Bank Australia Low Rate Visa Credit Card

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

The Bank Australia Low Rate Visa Credit Card

Giving you an extremely low rate of interest on your purchases, the Bank Australia Low Rate Visa Credit Card could help you save some serious money on balances carried over month-to-month. Keeping costs down with a low annual fee, the card has a fairly simple offering elsewhere, but of course, it still provides all the basic features you expect from a credit card.

What we love...

As you would expect, the Bank Australia Low Rate Visa Credit Card is a card that focuses on low rates. Why else would it have ‘low rate’ in its name? But, while you may have seen other low rate options offering their version of ‘low rate’ – from bigger banks, perhaps – this card has a seriously low rate of interest.

Offering one of the lowest rates on the market right now, this card from Bank Australia could provide you with huge savings on your balance, depending of course, on how much you owe and your current interest rate. But, how can Bank Australia offer such low rates? Mostly because it is a customer-owned bank.

Unlike other bigger banks which are owned by its shareholders – such as the Big Four, for instance – Bank Australia is owned by its customers. So, instead of aiming to please its shareholders with profits, it can return those profits back to its customers in the form of better fees and rates, while also making investments to create positive social and environmental change.

Bank Australia also prides itself on the fact that its money is ‘clean’. It qualifies this by saying it has never loaned to industries that do harm, such as those that deal with coal, nuclear weapons, gambling, tobacco or live animal export.

Instead, as a customer-owned bank, it uses its customers’ money in responsible ways, by creating positive impact for people, their communities and the planet. So, if you choose to apply for a card from Bank Australia, you could become a part-owner in the bank’s 927-hectare Conservation Reserve – a world-first for a bank.

Sure, you may only be interested in the card’s low rates and low annual fee, but with the Bank Australia Low Rate Visa Credit Card you actually get so much more. To find out what else the bank is doing behind the scenes, check out its site. It could change your opinion on your current bank.

What’s not so great...

While the purchase rate on the Bank Australia Low Rate Visa Credit Card is super low, its annual fee is substantial for a card that has such basic features. What you’re paying for in this annual fee is its low rate, which could certainly help to save you money on your balance. However, if you’re looking for a low rate and no annual fee, the bank’s classic card may be worth looking into.

Why should you choose this card?

There’s no doubt about it, the Bank Australia Low Rate Visa Credit Card has an eye-poppingly low rate on both purchases and cash advances, so if you’re looking to save on interest, this card could help you do it. If you carry a balance month-to-month, a card with a low rate could help. Plus, you can enjoy a range of simple features that add functionality and accessibility.

The card provides extra security with 24/7 fraud monitoring and Visa Checkout, it offers tech compatibility with access to Apple Pay, Google Pay and Samsung Pay, and it has a pretty nifty app that allows you to manage the way you transact with card controls, such as placing a temporary lock on your card or creating custom notifications to monitor your card activity.

And of course, with a card from Bank Australia, you can choose to step away from the bigger bank experience, by becoming part of a customer-owned bank that believes in creating positive social, environmental and cultural outcomes for all. Looking to ease your social conscience? This card could be that salve.

Overall Rating

A simple card that provides one of the lowest rates on the market and a manageable annual fee, the Bank Australia Low Rate Visa Credit Card is a money-saver from a bank that likes to do things a little bit differently.