Bank First Visa Classic Credit Card

Last updated: Jul 3, 2020

Save with 0% p.a. on purchases and balance transfers for 6 months and a $0 annual fee with the Bank First Visa Classic.

The Bank First Visa Classic credit card is designed to help you cut interest costs. You can repay an existing debt or make new purchases and pay no interest for the first 6 months. You’ll also save with $0 annual fee and low standard interest rates.

12.54% p.a.

Balance transfer rate

0% p.a.

Purchase rate

for the first 6 months (reverts to 12.54% p.a.)

$0 p.a.

Annual fee

55 days

Interest free period

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Details

Product Name	Bank First Visa Classic Credit Card
Balance transfer rate	12.54% p.a.
Purchase rate	0% p.a. for 6 months, reverts to 12.54% p.a.
Annual fee	$0
Interest-free period	55 days
Cash advance rate	12.54% p.a.
Min credit limit	$2,000
Max credit limit	$10,000
Card type	Visa
Foreign currency conversion fee	2.5%

Available to temporary residents	No
Joint application	No

Pros

0% on purchases for 6 months
$0 annual fee for the life of the card
Low variable interest rate of 12.54% p.a. on purchases, cash advances and balance transfers

Cons

This card does not offer a rewards program or any premium perks.

Annual fee	$0
Minimum monthly repayment	5% of the closing balance or $20, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	2.5%
Cash advance fee	2.5%
Overseas cash advance fee	2.5%
Overseas ATM withdrawal fee	$2.50
Additional cardholder fee	$0

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 First Visa Classic credit card is one of the few cards that has an interest-free offer on both purchases and balance transfers. If you want to pay off an existing debt and make new purchases without paying any interest, this card could be right for you. It is also one of the few cards that features a 12.54% p.a. interest rate offer and charges no annual fee.

The length of the introductory interest-free offers are shorter than others on the market. However, the standard interest rates that apply after are much lower than many other options on the market.

How to apply

You can apply for the Bank First Visa Classic credit card online, but you should check if you meet the eligibility criteria and have the necessary information before you start the application.

Eligibility criteria

Age. You must be at least 18 years of age to apply for a credit card in Australia.
Residency. You must be a current resident of Australia. You may also need to provide details of your citizenship or residency status to complete your application.

Required documents

Personal information. This includes your full name, residential address, phone number, email address and driver's licence number.
Employment. This includes your salary, current job title and your employer's contact information. You may also need to supply recent payslips or ATO statements that show your income.
Finances. You'll need to provide details of any other income, investments or savings accounts. You'll also need to share information about any existing debts or credit accounts such as loans and cards.
Balance transfer information. The application includes a "Balance Transfer Request" section that you'll need to fill out if you want to enjoy the introductory balance transfer offer. This means you'll need to provide details of the account you want to transfer debt from.

Card benefits

0% p.a. interest for 6 months. Enjoy an introductory interest rate of 0% p.a. for 6 months on purchases and balance transfers when you apply by 31 December 2020 and make an eligible purchase by 29 January 2021. After this period, the variable interest rate of 12.54% p.a. will apply to any remaining balance.
No annual fee. The Bank First Visa Classic charges a $0 annual fee.

Visa benefits. This card can be used at millions of international locations anywhere Visa is accepted. You can also tap-and-go at the checkout for payments under $100 and enjoy exclusive ticket and lifestyle offers through Visa Offer and Perks.
Mobile wallets. Whether you have an Android or Apple device, you can save time at the cash register and pay with the convenience of your smartphone with Google Pay or Apple Pay.

Rates & fees

Interest rate. Outside of any promotions, the Bank First Visa Classic Credit Card charges a variable interest rate of 12.54% p.a., which applies to standard purchases, cash advances and balance transfers.
Up to 55 days interest-free on purchases. If you pay your account in full by the due date on each statement, you can enjoy an interest-free period of up to 55 days for new purchases. Interest-free days do not apply for cash advances and balance transfers.

Minimum credit limit. This card offers credit limits from $2,000 up to $10,000. Note that your individual credit limit is based on lending criteria and subject to approval.
Minimum repayment. If you have debt on your card, you must pay at least 5% by the due date on your statement. Please note that you must make at least the minimum payment even if an introductory 0% p.a. interest rate applies to your balance.
Currency conversion fee. If you use this card to make purchases overseas or online with an international retailer, you'll pay a fee of 2.5% of the transaction amount.

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4 Comments

Denise
January 27, 2015

Hi there,

Do you earn rewards points on this credit card?

finder Customer Care

Jonathan
January 28, 2015

Hi Denise,

Thanks for your inquiry,

Unfortunately there is no rewards program compatible with the Victoria Teachers Visa Credit Card at the moment. For a list of rewards cards please refer to this page.

I hope this helps!

Cheers,

Jonathan

lucy
January 15, 2015

what is $500.00 limit

does it mean you can spend $500.00 at one purchase

finder Customer Care

Jonathan
January 15, 2015

Hi Lucy,

Thanks for your question!

The $500 amount 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.

I hope this has helped!

Cheers,

Jonathan

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Bank First Visa Classic Credit Card