The Visa credit card, issued by Macquarie Bank, will allow people to use their smart phone’s digital wallet to pay with either Android or Apple Pay.
Consumers also have access to a range of security features and budgeting tools through the Myer Credit Card app, designed to make it easier to track and manage spending.
The Myer Credit Card works off a rewards-based system, whereby customers can earn uncapped Shopping Credits on eligible purchases at Myer and MYER one affiliates by presenting their MYER one card number at point-of-purchase.
Canstar Research Analyst Josh Sale said the standout feature of Myer’s new card is the ability to earn uncapped Shopping Credits.
“Since the new interchange regulatory framework was handed down by the RBA, many cards in the market have tightened their rewards programs by placing caps on the points that can be earned, however, Myer has bucked the trend with the Myer Credit Card offering uncapped MYER one Shopping Credits,” said Sale.
“This means that you could earn 1 MYER one point per dollar spent on the card (up to 3 when shopping at Myer and affiliates), with these points converted to a $20 rewards voucher for each 2,000 points, effectively a 1% reward return.
“With a relatively low $69 annual fee (waived in the first year), this card could be an attractive option to consumers who use their credit card for everyday purchases, particularly those who shop at Myer,” he said.
Mr Sale said consumers need to be aware of their spending behaviour and the interest on this credit card.
“As is the case with all rewards cards, it is important that you are able to repay the balance of the card in full each month, otherwise the interest charges will quickly eat up any rewards benefits you may be able to earn – with an interest rate of 20.69%, this card is no different,” he said.
Myer CEO and Managing Director Richard Umbers said the digital payment technology will provide customers with an easier way to pay and reward them for their loyalty.
“We are delighted with our partnership with Macquarie and Visa which will further accelerate the growth of Myer’s digital capability,” said Umbers.
What are some of the key features of the Myer Credit Card?
- Pay on your mobile device with Android Pay and Apple Pay.
- No annual fee in the first year and $69 annual fee ongoing if you apply and be approved for the Myer Credit Card by 31 December 2017.
- Interest rate of 20.69% per annum on purchases.
- Up to 55 days interest free on purchases when you pay your balance (including any balance transfers) in full by the due date each month.
- 0% balance transfer for 14 months from approval if you apply and be approved for the Myer Credit Card by 31 December 2017. You will not be eligible for up to 55 days interest free on purchases until you pay off any balance transfer in full.
- Easily manage your account online or on your phone with the new Myer Credit Card app. This includes access to budget trackers, transaction categorisation and push notifications to your phone whenever you spend.
- Visa zero liability policy means you won’t be held responsible for fraudulent charges or unauthorised purchases made using your card or account information.