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BankSA Vertigo Platinum Credit Card

My rate: 
17%
 
My annual fee: 
$90
 
Transfer: 
$5,000
 
From: 
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BankSA Vertigo Platinum Credit Card
APPLY BY 01 may 17
0% p.a. for 12 months on balance transfers.
Ongoing low 12.74% p.a. on purchases.
Complimentary overseas travel insurance and extended warranty on purchases.
Add to comparison
12 months
0% p.a.
then 12.74%
6 months
0% p.a.
then 12.74%
$99
ongoing

Pros & cons

What's good?

What's not so good?

0% p.a. for 12 months on balance transfers.
No balance transfer fee.
Ongoing low 12.74% p.a. on purchases.
0% p.a. intro rate on purchases for 6 months
Overseas travel insurance and extended warranty on purchases.
Up to 55 days on purchases interest free.
Know if your application is successful in 60 seconds.
No rewards program.

Review

Our review of the BankSA Vertigo Platinum Credit Card

Visa Platinum opens up a whole new world of privilege when it’s attached to the already desirable BankSA Vertigo card. Add an even lower purchase interest rate and a suite of complimentary insurances to the mix, and the result is the entirely covetable BankSA Vertigo Platinum Credit Card.

Great combination of low interest rate and complimentary benefits

Who says you can’t have it all? With most cards you must choose between low rates and freebies, but this one is different. The ongoing purchase rate is a low 12.74% p.a., and that’s going to make a big difference if you sometimes struggle to even out your expenditure during the year and need a little temporary financial wriggle room. And in spite of the bargain basement implication of the interest rate, you still get complimentary insurance cover and premium extras.

A range of insurance cover that won’t cost you a cent extra

Once you’ve paid the card’s annual fee, there is no further charge for a long list of insurance polices, activated by expenditure you would have been making in any case:

  • Annual, multi-trip international travel insurance – Covers trips up to six months long for the primary cardholder plus any supplementary cardholders, their spouses and children. This means that a spouse holding a supplementary card can travel alone and still be covered. Activate by using the card for at least $500 of pre-booked travel, accommodation and tour costs.
  • Interstate flight inconvenience insurance – Pay the airfares for all travelling family members with the card, for holidays up to 14 days, and be insured against unavoidable trip cancellation, flight delays, and luggage loss, theft or damage.
  • Transit accident insurance – Provides compensation in the event of death or loss of limb or eyesight as a result of an accident sustained on public or commercial transport, anywhere in the world. Pay trip fares with the card to activate the policy.
  • Rental vehicle excess in Australia – Most cards link this cover with travel insurance, meaning that you can only claim for overseas rental excess. But BankSA provides cover in Australia as well, for domestic trips or even when you’re still resident at home.
  • Extended warranty – Doubles the manufacturer’s Australian warranty, up to a maximum of 12 additional months.
  • Purchase protection – For items purchased with the card, provides four months of cover against loss, theft or accidental damage (exceeding the 90 days granted by most other cards with this policy).
  • Guaranteed pricing – When you see an item you purchased with the card go on sale for a much lower price, you can get a refund equal to the price difference. Cover lasts for 21 days after the original purchase from a retail store (not online), requires proof in the form of a printed local catalogue, and the minimum claim is $75.

Visa Platinum premium extras

Visa Platinum (also known as Visa Premium) brings you more than just the Platinum Concierge Service mentioned on the card’s web page. It also gives you access to tickets for sought-after events before they go on general sale. Hotels will offer you discounts and upgrades. Upmarket fashion stores in Europe may apparently mark down their prices, just because you have a Visa Platinum card.

And if these benefits sound appealing, then so will the concierge service, which promises help with all your superior lifestyle expectations, from obtaining tickets to a Sydney show all the way to help with hiring a private yacht in Fiji.

0% p.a. balance transfer for 12 months

Transfer your existing credit card debt to your new BankSA Vertigo Platinum Credit Card and enjoy a 12 months holiday from interest payments. This can save you a packet if you don’t currently have the funds to pay off your balance – as much as $3,220 if you bring a $10,000 balance from a 20% p.a. card, according to the BankSA balance transfer calculator.

But if you could in fact afford to pay off the balance, this gives you an opportunity to postpone repayment and earn some cash by putting the funds on deposit or in a mortgage offset account.

There is no balance transfer fee to pay, saving you the 2% or 2.5% flat fee charged by some card issuers for this type of transaction.

The revert interest rate is the cash advance rate of 21.49% p.a. so it would be wise to make every effort to clear the balance as soon as the introductory offer expires.

Moderate annual fee

Useful complimentary benefits are rarely free, and you’ll pay $99 p.a. per year if you choose this card. That’s not a bad price, especially when you consider the low interest rate waiting in the background in case you need it. Even the most organised people sometimes forget to pay their credit card account on time, condemning themselves to two months without interest-free days. In this situation the annual fee would be quickly recouped by paying interest at a much lower rate than normal.

There is no annual fee applied to supplementary cards (up to 3), and the first year’s fee is waived for existing BankSA customers.

Check out the competition

If you’re looking for the best balance transfer offer, the only one that’s longer comes with the NAB Low Rate Card (18 months at 0% p.a.), but there’s a catch – the 3% balance transfer fee. As the name suggests, the NAB Low Rate Card also has an only slightly higher ongoing purchase rate (13.99% p.a.) and a lower annual fee ($59 p.a.), but no complimentary insurance cover.

The ME frank Credit Card is a standout for its low interest rates (- on both purchases and cash advances) and zero annual fee, but once again there is no free insurance included.

Best of both worlds, but no rewards points

Most banks appear to assume that a desire for low interest rates and a preference for prestige benefits are mutually exclusive, putting their potential customers into one category (financial battlers who frequently need prolonged credit) or the other (well-heeled regular travellers). So the BankSA Vertigo Platinum Credit Card is unusual in offering a specialised combination of a low purchase interest rate and premium benefits. If the absence of a rewards program doesn’t bother you, and the low interest rate sounds like a good safety net, $99 per year is a bargain price for the extensive complimentary benefits.

Basic details

About this card

Card setup
Single
Card tier
Platinum
Card type
Visa
Card use
Personal
Credit rating
Any
Gambling transactions allowed
No
Joint application
Yes
Minimum age
18 years old
Minimum income
$15,000
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
$6,000
Maximum credit limit
$80,000

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 months0%95% of credit limit12.74% 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 Vertigo Platinum 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 months0%95% of credit limit 12.74% p.a.
Purchases0% p.a.6 monthsN/AN/A 12.74% p.a.

Ongoing interest rates

MonthlyAnnually
Cash advances 1.79% 21.49% p.a.
Purchases 1.06% 12.74% p.a.

Fees

Annual fee
$99 p.a.
Cash advance fee
2%
Dishonour fee
$9
Duplicate statement fee
$7.50
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
$52.5
Transaction verification fee
$10.5

Benefits

This card comes with benefits worth an estimated $1,373

ShoppingEstimated value
Extended warranty
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
$50
Guaranteed pricing / price protection insurance
Valuation based on the assumption of making a $100 claim once every 10 years. Extensive conditions apply. There is no retail market for this type of insurance, so no premium saving.
$10
Purchase protection
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
$40
Travel
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
$290
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
$801
Rental vehicle excess cover (separate from travel insurance)
Valuation based on similar rental vehicle excess insurance policies available online.
$32
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
$150
Total estimated value$1,373
Annual fee$99
Net customer value$1,274
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

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 income of more than $15,000 per year
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, Overseas Pension and Widower's Pension are acceptable.
Veteran's Pension is not acceptable.
Income from pensions is not allowed
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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