BankSA No Annual Fee Credit Card

My rate: 
17%
 
My annual fee: 
$90
 
Transfer: 
$5,000
 
From: 
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BankSA No Annual Fee Credit Card
APPLY BY 22 nov 17
2 reviews
No more annual fee, ever.
Get up to 3 extra cardholders for free.
0% p.a. on balance transfers for 12 months.
Add to comparison
12 months
0% p.a.
then 20.49%
with a 2% fee
20.49% p.a.
ongoing
$0
ongoing

Pros & cons

What's good?

What's not so good?

No annual fee for life.
0% p.a. on balance transfers for 12 months.
Get up to 3 extra cardholders for free.
Up to 55 days on purchases
Fairly average standard interest rate on purchases.
No rewards program available.

Review

Our review of the BankSA No Annual Fee Credit Card

For a credit card that does exactly what it says on the packet, and a little bit more, look no further than the BankSA No Annual Fee Credit Card. Even though you will pay not a cent in annual fees, ever, you will still get Up to 55 days on purchases each month (or a zero-interest balance transfer if that suits you better) without sacrificing important features – like Visa payWave and Verified by Visa – that also come in more expensive cards. It can be a great starter card, or your go-to card in emergencies, or the no-fuss card that you continue to use every day into the foreseeable future.

No annual fee, ever

The bank’s promise is ‘No annual fee for the life of your card’. So there’s no need to worry that this is an introductory offer to suck you in and be reneged on after 12 months. You can use your card for nothing, and even get up to three supplementary cards on your account for the same price: zero. Why wouldn’t you keep it in your wallet, if only for emergencies or for that unmissable bargain that the cash in your wallet just won’t cover?

Transfer a balance and pay 0% p.a. interest for 12 months

This is the ‘little bit more’, the pleasant surprise waiting when you dig deeper. You can have the card for nothing, and a long zero-interest balance transfer too. There aren’t too many ‘no annual fee’ cards offering a lengthy no-interest balance transfer. The added bonus is that there is no upfront fee to pay on the transferred amount, so you won’t end up having to repay more than you transferred.

Why transfer a balance?

There are several reasons why you might want to take up this offer, and transfer an unpaid balance (or more than one) from your existing credit or store cards:

You have a temporary liquidity problem and need some breathing space to sort it out
You have made a major purchase using your existing card, and need some time to pay it off
You have cash on hand to repay your balance, but you’d rather put it on deposit and earn interest
You have cash on hand to repay your balance, but you’d rather leave it in your mortgage offset account to reduce your interest cost

In cases 1) and 2) above you would save some serious money by transferring your balance to the BankSA No Annual Fee Credit Card. For example, if you were to transfer a $3,000 balance from your existing card, where you were paying a typical credit card interest rate of 20% p.a. on the unpaid amount, you could save $588 in interest during the year the offer lasted.

Cases 3) and 4) are less rewarding in a prevailing low bank interest environment. Putting $3,000 on deposit for a year, instead of repaying your credit card debt, would earn you only $90 in a 3% p.a. savings account. But leaving $3,000 in a 5% mortgage offset account for 12 months would save you $233 in interest costs.

In every case, it’s best to plan to pay off the amount remaining (after making the minimum 2% monthly repayments) on or before the expiry of the 12 months, since the revert rate of 20.49% p.a. (the account’s purchase and cash advance interest rate) will be applied to any residual balance after one year has elapsed.

Up to 55 days on purchases

While every credit card offers cardholders an interest-free interim during which purchase transactions are accumulated before payment is required, not all of them offer a period Up to 55 days on purchases is chargeable. It would be reasonable to expect that a card with no annual fee would need to recoup costs with a shorter interest-free period, such as 44 days, but that is not the case with this card. Take advantage of the extra 11 days each month during which your cash can remain in the bank, earning interest or reducing your mortgage cost. That’s 132 extra interest-free days per year.

Unfortunately, you cannot have your cake and eat it. If you choose the balance transfer option you’ll forfeit the interest-free days for as long as the unpaid balance remains on your account. So, instead of paying interest from day one every time you make a purchase, it’s best to use another card (or cash) for all your purchases until the transferred balance is fully repaid.

Budget card, first class convenience and security

There’s no skimping on the up-to-date features you need. You’ll expect Visa payWave with this card, and you’ll get it: no more swiping or inserting the card, and for transactions under $100 you no longer need to use your PIN.

This doesn’t mean you’ll sacrifice security, however. For a start, there’s 24/7 Falcon Fraud monitoring built in, to detect any suspicious transactions on your card. An additional layer of online safety is provided by Verified by Visa, where a one-time password is delivered by SMS or email to guarantee that you, and no-one else, is making the transaction.

No rewards program, no complimentary insurance, no worries

If you are considering this no-frills card, chances are that loyalty points don’t particularly appeal to you, or seem too expensive, so their absence may not worry you. You certainly won’t get them, nor will you get any complimentary insurance policies. These are mainly the preserve of cards with a high annual fee, although it is possible to get rewards and even free insurance policies with other ‘zero annual fee’ cards.

So why would I choose this card?

Good point. If you can get rewards and insurance for the same $0 cost, why choose a card which offers neither?

What tips the scales in favour of the BankSA No Annual Fee Credit Card is the long zero-interest balance transfer. You’ll struggle to find another card with no annual fee that can still tick these three boxes. Add to that the fact that you can start with a credit limit as low as $500, and the question is reversed. Why wouldn’t you choose a convenient card with a low limit which won’t tie up your credit, and which can cost you nothing and even put money in your pocket?

User reviews

4.1 out of 5.0 based on 2 reviews100% of reviewers would recommend this card.

Rates and fees
Rewards
Customer service
Convenience
Trust
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

Saves me money and time

Reviewed and recommended by Jessica on 22 Oct 2016

This card has saved me money on fees while allowing me to shop in store and online. Also, payWave has saved me so much time on quick purchases. This card is convenient to use and BankSA has great customer service.

I would definitely recommend this card to anyone who wants no fees and easy purchases.

Convenient and reliable

Reviewed and recommended by Kendra on 15 Aug 2016

Like politicians, credit cards are a necessary evil from which you must select the 'least worst’. My BankSA card is convenient, and issued by a bank which employs helpful local people.

It has a user friendly website for online banking when the thrice-cursed repayments fall due.
The card has been accepted everywhere that my mundane life catastrophes force me to use it, and the fees and charges are no more exorbitant than any other bank.

I highly recommend it for those times circumstances force you to temporarily live beyond your means.

Basic details

About this card

Card setup
Single
Card tier
Standard
Card type
Visa
Card use
Personal
Credit rating
Any
Gambling transactions allowed
No
Joint application
Yes
Minimum age
18 years old
Minimum income
N/A
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
None
Temporary residents
N/A

Cardholders

Additional cardholders
3
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$500
Maximum credit limit
$40,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment
2%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.12 months2%95% of credit limit20.49% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
95% of credit limit
Available to existing customers
No

Banks you can't balance transfer from

You can't balance transfer to the BankSA No Annual Fee Credit Card at the promotional balance transfer rate from:

  • Bank of Melbourne
  • Bank SA
  • St.George
  • Westpac

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.12 months2%95% of credit limit 20.49% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.71% 20.49% p.a.
Purchases 1.71% 20.49% p.a.

Fees

Annual fee
$0 p.a.
Cash advance fee
2%
Dishonour fee
$9
Duplicate statement fee
$7.5
Foreign exchange fee
3%
Late payment fee
$15
Over limit fee
$15
Overseas ATM balance fee
$2.50
Overseas ATM withdrawal fee
$2.50
Overseas emergency card replacement fee
$45
Transaction verification fee
$0

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular Weekly income
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are allowed
Age Pension, Disability Pension and Widower's Pension are acceptable.
Family Tax Benefits and Parenting Payments is acceptable.
Austudy, Carer's Allowance, Child Support Payments and Foster Care Allowance are not acceptable.
Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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