Bank Australia Low Rate Visa Credit Card – Rates and Fees

Information verified correct on December 3rd, 2016

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. Once you are approved for the credit card, you will enjoy a 9.39% p.a. interest rate on purchases and cash advances. You will also receive bank features like 24-hour access to online banking.

Moreover, Bank Australia promises not to market credit offers to you as a way to talk you into increasing your credit limit or spending amount. You can also take advantage of competitive fees as well as the worldwide convenience of Visa services like VISA Best Buys and VISA Preferred Seating. If you are looking for a credit card with more features, there is also a platinum Visa credit card available as well as a Commercial Visa Card.

Product NameBank 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 Repayment2.5% or $20, whichever is greater
Card TypeVisa
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 InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
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 Repayment2.5% 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 AllowedNo
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
MailYes

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

With competitive interest rates on purchases and cash advances offered at 9.39% p.a., you can use your Bank Australia Low Rate Visa Credit Card to buy everyday items like groceries, for large purchases like a new appliance, or for emergency purposes.

Since the credit card runs on the Visa platform, you will also be entitled to all Visa services, including Visa Preferred Seating and Visa Best Buys. You can also take advantage of V.me, Visa's digital wallet service.

Affordable fees like the $59 annual fee and zero account-keeping fees are also an attractive feature of this credit card. If you aren't sure if this credit card has everything you're looking for, try comparing it with other credit card offers. Look at the rates, fees, and features to see which deal is better suited for you.

Benefits of the Bank Australia Low Rate Visa Credit Card

  • Enjoy making purchases with a 9.39% p.a. interest rate. Living up to its name, this credit card offers a competitive 9.39% p.a. interest rate on all purchases made through the card. This saves you more money than other credit cards that can charge much more in interest.
  • Keep cash on hand with 9.39% p.a. interest charged for cash advances. Most credit card offers advertise a higher interest rate for cash advances than for purchases, but the Low Rate Visa Card from Bank Australia offers identical rates for both. This means that you can withdraw money from your credit card without worrying about paying high interest rates in return
  • Save for emergencies or take care of everyday needs. These competitive rates allow you to use your credit card in any way you want. You can choose to save your card and use for emergency expenses like repairing your car or replacing an appliance, or you can choose to use it on normal purchases like groceries and petrol. You can do this, thanks to the competitive purchase rate.
  • Visa Preferred Seating gets you to the shows you want to see. This service through Visa allows you to secure tickets to special performances safely through the internet. You can get access to the best seats, get tickets before the general public, get discounts on last minute tickets, and even sign up for hard-to-get tickets in advance. This service is made available to you as a Visa cardholder.
  • Visa Best Buys. With this special service made available only to Visa cardholders, you can get great discounts on certain products that meet the eligibility criteria within the program.
  • V.me makes shopping online secure and convenient. This is a digital wallet service that is offered to Visa cardholders as a way to make online shopping safe and simple. With this service, just type in your username and password whenever you're shopping online and all of your personal details will be entered in for you in a secure format. It can even be used through your smartphone or tablet.
  • Worldwide access to cash through Visa. Since this credit card runs on the Visa platform, you can take advantage of ATMs across the world. This credit card will work at any ATM in Australia and in most ATMs internationally. This means that you won't ever be without cash. You can also make purchases with your credit card anywhere that accepts Visa.
  • Online and telephone banking available. Whenever you need to access your account details, you can do so through the internet or by telephone. You can even pay bills with your account in this manner - day or night.
  • Transfers between Bank Australia accounts. As a Bank Australia customer, you can transfer money between your bank account and your credit account automatically and for free.

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.

  • Competitive fees. The only fee you have to pay is the annual fee, which is an affordable $59. All other fees like late fees, card replacement fees, and chargeback fees can generally be avoided. There are also no account-keeping fees.
  • No marketing guarantee. Bank Australia promises not to do any type of marketing schemes to bait you into increasing your credit or spending limit.
  • Easy reporting. If you lose your card or have it stolen, you can easily report it to minimise the possibility of fraudulent use. You can even report conveniently while overseas.
  • BPAY payments. You can also make payments through BPAY as a Low Rate Visa cardholder.
  • Over-the-counter deposits. If you have a personal Bank Australia account, you can also make over-the-counter cash and cheque deposits.
  • Redraw option. As a Bank Australia customer, you have the option to take advantage of free redraws on your account, too.
  • Strong security features. As a Visa member, you'll get access to fraud protection and general security that will monitor your account for strange activity.

How to apply for the Bank Australia Low Rate Visa Credit Card

Application criteria

Before you apply for this credit card offer, or any other offer, you should check the eligibility criteria. This will ensure that you won't be wasting time filling out an application for an offer that you aren't qualified for.

  • Age and residency requirements. In order to apply for this card, you have to be at least 18 years old and a permanent Australian resident with a valid Australian address.
  • Income and credit requirements. You have to earn a minimum annual income set by Bank Australia. Check with the bank for this exact amount. You'll also have to have a good credit history free of defaults or bad debt.

If you're eligible for the credit card offer and would like to apply, click on 'go to site'. To make the application process go smoothly, it's recommended that you have certain documents handy.

Required information

  • Identification information. You'll need personal details if you aren't already a Bank Australia customer. In order to verify your identity, you'll need to provide your driver's license, your passport, and/or your Medicare card.
  • Income information. You'll also need financial documents to verify your income and credit history. This will include payslips or similar records that will establish your gross income before tax, as well as your employer's information, and a list of financial assets and liabilities.

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 credit card from Bank Australia gives you access to great Visa and Bank Australia services and programs while offering competitive interest rates on both purchases and cash advances. Be sure to compare this credit card offer with similar ones in order to get the deal that suits you best.

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Rates last updated December 3rd, 2016
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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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