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

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.