The BankSA Platinum credit card gives you premium extras for a low yearly price. Cardholders get to benefit from complimentary travel and purchase cover. With a competitive purchase rate and a decent balance transfer deal, BankSA Platinum delivers all around for those who desire platinum service.

Benefit of the Card’s Best Features?

The main draw of BankSA’s Platinum card offer is the wide array of complimentary insurance coverage. To start with, travellers can benefit from overseas cover for medical expenses, cancellations, vehicle rentals, damages, legal liability, and more. For domestic travel, you are covered for delays, vehicle rentals, and damages to your personal items. The coverage extends to your family members as well. Should certain injury or death occur while you are in transit, you are covered up to $750,000 so long as you paid for the transit ticket using your Platinum card.

The insurance cover also extends to many purchases. You will be covered in event of theft, loss, or damage to an item you bought with your card. It also gives you a complimentary extended warranty of up to 12 months. With the price guarantee coverage, you can be reimbursed the difference in price if you find the same item for cheaper somewhere else.

Compared to other platinum credit cards, this card boasts a low annual fee of just $89 p.a. although by the lack of a rewards program. You would only have to travel domestically or abroad a couple times and the card would have paid for itself with the free insurance cover.

This is a good all-around credit card with its competitive purchase rate of 15.99% p.a. There are up to 55 interest free days so long as you pay your bill on time in full. The Platinum card also has a promotional balance transfer deal of 3.99% p.a. for 6 months. This isn’t the best balance transfer deal available, but it isn’t the worst either. It is worth considering especially since the remainder of the balance will revert to the low purchase rate of 15.99% p.a. and not the high cash rate like with some other balance transfer credit cards.

As you’d expect with a Platinum card, you will get better customer service with Visa Platinum Concierge. BankSA is known for its quality customer service already so you will really get the red-carpet treatment with them. There are other benefits, like the 3 free cardholders and 24/7 Falcon Fraud monitoring. There are fees for paying your bills late, but it is just a one-time fee of $9 – not the annoying recurrent fees like with some other banks. Don’t let this fool you though because persistent late payments can cause damage to your credit score.

Are There Any Drawbacks?

Like with virtually all credit cards currently available in Australia, the cash advance rate of BankSA Platinum is steep: 21.49% p.a. Plus you will pay a fee amounting to either 2% of the amount you take out or $2.50 (whichever is higher). There are no interest free days on cash advances, which is standard for any card.

If you don’t travel at least once a year or make a lot of high-end purchases, then the annual fee may not be worth it for you. Not surprisingly, the eligibility requirements for BankSA Platinum card are higher than standard card offers. You will need to have a higher income level and good credit standing for the privilege of holding this card!

Who is it Suited for?

The BankSA Platinum credit card is a good choice for travellers. If you travel even just a few times yearly, this credit card can save you money on having to buy travel insurance. It is also suited for high-end consumers who want to take advantage of purchase cover. However, the competitive interest rate and balance transfer deal makes BankSA Platinum a good all-around choice for mid to high income earners looking to save money.

Who is Eligible?

To be eligible for the BankSA Platinum credit card, you must be at least 18 years of age, a permanent Australian resident or citizen, have good credit rating, and earn a minimum income of $30,000. The minimum credit limit is $8,000.