We had to laugh when we read this in the FAQs for the GE Money Low Rate MasterCard:
Are there any countries where I can't use my card?
Yes, your card will not be accepted in Cuba, Sudan, North Korea, Burma and Iran
We just pictured an irate American tourist berating the desk clerk at the Hilton Pyongyang for not accepting his credit card. Common sense should dictate that if you're travelling to country where there's a good chance you'll be shot, you shouldn't expect broad merchant credit card acceptance.
We were also amused by the big 'Cannex Star Ratings' banner and the accompanying blurb which proudly stated the GE Money Low Rate MasterCard was a Cannex Star Recipient. Of course, they failed to mention that every credit card in Australia is a Cannex star rating recipient (they're like the 'Good Try!' ribbons at a school sports day). In case you're wondering, the Low Rate MasterCard scored 3 out of 5 stars, which is classed as 'Good value'.
And we can't argue with that. The Low Rate is a good card, albeit not without its faults. The interest free period is 55 days (when you repay your balance in full each month), which is good and the annual fee is moderate ($58).
The purchase rate is 14.99%, which is mid-range and not 'low' as GE would have you believe. In their defence, they're not the first bank to try to get away with calling a +14% interest rate 'low'. The cash rate is 20.49% which is very high, but easily avoidable. Unlike some other cards, balance transfers (4.99% for six months) revert to the purchase rate and not the cash rate, so you really only need to worry about that nasty cash rate if you're withdrawing cash.
You can get up to nine additional card holders for no extra cost.
There are no other features, which positions this card in the 'no-frills' market. That may be a problem, because other no-frills cards have interest rates less than 12% and some have cheaper annual fees too.
The verdict: not a bad card, but the rate is too high for it to seriously compete against other cards with comparable features. The interest free period is good, but it's the only semi-remarkable characteristic.
If you're specifically looking for a GE card, this is the cheapest. If you're just after a cheap card, look elsewhere.
