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.
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