BankSA No Annual Fee Card – Rates and Fees

Information verified correct on December 11th, 2016

With a credit card that carries no annual fee and low introductory offers on purchases and balance transfers for 12 months, 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 and 1% p.a. on purchases for up to 12 months if you apply by 4 January 2017.

Product NameBankSA No Annual Fee Visa
Balance transfer rate (p.a.)0% p.a. for 18 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (20.49% p.a.)
Balance Transfer Limit95% of available credit limit
Purchase rate (p.a.)1% p.a. for 12 months (reverts to 20.49% p.a.)
Offer end date4 January 2017
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.
$500
Minimum Monthly Repayment2%
Card TypeVisa
Late Payment Fee$9
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 InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationYes
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
Annual Fee$0 p.a.
Minimum Repayment2%
Late Payment Fee$9
Over Limit Fee$9
Cash Advance Fee2% or minimum of $2.50
Overseas Emergency Replacement$52.50
Overseas ATM Balance check$2.50
Overseas ATM Withdrawal Fee$5
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
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders3
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • This card comes with a balance transfer offer of 0% p.a. for 18 months.
  • This card also comes with a purchase offer of 1% p.a. for 12 months.
  • Absolutely $0 annual fee for the life of the card.
  • You can add up to 3 additional cardholders at no extra cost.

Cons

  • This card does not have any rewards programs or benefits.
  • There is a very high interest rate on purchases and cash advances of 20.49% p.a..

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 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 an interest-free period and multiple complimentary insurance covers—both features which could save you money over the life of the card.

Benefits of using BankSA No Annual Fee Card

  • No annual fee. There are no charges billed to your credit card on a yearly basis for so long as the account remains open.
  • Balance transfer offer. This card comes with a low balance transfer offer of 0% p.a. for 18 months (20.49% p.a. thereafter).
  • Purchase rate offer. Apply before 4 January 2017 and benefit from 1% on purchases for up to 12 months.

BankSA No Annual Fee Card features

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 1% p.a. for 12 months (reverts to 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 at 2% or minimum of $2.50. This includes transfers made using internet and phone banking.
  • Interest-free period. Up to 55 days interest-free 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 $9.
  • 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:

Eligibility

  • 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.

Documentation

  • 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.
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2 Responses to BankSA No Annual Fee Card – Rates and Fees

  1. Default Gravatar
    Ian | April 24, 2013

    can this card be over drawn by someone else like hackers if my limit is $500

    • Staff
      Jacob | April 25, 2013

      Hi Ian. Technically yes. Generally you can only overdraw your account by a small amount, if at all. If you’re a victim of fraud, you can get your money back under the card scheme’s no liability policies. Thanks for your question. Jacob.

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Rates last updated December 11th, 2016
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