To start with, this credit card offers the lowest variable purchase rate available for BankSA customers at 12.74% and you’ll be able to avoid interest on purchases entirely by capitalising on the 55 day interest free period, as long as your balance is paid in full by the end of each month. Aside from that, the Vertigo Platinum credit card boasts a 24 month period where you won’t pay any interest on balance transfers before reverting to the cash advance rate of 21.49%.
As mentioned, the cash advance rate is fairly high at 21.49% and you’ll also be charged a 2% or $2.50 fee to turn your credit into cash. With BankSA’s Vertigo Platinum credit card you’ll have to stump up $99 every 12 months in the form of an annual fee and you’re also liable for a $15 late payment fee if you fall behind on your repayments. The good news on the fee front is that you’ll have access to three cards without activating any additional cardholder fees.
This Vertigo Platinum card comes with a couple of enticing benefits. Not only will you get purchase insurance and personal concierge services with this credit card, but you’ll also have complimentary travel insurance. On that note, if you’re using this card abroad be aware that you’ll be paying a 3.00% foreign exchange margin.
Who it's good for:
If you’re after the perks of a platinum card without the high fees and interest associated with other cards, you will relish having access to Visa’s Platinum Concierge service. Think of this as a 24/7 personal assistant that can organise concert tickets, book holidays and plan special occasions.
Just keep in mind that, without any introductory offer, you’ll have to pay the $99 annual fee upfront and it might be worth automating your credit card payments to make sure you’re avoiding the $15 late payment fee.