Kiwibank Low Rate Visa review
Pay just 9.95% p.a. on both purchases and cash advances with the Kiwibank Low Rate Visa.
With one of the lowest interest rates found in the New Zealand credit card market, the Kiwibank Low Rate Visa is worth considering for anyone who wants to pay as little interest as possible on their purchases.
The 9.95% p.a. interest rate applies to both purchases and cash advances, but you will pay an account fee of $15 every 6 months.
9.95% p.a.
Purchase Rate
$30 p.a.
Annual Fee
Details
| Product Name | Kiwibank Low Rate Visa |
|---|---|
| Purchase rate (p.a.) | 9.95% p.a. |
| Annual Fee | $30 p.a. |
| Interest Free Period | Up to 55 days on purchases |
| Min credit limit | $500 |
| Minimum Monthly Repayment | 5% of transaction value or $10, whichever is greater |
| Card Type | Visa |
| Late Payment Fee | $5 |
| Complimentary Travel Insurance | No |
| Available To Temporary Residents | No |
| Joint Application | Yes |
Benefits of the Kiwibank Low Rate Visa
- Low-interest rate. With an interest rate of just 9.95% p.a., the Kiwibank Low Rate Visa allows you to save that little bit extra.
- Balance transfer promotions. Kiwibank sometimes runs promotions where you can transfer the balance from a non-Kiwibank credit card. Currently, you pay 1.99% p.a. for 6 months.
- 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. Every 6 months, you are charged an account fee of $15 for your Kiwibank Low Rate Visa.
- 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 9.95% p.a., the Kiwibank Low Rate Visa is one of the lowest interest rate credit cards on offer in the market. It’s 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.