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 18.89 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 9.89 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 9.89 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:
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.
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.
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.
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.
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!
|Cash advances||1.57%||18.89% p.a.|