BankVic Visa Gold Card Review

Information verified correct on October 25th, 2016

Looking for a credit card that charges a 6-month introductory fixed rate and rewards spending?

The BankVic Visa Gold Credit Card comes feature-packed and can help keep your spending costs low with an introductory rate. It charges this low introductory rate for the first 6 months, after which a competitive standard rate will apply. Cardholders can earn and redeem rewards points, as well as take advantage of complimentary insurance covers, and cardholders can also get up to 55 interest-free days on purchases.

To take advantage of these features, you have to pay a nominal annual fee.

Product NameBankVic Visa Gold
Balance transfer rate (p.a.)6.99% p.a. for 6 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (16.95% p.a.)
Purchase rate (p.a.)6.99% p.a. for 6 months (reverts to 16.95% p.a.)
Annual fee$50 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
Minimum Monthly Repayment2.5% of your closing balance, or $20, whichever is greater.
Card TypeVisa
Late Payment Fee$9
Complimentary Travel InsuranceYes
Complimentary Travel Insurance Cover0 months
Available To Temporary ResidentsNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
Annual Fee$50 p.a.
Minimum Repayment2.5% of your closing balance, or $20, whichever is greater.
Late Payment Fee$9
Overseas Cash Advance Fee$175
Overseas Emergency Replacement$175
Direct DebitYes
Internet Banking TransfersYes
In BranchYes

BankVic Visa Gold Credit Card review

Anyone looking for a credit card that comes linked to a rewards program should take a look at what this card has to offer, given that this rewards program gives cardholders great freedom when it comes to redemption of points. The card’s low introductory rate applies to all types of transactions, allowing you to benefit from transferring balances from other cards. A number of complimentary insurance covers can also come in handy in different situations.

Benefits of BankVic Visa Gold Credit Card

  • Introductory rate. A low introductory rate of 6.99% p.a. stays in place for the first 6 months, and this rate applies to all transactions including purchases, balance transfers, and cash advances. At the end of the 6-month period, a competitive ongoing rate of 16.95% p.a. comes into effect.
  • Balance transfers. You can make use of this card’s introductory rate to transfer balances from up to two other credit cards. After this period ends, any unpaid balances start attracting the card’s standard rate.
  • Rewards program. You earn reward points every time you use your BankVic Visa Gold Card to make eligible purchases, and your reward points convert to cash rewards. You earn one dollar in cash rewards for every $250 you spend using your card. Redeeming your accumulated cash rewards is easy, just turn to any merchant that accepts EFTPOS payments.
  • Complimentary insurance covers. All BankVic Visa Gold cardholders receive a number of complimentary insurance covers, which comprise of purchase security insurance, extended warranty insurance, transport accident insurance and overseas travel insurance.

BankVic Visa Gold Credit Card features

  • Annual fee. The BankVic Visa Gold Credit Card attracts a nominal annual fee of $50.
  • Promotional rate. Cardholders get to pay a low introductory rate on all transactions for the first 6 months, and this rate currently stands at 6.99% p.a.
  • Rewards for spending. Unlike many credit card reward programs that provide cardholders with limited options when it comes to redeeming their reward points, this program lets you to use your cash rewards at any EFTPOS terminal in Australia.
  • Interest-free days. You’ll have up to 55 interest-free days on purchases with this card, which you can have access to if you pay your card’s closing balance in full before each due date.
  • Complimentary insurances. Certain insurance covers provide protection to purchases made using your card, while certain others provide cover to you and your family members when travelling with tickets booked using this card.
  • Additional cards. You can ask for an additional card for any individual over 15 years of age, and you remain liable for all transactions made using this additional card. At any given time, you cannot have more than one additional card linked to your primary card.
  • Credit limit. The credit limit this card comes with varies in between $5,000 and $30,000, and your card’s assigned limit depends on your ability to maintain the card and your repayments.
  • Visa payWave. This feature allows you to make contactless payments of under $100.
  • Card security. Monitoring of your card for suspicious or unusual activity is an ongoing process, irrespective of the medium you use. When your card details make it online, Verified by Visa provides another layer of security.
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How to apply for the BankVic Visa Gold Credit Card

Applying online is simple and takes around 10 minutes. You can also apply over the phone or by visiting any BankVic branch. The following criteria apply:

Eligibility criteria

  • Minimum age requirement of 18 years old
  • You’ll need to be a BankVic member (becoming a BankVic member is easy, and you can apply for membership online)

Required documents

The application requires that you provide a host of information, which comprises the following:

  • Personal details such as your date of birth, your contact details, the age of your dependents, and your driver’s license number
  • Work-related information like your occupation and employment status as well as your employer’s name and contact details
  • Financial information surrounding your income, expenses, assets, and liabilities

While applying for the BankVic Visa Card might be a good idea owing to its many features, bear in mind that this is not the only card of its kind, and comparing a few before deciding would surely serve you well.

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Credit Cards Comparison

Rates last updated October 25th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
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The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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