A Canberra member got a pleasant surprise when she applied for a credit card and discovered the better deal Defence Bank offered, along with a charitable hook.
57-year-old Canberra resident Fiona Richmond. recently refinanced her home loan and moved to the Defence Bank Foundation Credit Card which has an introductory rate of 3.99% for the first six months before reverting to 8.99%, one of the lowest in the market.
“My previous card with Westpac was 20.99%,” Fiona said.
“To be honest, banks should not be changing that type of interest rate on a credit card if Defence Bank can charge 8.99%.
“I would encourage people to look at the smaller banks and lenders, I don’t think long-standing loyalty has the same impact anymore. Really look at a competitive rate that suits your own circumstance.
“I didn’t realise that Defence Bank was open to the public as well as the defence forces, so I’ve told quite a few of my friends about it.”
Not only does the Defence Bank card come with a low rate, but half of the annual fee goes to the Defence Bank Foundation.
The Defence Bank Foundation supports the Defence Community Dogs’ program, a specialised dog training program which rescues abandoned dogs and trains them through correctional services to assist veterans coping with PTSD, depression and anxiety.
Research has shown 1 in 3 Australians don’t know the credit card rate they’re paying.
As well as a great value low rate credit card, Defence Bank participates in initiatives that help members into homes, including the Defence Home Ownership Assistance Scheme (DHOAS), and the First Home Loan Deposit Scheme (FHLDS) which makes the Bank a true one-stop shop for members.
Important note: This information is of a general nature and is not intended to be relied on by you as advice in any particular matter. You should contact us at Defence Bank to discuss how this information may apply to your circumstances.