Information correct at 10/09/2016.
“The loan you want, the latitude you need.”
Product Features: What GO MasterCard offers
- Card type: MasterCard
- Interest free payment plans: Three types of 0% interest payment plans available: interest free, buy now pay later, and instalment interest free.
- Rewards program: Earn 1 GO Reward point for every dollar spent. Redeem points for over 5,000 rewards (merchandise and gift vouchers) listed in online catalogue.
- Contactless payments: MasterCard PayPass technology allows you to use this card for payments of less than $100.
- Online: Card can be managed through online banking.
- Insurance (optional): Purchases protected by Buyer’s Protection Insurance. Costs greater of 0.80% of monthly closing balance or $50/month. Insurance covers:
- Price protection – If price of purchased item drops within 6 months of purchase, card provider repays the difference onto the card.
- Merchandise protection – If purchased item is lost, stolen, or damaged within 6 months of purchase, card provider will pay repair or replacement costs for item onto the card.
- Stolen card protection – If card is stolen, card provider will pay $200 to your account for the inconvenience.
- Repayment cover – If you can’t work due to sickness or injury, card provider pays 10% of your monthly closing balance (up to $1,000/month) for up to 3 years or until you return to work.
- Life and critical illness cover – If you become critically ill or disabled, or pass away, card provider will pay balance of card up to a maximum of $20,000. This prevents the unfortunate scenario where your family or your estate must pay your credit card debt in your place.
- Security: Card protected by fraud protection, chip technology, and MasterCard® SecureCode™.
Rates and Fees
- Interest rate on purchases: 74%
- Revert rate on interest-free purchases: 49%
- Interest free days: 62
- Cash advance rate: 49%
- Cash advance fee: Greater of 3% or $3
- Annual fee/Account keeping fee: $0 annual fee/$4.95 monthly charge if the outstanding balance on the card is greater than $10.Establishment fee: $25
- Minimum monthly repayment: Greater of 3% of balance or $25
- Payment handling fee: $2.50 in person or $0.95 online (avoid this fee by paying via mail, direct debit, or Online Service Centre)
- International fees: 3% fee on all purchases and cash advances overseas; $4 cash withdrawal fee overseas; $5 over-the-counter cash advance fee overseas
- Paper statement fee: $2
- Late fee for overdue minimum payment: $20
Eligibility to apply for GO MasterCard
To apply for GO MasterCard, you must be able to satisfy the following criteria:
- At least 18 years old.
- Permanent resident of Australia.
- Good credit history.
The inclusions mentioned represent a selection of what is covered at the time of writing. Additional terms and conditions may apply to different features. Additional fees may apply to the product. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement to determine all the current options and inclusions for the product you are considering.
CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular credit product. If you decided to apply for a credit card you will deal directly with a financial institution, and not with CANSTAR. Rates and product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes, and additional information.
About GO MasterCard
GO MasterCard is a credit card product provided by Latitude Financial Services, a financial institution in Australia and New Zealand that also offers other credit cards, personal loans and car loans, personal insurance, and interest-free and promotional retail finance.
Latitude Financial Services is the new owner of GE Money, and has taken over management of GE Money’s existing products including the GO MasterCard.
Latitude Financial Services has more than 2.5 million customers and employs more than 2,200 employees.
Written by: TJ Ryan