Defence Bank has just won Mozo’s Low-Rate Credit Card of the Year for its Defence Bank Foundation Credit Card, which has an introductory rate of just 3.99% for six months before reverting to 8.99%.
Defence Bank CEO David Marshall says it’s a great honour to win this award, and shows why it’s always important for people to shop around for a better deal.
“Our Defence Bank Foundation Credit Card has found a sweet spot with members – delivering not only a low rate but also, with half of the annual $45 fee going to the Defence Bank Foundation, support for veterans living with PTSD.
“That’s good news for our members and for veterans. It’s a relationship we are proud of. This product, in particular, demonstrates that banking with us is more than transactional, it’s a relationship. In addition to a great-value credit card, members also get to contribute directly to a cause that supports veterans.
“The challenge I’d set for more Australians is to end the cycle of being beholden to high-rate cards, which are far too high for the average Australian family.
“It has been a difficult time for many household budgets, and families don’t need to be stuck with cards charging upwards of 20%, and in some cases much more.”
The Defence Bank Foundation supports Defence Community Dogs: a specialised assistance dog training program that rescues abandoned dogs and trains them through correctional services to assist veterans living with PTSD, depression, and anxiety.
“The Defence Bank Foundation Credit Card hasn’t been around for long, but is already making a big impact as recognised today by Mozo,” Marshall added.
“Fees from the card have already helped the Defence Bank Foundation fund one assistance dog for a veteran.
“We anticipate the Credit Card will continue to be popular with our members.
Australia’s Defence Bank previously commissioned research which found 35% of people are not aware of the interest rate of their credit card, and those who do are paying substantially more than the Defence Bank Foundation Credit Card.
Watch a video on the impact Defence Community Dogs has made on one particular veteran, Mick, and his assistance dog Lola.