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

Ceyda Erem

16 May 2019

G c mutual bank card content

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. Advertiser disclosure.

  • Apply By 30 June 2021

    Bendigo Bank Low Rate Credit Card

    0% p.a. for 24 months and then 11.99% p.a. (2.00% balance transfer fee)

    11.99% p.a.

    $45

    0% p.a. balance transfer for 24 months (Reverts to 11.99% p.a). Low annual fee of $45 and no fees for additional cardholders.

    • 11.99% p.a.

    • -

    • 0% p.a. for 24 months and then 11.99% p.a. (2.00% balance transfer fee)

    • 13.99% p.a.

    • 55

    • 3.00%

    • $45

    • $15.00

    • 0.50%, Min $3.25

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

    Details Close

  • Apply By 31 May 2021

    Citi Simplicity

    0% p.a. for 6 months and then 22.24% p.a.

    0% p.a. for 6 months then 21.49% p.a.

    $0

    There is no annual fee ever, you'll get up to 55 days interest free, free wine when you dine with the Citi Dining Program and the convenience of worldwide acceptance with Visa and Visa payWave. Plus for the first 6 months you'll enjoy 0% on balance transfers.

    • 0% p.a. for 6 months then 21.49% p.a.

    • 0% p.a. for 6 months

    • 0% p.a. for 6 months and then 22.24% p.a.

    • 22.24% p.a.

    • 55

    • 3.40%

    • $0

    • $0.00

    • 3.5%, min $3.50

    Read our Mozo Review to learn more about the Simplicity

    Details Close

  • Defence Bank Foundation Credit Card

    3.99% p.a. for 6 months and then 8.99% p.a.

    3.99% p.a. for 6 months then 8.99% p.a.

    $45

    Defence Bank Low Rate Credit Card offers a 3.99% p.a. 6 month introductory rate on balance transfers, purchases and cash advances. Up to 55 days interest free on purchases.

    • 3.99% p.a. for 6 months then 8.99% p.a.

    • 3.99% p.a. for 6 months

    • 3.99% p.a. for 6 months and then 8.99% p.a.

    • 8.99% p.a.

    • 55

    • 3.00%

    • $45

    • $20.00

    • 4.1

    Read our Mozo Review to learn more about the Foundation Credit Card

    Details Close

  • St.George Vertigo

    0% p.a. for 28 months and then 21.49% p.a.

    13.99% p.a.

    $55

    0% p.a. for 28 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. New cards only, Eligibility criteria and T&Cs apply. Offer ends September 28th 2021.

    • 13.99% p.a.

    • -

    • 0% p.a. for 28 months and then 21.49% p.a.

    • 21.49% p.a.

    • 55

    • 3.00%

    • $55

    • $15.00

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Vertigo

    Details Close

^See information about the Mozo Experts Choice Credit cards Awards