Bank Australia Low Rate Visa Credit Card

Last updated: Aug 28, 2020

Save with low interest rates and a competitive annual fee with the Bank Australia Low Rate Visa credit card.

The Bank Australia Low Rate Visa credit card couples low interest rates with a competitive annual fee. You can use your card wherever Visa is accepted and enjoy the convenience of mobile payments when you link your card with Apple Pay, Google Pay or Samsung Pay.

9.39% p.a.

Purchase rate

$59 p.a.

Annual fee

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Details

Product Name	Bank Australia Low Rate Visa Credit Card
Purchase rate	9.39% p.a.
Annual fee	$59
Cash advance rate	9.39% p.a.
Min credit limit	$1,000
Card type	Visa
Foreign currency conversion fee	3%

Available to temporary residents	No
Joint application	No

Pros

Take advantage of a low variable interest rate of 9.39% p.a. on purchases and cash advances.
This card comes with security features such as a 24/7 fraud monitoring.
Receive an access to Apple Pay and Google Pay.

Cons

There are no interest-free days on purchases with this card.
This card is not linked to any rewards program.

Annual fee	$59
Minimum monthly repayment	2.5% of the closing balance or $20, whichever is greater
Late payment fee	$0
Foreign currency conversion fee	3%
Cash advance fee	$3.50
Overseas cash advance fee	$3.50
Overseas ATM withdrawal fee	$3.50

Expert review

Review by

Sally McMullen

sally.mcmullen@finder.com.au

Sally McMullen is a creative content producer at Finder. Sally has written about credit cards for almost 5 years, authoring almost 900 articles on Finder alone. She has also been published in Yahoo Finance, Dynamic Business, Financy and Mamamia, as well as Music Feeds and Rolling Stone. Sally has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.

Expert review

The Bank Australia Low Rate Visa credit card boasts one of the lowest purchase interest rates on the market. This will help minimise your interest costs if you regularly carry a balance from month to month. It’s also one of the few cards to also charge a low interest rate on cash advances.

Unlike many other low rate cards though, you can’t take advantage of interest-free days on purchases if you do pay your balance in full by the statement due date. The low rates and fees make up for the lack of extra features.

How to apply

You can apply for the Bank Australia Low Rate online. Before you start the application, check if you meet the eligibility criteria and have the necessary information.

Eligibility criteria

Age. Applicants must be at least 18 years old.
Residency. This card is only available to Australian citizens or permanent Australian residents.

Credit history. You’ll need to have a good credit score and have maintained a healthy credit history for the past 5 years.
Income. You must be currently employed and earn a regular income.

Required documents

Personal details. This includes your full name, residential address, email address and a contact number.
Proof of identification. If you aren’t an existing Bank Australia customer, you’ll be required to verify your identity using your driver’s licence, a Medicare card or passport.
Employment. Confirm your gross income (before tax) and net salary (after tax) as well as your employment details and any other forms of income (including shares and rental property).
Finances. You’ll be asked to list any assets and approximate values (including property, vehicles, savings and superannuation). You’ll also need to list any existing liabilities such as loan balances, repayment amounts and credit card limits.

Card benefits

Low interest rates. This credit card offers a competitive 9.39% p.a. variable interest rate on all purchases and cash advances made with the card. This is currently one of the lowest rates available, particularly for cash advances.
Visa benefits. You can use this card at millions of locations around the world wherever Visa is accepted. Enjoy access to presale concert tickets, discounts, competitions and other deals through Visa Offers and Perks. You can also access safer online banking through Visa Checkout.

Mobile wallets. Tap and pay using your smartphone or device at contactless terminals when you link your card to Apple Pay, Google Pay, or Samsung Pay.
Online and telephone banking. 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.
Security. Your card is protected against fraudulent transactions thanks to 24/7 fraud monitoring and Visa's Zero Liability Policy, which will cover the cost of any unauthorised charges. If your card is lost or stolen, you can also place a temporary lock on your account.

Rates & fees

Annual fee. This card charges 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 3% applies for any transactions made overseas or online in a foreign currency.

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Bank Australia Low Rate Visa Credit Card