Balance Transfer Rate
for 12 months then 21.49%
Max Free Days
- Balance Transfers Available
- No Annual Fee
- Free supplementary cards
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
Cash advance fee
2% or $2.5
Balance Transfer Rate
Balance Transfer Rate
for 12 months then 21.49%
Requested at a card application only.
Balance Transfer Fee
Foreign Exchange Fee
3% on Visa
Estimated ATM Cost
for AU $300 withdrawal
NO strict minimum income, all circumstantial
- FREE SUPPLEMENTARY CARDS
Compare and review credit cards with similar features
Bendigo Bank Low Rate Mastercard
for 12 months then $45
Balance Transfer0% on Balance Transfers for 6 months. $0 annual fee in Year 1 then reverts to $45. Get a $150 Woolworths Supermarket Gift Card when you spend $1k in 60 days.
The bank offers a number of credit cards alongside personal finance products such as bank accounts, home loans and personal loans.
Although Bank of Melbourne branches are limited to Victoria, customers can also get service at St George Bank and SA Bank branches in other states, and access their ATM networks.
The Bank First Visa Platinum credit card offers a very low interest rate for purchases and balance transfers for a moderate annual fee.
Complimentary overseas travel insurance is available for cardholders, as is exclusive access to Visa Platinum 24/7 Concierge Services.
If the credit card is lost while you’re on holidays, an emergency overseas replacement card is provided at no charge.
This Visa provides a moderate number of interest-free days and a moderately high interest rate on cash advances.
Additional cardholders can be included on the primary account. There is no annual fee for the extra cards; each person with a card needs to be at least 16 years old.
Other features that come with this credit card include Visa Platinum Entertainment offers and Visa payWave for contactless transaction less than $100.
- Free additional cardholders
- Very low interest rate
- Moderate annual fee
- No points or rewards
- Late payment fee
- No 0% balance transfers
Who is it good for?
If you want a credit card with a very low interest rate on purchases, the Bank First Visa Platinum credit card may be a suitable option.
If you’re an existing Bank First customer with an eligible home loan, the annual fee for this Visa credit card is waived.
There is no points or rewards program attached to this credit card. If earning points from your credit card is important, the Bank First Visa Platinum may not be suitable.
If you like to travel and want a low-rate credit card, this card might tick both of those boxes. Complimentary overseas travel insurance plus a 24/7 concierge service is available to you.
You can have additional cardholders at no extra cost. Each cardholder can use the Visa card wherever Visa is accepted.
What RateCity says
This is a low-rate credit card with a little bit extra. The Bank First Visa Platinum credit card offers a very low interest rate on purchases and complimentary overseas travel insurance.
Not only that, it provides cardholders with exclusive Visa Platinum 24/7 Concierge Services. It might suit the not-so-frequent flyer who doesn’t need to accumulate points.
Another fringe benefit is a free emergency overseas replacement card. Cardholders also get automatic access to Visa Platinum Entertainment offers.
This Visa card has a moderate annual fee and a moderate number of interest-free days. There’s no 0 per cent interest on balance transfers, although the rate is very low.
Being a Visa card means it comes with all the standard Visa security features and protections. This card doesn’t have digital wallet facilities such as Apple Pay available.
To be eligible for the Bank First Visa Platinum credit card you must be 18 years of age. You also need to be an Australian citizen or permanent resident of Australia. You need to be in paid employment and not previously bankrupt. Information to have on-hand for your application includes evidence of income, assets and liabilities. You can verify your identification with a driver’s licence, Medicare card and passport. You can apply online, over the phone or in a branch.
About Bank First
Bank First – formerly Victoria Teachers Mutual Bank – was founded in 1972. Bank First has more than 100,000 customers and over $2 billion in assets. Bank First is a customer-owned bank with no external shareholders. Each customer owns an equal share of the organisation, and profits are reinvested back into the business. This mutual bank offers everyday banking services, loans, insurance and financial planning. Its head office is located in Melbourne.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.
The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.
However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.
Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.
There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.
Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.
Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.
A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card.
For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.
Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.
Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.
Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.
There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice.
Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward.
Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.
Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.
Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.
Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.
Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.
If you’re wondering about how to make a credit card online application, here are some steps to follow:
- Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
- Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
- Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
- Review details. Ensure the information you’ve entered is correct.