With a credit card that carries no annual fee and low introductory offer on balance transfers, you can save your money for those times when you need it the most.
The BankSA No Annual Fee Card is a simple Visa with a generous credit limit. This can be put to good use for those financial surprises that often arise. This is the type of card you might want to have for those sudden expenses, like when your car suddenly needs repairs.
For individuals who think they would save more with low interest card option, BankSA has the Vertigo card. For a small annual fee of $0, you are rewarded with a limited time offer of 0% p.a. on balance transfers for 12 months when you apply by 18 April 2018.
|Product Name||BankSA No Annual Fee Visa|
|Balance transfer rate (p.a.)||0% p.a. for 12 months with 1% balance transfer fee|
|Balance Transfer Revert Rate|
The interest rate after the balance transfer ends.
|Cash Advance Rate (20.49% p.a.)|
|Balance Transfer Limit||80% of available credit limit|
|Purchase rate (p.a.)||20.49% p.a.|
|Offer end date||18 April 2018|
|Annual fee||$0 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.)||20.49% 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||No|
|Minimum Age||18 years of age|
|Available To Temporary Residents||Yes - Conditions apply|
|Credit Rating Requirement||Good|
|Annual fee||$0 p.a.|
|Minimum Monthly Repayment||2% or $10, whichever is greater|
|Late Payment Fee||$15|
|Cash Advance Fee||2%|
|Overseas Cash Advance Fee||2% of the value of the transaction or minimum charge of $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.
|Gambling Transactions Allowed||Yes|
|Additional Cardholder Fee||$0|
|Number of Additional Cardholders||3|
- Absolutely $0 annual fee for the life of the card.
- This card comes with a balance transfer offer of 0% p.a. for 12 months.
- You can add up to 3 additional cardholders at no extra cost.
- This card does not have any rewards programs or benefits.
- There is a high interest rate of 20.49% p.a. on purchases and cash advances.
- A one-time 1% balance transfer fee applies.
BankSA No Annual Fee Card review
The BankSA No Annual Fee Card is a good one to have for those emergency purchases that always come up in between pay-cheques. There are no extra features, which equals to no high fees being charged even when the card has a $0 balance.
You can use the card for both credit card purchases or cash withdrawals for easy access to funds if credit is not accepted. The same interest rate is applied to a cash advance as is applied to purchases.
Consider the features that are offered by other cards carefully when comparing their advantages to this one. While no annual fee is appealing, the card is missing major benefits such as multiple complimentary insurance covers—a feature which could save you money over the life of the card.
Benefits of using a BankSA No Annual Fee Card
- No annual fee. There are no charges billed to your credit card on a yearly basis for as long as the account remains open.
- Balance transfer offer. This card comes with a balance transfer offer of 0% p.a. for 12 months (20.49% p.a. thereafter). This offer is valid for customers who apply by 18 April 2018. A one-time 1% balance transfer fee applies and after the promotional period, any remaining balances accrue interest at the cash advance rate.
Features of the BankSA No Annual Fee Card
In addition to the usual yearly fee for a credit card being waived, there are some other points to note about this credit card.
- Lifetime free. Unlike other cards where no annual fee is only offered for the first year, with this one it is for the life of your card. Be free of yearly billings while still enjoying the convenience of holding a credit card.
- Purchase interest rate. The interest rate for purchases made with the card is 20.49% p.a.
- Credit limit. Credit limits start at $500, and no matter how high the BankSA offers you, you won't be charged for the use of that credit or the card. Save it for a rainy day purchase without worrying about it accumulating fees for services you don't need.
- Additional cardholders. The BankSA No Annual Fee Card allows for up to 3 extra cardholders at no extra cost, so your entire family can have the security of credit when they need it.
- Cash advances. Access cash through an ATM and pay 20.49% p.a. You will however be charged 2% . This includes transfers made using internet and phone banking.
- Interest-free period. Up to 55 days interest-free on purchases is offered with the No Annual Fee card.
- Foreign transactions. For any transaction that involves the conversion of currency to the Australian dollar, your card will be charged 3% of the Australian dollar value.
- Late repayments. For any missed or late repayment, your card will be charged $15.
- Card replacement. For a card replacement inside of Australia, you will be charged $15 or $45 if you need it replaced urgently. For the replacement of your card outside of Australia, the charge will be $52.50.
How to apply for the BankSA No Annual Fee Card
BankSA offers the convenience of applying for this card online. Before starting, make sure you meet these eligibility requirements:
- BankSA will only consider applications from individuals who are at least 18 years of age.
- Permanent residents and citizens of Australia are welcome to apply.
- Your driver's license number will be needed to complete the application.
- BankSA will ask that you provide details regarding your weekly after tax earnings.
- Any assets such as investments and savings that you have will also be taken under advisement.
- Credit card and loan debts will have to be disclosed. Be ready with detailed information about your balances and available credit.