P&N Bank Visa Classic review

Take advantage of a low interest rate and low annual fee with the P&N Bank Visa Classic credit card.

This no-frills credit card offers some savings with its 11.49% p.a. variable purchase rate and $49 annual card fee. It also packs the modern conveniences of Visa technology which enables contactless payment via your card or Android phone app.

Product NameP&N Bank Visa Classic Credit Card
Purchase rate (p.a.)11.49% p.a.
Annual fee$49 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 45 days on purchases
Cash advance rate (p.a.)19.99% 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.
Card TypeVisa
Complimentary Travel InsuranceYes
Minimum Age18 years of age
Available To Temporary ResidentsNo
Annual fee$49 p.a.
Minimum Monthly Repayment3%
Late Payment Fee$5
Cash Advance Fee$5
Overseas Cash Advance Fee$5

Review of the P&N Bank Visa Classic credit card

The P&N Bank Visa Classic compares favourably among other low rate credit cards designed to reduce interest fees and repayments. Since purchase interest rates for cards in this category can range up to 14.99% and cost as much as $100 p.a, this card presents fairly good value.

On the flipside, it only offers up to 45 interest-free days compared to the more common 55-day period.

Benefits of the P&N Bank Visa Classic credit card

  • Visa acceptance. Enjoy global usability provided by the Visa network and access your funds wherever the Visa logo is displayed.
  • Tap and Pay. Make easy and convenient contactless payments using Visa payWave and Google Pay.
  • One card for two accounts. If you have a linked savings account, the same credit card can be used to access that savings account.
  • Interest-free days on purchases. If you’ve fully repaid your previous statement balance on time, you’ll enjoy up to 45 interest-free days on purchases in the current statement cycle.
  • Low minimum credit limit. Limit your expenses with a modest credit limit starting from $1,000.

Fees and rates of the P&N Bank Visa Classic credit card

  • Annual fee. Save money with a low yearly fee of $49.
  • Purchase interest rates.This card has a low purchase rate of 11.49% p.a., which could help you minimise your debt and lower your credit card bill. The same interest applies to balance transfers.
  • Cash advance rate. The card’s cash advance interest rate is higher at 19.99% p.a. A $5 cash advance fee also applies for both domestic and overseas transactions.
  • Cash advance fee. As well as the cash advance rate, you’ll also be charged a $5 fee when you use your card for cash advances.

How to apply for the P&N Bank Visa Classic credit card

You may wish to apply in person at a local branch, online or over the phone by calling 13 25 77. Before applying however, please ensure that you meet these eligibility requirements and have the necessary information and documents on hand.

Eligibility criteria checklist

  • How old are you? Cardholders must be at least 18 years old to apply.
  • How much do you earn? This card has no explicitly stated minimum income requirement, but each applicant will be subject to an affordability test depending on your requested credit limit. You may call the customer service team to discuss your specific personal circumstances.
  • Are you a resident of Westerns Australia? Applicants must be Australian citizens or permanent residents, and have a Western Australia mailing and residential address.

Information and documents you’ll need

When applying, you will need to provide information and documents including the following:

  • P&N Bank membership. Unless you’re an existing client, you will need to become a P&N Bank member by purchasing a $10 share. This fee is not required up front, but will be deducted from your account once it’s set up.
  • Identification documents. Brand new members need to provide an Australian driver’s licence or Australian passport. Alternatively you may submit one type of non-photo primary identification (such as your birth certificate or citizenship papers) with one type of secondary identification (such as a recent utility bill).
  • Personal information. This includes your member number, full name, date of birth, residential and postal addresses, email address, contact number and driver's licence number. You will also need to state your residential and marital status, as well as the birthdates of all dependants.
  • Employment details. This includes details of your present job, income, length of employment, and the contact details of your current and previous employer. If self-employed, you will need to provide financial statements and tax assessments for the last two years, as well as details of your accountant or financial advisor.
  • Financial details. You will need to provide details of all assets and liabilities, including bank accounts, shares, motor vehicles and personal effects.

If you’re looking for a cheap and basic credit card with a low purchase interest rate, the P&N Bank Visa Classic might just be the card for you. Prior to applying however, do compare other options to ascertain if this card is the best fit for your personal needs and spending habits.

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Rates last updated November 19th, 2018
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