Police Bank Visa Credit Card – Rates and Fees
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Pay 0% p.a. for 12 months on balance transfers and pay no annual fee for the first year
The Police Bank Visa Credit Card is a no-frills card that charges a low variable rate on purchases and cash advances. This card comes with a 0% p.a. balance transfer rate for 12 months, and it gives cardholders the ability to have up to 55 interest-free days on purchases. Find out more of the benefits of this card and see if it's the right option for you.
Details
| Product Name | Police Bank Visa Credit Card |
|---|---|
| Balance transfer rate | 0% p.a. for 12 months |
| Balance transfer revert rate The interest rate that will apply to any remaining balance after the balance transfer term ends. | Purchase Rate (10.76% p.a.) |
| Purchase rate (p.a.) | 10.76% p.a. |
| Annual fee | $0 p.a. annual fee for the first year ($30 p.a. thereafter) |
| 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 55 days on purchases |
| Cash advance rate (p.a.) | 10.76% p.a. |
| Min credit limit This is the lowest credit limit you can be granted. It is possible to request a higher credit limit but not a lower one than this figure. | $1,000 |
| Card Type | Visa |
| Foreign Currency Conversion Fee (VISA) Charged when you make a transaction that is converted by Visa 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. | 3% of transaction value |
| Complimentary Travel Insurance | No |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | No |
| Joint Application | Yes |
| Annual fee | $0 p.a. annual fee for the first year ($30 p.a. thereafter) |
|---|---|
| Minimum Monthly Repayment | $5 or 2.5%, whichever is greater |
| Late Payment Fee | $10 |
| Foreign Currency Conversion Fee (VISA) Charged when you make a transaction that is converted by Visa 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. | 3% of transaction value |
| Cash Advance Fee | $3.80 |
| Overseas Cash Advance Fee | $3.80 |
| Overseas ATM Withdrawal Fee | $3.80 |
Police Bank Visa Credit Card review
This Visa credit card offered by Police Bank can lead to significant savings in the form of interest if you use it to transfer balances from existing cards, and its low variable rate can also lead to savings in the long run. The drawn down balance on this card can contribute to the bank’s reduced fees program, working in eliminating or reducing fees.
Benefits of the Police Bank Visa Credit Card
- Balance transfer offer. This card comes with a balance transfer offer that gives you 0% p.a. interest on transferred balances for the first 12 months. At the end of this introductory period, any outstanding balance from transferred balances starts attracting the card’s variable rate.
- Low rate. A low variable rate of 10.76% p.a. applies on this card. Unlike many credit cards that charge a higher cash advance rate, this card charges the same low rate on purchases as well as cash advances.
- Reduced fees program. Police Bank lets you reduce or even avoid paying transaction fees and charges through its reduced fees program. All you have to do to qualify is maintain a combined monthly balance in excess of $5,000 in all your Police Bank savings, investment, and loan accounts.
- Easy access to funds. You can use your Police Bank Visa card the world over, anywhere you see the Visa symbol, at ATMs and EFTPOS terminals alike. This card works perfectly well when it comes to making purchases or paying bills, over the phone or over the internet
Police Bank Visa Credit Card features
- Annual fee. This card attracts a nominal annual fee of $30, but you don’t have to pay this fee for the first year.
- Credit limit. The Police Bank Visa Credit Card comes with a minimum credit limit of $1,000.
- Balance transfer offer. Use this card to transfer balances from existing cards, and pay 0% p.a. interest on the transferred balances for the first 12 months.
- Interest free days. If you pay the account’s closing balance completely at the end of each billing cycle, you can get as many as 55 interest-free days on purchases.
- Additional cards. Police Bank may issue an additional card to any nominated individual who is over 16 years of age and meets identity verification requirements.
- Reduced fee program. Your account’s drawn down balance, owing to the reduced fee program, can help minimise the fees you pay.
- Visa payWave. This technology allows you to make contactless payments for purchases that are under the $100 mark.
- Verified by Visa. This service is in place to monitor online transactions that make use of your card’s details, and it plays a crucial role in preventing fraudulent or unauthorised usage of your card over the internet.
- Visa Entertainment. This online platform gives you access to a variety of entertainment offers, which include pre-sale tickets to some of the prime events in Australia.
How to apply for the Police Bank Visa Credit Card
You can apply for the Police Bank Visa Credit Card by visiting any Police Bank service centre, or you can apply online.
Eligibility criteria
Before you take the next step, make sure that you meet the following eligibility criteria:
- You are a permanent resident of Australia.
- You are over 18 years of age.
- You have good credit history.
Required documents
In order to successfully complete the application you have to provide the following information:
- Your membership details, including your membership number. If you aren't a member you can become one in the credit card application
- Your employer’s name, phone number, and address and your employers from the last three years
- Details about your existing financial situation, which include income, assets, expenses, and liabilities
- Your driver's licence number (if you have one)
This Police Bank credit card, with its low variabl rate and 0% p.a. balance transfer rate, is a card that's worth a spot in your comparison, but make sure you spend some time looking at similar offerings before deciding which card to apply for.
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