Compare Silver and Gold Visa cards from BankVic for introductory offers and interest-free days
Are you or a member of your family part of the police, health, emergency or public service in Victoria? You can apply for a Silver or Gold credit card from BankVic and take advantage of a special introductory offer and a low ongoing rate of interest.
For over 40 years, BankVic has been a part of the Victorian community. Originally established to serve the needs of Victorian police officers, membership was extended to allow members of the emergency and public service as the bank grew. As a mutual banking society, BankVic is a little different to most other banks, like the Big Four, for example. Mutual banks are run by members, for members, and dividends go back to members and not to shareholders.
Comparison of BankVic Credit Cards
What are the types of credit cards from BankVic?
BankVic offer two credit cards for you to choose from. The Visa Silver and Visa Gold credit card. Both credit cards have a low introductory rate on purchases and balance transfers. As you’d expect, you can do a little more with the Visa Gold than the Visa Silver credit card — you get cashback rewards when you spend for example, however, the price tag is a little higher. Whether you’re cost-conscious or you don’t mind spending a little extra for rewarding features, BankVic’s Silver and Gold Visa credit card are worth a look.
Low rate credit cards
While the BankVic Visa Silver is technically a ‘silver’ credit card, it’s unique, being is the only one of its type in the market. To compare apples with apples, we put the BankVic Visa Silver Credit Card in the low rate category. Most low rate credit cards only offer a low rate on purchases. The cash advance rate is generally still quite high on a low rate credit card. The BankVic Visa Silver credit card gives you the same low variable rate for both cash advances and purchases. Rate of interest aside, compare low rate credit cards by the annual fee and promotional balance transfer or purchase rate offers.
Gold credit cards
With the introduction of black and signature cards to the market, fewer credit card providers offer gold credit cards than they did in the past. This type of credit card sits between standard and platinum products. Insurance is the point of difference between standard and gold credit cards. You pay a little more than a standard or low rate card and you can save by not having to purchase an international travel insurance policy for you and your family when you travel. The BankVic Visa Gold goes a little further. Get cashback rewards when you spend and there’s interest-free days, too. Pay back what you spend and use these cards for interest-free purchases. When you’re looking at the bells and whistles like cashback and insurance, make sure it’s worth the cost of the annual fee. Also, compare these cards by the ongoing variable rates of interest, balance transfer and other promotional offers.
The benefits of banking with BankVic
BankVic credit cards offer more than cheap access to credit. Some of the benefits that come with using a BankVic credit card include:
Internet banking — bank where and when you want
Apply and get approved for a BankVic credit card and register your account for internet banking for free. This service from BankVic lets you manage your credit card and make payments from anywhere in the world, at any time of the day. Increase your credit limit, set up regular payments, review your credit card statement and view your monthly statement and more from your desktop or smartphone device. Internet banking does away with the need to visit a brick-and-mortar bank.
BankVic credit cards — ATM withdrawals
While BankVic do not have a partnership with an ATM network that allows you to make cash withdrawals for free, you’ll pay a reduced ATM fee when you use your BankVic credit card to make a withdrawal at a St.George, Westpac, BankSA or Bank of Melbourne ATM.
Visa credit card benefits
Using a BankVic Visa credit card comes with some handy features to make shopping quicker, easier and safer:
- Visa payWave. All BankVic credit cards are Visa payWave enabled. This means you can tap your BankVic credit card against a contactless terminal for purchases under $100 and you can be on your way in a matter of seconds — do away with entering your PIN for small transactions. Visa payWave transactions are protected under the Visa Zero Liability Policy.
- Visa Zero Liability Policy. Use you credit card with the confidence that you’re protected from fraud, both online and over the counter. The Visa Zero Liability Policy does not extend to ATM transactions, however, Visa will give you your money back if you’re the victim of credit card fraud shopping online, over the counter or when using Visa payWave.
- Global acceptance. Visa is a global brand and is accepted in millions of places all over the world. Use your Visa card to pay for a train ticket in New York, shop online and buy shoes from Paris or withdraw cash from an ATM in India. Whether you’re using your card at home or abroad, Visa has you covered.
How to apply for a BankVic Credit Card
Click ‘Go to Site’ and apply online for a BankVic credit card. Credit card applications are handled through the BankVic online application tool: Webloans. Before you start an online application for a BankVic credit card, you will need to become a member of the mutual.
To become a member of BankVic, you must:
- Be a member of the police force or a member of the health, emergency or public service or have a family member working in these industries, or
- Work within 5km of the BankVic offices, or
- Have been introduced by an existing member, and they have been a member for more than a year, or
- Be approved by the CEO of BankVic or an Executive Manager of Police Financial Services Limited, or
- Be a corporate body (contact BankVic for further information about applying as a corporate body)
The online application for a BankVic credit card should only take ten to fifteen minutes to complete if you have all the necessary information on hand. Make sure you have the following:
- Identification. You must verify your identity with BankVic to apply for a credit card. Provide at least two forms of identification including a passport, an Australian birth certificate, driver’s licence or other form of photo identification or medicare card. You can verify your identification online and a BankVic representative will be in touch if this process is unable to be completed.
- Employment. Provide information about your current employment, including your employer’s contact details and your after-tax income. If you’ve been in your current position for less than five years, you’ll also need to provide your previous employer’s contact information.
- Assets. Detail a list of your assets including your home, vehicle, your accounts with BankVic and other banks, home and contents insurance, superannuation fund and other assets such as shares if applicable.
- Liabilities. Enter information about mortgages, other loans, credit cards and any other debt.
- Expenses. What are your ongoing expenses? Details about rent, food, clothing and utility bills need to provided to BankVic.
What happens next?
After you submit the online application for a BankVic credit card, you should receive an email from the bank about the status of your credit card application within 24 hours, or the next business day. If you haven’t got word back from BankVic about your credit card application, get in touch with a customer representative and quote your application reference number. A credit card is usually issued within five to seven business days following approval for the account. Once you’re approved for a credit card, you become a shareholder of BankVic. You will need to purchase 10 shares. The shares are valued at $1.00 each. The value of the shares can be redeemed when you close the account.
Frequently asked questions
How do I do a balance transfer to a BankVic credit card?
- You can transfer a balance from two other credit cards to your BankVic credit card
- Use up to 95% of your BankVic credit card credit limit towards a balance transfer facility
- A balance transfer can take up to 14 days to process
How can I pay my BankVic credit card?
- Internet banking. Pay your BankVIc credit card using BPAY from your online banking facility with another financial institution.
- Branch. Visit a BankVic branch and pay your credit card in person using EFTPOS or cash.
- Direct debit. Set up a direct debit agreement to pay the minimum monthly repayment, a specific amount or the entire closing balance, when your statement is issued from another bank’s savings or transaction account.
- Cheque. Send a cheque in the post to BankVic. Detach the bottom part of your credit card statement and send it with a cheque to BankVic.
How can I increase my credit limit?
Can I get an additional credit card?
- They must be over the age of 15
- You (the primary cardholder) are responsible for spending on the additional cards
- You can apply to add an additional cardholder to your account when you first apply for the BankVic credit card, or you can add an additional cardholder after you apply by completing an Additional cardholder request form
- The additional cardholder will need to have their identity verified if they’re not already a BankVic member
What do I do if my credit card is lost or stolen?
If you call Visa, you’re issued with an incident reference number. Make a note of this number. You also need to contact BankVic during business hours let them know about your lost or stolen card. BankVic will issue a replacement card.