The Bank SA Vertigo MasterCard is a low interest credit card aimed at a borrower who is using their credit card for shopping and tends to carry a balance on the card.
The Bank SA Vertigo MasterCard has one of the lower interest rates on the market, an interest rate that is comparable with an unsecured personal loan – but with the flexibility of a credit card. As the interest rate is low there are no introductory deals either for balance transfers or for spending.
There is an interest free grace period of up to 45 days from spending on the card. Although this is not the longest grace period on the market it is near the average for credit cards.
As well as low interest rates there is a low annual fee of $45 per year, which is again one of the lowest fees on the market. Annual fees are often not included in a borrower’s calculation of interest costs. There is the ability to take an additional card for no extra cost, and the main card holder will remain liable for the extra spending on this extra card.
Although the rate is low for both spending and for balance transfers, it is considerably higher for cash advances. Cash advances should be avoided on this card due to the large interest rate differential. Cash advances will also be paid off last so if there is a balance that is outstanding on the cards then the repayments will first be set off against the lower interest balances and then the interest will keep on accruing.
One of the reasons why the interest rate and the annual fees are kept so low is that there is not a substantial rewards program. There are however a number of discounts and privileges that come along with the card. These offers include offers in the area of entertainment, shopping, leisure experiences, wine and magazine subscriptions.
MasterCard is the second largest credit card provider in the world. It is accepted in 29 million locations around the world. It has a zero liability guarantee that will mean that a card holder does not have to pay for unauthorised transactions as long as they are reported in a timely way and the card holder did not contribute to the transaction by for example lending the card.
Bank SA is a big regional presence in South Australia and the surrounding states. It is part of the Westpac group, together with St. George, although they all have their own brands.
