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Our verdict

Pay no annual fee ever and enjoy an introductory interest rate of 4.99% p.a. for the first 5 months.

The Horizon Bank Visa gives you a way to keep credit card costs down, with a $0 annual fee for life and the same low interest rate for all your transactions. This rate is just 4.99% for the first 5 months, and 12.95% when the introductory period ends.

Both of these rates are at the lower end of the market and, when combined with no annual fee, make this card a valuable option if you want affordable access to credit. But if you want to pay off an existing debt or have some big-ticket purchases coming up, it’s also worth comparing cards that offer 0% p.a. introductory rates or lower ongoing rates so that you can find the most cost-effective card for you

Pros

An introductory interest rate of 4.99% p.a. for the first 5 months on purchases.
$0 annual fee for life.
Up to 55 days interest-free on purchases.

Cons

At the end of the introductory period, the rate will revert to the everyday credit card rate.
4.99% p.a. balance transfer rate for the first 5 months, there are other cards with 0% balance transfer offers.

This Visa credit card from Horizon Bank is both a no annual fee and low rate product. As a promotion for new customers, Horizon Bank charges just 4.99% p.a. on all your account balances for the first 5 months. At the end of the introductory period, a low rate of 12.95% p.a. applies to your balance.

Details

Product details

Product Name	Horizon Bank Visa Credit Card
Balance transfer rate p.a.	4.99% for 5 months, then 12.95%
Purchase rate p.a.	4.99% for 5 months, then 12.95%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	12.95%
Min credit limit	$500
Card type	Visa

Eligibility

Available to temporary residents	No
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	$0
Minimum monthly repayment	3% of the closing balance or $20, whichever is greater
Foreign currency conversion fee	3%
Cash advance fee	$3

How to apply

You can apply for the Horizon Bank Visa credit card online by filling in a secure application form on the Horizon website. Once you have submitted the completed application, it will be sent to a loans officer and you'll get a reference number you can use to check on the process. You can get ready now by checking that you meet the eligibility criteria and have all the documents and details needed for the application.

Eligibility criteria

Residency. You must be a permanent Australian resident or citizen.
Income. While Horizon Bank does not list a minimum income requirement, you do need to be currently employed or receiving a regular income to apply for this card.

Credit history. You must not have declared bankruptcy or insolvency or had any defaults on your credit history for the past five years.
Age. You must be at least 18 years of age.

Required documents

Identification. You must verify your identity as a new customer with Horizon Bank before your application can be completed. You can use your passport, driver's licence or medicare card to verify your identity with the bank.
Income. You may be asked to provide your last two payslips as well as salary and employment information. Self-employed borrowers may need to provide tax returns or Notices of Assessment for the past two years.
Assets and liabilities. You may need to provide statements from other credit cards, rental agreements, council rate notices, savings account statements and other documents which detail your assets and liabilities.

Card benefits

Introductory interest rate. This card offers a 4.99% p.a. interest rate on purchases and balance transfers for the first 5 months from card approval. At the end of the promotional period, any unpaid balances will accrue interest at the standard rate of 12.95% p.a.
No annual fee. The Horizon Bank Visa Credit Card does not charge an annual fee.

Interest-free days. Get up to 55 days interest-free on purchases when you pay your statement's closing balance in full by the due date. Note that interest-free days are not available for cash advance transactions.
Visa benefits. This card lets you make purchases or withdraw cash around the world, anywhere Visa is accepted. You also get access to special deals on shopping, dining, entertainment and travel through Visa Offers + Perks.

Rates & fees

Interest rate. Outside of any promotions, this card charges a 12.95% p.a. interest rate.
International transaction fee. A fee of 3% applies when you use this card to make payments in a foreign currency – including when you're overseas or shopping online.

Minimum credit limit. The minimum credit limit for the Horizon Bank Visa credit card is $500.

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Amy Finder

Editor

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Yvonne

August 04, 2019

I’ve been living in the US for 15 months but only just received my residency. I’d like to apply for a credit card now to start building credit history in the US. Is this card for me? If not, can you recommend any other card to start with? I’m from Australia and have very good credit there – is there a possibility to transfer over credit from another country? Thanks

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Nikki Angco

August 06, 2019

Hi Yvonne,

Thanks for your questions!

It’s great to hear that you have good credit in Australia. Unfortunately, when you leave your country, your credit score history stays behind. The best credit card for you depends on your budget, usage, and if the card’s features fit your lifestyle.

Since you mentioned that you are looking to build credit, secured credit cards are one way to go.

As a friendly reminder, check the eligibility requirements of the card before proceeding with your application. Also, read about its features and benefits and see how it fits your financial needs. Additionally, it’s helpful to review the PDS and Terms & Conditions of the card before fully committing to the card. You may also reach out to the bank if you have any clarifications.

Hope this helps!

Best,

Nikki

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Happy Borrower

August 06, 2018

I’ve been a discharged bankrupt for over a year now, will I be able to get Horizon Credit Union Visa Credit Card?

Joel Marcelo

August 07, 2018

Hi there,

Thanks for leaving a question on Finder.

One of Horizon’s eligibility requirements is to have a fairly good credit score. To be eligible for this card, you need to have not declared bankrupt or insolvent, or had defaulted on any loans, credit cards, interest-free finance, or store cards in the last 5 years.

Bankruptcy remains on your report for five or seven years (depending upon the type of overdue debt); however, your credit report will be updated to reflect the fact that the debt is no longer overdue. To see what other credit options you have as a discharged bankrupt, please refer to our guide on credit repair after bankruptcy.

Cheers,

Joel

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Horizon Bank Visa Credit Card

Pros

Cons

How to apply

Eligibility criteria

Required documents

Card benefits

Rates & fees

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