Jetstar launches new low rate credit card

Rewards Australia's low fares airline Jetstar has launch of a new low-rate credit card, the Jetstar MasterCard.

Partnering with the card's issuer, Macquarie Bank, the news marks Jetstar's first foray into a product beyond airline and holiday travel, offering consumers a low-rate MasterCard or Platinum MasterCard.

"We aim to do for credit cards what Jetstar did for low fares airline travel in Australia when we launched back in 2004 - to present consumers a choice with real benefits and with a low every day rate of 10.99 per cent," Jetstar chief executive Bruce Buchanan said on Wednesday.

"The Jetstar MasterCard will reward users with not only low rates, but also a really simple and valuable rewards program to earn Jetstar Dollars."

'Jetstar Dollars' can be redeemed for Jetstar Flight Vouchers, that can be used to pay for Jetstar flights to over 50 destinations.

Customers can accrue one cent in Jetstar Dollars for every dollar spent on everyday purchases, and two cents for every dollar spent on everyday purchases on the Jetstar Platinum MasterCard.

MasterCard Australia country Manager Andrew Cartwright said the Jetstar MasterCard added to the suite of MasterCard programs available to Australians.

Canstar Cannex, a finance research and ratings firm, said the Jetstar MasterCard was the lowest rate credit card on the market offering offered flight rewards.

Other features of the Jetstar MasterCard include a zero per cent balance transfer for six months, a $49 annual fee and up to 55 days interest free.

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Jetstar, which is owned by Qantas, is also working with the Qantas Frequent Flyer business to introduce Qantas Frequent Flyer points as a reward option for account holders.

It's envisaged these will be available in the first half of 2010.

Customers can apply for their Jetstar MasterCard via the Jetstar MasterCard website, Jetstar.com/cards, from Thursday October 29.

AAP

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