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Our verdict

Repay your debt with 0% on balance transfers for 12 months and save on purchases with up to 62 interest free days with the Beyond Bank Low Rate Visa.

The Beyond Bank Low Rate Visa credit card could help you repay your debt without the burden of interest. You should aim to pay your balance in full within the first 12 months, as any remaining debt will attract the 11.99% p.a. purchase rate thereafter. This is a lower revert rate than most balance transfer cards, but it’s still wise to avoid paying it if you can. If you don’t think you can repay your balance within a year, you may want to compare credit cards with longer interest-free balance transfer offers.

As well as the low purchase rate, you can also save if you pay your balance in full by the statement due date and access up to 62 interest-free days. Most cards offer between 44 and 55 interest-free days, so this card could be suited to you if you regularly pay your balance in full.

Pros

0% p.a. for 12 months on balance transfers
Up to 62 days interest-free on purchases
Free additional cardholders

Cons

No rewards program
Charges a 3% foreign transaction fee

The Beyond Bank Low Rate Visa credit card offers a low purchase interest rate of 11.99% p.a. and a competitive $49 annual fee. If you have an existing debt to pay off, you can take advantage of no interest on balance transfers for 12 months.

Details

Product details

Product Name	Beyond Bank Low Rate Visa Credit Card
Balance transfer rate p.a.	0% for 12 months, then 11.99%
Purchase rate p.a.	11.99%
Interest-free period	Up to 62 days on purchases
Cash advance rate p.a.	11.99%
Min credit limit	$1,000
Card type	Visa

Eligibility

Available to temporary residents	No
Minimum income	$2,000
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	$49
Foreign currency conversion fee	3%
Cash advance fee	$4
Additional cardholder fee	$0
Number of additional cardholders	4

How to apply

You can apply for the Beyond Bank Low Rate Visa credit card online in 15 minutes as long as you meet the eligibility criteria and have the necessary information.

Eligibility criteria

Income. You must receive a regular net income greater than $2,000 a month.
Credit history. You'll need a good credit score with no history of unpaid defaults or bankruptcy.

Residency. You can only apply for this card if you're an Australian citizen or permanent resident.
Age. Applicants must be at least 18 years old to apply.

Required documents

Personal information. This includes your full name, contact information, residential address and number of financial dependents.
Identification. You'll need to include proof of identification with your driver's licence number.
Employment. Confirm your occupation as well as the name and address of your employer. If you haven't been in your job for more than 1 year, you'll need to include your previous employment details too.
Finances. List your income, assets (such as savings or investments) and liabilities (such as loans or debts).

Card benefits

Balance transfer offer. Take advantage of low balance transfer offer of 0% p.a. for 12 months. This could help you pay off your debt quicker and save on interest costs. Any remaining debt will attract the 11.99% p.a. purchase rate at the end of the introductory period. You can transfer a minimum of $500 from non-Beyond Bank accounts.
Competitive purchase rate. This is a low rate credit card and you get to enjoy competitive interest rates with your purchases. The purchase rate is 11.99% p.a.

Mobile wallets. You can link your card to Apple Pay, Google Pay or Samsung Pay to make contactless payments with your eligible smartphone or device.
Visa perks. You can use your card at millions of locations wherever Visa is accepted. This includes payWave transactions under $100. You'll access exclusive travel, entertainment and lifestyle discounts and deals through Visa Offers & Perks.
Security. If your card is used for fraudulent transactions, you'll be protected by Visa's Zero Liability policy. You can also shop safely online with added protection thanks to Visa Secure.

Rates & fees

Annual fee. This card charges a $49 annual fee.
Interest-free days. If you pay your balance in full by the statement due date, you can take advantage of up to 62 interest-free days on purchases. You won't be eligible for interest-free days if you're paying off a balance transfer debt.

Cash advances. When you use the card for a cash advance transaction, such as an ATM withdrawal, you'll immediately attract a 11.99% p.a. interest rate and will be charged a cash advance fee.
Additional cardholders. You can request up to 4 additional cardholders at no extra charge.
Credit limits. You can request a credit limit from $1,000. The credit limit you're approved for will depend on the bank's lending criteria and your financial history.

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Sally Finder

Producer

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Adrian

October 30, 2015

Hi, I’m a carer on centrelink payments. Do I meet the banks lending criteria?

I would like to balance transfer my ANZ Visa.

Thank you.

Sally McMullen Finder

October 30, 2015

Hi Adrian,

Thanks for your question.

Usually as long as you meet the minimum income requirement and the other eligibility criteria, you shouldn’t have an issue applying.

The terms and conditions available on Beyond Bank’s website don’t mention and limits on income through Centrelink, so you may need to get in contact with their customer service team directly to confirm your eligibility.

I’ve emailed you their contact details for your convenience.

I hope this has helped.

Thanks,

Sally

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Sally McMullen was a creative content producer at Finder. Sally wrote about credit cards for almost 5 years, authoring almost 900 articles on Finder alone. She has also been published in Yahoo Finance, Dynamic Business, Financy and Mamamia, as well as Music Feeds and Rolling Stone. Sally has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong. See full profile

Beyond Bank Low Rate Visa Credit Card

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Eligibility criteria

Required documents

Card benefits

Rates & fees

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