BankSA’s No Annual Fee credit card gives you the freedom of a credit card, but without the burden of annual fees. Of course, you will pay for the card in other ways like the high purchase rate, which is applied immediately. For those just starting out with credit, this card is worth considering. Low income families may also want to consider this credit card for emergency situations.

Benefit of the Card’s Best Features?

As the name suggests, the main draw of this card is that it doesn’t have any yearly fee. This makes it a very good choice for infrequent spenders who want to have a credit card in case of emergencies. You will even be able to get 3 additional cardholders for free so families can really benefit from the convenience and flexibility a credit card can offer.

BankSA has a very good reputation amongst banks and credit cards. Their customer service team is known for being very helpful, regardless of the amount you spend with them and they make managing your accounts very easy with their simple e-banking system online. You will be able to choose from Visa or MasterCard, which is a nice extra plus.

The qualification criteria for the No Annual Fee card from BankSA are relatively low. BankSA does not list any specific income amount for qualifying and this card is available to those with lower incomes (though you should have proof of some sort of regular income). For those just getting started with credit, the low minimum credit limit of $500 can help you stay on track.

Are There Any Drawbacks?

It may not have an annual fee, but you will still pay for using the No Annual Fee card! The purchase rate is a whopping 20.49% p.a. – and it is variable so you may end up paying even more. Where you will really get hit hard though is with this: there are no interest free days so from the moment you make a purchase, you will start paying the purchase interest rate.

The cash advance rate is the same as the high purchase rate at 20.49% p.a. With cash, you will also have to pay 2% of the amount you take or $2.50 (whichever is higher). In other words, you should avoid getting cash unless it is a real emergency!

Aside from the no annual fee, there are few incentives to sign up for BankSA’s No Annual Fee credit card. There are no introductory deals, reward programs, complimentary insurance covers, or other bonuses. This card doesn’t offer any sort of balance transfer option either.

Who is it Suited for?

This card is best suited for low earners or people looking for a credit card in case of emergencies. It can also be a good option for anyone just starting out with credit cards and not wanting to pay high annual fees while building up their credit history. We would not recommend this card for big spenders, frequent travellers, or those looking for a way out of debt.

Who is Eligible?

To be eligible for the BankSA No Annual Fee credit card, you must be at least 18 years of age, a permanent Australian resident or citizen, and have a regular income. Though a set income amount is not listed, low income earners can apply for this card.