Choosing a Visa Credit Card
With the affordability of a low rate credit card, or the luxury of a rewards card you can trust that no matter what you spending needs are, there’s a Visa credit card for you. But how do you know what to look for in a new credit card? That’s where we come in, our in depth look at Visa credit cards below will help you find your next plastic match.
So let’s get started:
What types of Visa credit cards do banks have?
When it comes to credit cards one size does not fit all, so here’s a list of all the types of Visa credit cards that could be the next addition to your wallet:
Low Rate Visa credit card - If you’re someone who tends to hold onto things, like a balance, then a low rate Visa credit card may your perfect match. This way, whether you’re booking a holiday or indulging in some shopping, you won’t be hit with a high interest rate, as these cards offer low rates starting from below 10%.
No annual Visa credit card - For spenders only looking to whip out their plastic once in a while, then you might consider a no annual fee Visa credit card. These cards generally do not come with any additional perks and are instead the ‘no frills’ option for cardholders.
Balance transfer Visa credit card - Feeling the ongoing sting of previous plastic debt? Then a balance transfer credit card could be in your future. This piece of plastic allows you to move your current debt over to a new balance transfer card with an interest-free period, which depending on your card, is usually up to 24 months.
Rewards Visa credit card - This is a type of card that could give you a little more bang for your buck through rewards, like gift cards and discounts for retail purchases. But keep in mind that these kinds of card often come with higher annual fees and interest rates.
Platinum Visa credit card - If you like to think big, then why not think Platinum? With a Visa platinum credit card, you’ll have all the features of a regular rewards card, but you’ll earn a little more rewards and bonus points with each dollar you spend.
Travel Visa credit card - All Visa credit cards can be used overseas, so you won’t ever have to worry about running into trouble when you need to make a payment. Some travel credit cards offer no currency conversion fees, helping you save a few extra bucks at the checkout.
What should I compare in a Visa credit card?
While a Visa credit card will allow you to make easy and safe payments all over the world, there are a few things to consider when you start shopping around for one, they are:
Interest rate - This is one of the biggest things you should compare, especially if you tend to carry a balance. Depending on the type of card, you could see an interest rate of up to 23%!
Interest-free days -This refers to the number of days you’ll have zero interest on your purchases, this can range from 44 to 55 days. While this sweet period will start at the beginning of your statement period and end on your card’s due date, you should remember that this perk will vanish if you don’t pay your balance in full by the due date.
Credit limit - Even though your approved credit limit will depend on your current income and credit history, you should still apply for a credit card that fits within your financial circumstances.
Rewards programs - Some Visa credit cards also come with a nifty rewards program, like frequent flyer programs where you can earn points as you spend. However, keep in mind that in order to get some serious value out of your card’s rewards program, you’ll need to pay off your balance in full and rack up a number of points.
Other perks - Along with a rewards program are a few other perks, like complimentary travel insurance, purchase and price protection and extended warranty.
Are there any fees with a Visa credit card?
Yes, here are some of the fees you can expect to have if you apply for a Visa credit card:
Annual fees - Many Visa credit cards often come with an annual fee that can range from $0 to more than $250. So if you are considering a Visa credit card with a hefty annual fee, be sure that the benefits of the card will outweigh this cost.
Foreign exchange margin - If you’re planning on using your plastic for some online shopping or while travelling, you’ll need to consider the foreign exchange margin - this is usually a charge between 2% - 4% of your total transaction.
Cash advance fee - While you are able to withdraw cash with your Visa credit card, you should avoid doing so, as not only will you be charged a cash withdrawal fee of around 3%, you’ll also incur a high cash advance rate, which can exceed a massive 20%.
Late payment fee - This is a fee you will have to pay if you don’t pay your balance by the due date and is usually around $10 - $30. To avoid this, it’s a good idea to set up an automatic payment via online banking so you never miss a payment.
What are the benefits of owning a Visa credit card?
Aside from the fact that you’ll have access of up to 2 million ATMs and merchants around the world, owning a Visa credit card will also give you access to the following:
Round-the-clock service - If your card ever gets stolen or is lost anywhere in the world, rest assured that you’ll have Visa’s 24/7 customer service team by your side.
Concierge service - Be treated like a VIP with the Visa concierge service, which can help you with anything from booking a table at your favorite restaurant or grabbing tickets to your next concert.
Visa Checkout - Because everyone needs a little security in life and by signing up to Visa Checkout, your payment and shipping information will be securely saved, making checkout faster and safer.
Visa Premium - Own a Visa Platinum, Infinite or Signature credit card? Great! Then say hello to Visa Premium, a program that features a range of exclusive lifestyle, entertainment and travel benefits from around the world.
Visa Entertainment - If you love a good show, then Visa Entertainment may be your new best friend, giving you the chance to score pre-sale concert or festival tickets.
Visa payWave - Need to be in and out stores fast? With Visa payWave, purchases under $100 can be made with a simple and quick ‘tap’ of your Visa credit card.
Verified by Visa - This feature ensures that any online payments are made by the actual card owner with a password only known between the bank and cardholder.
Other Visa perks - But the perks don’t end here, Visa cardholders will also receive discounts and deals from stores like THE ICONIC and Kathmandu.
What do I need to apply for a Visa credit card?
If you’re thinking of applying for a Visa credit card you will need the following documentation:
Identification - Once you approach the bank to apply for a Visa credit card, they will ask for your drivers license number. You will also need to be an Australian resident and over the age of 18.
Financial details - You’ll also need to provide information about your income to show the bank how much you earn. The minimum income amount required will depend on your card provider.