A low rate card that offers rewards as well as promotional rates on balance transfers and purchases
Card not available for application
Bank of Sydney does not currently have any credit cards open for applications. However, this information has been kept for historical purposes.
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 Name||Bank 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.
|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.
|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.
|3% of transaction value|
|Complimentary Travel Insurance||Yes|
|Minimum Age||18 years of age|
|Available To Temporary Residents||No|
|Credit Rating Requirement||Good|
|Annual fee||$49 p.a.|
|Minimum Monthly Repayment||2% of the outstanding balance or $10, whichever is greater|
|Late Payment Fee||$10|
|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.
|Additional Cardholder Fee||$0|
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.
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:
- You’re over 18 years of age.
- You’re an Australian resident.
- You earn a minimum of $20,000 p.a.
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.Back to top