Changes to credit card fees

We’ve recently made changes to some of our credit card fees

A change to our Low-Rate Credit Card

Our Low-Rate Credit Card has long been recognised by industry awards for its outstanding value. Since interest rates were at an all-time low, and throughout a rising interest rate environment, our card has continued to offer one of Australia’s lowest ongoing credit card rates of 8.99% p.a.* on purchases and cash advances. In fact, we haven’t passed on any rate increases in over 6 years.

The good news is that the great value interest rates on our Low-Rate Credit Cards are not changing. However, we will be making a change to some fees on 1 December 2024.

Low Rate Credit Card Annual Fee – the current annual fee of $40 will increase to $50*
Domestic Cash Advance Fee – this new fee will apply to all Domestic Cash Advance transactions moving forward and will be charged at $2 per transaction.

*If you hold a Pink Low-Rate Credit Card (also known as McGrath Pink Visa), half the annual fee ($25) is donated to the McGrath foundation each year you hold the card. If you hold a Blue Low-Rate Credit Card (also known as a PCFA Blue Visa), half the annual fee ($25) is donated to the Prostate Cancer Foundation of Australia each year you hold the card.

Together, we can continue to make a difference

A key feature of our cards is that half the annual fee of Pink Low-Rate Credit Cards is donated to the McGrath Foundation and half the annual fee of Blue Low-Rate Credit Cards are donated to the Prostate Cancer Foundation of Australia. As half the annual fee is donated each year, the increase to the annual fee on Pink and Blue cards will mean an additional $5 per year will be donated. This valuable contribution helps these foundations to continue their important work in the community.

What is a Domestic Cash Advance?

A Domestic Cash Advance includes transactions in Australia where you are taking cash out. This could be cash out with a purchase, withdrawing cash at an ATM in Australia and transferring funds out of your credit card account. These types of transactions will incur a $2 fee each time they’re performed. Note that cash advances are not eligible for interest free days and will incur interest from the day they are made until they are repaid in full.

From 1 December 2024, Overseas Cash Advance fees and Domestic Cash Advance fees will also be charged on the day the transaction occurs. Please note that when a balance transfer offer is in progress, once the introductory period expires it will revert to the cash advance rate. A Domestic Cash Advance includes transactions in Australia where you are taking cash out. This could be cash out with a purchase, withdrawing cash at an ATM in Australia and transferring funds out of your credit card account. These types of transactions will incur a $2 fee each time they’re performed. Note that cash advances are not eligible for interest free days and will incur interest from the day they are made until they are repaid in full.

You can view our fees and charges schedule here. If you have any questions about these changes, please give us a call or visit us at your nearest store.

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Last updated: 2 December 2024

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.