Latitude Low Rate MasterCard

Latitude Low Rate Mastercard

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Card features
balance transfer
purchase rate
annual fee
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Latitude Low Rate Mastercard
Low ongoing variable purchase interest rate of 11.99% p.a..
Complimentary price protection, extended warranty and purchase protection.
$69 p.a. annual fee.
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11.99% p.a.
ongoing
$69
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Pros & cons

What's good?

What's not so good?

Low ongoing variable purchase interest rate of 11.99% p.a..
Complimentary price protection, extended warranty and purchase protection.
$69 p.a. annual fee.
Pay with your choice of mobile wallet using Latitude Pay (Garmin Pay, Fitbit Pay, Google Pay™, Samsung Pay™ and Apple Pay).
Add multiple cardholders to your account.
No introductory balance transfer offer.
Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

Our review

Our review of the Latitude Low Rate MastercardReviewed by Yvonne Taylor

Do you like the sound of a low-interest-rate, low-annual-fee card which nevertheless comes with the latest technology and some useful free insurance cover for good measure? Then the Latitude Low Rate Mastercard might be just what you’re looking for.

Check out the following features if you want to verify that it’s a good fit.

Truly low interest rate on uncleared purchase balances

The best way to use any credit card is to take full advantage of the interest-free days on purchases – up to 55 days per month, in this case, – and then pay off the balance in full on the due date. Combine this with avoiding taking cash advances (for which the interest rate on this card is a punishing 20.99 percent p.a., applied immediately) and you’ll never pay a cent in credit card interest.

In a perfect world that would be the end of the story, but the reality is that many cardholders have to cope with an irregular income pattern, unforeseen expenses, and the necessity of spreading major purchases, like holidays, Christmas celebrations, new technology and appliances, over the whole year. That’s where a low-interest card like this comes into its own.

At 11.99 percent p.a., the interest rate on outstanding purchases balances is much more forgiving than the more typical 20 percent + p.a. of many cards. If you think that it’s likely you won’t be able to clear your purchases balance in full every month, choose a low-interest card like this one to help you avoid the trap of long-term debt. While paying interest at 11.99 percent p.a. is still relatively painful, you’ll pay far less in interest costs and clear your debt much more quickly than you would if paying 20 percent p.a.

Complimentary insurance to protect your purchases

Most low-interest-rate cards are stripped back, devoid of extras to keep the cost low. However, Latitude has found a way to include some complimentary benefits without charging an exorbitant fee.

Shoppers will appreciate the three complimentary insurance policies designed to protect their credit card purchases:

  • Extended warranty This is probably the most useful of the three policies since it’s the one you’re most likely to make a claim on. If you purchase an appliance or item of technology with a manufacturer’s Australian warranty of at least 12 months, Latitude will extend that period by a further 12 months. You don’t have to register your purchase in any way (other than paying for it with the card) and online purchases and purchases given as gifts to someone else are all covered. The benefit may take the form of repair, replacement or reimbursement of the purchase price. Maximum individual claims cannot exceed $250, or a $1,000 annual aggregate of claims.
  • Purchase protection Just bought something, only to have it stolen or damaged? If you’d paid for it with this card, Latitude would repair or replace the item, or reimburse the cost, up to a maximum of $500 per item or $1,000 per year. There are a few exclusions, including motor vehicles, perishables, works of art and jewellery.
  • Price protection Avoid that sinking feeling you get when an item you just purchased goes on sale at a considerable discount. Latitude will reimburse the price difference (provided the original price was more than $50) if you purchased the item in-store with the card, and not more than 30 days later see the exact same item advertised in print or promoted in-store (even by a different retailer) for a much lower price. Claim limits and exclusions similar to those applied to the purchase protection policy, also apply to this policy.

Make fast, secure payments on the go

If you have a smartphone or other mobile devices such as a smartwatch or fitness tracker, you can set up Apple Pay, or Google Pay, Samsung Pay, Garmin Pay or Fitbit Pay, and then pay securely and quickly with your device and leave your card at home. You can also add your card to a tablet or laptop for online payments.

Access Mastercard Travel Assist

As a Mastercard holder, you can benefit from Mastercard Travel Assist, before and during your overseas trips. Benefits include, for example, travel advisories and customs information, general information on local customs, passport, visa and immunisation/inoculation requirements, embassy and consular referrals, information on national holidays and standard business hours, medical assistance and language assistance.

A low annual fee in spite of the added extras

Since this is a card with some useful extras, you’d be forgiven for thinking that this would be reflected in a higher annual fee. In fact, you’ll pay only $69 a year, not bad for a very functional card with some freebies and with a low interest rate as your fall-back strategy.

This is not the only low-rate credit card available

There are lots of competing low-rate cards to choose from, although they may have different features, or lack the features of the Latitude Low Rate Mastercard. You can compare them all on the ‘Low interest’ page in our Features section, where you’ll find the ME frank Credit Card, the Virgin Money Low Rate Credit Card, and many others.

Lock in a low rate for when you need it, without paying a high fee

Latitude has sensibly not gone overboard with bells and whistles on this card. There are no rewards points (because rewards points are a bad idea if you think you’ll need a low interest rate), no overseas travel insurance you may never use (even though you would pay for it in a higher annual fee) or any of the other perks associated with premium credit cards.

Instead, you get just what it says on the box – a low interest rate on purchases for when you need it – and quite a bit more for a very affordable price.

Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

User reviews

2.7 out of 5.0 based on 5 reviews60% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

Rewards are non-existent

Reviewed and recommended by Cassie on 20 Sep 2016

This was previously called the GE Money Low Rate MasterCard, but has recently changed names. I have had this card for over 10 years and they have never had any type of rewards program attached.

Initially, there was no annual fee charged but this has also changed. The low interest rate is really the only benefit to having this card. I have also never been rewarded for my long-term loyalty and great payment history on this card.

When I first got this card the interest rate was below 10%, so it really was a genuine low rate. Unfortunately, the rate is a lot higher now.

Never ending payments

Reviewed and not recommended by Sharon on 11 Aug 2016

I can’t seem to get on top of my Latitude Low Rate MasterCard. I’m making extra payments only for them to be eaten up with fees.

I wish I could just get rid of it altogether. I wouldn’t recommend this card to anyone. I’m sorry I ever made an application for it. It was the worst thing I’ve ever done.

Good interest rate

Reviewed and not recommended by Micah on 02 Jul 2016

What can I say? The company recently got sold and with the sale went my personal information and credit details. Now when I go to the new website, I am warned that the site is not trusted. How unnerving is that? But apart from this, the interest is low and annual fee is reasonable.

Very pleased for a long time

Reviewed and recommended by Cassie on 01 Jul 2016

I have had this card for over 10 years for everyday transactions and bills. It was originally a GE Money Low Rate MasterCard, but has recently had a name change to Latitude Low Rate MasterCard.

It has one of the lowest interest rates going and has the added protection of MasterCard Falcon, which has caught potential fraudulent activity on my card more than once, which has protected me from unauthorised transactions and therefore saved me money. The customer call centre people are always helpful and easy to understand. They are prompt with fixing any issues I have had and answered my questions in an easy to understand manner.

The only disappointing thing is it doesn’t have any type of rewards. It would be nice to be rewarded for my loyalty to this product. I would recommend this card.

It's a good card

Reviewed and recommended by Jenni Sutton on 14 Jul 2015

I have had my card for many years. I did think the interest rate was high until I started comparing with other cards held by family and friends. It is accepted at all outlets and has a great website, which is easy to navigate and use. Overall, I think I am doing pretty well!

Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup
Single
Card tier
Standard
Card type
MasterCard
Card use
Personal
Credit rating
N/A
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
N/A
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
None
Temporary residents
N/A

Cardholders

Additional cardholders
Yes
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$500
Maximum credit limit
N/A

Repayments

Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment
whichever is greater, $10 or 2.22%

Rates & fees

Ongoing interest rates

MonthlyAnnually
Cash advances 1.75% 20.99% p.a.
Purchases 1.00% 11.99% p.a.

Fees

Annual fee
$69 p.a.
Cash advance fee
whichever is greater, $1.95 or 3%
Dishonour fee
N/A
Duplicate statement fee
$2.50
Foreign exchange fee
3%
Late payment fee
$30
Over limit fee
$0
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$4
Overseas emergency card replacement fee
N/A
Transaction verification fee
N/A

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Age Pension, Disability Pension, Overseas Pension, Veteran's Pension and Widower's Pension are acceptable.
Carer's Allowance, Child Support Payments, Family Tax Benefits and Parenting Payments and Foster Care Allowance are acceptable.
Joint applications are not allowed
Austudy and Youth Allowance are not acceptable.
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.
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