Service One’s Mycard MasterCard

Consumers who are dedicated to reducing their credit card debt must consider any possible alternatives which may inch them closer to reaching their goals. By carefully scouring the market card users will stumble across the MyCard MasterCard, which is provided by Service One Members Banking. This e functional card offers the ideal facility for Australians who are attempting to evade credit card debt.

The credit card also provides a host of additional features, including a 55 day interest free period on purchase transactions, a 24 month balance transfer period and the option of four additional cardholders at no additional cost.

The interest free period is valuable to most credit card users as responsible cardholders are rewarded for early repayments. If users pay their balance off in full before the end of the month they will not be charged any interest.

The Service One Mycard is the ideal card for balance transfers too, as new customers have the chance to transfer existing credit card debt from a prior card to the new Service One Mycard. The greatest feature of the balance transfer is the extraordinary low rate which is applied to the principal. Though the offer is an introductory rate, users have 24 months to pay off the balance transfer before the interest rate reverts to the standard purchase rate.

Borrowers should understand that balance transfers and cash advances are different from standard purchases and are, therefore, not subject to the interest free period. The low interest rate is applied to the debt on the card as soon as the balance transfer has been initiated, and a higher rate is applied to cash advances instantaneously. Unfortunately, repayments are applied to the lower interest item while the higher interest, incurred as a result of cash advances and purchases, accrues in the background.  This can be extremely costly, especially, when a 20% rate is compounded frequently.

Card users also have the option of choosing a silver or gold card, each of which come with a standard reward program. The points on these cards never expire so card users are not rushed to spend their points. Instead, they can save them until the ideal item is needed.

Anyone is eligible for either of the Service One Mycard credit cards. The application process is also easy and convenient. Prospective users can apply over the phone, on the internet or at a branch location.

The Mycard products provide borrowers with alternatives from the traditional lenders. Due to the repayment policy it is best for the card users to use their cards strictly for balance transfers or else they will accrue substantial interest expenses from purchases and cash advances.  The Mycard is very advantageous, however, as customers can pay their balance transfer in full at their own convenience without incurring any penalties.