Enjoy competitive interest rates and fees with the Bank Australia Low Rate Visa Credit Card.
The Bank Australia Low Rate Visa Credit Card offers competitive rates for both purchases and cash advances. This card has an ongoing variable interest rate of 9.39% p.a. for purchases and cash advances.
It also offers 24-hour online banking, access to Apple Pay and Android Pay, and Visa services including Visa Entertainment, Visa Checkout and a Zero Liability Policy to help keep your account safe.
| Product Name | Bank Australia Low Rate Visa Credit Card |
|---|---|
| Purchase rate (p.a.) | 9.39% p.a. |
| Annual fee | $59 p.a. |
| Interest Free Period The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement. | 0 interest free days |
| Cash advance rate (p.a.) | 9.39% p.a. |
| Min credit limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $1,000 |
| Minimum Monthly Repayment | 2.5% or $20, whichever is greater |
| Card Type | Visa |
| Late Payment Fee | $0 |
| Foreign Currency Conversion Fee (VISA) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 2% of transaction value |
| Complimentary Travel Insurance | No |
| Available To Temporary Residents | No |
| Joint Application | No |
| Minimum Age | 18 years of age |
|---|---|
| Available to Temporary Residents | No |
| Credit Rating Requirement Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here. | Good |
| Min Credit Limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $1,000 |
| Annual Fee | $59 p.a. |
|---|---|
| Minimum Repayment | 2.5% or $20, whichever is greater |
| Late Payment Fee | $0 |
| Cash Advance Fee | $3.50 |
| Overseas Cash Advance Fee | $3.50 |
| Overseas Emergency Replacement | $175 |
| Overseas ATM Balance check | $0 |
| Overseas ATM Withdrawal Fee | $3.50 |
| Foreign Currency Conversion Fee (VISA) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 2% of transaction value |
| Gambling Transactions Allowed | No |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Yes |
Pros
- The interest rate on purchases of just 9.39% p.a. is one of the lowest rates in the market.
- This card has a cash advance interest rate of just 9.39% p.a.
- This is the lowest in the market by far and means you won't get slugged with absurd interest charges when you use this card to withdraw money from the ATM.
- The annual fee of just $59 is well worth paying for the low rates this card has on offer.
Cons
- There are no interest-free days on purchases with this card. You will be charged the purchase rate of interest from the first day you use your card to make a purchase.
Bank Australia Low Rate Visa Credit Card review
The Bank Australia Low Rate Visa offers the same low, ongoing interest rate of 9.39% p.a. (variable) for purchases and cash advances. It also has a competitive annual fee of $59 that helps keep this account affordable.
In addition to these cost-saving features, the Bank Australia Low Rate Visa gives you access to Visa benefits and services, mobile payment services and 24/7 fraud monitoring. If you also have a Bank Australia savings account, you can enjoy instant transfers between it and your credit card account.
Benefits of the Bank Australia Low Rate Visa Credit Card
- Same low interest rate for purchases and cash advances. This credit card offers a competitive 9.39% p.a. interest rate on all purchases and cash advances made through the card. This is currently one of the lowest rates available, particularly for cash advances.
- Worldwide access to cash through Visa. Since this is a Visa credit card, you can use it at millions of retailers and ATMs around the world, anywhere Visa is accepted.
- Visa benefits. Enjoy access to pre-sale concerts, competitions and other experiences and offers through Visa Entertainment and get access to safer online banking through Visa Checkout.
- Online and telephone banking available. Bank Australia offers 24/7 Internet banking and phone banking from 8:00 am to 8:00 pm AEDT, Monday to Friday when you call 132 888.
- Transfers between Bank Australia accounts. As a Bank Australia customer, you can transfer money between your bank account and your credit account instantly.
Features of the Bank Australia Low Rate Visa Credit Card
There are a number of other features that come with the Low Rate Visa Credit Card that you'll be able to take advantage of as a cardholder.
- Annual fee. This card has a competitive annual fee of $59.
- Cash advance fee. If you use this card to get money from an ATM or for any other cash advance transaction, a fee worth $3.50 of the total transaction will apply.
- Overseas ATM withdrawal fee. If you use this card to get cash out overseas, a fee of $3.50 will apply. This is in addition to the cash advance fee.
- Currency conversion fee. A fee of 2% applies for any transactions made overseas or online in a foreign currency.
- Security features. This card offers 24/7 fraud monitoring. You're also protected against fraudulent transactions with Visa's Zero Liability Policy that will cover the cost of unauthorised charges that may occur.
How to apply for the Bank Australia Low Rate Visa Credit Card
Application criteria
You can apply for the Bank Australia Low Rate Visa online at any time. Before you apply, make sure you check the eligibility criteria and have all your relevant documents on hand to help speed up the application process
- Age. You must be at least 18 years old.
- Residency. You must be a permanent Australian resident with a valid Australian address.
- Income and credit history. You must have a regular income and you must not have been bankrupt.
Required information
- Personal information. This includes your full name, residential address, email address and contact number. If you aren't an existing Bank Australia customer, you'll also need to verify your identity online using your driver's licence, a Medicare card or passport.
- Employment information. This includes your employer's name and contact details, and the length of time you've been there.
- Financial information. This includes your salary information, as well as any other income you have from shares, rental property or anywhere else. You'll also need to inform Bank Australia of your existing loan balances, repayment amounts, as well as your credit card or overdraft limits.
If you are already a Bank Australia customer you won't have to worry about verifying your identity. All other applicants will have to be verified through the online Electronic Verification search using the identification documents listed above.
The Low Rate Visa from Bank Australia offers a competitive interest rate for both purchases and cash advances. But it does not offer as many extras as some other low rate cards, so make sure you compare it to a range of options to find the right card for you.
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