Let us know if your card becomes lost or stolen straight away by calling us on 1300 13 23 28.
If you’re overseas, you can also call the Visa International Hotline specific to the country you’re in.
One of the great benefits of a credit card is that most offer an ‘interest free’ period. During this time, you can repay the amount borrowed (which is the amount of all your purchases) without paying any interest charges.
As with all loans, you have a commitment to pay back the money you have borrowed. With credit cards, you must make a minimum payment each month, which is normally a small percentage of the outstanding balance. Any amount that you don’t repay will be carried over to the next month’s bill and you will incur interest charges. This is called revolving credit, because it can be carried over month after month if you don’t repay it.
Keep in mind that the interest free benefit will be forfeited if you don’t pay your card off in full each month.
Your monthly credit card statement will tell you the ‘outstanding balance’ and the ‘minimum payment’.
The outstanding balance is the total amount owing on your credit card, including any outstanding debt from last month, any interest charges and any new transactions from this month. The minimum payment is a small percentage of the outstanding balance, such as 2%, or $20, whichever is higher.
You should aim to repay the outstanding balance by the due date whenever possible because you won’t be charged any interest. If you cannot afford to repay the outstanding balance, at least try to repay more than the minimum payment required because this will help reduce the interest you have to pay.
If you already have a credit card (or store card) debt that you’re paying off with another bank you can transfer the outstanding balance to Australian Military Bank and save on interest payments. The offer will run for 12 months, after which point the purchase rate will apply. To get the most out of your balance transfer, try to pay off the old debt before the balance transfer period runs out.
Yes, with the Low Rate Visa Card you can add additional card holders to your account. Adding an additional cardholder can be a great way to monitor and manage family expenditure more effectively. All transactions made on the account will appear on the one monthly statement, so it is simple to track all spending quickly and conveniently.
However, you need to remember that you will be liable for the transactions the additional cardholder makes on the account.
Your credit limit is the amount you have been approved to spend on your Low Rate Visa Card. Make sure to monitor your Low Rate Visa Card account balance so you don’t exceed your credit limit and incur any extra charges.
You can apply to increase or decrease your credit limit at any time to suit your budget. To apply for a credit increase or decrease, contact us on 1300 13 23 28.
Remember, terms and conditions and lending criteria do apply when applying to increase your credit limit and we will need to assess whether or not you can afford it before we increase your limit.
If you find yourself short of cash, the Low Rate Visa Card offers a convenient cash advance feature.
Cash advances allow you to withdraw cash through an ATM or at a branch with the cash taken from your credit card account rather than from the funds in your bank account. Refer to Rates and Fees for more information about the cash advance interest rate.
To make the most of the interest free period, ensure you repay the balance of your Low Rate Visa Card in full each month before the due date. For more information, refer to the Low Rate Visa Card Terms and Conditions.