- Last updated on 08 Aug 2020
for 6 months then 11.95%
Balance Transfer Rate
Max Free Days
- 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
for 6 months then 11.95%
Cash advance rate
Balance Transfer Rate
Balance Transfer Rate
of the approved credit limit
Balance Transfer Fee
Foreign Exchange Fee
3.65% on Visa
Estimated ATM Cost
for AU $300 withdrawal
- 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.
When BankVic opened its doors in 1974, it initially offered financial services only to Victoria Police and their families. Today, BankVic services members of the health, emergency and public service sectors in Victoria and across Australia.
Its moto is “banking with heart” and BankVic proudly advertises that it has never foreclosed on a home loan, and that it takes individual care of its members.
BankVic now has 100,000 members and $1.5 billion in assets.
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.
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.
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.
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.
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 credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.
If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.
Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.
When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.
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.
Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.
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.