Kiwibank Low Rate Visa review

Pay just 12.9% p.a. on both purchases and cash advances with the Kiwibank Low Rate Visa.

Kiwibank is no longer accepting new applications for their Low Rate Visa. Existing cardholders may continue to use their card until its expiry date, after which Kiwibank will replace your Low Rate Visa credit card the Kiwibank Zero Visa. The information below is maintained for reference.

12.9% p.a.

Purchase Rate

$0 p.a.

Annual Fee

Details

Product NameKiwibank Low Rate Visa
Purchase rate (p.a.)12.9% p.a.
Annual Fee$0 p.a.
Interest Free PeriodUp to 55 days on purchases
Min credit limit$500
Minimum Monthly Payment5% of transaction value or $10, whichever is greater
Card TypeVisa
Late Payment Fee$5
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationYes
Important note: Effective 24 November 2021, Kiwibank is no longer accepting new applications for their Low Rate Visa. Existing cardholders may continue to use their card until its expiry date, after which Kiwibank will replace your Low Rate Visa credit card with the Kiwibank Zero Visa. The information below is maintained for reference.

Benefits of the Kiwibank Low Rate Visa

  • Low-interest rate. With an interest rate of just 12.9% p.a., the Kiwibank Low Rate Visa allows you to save that little bit extra.
  • Interest-fee days. If you pay off your entire balance each month, you qualify for 55 days interest-free on purchases.

Features of the Kiwibank Low Rate Visa

  • Account fee. You won’t have to pay any account fee on your Kiwibank Low Rate Visa effective 24 November 2021 until your card expires.
  • Minimum credit limit. This card has a minimum credit limit of $500.
  • Minimum monthly payments. Each month you’ll need to make a minimum repayment of $10 or 5% of the balance, whichever is greater.
  • FraudWatch International. FraudWatch International protects Kiwibank credit cards. All activity is monitored, and if anything looks out of the ordinary, Kiwibank contacts you or put a temporary block on the card until you can verify the transaction is valid.

How to apply

Before applying for the Kiwibank Low Rate Visa, make sure to compare the interest rate and benefits against other cards and check that you meet the eligibility requirements. To start your application, you can visit a branch or complete the application form on the Kiwibank website.

Eligibility criteria

  • Be at least 18 years of age
  • Be a New Zealand citizen or permanent resident
  • Have a good credit history and agree to a credit check

Required documents

After you’ve filled in the application form, Kiwibank will respond within three working days with an outcome. New customers to Kiwibank need to prove their identity and address and also provide information about overseas tax residency if relevant.

If you have a RealMe verified identity, you can share this with Kiwibank. If you are not set up on RealMe, you can use ID Checker if you have a smartphone, or you need to verify your identity in a branch by taking your passport or your driver’s licence and a card from another bank that has your name and signature on it.

To verify your address, you need to show a document from the last six months, such as a utility bill, bank statement, government letter or store account statement.

You also need to prove your income, but Kiwibank will advise you on what documentation you need to do this.

The bottom line

With a purchase interest rate of 12.9% p.a., the Kiwibank Low Rate Visa is a great no-frills option if you need a credit card for emergencies or it is your first credit card. However, still, make sure you compare your options to ensure it is the right choice.

Compare other credit cards

Name Product Purchase Rate Annual fee Balance Transfer Rate
AIRPOINTS
American Express Airpoints Platinum Card
19.95% p.a.
$195
N/A
Receive 300 bonus Airpoints Dollars when you apply online, are approved and spend a minimum of $1,500 on your new card within the first 3 months of membership.This offer is available to new Card Members only. Ts&Cs apply. You will also earn 1 Airpoints Dollar for every $59 you spend on your card.
AIRPOINTS
American Express Airpoints Card
0% for 6 months (changes to 19.95% p.a.)
$0
N/A
Be rewarded with 100 bonus Airpoints Dollars when you apply by 28 February 2022, are approved and sped $750 on your new card within the first 3 months of membership. This offer is available to new Card Members only. Ts&Cs apply.
OFFER
American Express Platinum Edge Credit Card
2.99% for 6 months (changes to 19.95% p.a.)
$149
N/A
Enjoy a low rate on purchases and earn 20,000 Membership Rewards Bonus Points if you apply, are approved and spend $750 in the first 3 months of Card membership. This offer is available to new Card Members only. Ts&Cs apply.
OFFER
American Express Platinum Card
N/A
$1,250
N/A
Get the new metal Platinum Card, 80,000 Membership Rewards bonus points, up to $300 dining credit and $200 to spend on travel each year. Offer available to new customers who apply online, are approved and spend at least $1,500 in the first 3 months. Exclusions, Ts&Cs apply.
LOW RATE
The Co-operative Bank Fair Rate Credit Card
12.95% p.a.
$20
0% p.a. for 6 months
0% p.a. on balance transfers for 6 months, plus benefit from a low rate of 12.95% on both purchases and cash advances.
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