Great Southern Bank Low Rate Credit Card. The fees, rates & info

Whether you’re travelling for business or pleasure, ensuring easy access to your money while abroad is essential. Using your credit card can seem like the simplest solution, but typically this will come with some added fees and charges.

In this guide, we’ll take a closer look at one low-rate credit card option available with Great Southern Bank – GSB. Delving into its features and benefits, limits, costs for using the card domestically and overseas and more, so you can make the most informed choice for your needs.

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The Great Southern Bank Low Rate Credit Card

The Great Southern Bank (GSB) Low Rate Credit Card is a credit account option with zero annual fee charged in the first year and a low-interest rate on purchases.¹

A basic credit facility, it enables holders to shop online or in person both domestically and overseas or make cash advance withdrawals as needed. Able to have up to nine additional cardholders linked to the main account at no charge, it also offers a low minimum credit limit of $500.¹

Who is this credit card for?

This credit card is suited to those seeking an uncomplicated personal credit card with multi-card access, flexible credit limit options and a low purchase interest rate.¹

The main features and benefits of the Low Rate Credit Card

Holders of GSB’s Low Rate Credit Card can access the following features and benefits¹:

• No annual fee in the first year and a low fee of AUD$49 per year thereafter
• Low 11.99% purchase interest rate
• Easy mobile payments via Apple and Google Wallet
• Fraud monitoring and security with Mastercard® identity check
• Up to 55 days interest-free on purchases
• 24/7 Emergency Assistance for lost or stolen cards
• Up to 9 additional cardholders permitted at no charge

Great Southern Bank Low Rate Credit Card rewards

As a low-rate, low-fee option, this credit card option from GSB does not offer any added extras such as complimentary travel insurance or frequent flyer rewards on eligible spending.

It is worth noting that currently, this is the only credit card product listed online with GSB. This means there is no option to switch to a reward-based credit option with them at a later date if desired.

The cons of using this card

While this card may appeal based on the features and benefits outlined above, it is important to note some of its potential downsides also, these include²:

• Minimum monthly payment charges in addition to any interest incurred
• Late payment fees
• A higher interest rate on any cash advances plus cash advance fees
• No individual credit limits can be applied to supplementary cards³

The credit limits you get with this card

The minimum credit limit for this card is AUD$500.¹ The maximum credit limit assigned to your credit account will be determined by GSB at the time of application and advised in your letter of offer upon approval.³

While you are permitted by GSB to request an increase or lowering of your maximum limit, you cannot reduce this below the AUD$500 minimum. Approval of these requests remains at the discretion of GSB.³

What are the fees for this card?

As with all credit cards, even those advertised as low cost, some fees apply for using the GSB Low Rate Credit Card both domestically and overseas.

Below is a breakdown of some common fees that may be incurred when using this card.

Fees*	Great Southern Bank Low Rate Credit Card²
Maintenance fees	AUD$0 in the first year, AUD$49 annually thereafter
Points/cash back	No cash back, rewards or points gained by using this card
Late repayments	AUD$12.50
Local/Foreign ATM fees	2.00% of the cash advance amount, with a minimum of AUD$3.50 charged If withdrawing overseas, an added fee of 3.40% of the transaction amount will also apply as a foreign exchange fee NB: ATM providers may also charge their own fees in addition to the above
Cash advance limit	30% of the applied credit limit or $2000, whichever is the lesser, applies daily³
Interest rates	11.99% p.a. on purchases 21.74% p.a. on cash advances
Additional cardholders	AUD$0 per card for up to 9 additional cardholders

*As seen on 27 May 2024

Great Southern Bank Low Rate Credit Card exchange rate used

Any transactions made overseas will be converted to AUD from the local currency using a government-mandated exchange rate/s or a wholesale exchange rate/s obtained by Mastercard.³ This may include a slight margin taken by Mastercard as a facilitator of the transaction.

For example, spending USD$1000 using today's rate from Mastercard will cost you 1,517.68 AUD.⁴ If we compare this to Wise who uses the mid-market rate, this would be AUD$1501.68. (See pricing here). *

This makes the margin around AUD$16 which is charged in addition to any other transaction fees.

*Both rates as seen on 27 May 2024

In some cases, purchases, cash advances, refunds, reversals, and any other charges originating in a currency other than AUD may be first converted to United States dollars (USD) before being converted to AUD.³

How do you get a Great Southern Bank Low Rate Credit Card

To obtain a GSB Low Rate Credit Card¹:

1. Visit the GSB website and navigate to the Low Rate Credit Card page. Check that you’re eligible and that you have the required documentation. If all is okay, you can then click to apply online.

2. Complete the application and upload all documents as requested. Additional documents to verify your income may be required during processing.

3. Wait for GSB to respond to the application. GSB advises that all communication regarding your application will be shared with you via email.

4. If approved, simply activate your card once it arrives at your nominated address and you can begin using it immediately.

What are the eligibility requirements for getting this credit card

To be eligible to apply for this credit card you must be¹:

• An Australian citizen or permanent resident
• Aged 18 years or over
• Receiving a regular income
• Free of any bankruptcy or insolvency claims in the last 5 years

What documentation is needed to apply?

When applying, you should have to hand¹:

• Proof of identity such as a current driver's licence or passport
• Employment and income details such as a recent payslip
• Details of your expenses and any existing debts you hold

How long does it take to get the card

Typically, GSB advises that you should receive your new credit card within 5-10 working days following approval.¹

What else do I need to know?

Before deciding if Great Southern Bank’s Low Rate Credit Card is right for you, we recommend considering the following:

• There is no interest-free period on cash advances and interest will accrue on any cash advance from the date it is withdrawn until it is paid in full³
• While multiple cards can be issued per account at no charge, no separate spending limits can be set, giving all cardholders the same access to the maximum limit³
• There are no added extras with this credit card and the introductory offer of no annual fee expires after the first year

Contacting Great Southern Bank

To speak with Great Southern Bank regarding their Low Rate Credit Card or for assistance with this product, you can contact them at:

• 133 282 in Australia between Monday to Friday 8.00 am - 7.00 pm (AEST) and Saturday 8.00 am - 4.00 pm (AEST)
• +61 7 3183 3502 if overseas between the same hours listed above

For out-of-hours support call:

• 1800 648 027 within Australia and
• +61 2 8299 9534 from overseas

The Wise Account and Debit Card

With a Wise Account you can hold money in 40+ currencies and spend it in 150+ countries. You can also order local account details in popular world currencies like AUD, NZD, USD, EUR, GBP to receive local and/or international payments like a local.

Whenever you exchange currencies it’s done using the mid-market rate with a transparent conversion fee shown upfront.

To make everyday spending easier you can order a Wise Debit card for your Wise Account and generate virtual cards as needed. If you have the local currency in your Wise Account the Wise card will use it. If you don’t have local currency converted, it uses smart technology to auto-convert your money at the mid-market rate, for a conversion fee.

The Wise card may suit you better if you’re to spend money that you’ve stored in different currencies within an existing Wise Account, and benefit from 2 or less free cash withdrawals under $350 AU, or foreign equivalent, per month (keep in mind that ATM providers may charge their own fees). You can see our full fee breakdown for ATM withdrawals here.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

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Sources:

1. GSB - Low Rate Credit Card
2. GSB - Schedule of Fees
3. GSB - Terms of Use pgs. 4, 6, 12,
4. Mastercard - Currency Calculator

Sources checked on: 27 May 2024