With a gold level credit card, you can expect to get a few helpful extras. This is certainly the case with the BankSA Gold Low Rate credit card and its complimentary insurance coverage. With a decent purchase rate, this is an all-around good choice for consumers and travellers alike.

Benefit of the Card’s Best Features?

The main attraction of BankSA’s Gold Low Rate card, apart from its low interest rates, is the free insurance cover available to cardholders. Travellers will benefit from free overseas travel insurance for themselves and their family members. The travel protection is pretty extensive and includes coverage for unlimited medical expenses, damage to personal items, travel delay/cancellation, vehicle rentals, legal liability and more. The accident cover offers up to $250,000 in event of death or certain injuries while travelling by plane, bus, train or ferry – so long as you purchased the ticket with your BankSA Gold Low Rate card.

You can benefit from the card’s free purchase coverage that protects you for up to 3 months in event of theft, loss or damage. You will also receive free extended warranties of up to 12 months after the manufacturer warranty on certain items bought with your card.

While this card doesn’t have the lowest possible purchase rate, its rate of 15.99% p.a. is very competitive compared with other gold cards. You can avoid interest completely by paying off your bill in full within the 55 day interest free period. The card is handy if you need to make a large purchase thanks to its high credit limit starting at $5,000.

You can feel confident with BankSA security and their 24/7 Falcon Fraud monitoring. As expected with any credit card, there are some possible fees – but you don’t have to worry about any hidden fine print with their straight-forward fee system. Other noteworthy benefits of BankSA’s Gold Low Rate credit card include its low annual fee of $79 p.a., up to 3 free additional cardholders, and the choice of MasterCard or Visa.

Are There Any Drawbacks?

If you don’t want the free insurance or purchase cover, then this card has few incentives. There is no rewards program or any introductory deals available on purchases. In fact, this card doesn’t facilitate balance transfers at all so you won’t be able to use it to get out of debt faster.

As per industry standard, cash advances are expensive. You will immediately pay 2% of the amount or $2.50 (whichever is higher) and 20.24% p.a. without any interest-free period.

Before you rely on the card’s complimentary insurance coverage, be sure to read all the fine print. There are many exceptions to what is covered under the policies and for how long the coverage lasts. Of course, all insurance/purchase protection plans will have these exceptions and you should always read the fine print carefully regardless of the card.

Who is it Suited for?

This card is a great choice for people who want a superior credit card, but without paying high fees and interest rates. Travellers will particularly benefit from the free insurance as will consumers with the purchase protection and good purchase rate. However, the low purchase rate also makes the Gold Low Rate card a good choice for consumers with high incomes who spend regularly and perhaps don’t pay their balance off in full each month.

Who is Eligible?

To be eligible for the Gold Low Rate card from BankSA, you must be at least 18 years old, a citizen or permanent resident of Australia, have a good credit score, and proof of a regular taxable income.