The BankVIC Visa Gold credit card offers customers a high credit limit and a moderately low annual fee. Card holders will enjoy very low interest rates for the first six months, with moderately high interest rates after that. The card has a moderate number of interest-free days and a moderately low late payment fee.
The BankVIC Visa Gold also has an associated Cash Back Rewards scheme. This reward program automatically gives card holders $1 for every $250 spent using the Visa Gold credit card. This reward scheme allows customers to use their reward money however they choose. Customers receive the rewards dollars they’ve earned on 1 December each year.
The card comes with complimentary international travel insurance for you, your spouse and your dependent children. It also monitors all card transactions to catch any suspicious activity early.
- Free international travel insurance
- Very low interest rate for first six months
- Cash Back Rewards program
- Annual fee charged
- Moderately high interest rates after six months
- No frequent flyer points
Who is it good for?
The BankVIC Visa Gold credit card is best for customers who want to spend their reward exactly how they choose. The Cash Back Rewards program automatically credits the customer with $1 cash back each time they spend $250 on the Visa Gold card. The rewards cash can then be used however the card holder chooses.
This card is also well suited to existing BankVIC customers who want to keep their banking under one roof. Because of its relatively high interest rates after the first six months, this card is better suited to those who pay their bill in full each month.
This credit card charges an annual fee, a foreign transaction fee and a late payment fee, making it less desirable for budget card holders. For customers who want to eliminate fees, a no-fee credit card may be more appropriate.
What RateCity says
The BankVIC Visa Gold has a rewards program that’s easy to use. Customers don’t have to redeem their points within a specific offering; rather, card holders are credited their earnings on 1 December each year. This type of rewards program suits those who don’t want to be limited in how they spend the rewards they earn.
However, potential card holders who are not already BankVIC customers may find they want to keep their banking in one place. If that is the case, you may choose to talk with your current bank about credit cards with a cash back rewards scheme.
Although the BankVIC Visa Gold card has a reasonable annual fee for a rewards card, budget card holders may choose to look elsewhere for a card that charges no annual fee, or waives the fee for the first year.
To be eligible for the BankVIC Visa Gold card, you must be at least 18 years of age and an Australian resident. You do not need to be an Australian citizen. To apply, you’ll need details of your employment, income and living expenses. You’ll also be required to submit your asset details and any amount you owe on loans, overdrafts or credit cards. You can apply for this credit card online, over the phone or in a BankVIC branch.
BankVIC is a Victoria-based regional Australian bank. BankVIC was founded in 1974 with the mission of improving the financial wellbeing of Victoria Police members and their families, and is now headquartered in Melbourne. After 40 years in business, BankVIC now offers their customers a range of products including bank accounts, credit cards, term deposits, loans, insurance and wealth management services. Customers can contact BankVIC online, over the phone or within a BankVIC branch.