The Vertigo credit card from BankSA is a no-frills credit card, which also has one of the lowest purchase rates in Australia. They also are drawing in new cardholders with a fantastic balance transfer deal to help you save money while you get out of debt by significantly reducing the interest component of your monthly repayments. With some other nice benefits, it is no wonder that BankSA Vertigo is one of Australia’s more popular credit cards.

Benefit of the Card’s Best Features?

There are numerous benefits to the BankSA Vertigo credit card, starting with its low purchase rate of just 13.24% p.a. This is one of the best credit card purchase rates in all of Australia. Plus, you get up to 55 days of interest free shopping if you pay your bill off in full on time.

BankSA are also drawing people in with its great balance transfer deal of 0.99% p.a. for 12 months, one of the best offers currently available on the market. This is especially a good option for a long-term debt solution as the remainder of your balance will revert to the low purchase rate of 13.24% p.a. after 12 months.

For such a simple, straight-forward credit card, BankSA’s Vertigo still offers some nice extras. The annual fee is only $55 p.a. and gets you one free additional cardholder. You’re protected by 24/7 Falcon Fraud monitoring for added peace of mind. BankSA has a good reputation for customer service so you will feel like you’re getting gold standard treatment, without paying extra for it. Not surprisingly, there are fees for late payments and going over your limit. However, the fee system is clear without any hidden fine print forcing you to pay repeatedly for your mistakes. Cardholders do get some extra privileges like discounts and magazine subscriptions.

The eligibility requirements for the Vertigo card are relatively low so even lower to mid income earners can take advantage of this deal. For people who worry about their debt getting out of control, it is good to know that there is a low minimum credit limit of just $500.

Are There Any Drawbacks?

If you want to take advantage of the balance transfer deal with BankSA Vertigo credit card, make sure that you request it while applying – not after you have been approved in case you miss out on the deal.

On par with industry standard, the cash advance rate for the BankSA Vertigo card is very high at 21.49% p.a. with no interest free days on any money withdrawn. You will also have to immediately pay 2% of the amount withdrawn or $2.50 (whichever is the higher amount). It is best to avoid taking out cash unless it is really an emergency. And even then, pay off your balance in full as quickly as possible to keep your interest repayments down.

There aren’t any bonuses or rewards with this card. This isn’t surprising though as you forgo rewards in order to get the low interest rate and balance transfer deal. If you want travel insurance or purchase protection, you will have to pay for it.

Who is it Suited for?

This card is best suited for people who like to shop and don’t want to worry about accumulating debt if they don’t pay their entire bill on time. It can also be a great way for you to save money while getting out of debt thanks to the balance transfer deal. Even if you can’t pay off the entire debt in 12 months, you may still save since the balance will revert to the low purchase rate. Overall, this offer is great for everyday purchases and consumer flexibility.

Who is Eligible?

To be eligible for a BankSA Vertigo credit card, you must be at least 18 years of age, a citizen or permanent Australian resident, and have a minimum income of $15,000. The minimum credit limit is $500, which might be useful for anyone looking to minimise the potential for building up debt.