Our verdict

A no-frills credit card with a low 13.45% p.a. interest rate and a $30 p.a. annual fee.

The South West Slopes Bank Visa Classic is a simple credit card that charges the same 13.45% p.a. variable interest rate for purchases and cash advances (although these also attract cash advance fees). Its $30 annual fee is also competitive with other low rate credit cards.

As a Visa card, you can use it to make purchases all around the world, including when you're shopping online. And if you have Apple Pay, Google Pay or Samsung Pay, you can add it to your digital wallets for contactless, mobile payments.

Pros

Low 13.45% p.a. variable interest rate
Up to 55 days interest-free on purchases
Compatible with Apple Pay, Google Pay and Samsung Pay

Cons

No rewards program or travel insurance

The South West Slopes Bank Visa Classic Credit Card offers very simple and low-cost features. Similar to most other credit cards, this includes up to 55 days interest-free days on purchases if you pay off the total balance listed on your statement by the due date. You'll also get Visa 24-hour emergency support and a zero liability policy to help protect against fraud.

Details

Product details

Product Name	South West Slopes Bank Visa Classic Credit Card
Purchase rate p.a.	Purchase rate p.a. 13.45%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	13.45%
Min credit limit	$500
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 $30
Minimum monthly repayment	3% of the closing balance or $20, whichever is greater
Late payment fee	$0
Foreign currency conversion fee	Foreign currency conversion fee 1.5%
Additional cardholder fee	$0
Number of additional cardholders	1

How to apply

You can apply for the South West Slopes Bank Visa Classic Credit Card by filling in a secure application through the bank's website. You could also visit a SWSbank branch. Get started by checking that you meet the eligibility requirements and have all the documents and details you'll need for the application.

Eligibility criteria

Australian residency status. You must be an Australian citizen or permanent resident, living in Australia.
Age. You must be over 18 years of age.

Credit history. You should have a good credit history if you want to apply for a credit card.

Required documents

Personal details. This includes your full name, date of birth, residential address, phone number, email address and marital status. You also need to verify you ID by providing details of your passport, driver's licence or Medicare card.
Employment details. This covers your occupation, income, length of employment and your employer's contact details.
Financial details. As well as employment, provide details of any other forms of income and assets, such as savings, as well as existing loans, cards or liabilities. You also need to estimate your share of spending on household essentials such as mortgage payments, rent, groceries and utilities.

Card benefits

Low rate. The South West Slopes Bank Visa Classic's 13.45% p.a. variable interest rate is competitive with other low rate cards. It's also much lower that the average credit card interest rate of around 20%, which could help you save on interest costs if you carry a balance over from one month to the next.
Mobile payments. You can add this card to your Apple Pay, Google Pay and Samsung Pay wallets to make payments straight from your mobile phone or device.

Worldwide acceptance. Visa cards are accepted worldwide, so when you’re travelling overseas all you have to do is look for the Visa logo, be it at EFTPOS terminals or ATMs. You can also use this credit card to make purchases and pay bills, over the internet and over the phone.
Security. This credit card gives you access to 24-hour, worldwide emergency support through Visa. You'll also get protection against fraudulent transactions by Visa's Zero Liability Policy.

Rates & fees

Annual fee. The $30 annual fee on this card is at the lower end of the scale for credit cards in Australia.
Interest-free days. If you pay the total closing balance of your account by the due date on each statement, you'll get up to 55 days interest-free on purchases.

Foreign transaction fee. This card has a 1.5% fee for transactions made overseas or online in a foreign currency. In comparison, other credit cards typically offer foreign transaction fees of between 0% and 3.4%.
Credit limit. The minimum credit limit of this credit card is $500 and the maximum is $20,000. Credit limits are subject to lending criteria and assessment, so the limit you're offered could be within this range.

Sources

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South West Slopes Bank Visa Classic Credit Card

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