Looking for a credit card that charges a 6-month introductory fixed rate and rewards spending?
The BankVic Visa Gold Credit Card comes feature-packed and can help keep your spending costs low with an introductory rate. It charges this low introductory rate for the first 6 months, after which a competitive variable rate will apply. Cardholders can earn and redeem rewards points, as well as take advantage of complimentary insurance covers, and cardholders can also get up to 55 interest-free days on purchases.
To take advantage of these features, you have to pay a nominal annual fee.
| Product Name | BankVic Visa Gold |
|---|---|
| Balance transfer rate (p.a.) | 6.99% p.a. for 6 months |
| Balance Transfer Revert Rate The interest rate after the balance transfer ends. | Purchase Rate (16.95% p.a.) |
| Purchase rate (p.a.) | 6.99% p.a. for 6 months (reverts to 16.95% p.a.) |
| Annual fee | $50 p.a. |
| Interest Free Period The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date. | Up to 55 days on purchases |
| Cash advance rate (p.a.) | 16.95% 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. | $5,000 |
| Max credit limit This credit limit may not be issued to you immediately upon application. This is the maximum credit limit available on this card and you can apply for increases after the account has been opened. | $30,000 |
| Card Type | Visa |
| 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. | 3.65% of transaction value |
| Complimentary Travel Insurance | Yes |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | No |
| Annual fee | $50 p.a. |
|---|---|
| Minimum Monthly Repayment | 2.5% of your closing balance, or $20, whichever is greater. |
| Late Payment Fee | $15 |
| 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. | 3.65% of transaction value |
| Cash Advance Fee | $4.00 per transaction |
| Overseas Cash Advance Fee | $4.00 per transaction |
| Number of Additional Cardholders | 1 |
Benefits of BankVic Visa Gold Credit Card
- Introductory rate. A low introductory rate of 6.99% p.a. stays in place for the first 6 months, and this rate applies to all transactions including purchases, balance transfers, and cash advances. At the end of the 6-month period, a competitive ongoing rate of 16.95% p.a. comes into effect.
- Balance transfers. You can make use of this card’s introductory rate to transfer balances from up to two other credit cards. After this period ends, any unpaid balances start attracting the card’s variable rate.
- Rewards program. You earn reward points every time you use your BankVic Visa Gold Card to make eligible purchases, and your reward points convert to cash rewards. You earn one dollar in cash rewards for every $250 you spend using your card. Redeeming your accumulated cash rewards is easy, just turn to any merchant that accepts EFTPOS payments.
- Complimentary insurance covers. All BankVic Visa Gold cardholders receive a number of complimentary insurance covers, which comprise of purchase security insurance, extended warranty insurance, transport accident insurance and overseas travel insurance.
Features of the BankVic Visa Gold Credit Card
- Annual fee. The BankVic Visa Gold Credit Card attracts a nominal annual fee of $50.
- Promotional rate. Cardholders get to pay a low introductory rate on all transactions for the first 6 months, and this rate currently stands at 6.99% p.a.
- Rewards for spending. Unlike many credit card reward programs that provide cardholders with limited options when it comes to redeeming their reward points, this program lets you to use your cash rewards at any EFTPOS terminal in Australia.
- Interest-free days. You'll have up to 55 interest-free days on purchases with this card, which you can have access to if you pay your card’s closing balance in full before each due date.
- Complimentary insurances. Certain insurance covers provide protection to purchases made using your card, while certain others provide cover to you and your family members when travelling with tickets booked using this card.
- Additional cards. You can ask for an additional card for any individual over 15 years of age, and you remain liable for all transactions made using this additional card. At any given time, you cannot have more than one additional card linked to your primary card.
- Credit limit. The credit limit this card comes with varies in between $5,000 and $30,000, and your card’s assigned limit depends on your ability to maintain the card and your repayments.
- Visa payWave. This feature allows you to make contactless payments of under $100.
- Card security. Monitoring of your card for suspicious or unusual activity is an ongoing process, irrespective of the medium you use. When your card details make it online, Verified by Visa provides another layer of security.
How to apply for the BankVic Visa Gold Credit Card
Applying online is simple and takes around 10 minutes. You can also apply over the phone or by visiting any BankVic branch. The following criteria apply:
Eligibility criteria
- Minimum age requirement of 18 years old
- You’ll need to be a BankVic member (becoming a BankVic member is easy, and you can apply for membership online)
Required documents
The application requires that you provide a host of information, which comprises the following:
- Personal details such as your date of birth, your contact details, the age of your dependents, and your driver’s license number
- Work-related information like your occupation and employment status as well as your employer’s name and contact details
- Financial information surrounding your income, expenses, assets, and liabilities
While applying for the BankVic Visa Card might be a good idea owing to its many features, bear in mind that this is not the only card of its kind, and comparing a few before deciding would surely serve you well.
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