If you're surprised to learn the Myer Visa is expensive, perhaps you're not familiar with Myer: the store where you go to purchase $200 polo shirts from contemptuous sales staff.
The interest rate is fairly high (20.39% on both purchases and cash) and in order to get the 62 interest free days on purchases, you need to pay your balance in full each month.
But to be fair, the remaining features aren't bad. The annual fee is quite low ($39) and the Myer One rewards program is good, albeit narrow (you can only redeem points at Myer).
You'll earn three Myer One points per dollar spent at Myer and one point per dollar spent elsewhere (points earned elsewhere are capped at 2,000 points per month).
The redemption value is quite good (2,000 points = $20 Myer voucher). When we recently
compared twenty-two Australian reward programs, Myer One was the best value for $100 Myer vouchers, although the benchmark was skewed in their favour.
The program operates under an auto-redemption system - every time you earn 2,000 points, Myer send you a $20 voucher. The auto-redemption is actually a good idea - it eliminates any redemption rules, phone calls or paperwork.
The fees are fairly standard. The late fee and over-limit fee are both $30 and additional cards with cost $9 per year. The international transaction fees are quite steep, so you probably won't want to use this card to obtain cash overseas. You'll incur the standard cash advance fee of 3%, plus a $4 international ATM fee and a further 3% international transaction fee. For example, if you withdraw �500 British pounds (around AUD$946 at the time this review was written), you'll pay over $60 in fees.
Overall, if you're not the sort of person who regularly shops at Myer, you probably won't get much value from this card. You may be better off with a card that offers a lower interest rate or perhaps a broader rewards program. If you're a Myer-holic (and we mean a real spend-half-my-paycheck-on-shoes-and-handbags kind of consumer) this might be the card for you.
