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

Ceyda Erem

16 May 2019

redactor/hero-images/776/g_c-mutual-bank-card_content.jpg

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 13 months and then 21.74% p.a.

    11.99% p.a.

    $49 $0 in the first year

    0% balance transfer rate for 13 months & up to 55 interest free days. No annual fee for the first year and $49 after.

    • 0% p.a. for 13 months and then 21.74% p.a.

    • $49 $0 in the first year

    • 11.99% p.a.

    • 55

    • 21.74% p.a.

    • 2.00%, Min $3.50

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

    Details Close

  • Promoted

    Heritage Bank Gold Low Rate

    No current offer

    11.80% p.a.

    $0

    Heritage Bank Gold Low Rate Credit Card offers a 11.80% purchase and cash advance rate and comes with no annual fee.

    • No current offer

    • $0

    • 11.80% p.a.

    • 0

    • 11.80% p.a.

    • 2%, Min $2.50

    Read our Mozo Review to learn more about the Gold Low Rate

    Details Close

  • Promoted

    ANZ Low Rate

    0% p.a. for 15 months and then 21.74% p.a.

    12.49% p.a.

    $58

    With a low interest rate on your purchases and 0.0% p.a. on balance transfers for the first 15 months (T&Cs apply), this card makes for easy everyday spending. Apply online in just five minutes, and receive an answer in 60 seconds.

    • 0% p.a. for 15 months and then 21.74% p.a.

    • $58

    • 12.49% p.a.

    • 55

    • 21.74% p.a.

    • 2%

    Read our Mozo Review to learn more about the Low Rate

    Details Close

  • Promoted

    Virgin Money Virgin Australia Velocity Flyer Card - Purchase Rate and Balance Transfer Offer

    0% p.a. for 6 months and then 20.99% p.a.

    0% p.a. for 14 months then 20.74% p.a.

    $129 $64 in the first year

    Receive a $129 Virgin Australia gift voucher each year. 0.0% p.a. on purchases for up to 14 months.

    • 0% p.a. for 6 months and then 20.99% p.a.

    • $129 $64 in the first year

    • 0% p.a. for 14 months then 20.74% p.a.

    • 44

    • 20.99% p.a.

    • 2.7%, Min $2.70

    • Points are credited to the Velocity Frequent Flyer program.

    Details Close

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.