ASB Visa Light credit card
Take control of your budget with ASB’s lowest credit card interest rate and no annual account fee.
The ASB Visa Light does not come with rewards or special privileges, but it does allow you to save money with no account fee and the lowest interest-rate ASB has to offer.
For purchases over $1,000, you don’t pay any interest for 6 months thanks to Smart Rate.
You can also transfer an outstanding credit card balance, from a differernt provider, over to the ASB Visa Light at 0% interest for 6 months.
|Product Name||ASB Visa Light|
|Purchase rate (p.a.)||13.5% p.a.|
|Annual Fee||$0 p.a.|
|Interest Free Period||Up to 55 days on purchases|
|Min credit limit||$1,000|
|Minimum Monthly Payment||3% of transaction value or $10, whichever is greater|
|Late Payment Fee||$9|
|Complimentary Travel Insurance||No|
|Available To Temporary Residents||No|
Benefits of the ASB Visa Light
- Smart Rate on big purchases. When you spend $1,000 or more on a single purchase using your ASB Visa Light, you won’t pay any interest for 6 months. Some transactions are exempt and the standard interest rate applies if you haven’t paid off the purchase after 6 months.
- No account fee. With no annual card fee to worry about, you can save a bit of extra cash compared to using an alternative credit card.
- Mobile payments. Connect your ASB Visa Light to Google Pay, Apple Pay, Garmin Pay and Fitbit Pay for more convenient purchasing.
- Transfer your balance. If you transfer the outstanding balance from an existing card to your ASB Visa Light, you don’t pay any interest on this amount for 6 months.
Features of the ASB Visa Light
- Interest rate. For standard purchases, an interest rate of 13.5% p.a. applies. The interest rate for cash advances is 22.95%.
- Joint or additional card. You can request an additional or joint card with your ASB Visa Light without paying any account or card fees.
- Interest-free days. When you use your ASB Visa Light for purchases, you’ll enjoy up to 55 days interest-free.
- ASB Card Control. The ASB Card Control app allows you to manage your credit card wherever you are, at any time of day. You can turn on and off different kinds of transactions, set a spending limit and lock your card if you’ve misplaced it.
How to apply
To apply for the ASB Visa Light card, you can visit a branch or complete the application form on the ASB website. Before commencing, ensure that you meet the eligibility criteria and compare the rates and benefits with other similar cards. The online application takes 5-10 minutes to complete, and you’ll be required to provide personal and financial details. If you’re already an ASB customer, you can apply through Internet banking.
- Be 18 years of age or older
- Be a New Zealand citizen or permanent resident
- Have a regular income
- Agree to a credit check
To prove your identity and that you receive a regular income, ASB asks for the following documents during the application process:
- Valid photo ID
- Proof of address
- Proof of income, usually bank statements or payslips
Once you complete your application, ASB will contact you within two working days to let you know the outcome. In some cases, you may need to supply additional information or documentation for ASB to decide.
The bottom line
The ASB Visa Light is towards the lower end of the spectrum regarding interest rates (13.5% p.a.). However, ensure you are aware of other fees and charges when using your card. Its cash advances, for example, ATM withdrawals or purchasing foreign currency comes with a heftier rate of 22.95% p.a. If you have an expensive purchase in mind, then ASB’s Smart Rate may come in handy, with no interest to pay for 6 months. Add this to the fact that the ASB Visa Light has no account or annual fee; then, it could be a wise choice.