Go shopping to help a worthy cause
ME Bank has joined the National Breast Cancer Foundation to offer the ME Bank EveryDay Transaction Account with PINK Debit MasterCard. Great timing given October is internationally known as Breast Cancer Month.
While there are plenty of banks that allow reward points on credit cards to be redeemed for donations to charities, this is the first debit card that allows you to support breast cancer research while doing your everyday shopping, using your own money.
For every purchase made using a PINK Debit MasterCard, ME Bank will donate 1 cent to the National Breast Cancer Foundation.
The account comes with 15 free ATM transactions a month and you can withdraw cash at any ME Bank, Westpac, St George Bank, BankSA and Bank of Melbourne ATM. Subsequent transactions incur a $1.50 fee.
"Tap and go" is available for purchases of less than $100, as well as free EFTPOS transactions and unlimited BPAY. A one-off card fee of $10 applies.
A $5 monthly account-keeping fee is applicable, although members of an industry super fund or union who maintain a minimum monthly balance of $500 are exempt from the fee.
It's worth noting that because ME Bank - not the cardholder - is the donor, you won't be able to claim a tax deduction. And it's the same if you allow reward points to be redeemed for donations to charities - there's no tax deduction.
MONEY VERDICT
It's a nice feeling to be able to shop and know that you're helping a worthy cause at the same time.
At first glance a donation of 1 cent doesn't seem much until you consider this: ME Bank has more than 220,000 members. If only half take up this debit card and transact just 500 times a year, that's an annual donation from ME Bank to the National Breast Cancer Foundation of over $550,000. Not bad! But if you're not a member of an industry super fund, you may be better off looking for a debit card with no fees and making a cash donation to the foundation.
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