Looking for a platinum credit card with a low ongoing rate?
The Bank First offers a 9.99% p.a. interest rate on purchases and balance transfers. Plus, complimentary international travel insurance and a 24/7 platinum concierge service.
| Product Name | Bank First Visa Platinum Credit Card |
|---|---|
| Maximum Balance Transfer Amount | Up to available credit limit |
| Purchase rate (p.a.) | 9.99% p.a. |
| Annual fee | $99 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. | Up to 55 days on purchases |
| Cash advance rate (p.a.) | 19.99% 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. | $6,000 |
| Card Type | Visa |
| Complimentary Travel Insurance | Yes |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | No |
| Joint Application | No |
| Annual fee | $99 p.a. |
|---|---|
| Minimum Monthly Repayment | 5% or $20, whichever is greater |
| Late Payment Fee | $20 |
| Cash Advance Fee | $2.50 |
| Overseas Cash Advance Fee | $2.50 |
| Overseas ATM Withdrawal Fee | $2.50 |
| Foreign Currency Conversion Fee 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. | $2.50 |
| Gambling Transactions Allowed | No |
| Additional Cardholder Fee | $0 |
Pros
- A low ongoing interest rate of 9.99% p.a. on purchases and balance transfers
- Up to 55 days interest-free on purchases
Cons
- No rewards program linked to this card
Bank First Visa Platinum Credit Card review
If you want a platinum credit card but don’t want to pay more for a rewards program, the Platinum Visa from the Bank First is worth considering. This card charges a low 9.99% p.a. rate on purchases as well as balance transfers to help you keep your debt manageable. As a platinum cardholder, you get round-the-clock access to a platinum concierge service, and international travel insurance is included. You are also privy to a number of offers through Visa Entertainment.
Benefits of the Bank First Visa Platinum Credit Card
- Platinum concierge service. You can turn to a 24/7 global platinum concierge service for assistance in different ways. This service can help you book tickets for events, it can assist you in making travel plans, you can use it to reserve tables at restaurants and much more.
- Overseas travel insurance. Complimentary international travel insurance can provide cover for overseas medical expenses, emergency dental expenses, flight cancellations, travel delays, missed connections, mugging, accidental death, and various other unforeseen events that can occur when travelling.
- Low purchase rate. The Bank First Visa Platinum card charges 9.99% p.a. interest on purchases and for balance transfers. This is relatively low compared to other platinum cards on the market.
- Platinum entertainment. This service gives you the ability to get front section seats to some of the most popular events and concerts, and you can even get backstage access.
Features of the Bank First Visa Platinum Credit Card
- Annual fee. You have to pay $99 as the card’s annual fee, but you don’t have to pay this fee if you’re a Rewards Package customer.
- Low ongoing rate. This platinum card charges a low ongoing rate of 9.99% p.a. This rate applies to purchases and balance transfers, but not to cash advances.
- Standard balance transfers. You can use this card to transfer balances from existing cards, and transferred balances attract the card’s 9.99% p.a. purchase rate.
- Interest-free days. This card lets you to get up to 55 interest-free days on purchases if you pay the account’s closing balance in full each month.
- Complimentary insurance. When you use this card to book international travel tickets, you receive complimentary insurance that provides you with cover while you travel.
- Additional cardholders. You can get an additional card for any nominated individual over 18 years of age.
- Credit limit. The minimum credit limit for this card is $6,000.
How to apply for the Bank First Visa Platinum Credit Card
Applying online takes no more than a few minutes, you can download an application, you can apply over the phone, or you can apply by visiting any Bank First service centre.
Eligibility criteria
Bank First requires that you meet the following minimum criteria to be eligible for this card:
- You must be at least 18 years old
- You need to be a resident of Australia
Required documents
The application process requires you to provide different types of information, so make sure you have the following on hand:
- Personal and identification details such as your name, contact information and driver's licence number
- You employment status and your net income
- You'll need to indicate whether you receive any government benefits or pensions, and also indicate your assets, debts and liabilities.
While this platinum card charges a low ongoing rate on purchases, it’s not the only card of its kind. Take some time to compare it with similar offerings before thinking about applying.
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