The GE Money GO MasterCard is an interesting, albeit unconventional, credit card. It has an interest rate of 19.99% on purchases and cash advances attract 29.49% (easily the highest cash rate we've seen). But it gets more complicated...
A lot of major retail stores offer interest free deferred payment options, such as 'buy now, pay later' or '24 months interest free' etc. You can take the goods home and you have a certain amount of time (called the 'promotional period') to repay the balance. You need to apply for this sort of finance, in much the same way you apply for a credit card: the finance company will check your credit history and assess your capacity to repay the debt. The whole application process is usually done in-store.
With the GE Money MasterCard you don't need to apply for the deferred payment option, as long as you're purchasing goods from a partner retailer (such as Harvey Norman). You simply purchase the goods on your card.
If you don't repay the amount before the expiry of the promotional period (e.g. twelve or twenty-four months), you begin paying interest on the outstanding balance at 29.49%.
As a credit card, the GO MasterCard offers up to 62 days interest free and no annual fee, but there is an 'account service fee' of $3.95 a month charged if you've used the card for retail finance and the balance is greater than $10.
You also earn reward points toward the GO Rewards Program which offers a good range of shopping rewards.
As the card has no annual fee and an interest free period, it's worth noting that it’s potentially 'cost-neutral' – you could use the card, pay any balances before the expiry of the interest free period and never pay GE Money a cent.
Overall, this is a card that should only be owned by the financially disciplined. If you're ever likely to require a cash advance, get a different card - 29.49% is exorbitant. Likewise, if you're the type of person who doesn't pay their balance in full each month, you'd be far better off with a card that offers a lower purchase rate. If you intend to use the card's retail finance options, make sure you can repay the balance before the expiry of the promotional period.
