Our verdict

Pay no annual fee and save with a low introductory interest rate for the first 6 months.

With no annual fee and a low introductory rate, the BankVic Low Rate Visa credit card is designed to help you cut standard card costs. Unlike most cards with a low interest offer, the standard interest rate that applies after the first 6 months is relatively competitive. This means this card could help you save more if you’re planning to use it beyond the promotional period. However, there are some other cards that offer 0% on purchases and balance transfers for longer introductory periods, so it’s worth comparing your options.

Pros

$0 p.a. annual fee for life
Introductory 8.99% p.a. interest rate for the first 6 months on purchases and balance transfers
Compatibility with Apple Pay and Google Pay

Cons

Only up to 44 days interest-free on purchases, as opposed to other cards that offer up to 55 days.
Doesn’t offer any rewards

The BankVic Low Rate Visa credit card boasts a bunch of cost-saving extras including a 8.99% p.a. interest rate for the first 6 months. After this, the low ongoing interest rate of 13.95% p.a. will apply. You’ll save with $0 annual fee and can take advantage of exclusive perks for Visa cardholders.

Details

Product details

Product Name	BankVic Low Rate Visa
Balance transfer rate p.a.	8.99% for 6 months, then 13.95%
Balance transfer limit	95% of available limit
Purchase rate p.a.	Purchase rate p.a. 8.99% for 6 months, then 13.95%
Interest-free period	Up to 44 days on purchases
Cash advance rate p.a.	13.95%
Min credit limit	$1,000
Max credit limit	$20,000
Card type	Visa

Eligibility

Available to temporary residents	No
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	Annual fee $0
Minimum monthly repayment	2.5% of the closing balance or $20, whichever is greater
Late payment fee	$15
Foreign currency conversion fee	Foreign currency conversion fee 3.65%
Overseas cash advance fee	$4

How to apply

You can apply for the BankVic Low Rate Visa credit card online in around 30 minutes. Before you get started, check if you meet the eligibility criteria and prepare the necessary details to complete the application.

Eligibility criteria

Credit history. You’ll need a good credit score and must not have declared bankruptcy, insolvency or defaulted on any other lines of credit.
Residency. This card is only available to permanent Australian residents.

Age. You must be at least 18 years old to apply.

Required documents

Personal information. This includes your full name, contact details, date of birth, driver’s license number, marital status and number of dependents.
Employment. You’ll need to confirm your employment status and occupation as well as your employer’s name, phone number and address.
Finances. Provide details about your income, expenses, assets and liabilities. You may be asked to provide copies of recent payslips, bank statements and credit card or personal loan statements.
Balance transfer. If you’re conducting a balance transfer, you’ll need to provide details of how much you’re transferring and the account you’re moving it from.

Card benefits

No annual fee. This card charges $0 annual fee for life.
Introductory low rate offer. You can reduce your interest costs on purchases and balance transfers with a low fixed rate of 8.99% for the first 6 months. After the introductory period, all balances will attract the standard 13.95% p.a. interest rate.

Visa perks. You can use this card at millions of locations wherever Visa is accepted. This includes for contactless payments under $100 courtesy of Visa payWave. You’ll also access exclusive travel, entertainment and lifestyle discounts and deals through Visa Offers and Perks.
Mobile wallets. You can link your card with Apple Pay or Google Pay and use your eligible smartphone or device to tap and pay.

Rates & fees

Low rate. Outside of any promotions, this card charges a low ongoing interest rate of 13.95% p.a. on purchases, balance transfers and cash advances.
Interest-free days. If you pay your balance in full by the statement due date, you can take advantage of up to 44 interest-free days on purchases. You won’t be eligible for interest-free days if you’re paying off a balance transfer debt.

Credit limit. You can apply for a credit limit between $1,000 and $20,000.
Security. Your account is monitored 24/7, so you’ll be notified of any suspicious activity as early as possible.

Sources

BankVic Low Rate Visa credit card TMD

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BankVic Low Rate Visa credit card

Pros

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Required documents

Card benefits

Rates & fees

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