Myer Visa Credit Card

Information correct at 13/09/2016.

Written by: TJ Ryan
The MYER VISA and the MYER Card are two credit card products provided by Latitude Financial Services. Latitude Financial Services is also a provider of other credit cards, personal loans and car loans, personal insurance, and interest-free and promotional retail finance.

“MYER is my store. Find wonderful.”Myer Logo

MYER and Latitude Financial Services have partnered to create two credit card products: the MYER VISA and the MYER Card. We have outlined the features and rates of the two cards below.

These two cards participated in the MYER one rewards program, for which members require a MYER one card. The MYER one card is simply a loyalty card; it is not a credit card and charges no annual fee. MYER one reward points can be redeemed in-store, online, or via the MYER one app.

Source: Myer

What is the MYER VISA?

The MYER VISA is a VISA credit card product offered by Latitude Financial Services, which earns rewards points in the MYER one rewards program. It should not be confused with the MYER Card, which is a storecard – a credit card that can only be used in-store at MYER or MYER affiliated stores.

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.

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About the MYER VISA

Myer Visa Credit CardFeatures

  • Card type: VISA
  • Minimum credit limit: $750
  • Rewards program:
    • Reward Points: Earn 3 MYER one points for every dollar spent at MYER or MYER affiliated stores; earn 1 MYER one point for every dollar spent everywhere else (capped at 2,000 points per month). Points are redeemable for gift cards, merchandise, events, and more.
    • Interest-free options: Interest-free purchase options are available for 12-, 18-, and 24-month payment plans from a range of retailers.
    • Buy now pay later: 3 months buy now pay later option on all purchases made in-store at MYER.
    • Exclusive offers: MYER one program offers invitations to exclusive VIP shopping events, Emporium magazine free with any purchase, and more.
  • Contactless payments: Visa payWave enables contactless payments with the card (without a PIN for purchases under $100 and with a PIN for purchases of $100 or more).
  • Online: Card can be managed through Myer Visa Card Online Service Centre (online banking).
  • Insurance (optional): Shopper’s Protection Insurance is available for an extra cost, to protect your purchases. Includes:
    • Shopper’s Cover – price protection: Claim the difference back if you find the same product advertised for a lower price at the same store within 6 months.
    • Shopper’s Cover – purchase protection: Claim the cost of replacement or repair if your purchase is accidentally damaged. If your purchase is stolen, Myer Visa Card pays $200 for the inconvenience.
    • Balance Cover: Myer Visa Card will pay off your closing card balance if you are unable to work due to illness or injury (up to $5,000), if you lose your job and do not start a new job within 90 days or if you have to give up work to care for a family member (up to $5,000), or if you die (up to $20,000).
  • Security: Card protected by chip technology, FALCON fraud protection, Myer Visa Fraud Secure money back guarantee, and Verified by Visa when shopping online.

Rates and Fees

  • Interest rate on purchases: 69% p.a.
  • Interest free days: Up to 62 days if balance paid in full every month
  • Cash advance rate: 69% p.a.
  • Cash advance fee: Greater of 3% or $1.95
  • Balance transfer rate: 69% p.a.
  • Annual fee: $69
  • Account service fee for interest-free purchases (account-keeping fee): $2.50/month charged when you have an interest-free balance
  • Additional cardholder annual fee: $9/card
  • Minimum monthly repayment: Greater of 2.222% of balance or $10
  • Special promotion fee: $35 payable each time you purchase under a special promotion such as an interest-free offer
  • Payment handling fee: $2.50 when not paying in-store at MYER, by mail, by direct debit, or by BPAY
  • International fees: 3% on all purchases overseas, including international online shopping. $4 for cash advances from ATM overseas, plus normal cash advance fee. $5 for cash advances over the counter overseas, plus normal cash advance fee.
  • Paper statement fee: $0.50/statement (receive online statements to avoid this fee)
  • Late fee for overdue minimum payment: $20
  • Over-the-limit fee: $0
  • Dishonour fee: $2.50

About the MYER Card

The MYER Card is a storecard – a type of credit card that can only be used in-store at MYER and MYER affiliated stores.

Myer Credit Card

Features

  • Card type: Storecard credit card (can only be used in-store at MYER and MYER affiliated stores)
  • Minimum credit limit: Information not provided
  • Rewards program:
    • Reward Points: Earn 3 MYER one points for every dollar spent at MYER or MYER affiliated stores; earn 1 MYER one point for every dollar spent everywhere else (capped at 2,000 points per month). Points are redeemable for gift cards, merchandise, events, and more.
    • Interest-free options: Interest-free purchase options are available for 12-, 18-, and 24-month payment plans from a range of retailers. Special interest-free promotions from 3 months up to 48 months are available throughout the year.
    • Exclusive offers: MYER one program offers invitations to exclusive VIP shopping events, Emporium magazine free with any purchase, and more.
  • Online: Card can be managed through MYER one online banking portal.

Rates and Fees

  • Interest rate on purchases: 49% p.a.
  • Interest free days: Up to 62 days if balance paid in full every month
  • Cash advance rate: Cash advances not available
  • Balance transfer rate: Balance transfers not available
  • Annual fee: $39
  • Account service fee for interest-free purchases (account-keeping fee): $2.50/month charged when you have an interest-free balance
  • Special promotion fee: $35 payable each time you purchase under a special promotion such as an interest-free offer
  • Payment handling fee: $2.50 when not paying in-store at MYER, by mail, by direct debit, or by BPAY
  • Late fee for overdue minimum payment: $20

Eligibility to apply for the MYER VISA or MYER Card

To apply for the MYER VISA credit card product, you must be able to satisfy the following criteria:

  • At least 18 years old.
  • Permanent Australian resident or non-Australian permanent resident with at least 12 months left on your visa.
  • Earn at least $15,000 p.a. or more.
  • Proof of regular income (recent payslips).
  • If renting, you will need to provide your landlord’s details.

CANSTAR provides an information service. It is not a credit provider, and in giving you information about credit products CANSTAR is not making any suggestion or recommendation to you about a particular credit product.

If you decide to apply for a credit card you will deal directly with the 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 Latitude Financial Services

Latitude Financial Services LogoThe MYER VISA is a credit card product provided by Latitude Financial Services, a financial institution in Australia and New Zealand that offers credit cards, personal loans and car loans, personal insurance, and interest-free and promotional retail finance.

Latitude Financial Services has more than 3.1 million customers and employs more than 4,600 employees.

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