BankVic Visa Silver – Rates & Fees

Information verified correct on December 7th, 2016

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 NameBankVic 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.
$1,000
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.
$10,000
Minimum Monthly Repayment2.5% or $20 whichever is greater
Card TypeVisa
Late Payment Fee$9
Complimentary Travel Insurance Cover0 months
Available To Temporary ResidentsNo
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.
$1,000
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.
$10,000
Annual Fee$0 p.a.
Minimum Repayment2.5% or $20 whichever is greater
Late Payment Fee$9
Overseas Cash Advance Fee$175
Overseas Emergency Replacement$175
Internet Banking TransfersYes
In BranchYes
MailYes

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.
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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:

Application criteria

  • You’re at least 18 years old
  • You’re a BankVic member

Required documents

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.

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Credit Cards Comparison

Rates last updated December 7th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
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