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Our verdict

Save with a 0% interest rate for 6 months on balance transfers, with no balance transfer fee and a competitive $59 annual fee.

Finder Awards winner

Green Award

The Bank Australia Low Rate Visa credit card boasts one of the lowest purchase and cash advance interest rates on the market. This will help minimise your interest costs if you regularly carry a balance from month to month. It also gives you a way to pay off existing debts with 0% interest on balance transfers for the first 6 months, with no balance transfer fee. Just keep in mind that a 12.99% p.a. interest rate will apply to any balance transfer debt that’s left after the introductory period.

Unlike many other low rate cards though, you can’t take advantage of interest-free days on purchases with this card. The low rates and fees make up for the lack of extra features.

Pros

0% p.a. on balance transfers for the first 6 months, with no BT fee
Low interest rate of 12.99% p.a. on purchases and cash advances
Compatibility with Apple Pay, Samsung Pay and Google Pay

Cons

No interest-free days on purchases
Not linked to any rewards program

The Bank Australia Low Rate Visa credit card couples low interest rates with a competitive annual fee. You can use your card wherever Visa is accepted and enjoy the convenience of mobile payments when you link your card with Apple Pay, Google Pay or Samsung Pay.

Details

Product details

Product Name	Bank Australia Low Rate Visa Credit Card
Balance transfer rate p.a.	0% for 6 months, then 12.99%
Purchase rate p.a.	12.99%
Interest-free period	0 interest free days
Cash advance rate p.a.	12.99%
Min credit limit	$1,000
Card type	Visa

Eligibility

Available to temporary residents	No
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	$59
Minimum monthly repayment	2.5% of the closing balance or $20, whichever is greater
Late payment fee	$0
Foreign currency conversion fee	3%
Cash advance fee	$3.50
Overseas cash advance fee	$3.50
Overseas ATM withdrawal fee	$3.50

How to apply

You can apply for the Bank Australia Low Rate Visa online. Before you start the application, check if you meet the eligibility criteria and have the necessary information.

Eligibility criteria

Age. Applicants must be at least 18 years old.
Residency. This card is only available to Australian citizens or permanent Australian residents.

Credit history. You’ll need to have a good credit score and have maintained a healthy credit history for the past 5 years.
Income. You must be currently employed and earn a regular income.

Required documents

Personal details. This includes your full name, residential address, email address and a contact number.
Proof of identification. If you aren’t an existing Bank Australia customer, you’ll be required to verify your identity using your driver’s licence, a Medicare card or passport.
Employment. Confirm your gross income (before tax) and net salary (after tax) as well as your employment details and any other forms of income (including shares and rental property).
Finances. You’ll be asked to list any assets and approximate values (including property, vehicles, savings and superannuation). You’ll also need to list any existing liabilities such as loan balances, repayment amounts and credit card limits.
Balance transfer information. If you want to transfer a balance to this card, you will need to provide the details of that account(s).

Card benefits

Low interest rates. This credit card offers a competitive 12.99% p.a. variable interest rate on all purchases and cash advances made with the card. This is currently one of the lowest rates available, particularly for cash advances.
Balance transfer. This card offers 0% p.a. interest on balance transfers for 6 months with no balance transfer fee. At the end of the introductory period, the interest rate reverts to the purchase rate, currently at 12.99% p.a.

Visa benefits. You can use this card at millions of locations around the world wherever Visa is accepted. Enjoy access to presale concert tickets, discounts, competitions and other deals through Visa Offers and Perks. You can also access safer online banking through Visa Checkout.
Mobile wallets. Tap and pay using your smartphone or device at contactless terminals when you link your card to Apple Pay, Google Pay, or Samsung Pay. You can also use your fitness tracker to make contactless payments with Fitbit Pay and Garmin Pay.
Online and telephone banking. Bank Australia offers 24/7 Internet banking and phone banking from 8:00am to 8:00pm AEST/AEDT during weekdays and 9:00am to 2:00pm AEST/AEDT on Saturdays when you call 132 888.
Transfers between Bank Australia accounts. As a Bank Australia customer, you can transfer money between your bank account and your credit account instantly.
Security. Your card is protected against fraudulent transactions thanks to 24/7 fraud monitoring and Visa's Zero Liability Policy, which will cover the cost of any unauthorised charges. If your card is lost or stolen, you can also place a temporary lock on your account.

Rates & fees

Annual fee. This card charges a competitive annual fee of $59.
Cash advance fee. If you use this card to get money from an ATM or for any other cash advance transaction, a fee worth $3.50 of the total transaction will apply.

Overseas ATM withdrawal fee. If you use this card to get cash out overseas, a fee of $3.50 will apply. This is in addition to the cash advance fee.
Currency conversion fee. A fee of 3% applies for any transactions made overseas or online in a foreign currency.

Sources

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Bank Australia Low Rate Visa Credit Card

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