Who else wants a credit card that charges an introductory interest rate for 6 months, followed by a low ongoing rate?
The BankVic Visa Silver credit card charges a low ongoing rate on purchases and cash advances alike, and it charges an even lower introductory rate for the first 6 months. This card offers up to 44 interest-free days on purchases, and cardholders don’t have to pay any ongoing annual account-keeping fees.
|Product Name||BankVic Visa Silver|
|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 (11.95% p.a.)|
|Purchase rate (p.a.)||6.99% p.a. for 6 months (reverts to 11.95% p.a.)|
|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 44 days on purchases|
|Cash advance rate (p.a.)||11.95% 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.
|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.
|Minimum Age||18 years of age|
|Available To Temporary Residents||No|
|Credit Rating Requirement||Good|
|Annual fee||$0 p.a.|
|Minimum Monthly Repayment||2.5% of your closing balance, or $20, whichever is greater.|
|Late Payment Fee||$9|
|Cash Advance Fee||$4.00 per transaction|
|Overseas Cash Advance Fee||$4.00 per transaction|
|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.
BankVic Visa Silver Credit Card review
The low introductory rate this card charges for the first 6 months is a definite plus, given that it can lead to noticeable savings. If you’re the kind of credit card user who does not pay the card’s entire balance in full each month, this card’s low ongoing rate would lead to long-term savings. If you do pay your balance in full every month, you can get up to 44 interest-free days on purchases. Not having to pay any annual fees results in further savings.
Benefits of the BankVic Visa Silver Credit Card
- Introductory rate offer. Balances from all transactions in the first 6 months attract a low fixed rate of 6.99% These include purchases, cash advances and balance transfers. At the end of this introductory period, the account’s outstanding balance begins attracting the card’s standard low rate.
- Low rate. Once the promotional 6-month period comes to a close, this card starts charging a standard low rate of 11.95% p.a. This rate applies on all transactions.
- Balance transfer. You can use this card to transfer balances from up to two other credit cards. If you do this with existing cards that charge higher interest, you can save some money as well as the hassle of maintaining multiple cards. However, transferred balances cannot exceed your card’s credit limit.
- Easy access to funds. You can use this Visa card anywhere you see the Visa logo, at EFTPOS terminals and ATMs, around the world. You can also use it to pay bills and make purchases over the phone or internet.
BankVic Visa Silver Credit Card features
- Annual fee. This Visa credit card does not charge an annual fee.
- Credit limit. The minimum and maximum credit limits of the BankVic Visa Silver credit card stand at $1,000 and $10,000, respectively. Your ability to make repayments plays a role in the limit assigned to your card.
- Access to account information. You can access account-related information for free at any time via phone and online banking.
- Repayment options. You can set up automatic transfers from your savings or transaction account, mail cheques, make payments at any BankVic branch, or make payments via online banking.
- Visa payWave. You have the ability to make contactless payments of under $100 using this card, at any merchant that displays the payWave logo.
- Verified by Visa. This online service provides additional security every time an online transaction makes use of your credit card details.
How to apply for the BankVic Visa Silver Credit Card
You can speak to a BankVic representative over the phone, visit a BankVic branch, download an application and mail it across once completed, or you can submit an online application. To apply online, simply click on the ‘Go to Site’ button. Before proceeding, check if you meet the required eligibility criteria, which are as follows:
- You’re at least 18 years old
- You’re a BankVic member
To complete the credit card application you have to provide an array of information, which includes the following:
- Personal details including your complete name, contact details, date of birth, driver’s license number, marital status, and number of dependents
- Your employer’s name, phone number, and address, along with your occupation and employment status
- Details about your income, expenditure, and liabilities
If you’re not an existing BankVic member, becoming one is easy. You can apply online and the process takes little time.
This credit card, with its introductory rate and low ongoing rate, is a good one to use. As you can find similar features in other cards as well, it is best to take some time comparing your options before making a decision.