Bank First Visa Platinum Credit Card. The fees, rates & info

Looking for a new credit card? In Australia there are many options out there, each with its own benefits. Some credit cards come with travel perks or cash back options, while others attach to specific shopping rewards programs or allow you to earn airline miles as you spend. One available option is the Platinum Visa Credit Card from Bank First.

In this article we’re going to let you know about the pros and cons of the Bank First Platinum Visa Credit Card, as well as the fees to be aware of and how you go about applying for one.

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The Bank First Visa Platinum Credit Card

The Platinum Visa Credit Card offered by Bank First provides the holder credit to spend up to a certain limit which is based on your circumstances.¹ That money is then paid back over time, plus interest, which is charged at a rate per annum.

Who is this credit card for?

The Bank First Platinum credit card is accepted at over 24 million places across the globe, and can be used to complete a variety of different transactions.¹

• Spend at EFTPOS terminals
• Make contactless payments
• Withdraw cash at ATMs
• Process payments over the phone
• Pay bills via BPAY or BPAY View
• Shop online

Since the card can be used overseas and some of the benefits and perks are centred around travel, it can be useful for people who travel a lot, as well as people simply looking for a credit card from an Australian bank.

The main features and benefits of the Visa Platinum Credit Card

As with most credit cards, the Visa Platinum card offered by Bank First comes with features designed to be attractive to customers. Here’s some of the main benefits.¹

• Get up to 55 days interest free on your purchases
• 1 annual fee instead of ongoing fees
• Complimentary international travel insurance
• Accepted almost anywhere Visa is

Bank First Visa Platinum Credit Card rewards

With this credit card, customers of Bank First gain access to certain perks and offers from Visa.² The rewards tend to be travel related, including discounts and cashback for hotels, car rentals, airlines and attractions.² Here’s some of the benefits available at the time of writing.

• 10% cashback from Booking.com
• Discounts from Hertz
• 20% off stays at IHG Hotels & Resorts across Asia-Pacific
• Savings on Emirates Economy and Business flights

The cons of using this card

As well as rewards there are a few potential cons to be aware of when using the Bank First Visa Platinum Credit Card.

• Interest can apply to purchases meaning items cost more than if you paid outright
• Additional fees apply to late repayments
• There is no points based reward program available

The credit limits you get with this card

The minimum credit limit that Bank First allows for the Visa Platinum Credit Card is $6000 AUD.¹ They don’t explicitly state what the maximum is, but it would likely be based on your preference and an assessment by the bank of your finances, including your credit history and any current debts.

What are the fees for this card

As with most credit cards there are certain fees and charges that apply to the Visa Platinum Credit Card. These are outlined by Bank First in their terms and conditions. Here’s a few of the main ones to keep in mind.³

Fees	Bank First Visa Platinum Credit Card
Maintenance fees	$99.00 per annum Waived for customers with a Package Home Loan
Replacement card fee	$8.00 through the app $12.00 staff assisted Additional $15 for Express post
Late repayments	$20.00 if all or part of a payment is 7 days in arrears. Additional $20.00 payable 30 days after the account falls into arrears if any part of the repayment remains in arrears.
Local/Foreign ATM fees	$2.50 per ATM withdrawal in Australia and overseas
Interest rate (p.a)	9.59% purchase variable rate¹ 9.59% balance transfer variable rate 19.59% cash advance variable rate

*As seen on 9 June 2024

Bank First Visa Platinum Credit Card exchange rate used

When this credit card is used to make a purchase or ATM withdrawal in a foreign currency, the amount is converted to the Australian Dollar equivalent using the Visa International foreign exchange rate on the day that Visa processes the transaction.⁴

You can check the rate on Visa’s website.

For their Classic Credit Card, Bank First applies a fee of 3% of the transaction value for converting overseas currency transactions to Australian Dollars.³ This fee is refunded for holders of a Platinum Credit Card.

How do you get a Bank First Visa Platinum Credit Card

To apply for a Bank First Credit Card you can go to their website and complete the online application form. The form asks for personal and financial information, including the credit limit you’d like, your budget, and preferred repayment option.

What are the eligibility requirements for getting this credit card

Under Australian consumer law people have to be at least 18 years old to have a credit card in their own name. Bank First doesn’t list this on their site, but it would likely be part of the assessment of your application.

How long does it take to get the card

Bank First doesn't share the current wait times to receive a card on their website. You would be best to reach out to customer service to get the most up to date information.

What else do I need to know?

If you were to go ahead and open a credit card account with Bank First, it’s a good idea to know how to reduce the spending limit or cancel the card.¹

• To reduce the card limit you would need to complete the online form or reach out to customer service via phone, email or at a branch.
• To cancel the contract you can complete a different online form or speak to the staff at Bank First.

Contacting Bank First

If you have questions about the Bank First Visa Platinum Credit Card you can call them from Australia and abroad.

• Call 1300 654 822 within Australia
• Phone +61 3 9834 8560 from overseas

You can also reach the Visa Platinum 24/7 Concierge Services on 1800 639 607.

The Wise Account and Debit Card

If you’re looking for an online account that is great for daily spending in Australia and overseas, the Wise is worth a look.

You can open a Wise Account for free and hold money in over 40 currencies and send money to 160 countries. You can also order local account details for 10 world currencies including AUD.

You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally. It’s the rate you see on a Google conversion search.

Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

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Sources:

1. Bank First - Visa Platinum Credit Card
2. Visa - Visa Offers + Perks
3. Bank First - Terms & Conditions
4. Bank First - Visa Credit Card Terms and Conditions

Sources checked on: 9 June 2024