In response to recent analysis of credit cards by Choice, Police Credit Union provides a more complete overview of the benefits associated with the extralite Credit Card to ensure consumers have a more informed opinion about what is best for them.
The simplified comparison by Choice only considered an account’s basic interest rate increase over a 4-year time frame and did not consider the important features and benefits that impact the overall cost of credit, or its current competitiveness against other options. It also did not consider whether the ‘then and now’ interest rates were competitive or not – only what difference had occurred between those two points in time.
While such a basic analysis makes for a good headline, it risks confusing consumers and we are compelled to set the record straight.
Police Credit Union stands by our extralite Credit Card as a true, low-cost credit card that has no strings attached, as has been the case since its inception. It has been independently recognised with numerous industry and consumer-based awards over that period.
The market analysis also failed to consider the changing landscape since 2016, which has resulted in considerably higher costs of providing credit cards. Important features of the extralite Credit Card not included in the comparison are as follows:
- An already low interest rate by comparison
- There are NO annual fees
- There is an interest-free period of up to 44 days
- The default rate for cash advances remains the same as for purchases
- This card can be loaded into digital wallet formats.
This means that, customers who want a true low-cost credit card with no strings attached, can commit with confidence to the extralite Credit Card. Our commitment to providing competitive best rates and products is one of the reasons why we are celebrating our 50-year milestone this year.
We encourage people wanting to take advantage of a credit card, to undertake a more thorough analysis to identify the best option suited for their individual circumstances, and with a 13.99%p.a. ongoing rate we stand by the Police Credit Union extralite Credit Card, as one of the most competitive options in the marketplace today.