Suncorp Clear Options Standard Credit Card

On website

Suncorp Clear Options Standard Credit Card

Balance transfer

20 months at 0% p.a.

Purchase rate

12.74% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • The 12.74% p.a. ongoing interest rate applied to purchases is economical.
  • 0% p.a. interest for up to 20 months on balance transfers, returning to the 21.99% p.a. cash advance rate.
  • $0 for the first year annual fee, $55 afterward.

Pros and cons

Pros

  • Enjoy the first year with no annual fee, saving you $55.
  • Introductory interest-free balance transfers for 20 months.
  • Low ongoing purchase interest rate.
  • Add up to 4 additional cardholders for no extra cost.

Cons

  • There is a 1% Balance Transfer fee.
  • No interest-free days.
  • Doesn't earn rewards.
  • Expensive foreign currency transaction fee.

About this credit card

Basics

Card usage

Apple Pay Enabled
Yes
Card Type
Visa
Gambling Transactions Allowed
No
Samsung Pay Enabled
Yes

Eligibility

Joint Application Accepted
No
Minimum Age
18 years
Minimum Credit Rating
Good, Very Good, Excellent
Minimum Income
$25,000.00
Temporary Residents Accepted
No

Additional cardholders

Additional Cardholders
4
Additional Card Fee Ongoing
$0.00

Credit limits

Minimum Credit Limit
$2,000.00
Maximum Credit Limit
$20,000.00

Repayments

Interest Charged From
Purchase date
Interest Free Period
Up to 0 days on purchases
Minimum Repayment Percentage
2%

Balance transfers

Balance transfer offer

Balance Transfer Rate
0%
Balance Transfer Period
20 months
Balance Transfer Fee Percentage
1%

Balance transfer conditions

Balance Transfer From Personal Loan
No
Balance Transfer Limit Percentage
80%
Balance Transfer Revert Rate
21.99%

Rates, fees, charges

Cash advances

Cash Advance Rate
21.99% p.a.
Cash Advance Fee
$3.50
Cash Advance Fee Percentage
3.5%
Cash Advance Fee Threshold
N/A

Purchases

Purchase Rate Introductory Offer
N/A
Purchase Rate Introductory Period
N/A
Purchase Rate Ongoing
12.74% p.a.

Account fees

Annual Fee Initial Year
$0.00
Annual Fee Ongoing
$55.00
Dishonour Fee
$15.00
Duplicate Statement Fee
$14.00
Foreign Exchange Fee Percentage
3.4%
Late Payment Fee
$30.00

Rewards

Rewards program basics

Rewards Program
N/A
Rewards Program Annual Fee Initial Year
N/A
Rewards Points Expiry
N/A

Rewards points per $1 spent

Domestic Rewards Points Earn Rate
N/A
Government Rewards Points Earn Rate
N/A
Overseas Rewards Points Earn Rate
N/A

Additional perks

Insurance

Cardholder's Domestic Hotel Burglary Insurance
No
Cardholder's Extended Warranty Insurance
No
Cardholder's International Travel Insurance
No
Cardholder's Interstate Flight Inconvenience
No
Cardholder's Personal Item Theft Cover
No
Cardholder's Price Protection Insurance
No
Cardholder's Purchase Protection Insurance
No
Cardholder's Refund Protection
No
Cardholder's Transport Accident Insurance
No

Travel and lifestyle

Airport Lounge Access Included
No
Concierge Service Included
No
Complimentary Flight Voucher Included
No
Complimentary QFF Membership Included
N/A

Our review

Convenience

Customer service

Rates and fees

Rewards

Trust

Let’s face it, nobody likes paying credit card interest, but sometimes it’s just unavoidable. Anyone with regular experience of being unable to clear their card balance will see the value of the Suncorp Clear Options Standard Credit Card straight away. It has no interest-free days on purchases but a very low interest rate — for a credit card.

What is the point of a card with interest-free purchase days that you will never be able to take advantage of because you are always carrying a balance, especially if the downside is an interest rate of 20% p.a. or more?

On the other hand, fortunate people with a substantial guaranteed income may never consider a credit card like this because they expect to pay off their card balance in full each month and can use a card's interest-free days. They may, however, be making a mistake if they dismiss it out of hand.

Interest-free balance transfers for 20 months

You can transfer your balance, without any transfer fee, from your current card to your new Suncorp card and pay no interest at all for 20 months.

How much will you save? Heaps, if you are paying interest of around 20% p.a. on your card now. If you were approved for a limit of $5,000, you would be able to transfer as much as $4,000 (80% of the approved credit limit) from your old card and save $800 in interest charges. A word of warning, though. The revert rate is the 21.99% p.a. cash advance rate, not the low 12.74% p.a. purchases rate. So if you can’t clear your transferred balance at the end of 20 months, you will pay a very high interest rate on whatever debt remains.

And for those just keeping their new card for emergencies, why not transfer a balance anyway? It won’t cost you a cent because there is no balance transfer fee (except minimum repayments) as long as you have the cash ready to clear the remaining balance when the interest-free period expires.

Visa Entertainment

This may be a very basic card, but you’ll still feel special if you take advantage of your entitlement, as a Visa cardholder, to pre-sale tickets, offers and competitions from top entertainment providers. You can sign up for e-mail alerts to get news about the latest deals.

Convenience and security

Once again, there’s no skimping on card facilities, even though it’s not a blue-ribbon card with a matching top price. You’ll still get the protection of FRAUDSHIELD® protection to monitor transactions and protect you from bogus charges. And when you’re in a hurry, you’ll appreciate the ease and speed of Visa payWave for purchases under $100.

Some fees are a bit over the top

You’ll want to avoid the higher-than-average $40 fee for exceeding your credit limit. Apply in advance for a credit limit increase if you think you’re going to max out your card.

The 3.4% fee charged on foreign transactions (including online shopping sites based overseas, even if they charge in Australian dollars) is also somewhat excessive.

Get a head start by saving $55 with Suncorp's no annual fee offer in the first year. Following that, enjoy a very reasonable annual fee of $55, aligning perfectly with a straightforward, no-frills card. Plus, you can add up to four extra cardholders at no extra charge.

Why choose the Suncorp Clear Options Standard Credit Card?

There are two distinct profiles for the ideal user of this card.

  • Someone who expects to carry an unpaid credit card balance for most, if not all, of the time and whose focus is, therefore, on the interest rate. Interest-free days on purchases have no appeal whatsoever and will not be missed, but the long, zero-interest balance transfer offer could be a lifesaver; or
  • Someone who makes full use of the interest-free days on their current card by paying off the balance in full, always. They would, however, like to keep a cheap, low-interest card in their wallet for emergencies.

account

Reviewed by Credit Card Compare Staff

User reviews

Convenience

Customer service

Rates and fees

Rewards

Trust

Convenient for shopping

Reviewed by Alibi


Happy with Suncorp

Reviewed by Cydonia ross


The very best I've ever had

Reviewed by Baxter


Flexibility and freedom

Reviewed by Sandra


Great card for everyday use

Reviewed by Smith


Convenient and easy way to pay

Reviewed by Chuen-Tat Kang


Superior customer service

Reviewed by Brett Harris


I saved a lot of money with this card

Reviewed by Jeya


Value for money

Reviewed by Karan


Great service

Reviewed by Jason


Terrible customer service

Reviewed by Steve


Good, easy rewards program and great service

Reviewed by Andrea


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