BankVic - Low Rate Visa Credit card
The Low Rate Visa Credit card from BankVic has an introductory offer of 8.99% p.a. interest on balance transfers for the first 6 months. The regular interest rate on balance transfers, as well as cash advances and purchases, will be 13.95% p.a. There is also a minimum credit limit of $1,000.
A minimum credit limit of $1,000.
Annual Fee
$0 per year
Balance Transfer
8.99% for 6 months reverts to 13.95% p.a.
Purchase Rate
8.99% for 6 months reverts to 13.95% p.a.
Interest Free Period
up to 44 days
Details
Card Type
Visa
Minimum Repayment
2.50% or $20
per statement, whichever is greater
Interest Free Period
up to 44
days
Minimum Credit Limit
$1,000
Maximum Credit Limit
$20,000
Fees
Annual Fee
$0
per year
Late Payment Fee
$15
per statement
Rates
Purchase Rate
8.99% for 6 months
reverts to 13.95% p.a.
Cash Advance Rate
13.95% p.a.
Balance Transfer
Balance Transfer
8.99% for 6 months
reverts to 13.95% p.a.
Overseas Spending
Foreign Currency Conversion Fee
3.65%
per transaction
Eligibility
Minimum Age
18
years old
Perks
Complimentary Travel Insurance
No
Airport Lounge Access
No
Who is the product designed for?
These customers are likely to have the following objectives, needs, financial situation and must meet the eligibility criteria for this product:
Likely Objectives
- Offers a revolving credit limit to cover everyday expenses or to consolidate debt
- Ability to access available credit for day-to-day transactions and to cover short-term financial gaps
- Low balance transfer rate
Likely Financial Situation
- Has sufficient disposable income to service the credit card
- Regular income may include penalty rates, overtime, and bonuses
Likely Needs
- Access to personalised guidance and support from an experienced credit card lender
- Individual assessment of credit card serviceability
- Available credit can be accessed at any time through a linked Visa credit card and digital banking
applications - Visibility of available credit, including the date and amount of repayments and transactions, can be
accessed using digital banking applications, during operating hours through telephone banking or at a BankVic branch
Eligibility criteria
- Eligible for BankVic membership
- Aged 18+ years
- Have not declared bankruptcy or insolvency, or had defaults on any loans, credit cards, interest free finance or store cards in the last five years
- Has sufficient disposable income to service the credit card
- Approval subject to BankVic credit assessment
Visit BankVic to view Target Market Determination Effective From: 2022-04-01.
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