Bank of Sydney Visa Classic Card Review

Information verified correct on December 7th, 2016

A low rate card that offers rewards as well as promotional rates on balance transfers and purchases

The Bank of Sydney Classic Credit Card is a low rate card with a difference, as it gives you the lucrative benefit of letting you earn rewards for your spending.

It comes with a 0% p.a. promotional rate for 6 months on balance transfers, and it also charges a low rate on purchases for 6 months. Read more about the benefits from Bank of Sydney and their Classic Card offering below.

Product NameBank of Sydney Credit Card Classic
Balance transfer rate (p.a.)0% p.a. for 6 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (11.99% p.a.)
Purchase rate (p.a.)6.99% p.a. for 6 months (reverts to 11.99% p.a.)
Annual fee$49 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.)19.49% 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.
$500
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$30,000
Minimum Monthly Repayment2% of the outstanding balance or $10, whichever is greater
Minimum Income$20,000
Card TypeVisa
Late Payment Fee$10
Complimentary Travel InsuranceYes
Complimentary Travel Insurance Cover0 months
Available To Temporary ResidentsNo
Minimum Income$20,000
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.
$500
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$30,000
Annual Fee$49 p.a.
Minimum Repayment2% of the outstanding balance or $10, whichever is greater
Late Payment Fee$10
Additional Cardholder Fee$0 p.a.

Bank of Sydney Classic Credit Card review

Not many low rate credit cards offer rewards, but the Classic Card provided by the Bank of Sydney does. By transferring balances from other cards and making use of this card’s balance transfer offer, you can save considerably in the form of interest, and a low purchase rate for the first 6 months can also lead to noticeable savings depending on how much you spend. You can also get up to 55 interest-free days on purchases, which is a definite plus.

Benefits of the Bank of Sydney Classic Credit Card

  • Balance transfer offer. The Bank of Sydney Classic card comes with a 0% p.a. interest rate on balance transfers for the first 6 months. This gives you time to pay down your existing card debt while also taking on a competitive credit card offering.
  • Introductory purchase rate. A low 6.99% purchase rate stays in place for the first 6 months, letting you to save in the form of interest while you spend on your card.
  • Low rate. Following the end of the introductory period, this card charges a low ongoing rate on purchases. This rate currently stands at 11.99% p.a. This can lead to long term savings if you have a balance in your account rolling over from one billing cycle to the next.
  • Cash rewards. Use this card to make eligible purchases and earn cash rewards. You earn $4 for every $1,000 you spend, and these rewards don’t expire. You have to spend more than $5,000 each year to earn cash rewards.

Bank of Sydney Classic Credit Card features

  • Annual fee. You have to pay a nominal annual fee of $49 for the life of the card.
  • Credit limit. The minimum credit limit of the Bank of Sydney Classic Credit Card is $500.
  • Rewards. The cash rewards you earn accumulate in a Bank of Sydney savings account linked to your credit card account. Your cash rewards never expire.
  • Interest-free days. Cardholders can get as many as 55 interest-free days on purchases by paying their account's closing balances in full every month.
  • Additional cardholders. You can request an additional card for any individual over 18 years of age, just remember the liability of making payments to the card remains with you. You don’t have to pay any additional card fee.
  • Visa payWave. This technology is spreading quickly the world over, and your payWave-enabled card lets you make contactless payments of under $100 anywhere you see the payWave logo.
  • Verified by Visa. This online service monitors your card’s online activity for unusual transactions, and upon detecting any it requests for some personal information to proceed.
  • Easy access to funds. Owing to its Visa affiliation, you can use this credit card at any EFTPOS terminal or ATM that displays the Visa symbol, anywhere in the world. You can also use your Classic card to make purchases and pay bills over the internet and over the phone.
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How to apply for the Bank of Sydney Classic Credit Card

One way is to visit a Bank of Sydney branch, and the other is to download an application, complete it, and send it via mail, or drop it at your nearest Bank of Sydney branch. As with all credit cards, you have to meet application criteria to be approved. Make sure you can say 'yes' to the following to ensure your eligibility for the card:

Eligibility criteria

  • You’re over 18 years of age
  • You’re an Australian resident
  • You earn a minimum of $20,000 p.a.

Required documents

Applying for the Bank of Sydney Classic Credit Card requires you to part with different types of information, so prepare to provide the following:

  • Personal details
  • Employment details
  • Details about income and assets
  • Details about expenses and liabilities

This low rate card, with its rewards program and its introductory rates, is a competitive offering, but since this is not the only card of its kind, take some time to compare with it a few others before applying.

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Credit Cards Comparison

Rates last updated December 7th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info

* 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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