Get a Visa card linked to your overdraft facility, and with an existing Service One home loan you pay a standard variable home loan rate on the card.
The Service One Visa Card gives you access to your overdraft facility, which makes it rather similar to a credit card. While it allows you to access your own funds, you can also access up to and including a pre-determined credit limit. The overdraft facility attracts a competitive interest rate, and if you have a Service One home loan, the interest charged on the overdraft facility is the same as a home loan rate.
| Product Name | Service One Visa Card |
|---|---|
| Purchase rate (p.a.) | 12.24% p.a. |
| Annual fee | $45 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 55 days on purchases |
| Cash advance rate (p.a.) | 12.24% p.a. |
| Card Type | Visa |
| Foreign Currency Conversion Fee (VISA) Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, 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. | 2% of transaction value |
| Complimentary Travel Insurance | No |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | No |
| Annual fee | $45 p.a. |
|---|---|
| Late Payment Fee | $15 |
| Overseas ATM Withdrawal Fee | $3 |
| Foreign Currency Conversion Fee Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, 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. | 2% |
Service One Visa Card review
If you’re looking for a Visa card that offers credit and also allows you to access funds in your savings account, you can consider applying for the Service One Visa Card. Its competitive interest rate of 12.24% p.a. makes it an option for people who tend to carry over balances from one month to the next. Service One members with home loans get to pay a considerably lower rate.
Benefits of the Service One Visa Card
- Low rate. Service One members with home loans who use the Visa Card with credit facility pay an interest rate linked to the standard variable home loan, which currently stands at 5.50% p.a. The standard rate when using funds from your overdraft account is 12.24% p.a.
- Low transaction fees. When you select the ‘Credit’ option, you don’t have to pay any withdrawal fees for Visa transactions. You don’t have to pay any transaction fees for Visa merchant and retail transactions either.
- Continuing credit insurance. This insurance covers your repayments in the event of involuntary unemployment, disability, trauma and death.
- Easy access to funds. You can access funds through the global Visa network which covers more than 150 countries and includes ATMs and EFTPOS terminals. You can use this card for cash advances, at ATMs and financial institutions that accept Visa, and you can also use it to pay bills and make purchases over the phone or online.
Service One Visa Card features
- Visa Card fee. While this card does not attract any annual fees, you have to pay a nominal fee of $2.50 per activated card, per month.
- Fee structure. Service One operates on a tiered fee structure that they call a 'Relationship Balance'. They look at your entire membership and all of the products you own to determine what fees you should be exempt from.
- Low rate. The credit facility this card comes with attracts a competitive interest rate of 12.24% p.a. and existing Service One home loan holders pay a considerably lower rate of 5.50% p.a.
- Insurance. Continuing credit insurance can help you take care of repayments in case something happens and you can't meet your repayments.
- Repayment methods. You can make repayments via phone and online banking, you can set up direct debits from your transaction or savings account, you can pay via payroll deduction, or can you make repayments at any Service One branch.
- Visa payWave. When you shop at establishments that display the Visa payWave symbol, you can use this card to make contactless payments of under $100.
- Verified by Visa. If you use this card to make online transactions, Verified by Visa works in detecting unusual activity. This helps keep your transactions secure and offers you peace of mind while you spend.
How to apply for the Service One Visa Card
You can apply for the Service One Visa Card with credit facility online, or you can download an application and mail it or drop it at a Service One branch.
Eligibility criteria
To apply, you have to meet the following eligibility criteria:
- You’re at least 18 years old
- You’re submitting a personal application
- You’re an Australian resident
- You have a stable source of income
Required documents
Completing the application requires that you provide different types of information, so keep the following handy:
- Your last two pay slips or a letter from your employer with salary details and the date you commenced employment
- Source and proof of any other income
- Self-employed individuals have to submit tax assessments and financial statements for the last two years
- Statements of existing loans, credit cards, and store cards
Getting the Service One Visa Card with credit facility can make sense if you want to access your own funds and credit through a single card, but take some time to compare it with other similar offerings before making a decision.
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