The BankVic Visa Silver credit card is a low-rate credit card, providing consumers with a credit card alternative with low-to-no fees.
The BankVic Visa Silver credit card has a very low introductory interest rate for new cardholders in the first six months. After this time, the interest rate on purchases reverts to the standard (but still moderately low) interest rate.
This credit card also has the added bonus of having no annual fee. Although there are a number of credit cards in the market with this added perk, the BankVic Visa Silver credit card also has one of the lowest interest rates available.
This is a no-frills credit card, with no additional perks or benefits in the form of rewards points or complimentary insurance products. The BankVic Visa Silver credit card lets its lack of fees and charges do the talking.
- No annual fee
- Low introductory interest rate
- Moderately low standard interest rate
- Moderately low interest-free days
- No additional perks or benefits
- High card replacement fee if lost overseas
Who is it good for?
The BankVic Visa Silver credit card is firmly a budget credit card, providing a moderate to low interest rate on purchases for new customers. For this reason, this credit card is perhaps most suitable for customers who struggle to pay off their credit cards in full each month, and are looking for a low interest rate to offset some damage.
Customers with existing credit card debt can also take advantage of the low-to-moderate interest rate and make a balance transfer, especially if the debt is currently accrued on a higher-interest credit card or cards.
The ability to add an additional cardholder could make this a good ‘occasional use’ credit card for both individuals and couples. However, lovers of perks and rewards should look elsewhere; this credit card’s main selling point is its competitive interest rate and lack of fees and charges.
What RateCity says
The BankVic Visa Silver credit card provides a competitively low introductory interest rate, as well as the coveted no annual fee status that can be difficult to find.
There are a number of credit cards available with no annual fee, and there are also various credit card options with low interest rates. However, the combination of both in the BankVic Visa Silver credit card make this card more of a rarity. If you are looking for a low-rate, no-fee credit card, there are few others currently available that are this competitive.
The BankVic Visa Silver credit card does provide a moderately low number of interest-free days, so consumers should keep this in mind if considering this card.
This credit card is best used only in Australia, due to its international transaction fee and high replacement fee if lost or stolen overseas, even in an emergency.
You can apply for the BankVic Visa Silver credit card online, over the phone or in person. To be eligible, you must be over 18 years old and meet any other serviceable criteria. With a low to moderate credit limit available, people within most income brackets should meet the income requirements for this credit card. When applying online, make sure to have your employment details, proof of income, asset details and identification on hand.
About the lender
BankVic is an Australian member-owned bank founded in 1974. Originally established by Australian police officers as a credit union, today BankVic serves customers in law enforcement, healthcare, public service, and their friends and family. Customers can contact BankVic during both standard and extended business hours. Outside standard business hours, BankVic customers can contact the Visa 24-hour emergency hotline to report lost or stolen cards. BankVic currently employs over 150 employees.