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Low Rate Visa Credit Card

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Basic

Electronic Wallet Service

Important Rates

Rates

Balance Transfer

Overseas spending

Rewards

Eligibility

Features

The Bank Australia Low Rate Visa credit card has a moderately low annual fee and no late payment fee. The card has very low interest rates on both purchases and cash advances, but does not offer an interest-free period. This card does not have an associated rewards scheme.

The Bank Australia Low Rate Visa credit card comes with several layers of security so card holders can have peace of mind when shopping in-store and online. The card comes with Visa Checkout for safe online shopping and 24/7 fraud monitoring to reduce the risk of unauthorised and fraudulent transactions.

Customers who hold a current Bank Australia savings account can create instant transfers between their Bank Australia savings account and their credit card.

This card is eligible for both Apple Pay and Google Pay.  

Pros
  • Very low interest rates
  • No late payment fee
  • Apple Pay and Google Pay
Cons
  • No additional card holders
  • No interest-free period
  • Charges an annual fee

Who is it good for?

The Bank Australia Low Rate Visa credit card was made with the budget card holder in mind. With its low interest rates, this card may suit people who don’t pay off their credit card balance each month. Customers should keep in mind, however, that the Bank Australia Low Rate Visa card does not offer an interest-free period as many other credit cards do.

Because this card does not come with an associated rewards scheme, this card is not suitable for reward-seeking card holders. Customers in search of credit card rewards should consider which type of rewards would suit them best and find a card with a reward program that fits their preferences.

This card is also not well suited for travel. The Bank Australia Low Rate Visa credit card charges an international transaction fee that makes it less than ideal for overseas use. 

What RateCity says

The Bank Australia Low Rate Visa credit card may be a suitable choice for budget card holders. The very low interest rates on both purchases and cash advances can help customers take control of their debt when they don’t pay their card balance in full each month. The card also offers a moderately low annual fee and no late payment fee, which makes it a relatively low-cost card.

However, the Bank Australia Low Rate Visa credit card offers few benefits to those who pay their bill in full each month. The card does not have an associated rewards scheme, which means card holders do not earn points, cash back, or frequent flyer miles on eligible purchases.

Potential customers who are confident about clearing their credit debt every month may be better off with a card that offers a rewards program. 

Applying/eligibility

To be eligible for the Bank Australia Low Rate Visa card, you must be at least 18 years old and be an Australian citizen or permanent resident. You also cannot have a history of bankruptcy. You’ll need certain personal information to complete the application. This may include your income, employment details, assets and liabilities. You’ll also need to verify your identity with documents such as an Australian driver’s licence, Medicare card or passport. 

About Bank Australia

Bank Australia is an Australian financial co-operative headquartered in Victoria. Bank Australia was founded in 1957 and remains a wholly customer-owned bank. Known for simple financial solutions, Bank Australia provides a variety of financial products and services to Australian consumers. Their offering includes transaction accounts, savings accounts, credit cards, home loans, car loans, financial planning and investments, and a range of insurance policies. Bank Australia also offers banking for business.

FAQs

The numbers on your credit card actually follow a universal standard which is used to identify specific functions. Each credit card has a different amount of numbers: Visa and Mastercard have 16, American Express has 15 and Diner’s Club has 14. The first number on a credit card always identifies what type of credit card it is. Visa cards start with a 4, whereas Mastercard starts with a 5 and American Express with a 3. The remainder of the digits represent the account number, including the last number which is used to verify that your credit card is actually valid. Credit cards also have additional verification numbers, which are mainly used when the card isn’t present for phone and online purchases. These are the three-digit numbers on the back of Visa and MasterCard or the four-digit numbers on the front of an American Express card.

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