BankVic credit cards

Frequently Asked Questions about BankVic credit cards

What is the interest free period on my BankVic credit card?

If you opt for the Silver low rate credit card from BankVic, you’ll have a period of up to 44 days in which to pay off purchases before being charged interest on them. If you opt for the Gold rewards card, you’ll have slightly longer, up to 55 days.
Remember to use these days to their full potential and try to pay off balances before your interest free period is up to save money on your credit card bill!

What fees might I be charged?

You’ll be up for cash advance and foreign exchange fees no matter which BankVic credit card you choose. If you're after a rewards option, you’ll pay an annual fee for the privilege, but if you’re looking for a convenient low rate card, you can forget about the annual fee entirely.

What’s the minimum repayment amount I must make?

Each time you get a credit card statement from BankVic, it will show both the minimum payment you need to make, as well as how much you’d need to pay if you wanted to banish your entire credit card debt within two years.

The minimum payment will be either 2.5% of your closing balance or $20, whichever is greatest. If your balance is lower than $20, you’ll have to pay the whole thing. Plus, any past due or overlimit charges will also have to be paid as part of your monthly minimum.

Can I use my BankVic credit card for a balance transfer?

You can do a balance transfer on either one of the credit cards on offer from BankVic. The zero interest period is relatively short compared to a lot of other balance transfer deals though, so make sure you have a payment plan in place to blast your debt before the interest free period is up. If you don’t, any leftover balance will then begin to accumulate interest at the regular rate.

Can I use my BankVic credit card while I’m travelling overseas?

A BankVic credit card may be the perfect addition to a globetrotting wallet. Because they work on the VISA network, BankVic credit cards enable you to access funds all around the world to make your international travel that much easier. Just be sure to keep one eye on the foreign exchange rates! 

Does payWave work with my BankVic credit card?

Yep! PayWave is a VISA scheme, so it will work on any VISA card with an enabled chip. So for small purchases under $100, you can simply tap your card and be on your way. For more information on how it all works, check out our on contactless payments guide.

What rewards options do I have with my BankVic credit card?

If you opt for a rewards card from BankVic, you’ll get a bunch of free perks, like complimentary travel insurance, extended warranty and purchase protection. You’ll also get the chance to earn rewards with your spending - but not by accumulating rewards points.

Instead of all the inconvenience of trying to calculate rewards points, your rewards are instead credited directly back to your credit card in dollar form - so you’ll know exactly what you have to spend, and be able to spend it anywhere you like.

Now for the nitty gritty details:

You earn $1 for every $250 spent

Points are capped at $5,000 value monthly

Points have no expiry date

How does BankVic protect me from credit card fraud?

Although credit card fraud is a risk associated with using your credit card, there are security measures that BankVic take to limit that risk.

BankVic monitor your card 24/7 for suspicious behaviour with a fraud management service called ORION, so that they can contact you and freeze your card if anyone does start using it inappropriately.

While that’s great for your security, it also means you should remember to contact BankVic and let them know if you’re going overseas and using your credit card - a few bar tabs in Tahiti might start to look suspicious otherwise!