BankSA Gold Low Rate – Rates & Fees

Information verified correct on September 26th, 2016
Important Information

Though no longer available, the BankSA Gold Low Rate card once provided competitive rates and gold standard service.

Where most gold credit cards charge a significant interest rate and fees in order to provide you with gold level service, the Gold Low Rate credit card from BankSA was able to offer things like interest-free days and complimentary insurance at an affordable price. This credit card is no longer available but there are other low rate options through BankSA.


BankSA Gold Low Rate Credit Card Review

With the BankSA Gold Low Rate credit card, you can make all the purchases you need without worrying about interest building up. With a purchase rate of 15.99% p.a., you could use this credit card for everyday purchases like petrol and groceries. There was also a competitive variable cash advance rate of 20.24% p.a. if you needed cash on hand.

You were also able to enjoy additional features like additional cardholders, 24-hour fraud protection, and complimentary insurance. There was also an interest-free period and balance transfer option to save you even more money.

The Gold Low Rate credit card also had a competitive annual fee of $79 The downsides to the card were some of the other fees. BankSA charged a card replacement fee, $5 for foreign transactions, and a $9 late fee.

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Balance transfer option available

  • Transfer a current credit card balance to your Gold Low Rate card.

    You would be able to request to transfer the balance of another Australian credit card to the Gold Low Rate credit card to save money. The standard rate for this service was 15.99% p.a.

  • Consolidate your debt with a balance transfer

    A balance transfer is a great way to pay a lower interest rate on your current debt. Instead of paying multiple credit card bills with different repayment amounts, you can benefit from the convenience of one repayment. This will also help you pay down your debt faster.

  • Save money on interest fees with a balance transfer

    Since the Gold Low Rate card had competitive interest rates, you would be able to save money on your repayments if your other credit card has a higher repayment amount. Having a clear balance on a credit card can also help your credit rating.

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Get up to 55 interest free days with the Gold Low Rate Credit Card

  • Save money with interest free purchase periods

    Interest-free periods are a number of days where you can make purchases with your credit card and not have to pay interest on the items. The Gold Low Rate credit card offered you up to 55 days of interest-free purchases. This would help save money in the long run.

  • Pay off your closing balance to get interest free days

    Your interest-free period would start when you have paid off the balance of your credit card on the designated date. Once your interest period started, you would be able to make purchases that you weren’t charged interest for as long as you paid the charges off before the period ended.

  • Pay down your credit card faster with interest-free days

    Since the interest on items were waived for only up to 55 days, this feature encouraged you to pay off your balance faster in order to avoid the interest. By paying down your balance, you would save on interest in the long run and pay down your credit card debt faster than you would by making minimum payments.

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Complimentary insurance covers give you peace of mind

  • Purchase protection covers items you buy on credit

    Should you buy certain items through your Gold Low Rate credit card, you would have been covered by purchase protection insurance through BankSA. This protection was in the form of extended warranties. If an item you bought had a manufacturer’s warranty, your credit card would place 12 more months of protection onto the purchased item.

  • Travel insurance covered your travel ticket

    You could have also received travel insurance through your credit card. If you purchased your travel ticket through your Gold Low Rate card, you would be protected if you had to cancel your trip or if your departure was delayed for any reason. The insurance was able to cover the cardholder and one more person.

  • Transit accidents covered through travel insurance

    While the travel insurance covered your travel ticket, it also covered you in the instance of a transit accident. If you were injured or should you perish while using public transportation during a trip, this insurance would have covered your medical expenses.

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Gold Low Rate Features

While the three features discussed were main drawing points of the Gold Low Rate credit card, there were also other features that you were able to take advantage of as a cardholder.

  • Competitive rates: The offered purchase and cash advance rates of the credit card (15.99% p.a. and 20.24% p.a.) saved you money and served as an incentive to apply for the card.
  • Affordable annual fee: The $79 fee was also a main feature since it was considered affordable for a card that offered gold level service.
  • Overseas ATM availability: With this feature, you were able to use the credit card to withdraw money from an ATM even while travelling overseas.
  • Fraud protection and security: You were protected by BankSA’s Falcon security that protected you from fraudulent use of your credit card especially when shopping.
  • Additional cardholders: You were able to add up to 3 additional cardholders for free with this feature.
  • High minimum credit limit: This credit card offered a minimum credit limit of $1,000, giving you plenty of room to make any necessary purchases.
  • Link to your bank account: You were also able to link your credit card to any other accounts you held at BankSA.
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How to apply for the Gold Low Rate Credit Card

Application criteria

Before you apply for any credit card offer, you should check to see if you are eligible. This will save you from taking the time to fill out an application that you may not be qualified for.

  • Age and residency requirements:

    In order to apply for this offer, you had to be 18 years old or older, and you had to be an Australian resident with a valid Australian address.

  • Income and credit requirements:

    You also had to have a minimum annual income designated by BankSA. You also had to have a good credit history with no defaults.

Required information

  • Identification information:

    You needed your driver’s license, your passport, your Medicare card, and/or an Australian birth certificate in order to verify your identity.

  • Income and credit information:

    You also needed proof of your income in the form of payslips or similar financial records. You also needed documentation of your financial liabilities and assets.

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Rates last updated September 26th, 2016
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