December 2001 Volume 82 Number 12 "serving the protectors"

Ease of use, convenience and a high degree of flexibility have won access cards massive and growing popularity in Australia. Payments can be made easily – in shops, over the phone or on the Internet and, when you have a card, there’s no need to carry around large amounts of cash. Using a card is a convenient way to do all your Christmas shopping and even pay for your holidays.

Which card should you choose?

With literally hundreds of cards on the market, consumers have never had more choice. It’s important to get the right card. Using the wrong type of card can be expensive, and cost you more in fees, charges and interest.

For example, why worry about a high-interest-rate credit card if you know you will be paying off the entire balance on time each month, thus avoiding interest payment altogether?

Likewise, if you know debt is likely to be regularly carried on the card for more than one month, a card with a lower interest rate and a lower or no annual fee could be best. Some people prefer not to use credit cards at all and therefore choose a debit card, which only provides access to the funds available in their savings account or a linked credit facility.

PCU Cards

A PCU VISA card is a debit card, which provides access to the funds you have in your savings account. However, if you have a pre-arranged credit limit linked to that account you can access that credit limit for unexpected purchases. VISA provides worldwide access to your nominated on-call savings account. It has the convenience of EFTPOS and ATM access and the ability to pay for goods and services wherever the VISA logo is displayed. By choosing the “credit” option when shopping, you also save on transaction fees.

MyCard is a new credit card developed especially for Credit Union members across Australia. With a MyCard you can take advantage of up to 55 days interest free and with every dollar you spend you will collect one MyCard Rewards Point which you can build up for your choice of rewards from the range of program partners. MyCard provides EFTPOS and ATM access and is welcome worldwide, wherever you see the Mastercard sign.

Tips for budgeting with your card

• Think about whether you will be able to pay for something before you buy it, not after.
• Parting with cash is visible but the impact of using credit is not as obvious until the statement arrives.
• Lower the cost of credit by paying as much as you can off the balance each month.
• Reduce the number of credit cards you have. This will save on annual fees and allow you to get maximum benefit from your rewards program. It also removes the temptation to use one credit card to pay off the balance of another.
• Choosing the “credit” option where possible when shopping with your card, instead of the ATM or EFTPOS, can save on transaction fees.
• With MyCard, you can save with a lower interest rate for bigger purchases. Fix and stretch your repayments, not your budget.

For more information about a PCU Visa card and details of our current MyCard promotion, call our Response Centre on 131 844.

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