No personal experience with these guys, but seem to have decent Balance transfer offer with 0% BT, & $0 BT fee
Summerland Rewards Credit Card: $0 Balance Transfer 0% for 12 Months, $0 1st Year Fee ($79/Year Ongoing) @ Summerland Bank
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Ehty on 05/02/2025 - 14:27 summerland.com.au (308 clicks)
Last edited 05/02/2025 - 14:46 by 1 other user
Last edited 05/02/2025 - 14:46 by 1 other user
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That’s only for their “community first account”
that's for not-for-profits and charities
Monthly fees for any bank are bullshit. They already get our money and make a motza on lending it out to other people
What’s the deal here? 0.5% cashback… You’d have to put $16000 of qualifying purchases through annually just to break even on the card fee. Interest rate is hardly competitive either.
A 0% balance transfer fee is effectively an interest free loan for 12 months.
Only if they approve you for a very high credit limit.
Eh… not really. BTs are only applicable to credit cards for existing credit card debt you’ve racked up. If people have large sums of CC debt, transferring it to a new one is going to do very little and they’ll usually end up maxing the new card out anyway, making only minimum repayments and in many cases ending up with an even bigger debt at the end of the BT period.
Consolidating CC debts into a single personal loan and then closing all CCs is the more sensible solution for those who are irresponsible with CCs.Only if it’s a citibank style “cheque to self” option. Which i’m not sure if that feature still exists?
Any one applied? Not sure how the cashback rewards work.
I went to open an account in branch with this bank, and they advised that there is a monthly $5 charge on all of their accounts, which then left me wondering what was the benefit of opening an account with them? It was not like they offered a higher interest rate.