credit Card

    Details Close

  • Promoted

    Hot Deal $200 Cashback Offer (T&Cs apply)

    Westpac Low Rate

    0% p.a. for 20 months and then 21.49% p.a. (1.00% balance transfer fee)

    13.74% p.a.

    $59

    Enjoy 0% p.a. interest on balance transfers for the first 20 months. Get $200 cashback with $1k minimum spend on eligible purchases within 90 days of card approval. 55 interest free days and low on-going rate of 13.74% on all purchases.

    • 13.74% p.a.

    • -

    • 0% p.a. for 20 months and then 21.49% p.a. (1.00% balance transfer fee)

    • 21.49% p.a.

    • 55

    • 3.00%

    • $59

    • $15.00

    • 2%, Min $2.50, Max $150

    Read our Mozo Review to learn more about the Low Rate

    Details Close

  • Promoted

    ANZ Low Rate

    0% p.a. for 25 months and then 20.24% p.a. (1.50% balance transfer fee)

    12.49% p.a.

    $58 $0 in the first year

    A simple everyday credit card with $0 annual fee in the first year and 55 days interest free days on purchases when you pay your account in full each month. Includes complimentary insurances. Apply online in just five minutes and receive an answer in 60 seconds. A minimum credit limit of $1,000 applies.

    • 12.49% p.a.

    • -

    • 0% p.a. for 25 months and then 20.24% p.a. (1.50% balance transfer fee)

    • 20.24% p.a.

    • 55

    • 0.0

    • 3.00%

    • $58 $0 in the first year

    • $20.00

    • 2%

    Read our Mozo Review to learn more about the Low Rate

    Details Close

  • Promoted

    St.George Vertigo

    0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

    0% p.a. for 7 months then 13.99% p.a.

    $55 $0 in the first year

    Enjoy 0% p.a. for 22 months on balance transfers at card application. 1.5% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. Plus, 0% p.a. on purchases for 7 months. Rate then switches to applicable variable purchase rate. First year annual card fee waived for the first year ($55 thereafter). Available to new cards only, Eligibility criteria and T&Cs apply. Offer ends February 9th 2021. Mozo Experts Choice Balance Transfer Credit Card Winner 2020^.

    • 0% p.a. for 7 months then 13.99% p.a.

    • 0% p.a. for 7 months

    • 0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

    • 21.49% p.a.

    • 55

    • 0.0

    • 3.00%

    • $55 $0 in the first year

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Vertigo

    Details Close

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