n0w - the new interest free credit card

In a credit union-first, we’ve launched the innovative n0w credit card.

Sydney, October 2021: In a credit union-first, Community First Credit Union has launched the innovative n0w credit card, an interest-free card that charges extremely competitive monthly fees based on chosen credit limits. 

  • Community First is the first credit union to launch an interest-free credit card with monthly fees well below those charged by the bank’s equivalent products.
  • The n0w credit card’s features include a zero-interest rate, no late payment fees and cash advances.
  • Members pay a monthly fee based on their chosen credit limit. For example, there is a $9 monthly fee for $1,000 credit limit and $14 a month for a $2,000 limit.

John Tancevski, CEO of Community First Credit Union, says, “The n0w card will supplement the very competitive suite of traditional credit card products but target consumers that want more simplicity, no interest charges or late payment fees.

“n0w is also the only interest-free card in the market that allows for cash advances, and it will appeal to people who don’t like traditional credit cards, as card users don’t need to track interest-free days or worry about late fees.”

n0w with competitive monthly fees

Significantly, the monthly fees charged to n0w credit cardholders are below those imposed by the banking competition. The credit card fees and limits are as follows:

  • $9 monthly fee for $1,000 credit limit
  • $14 monthly fee for $2,000 credit limit
  • $19 monthly fee for $3,000 credit limit

“We can consistently provide competitive banking products because we are a mutual organisation, owned by our members, who are also our customers,” says Mr Tancevski. “Unlike the big banks, for example, we don’t have the same financial pressure to generate large profits to pay dividends to investors. “We deliver value back to our members through superior service, an extensive range of banking products that includes the n0w credit card, lower fees and very competitive interest rates.”

A credit alternative for financially savvy Millennials

The zero interest cards such as n0w offer a payment alternative to the Buy Now, Pay Later (BNPL) products popular with Millennials, notes Mr Tancevski. “Younger Australians are increasingly shunning traditional credit cards in favour of alternative payment methods such as BNPL.

“However, with BNPL products, shoppers generally must pay back their debts in relatively quick-fire instalments and will be hit with fees if they are late with repayments. 

“Plus, relying on BNPL solutions can also restrict where you shop or result in you having to sign up to multiple BNPL services for greater shopping choice. Merchants also benefit as they aren’t hit with additional fees typically charged by BNPL services”

Mr Tancevski adds, “We are putting the purchasing power back in the hands of the consumer as n0w cardholders can shop guilt-free knowing there is no interest to pay and that they can shop anywhere Visa is accepted, worldwide. Plus, they can pay amounts back on their terms, along with a low minimum monthly repayment.

“We have recognised that Millennials are looking for innovative banking products and in response, we have developed a flexible and low-cost Visa card that will prove a handy companion when they go shopping.”

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Credit eligibility criteria, terms & conditions, fees & charges apply. The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.

Community First Credit Union LimitedABN 80 087 649 938 | Operating as Community First Bank | AFSL and Australian credit licence 231204| BSB 512-170