Kiwibank Low Rate Visa Review
Low 12.95% interest rate with no annual fee
Key Highlights
The Kiwibank Low Rate Visa offers one of New Zealand's lowest credit card interest rates at 12.95%, with no annual fee and no foreign transaction fees. Perfect for customers who occasionally carry a balance but want to minimize interest costs.
Quick Facts
Card Details
Fees & Features
Pros and Cons
Pros
- Very low 12.95% purchase interest rate
- No annual fee - permanently free
- No foreign transaction fees on international purchases
- Up to 44 interest-free days
- Online account management and mobile app
- Contactless and digital wallet compatibility
- Competitive credit limits up to $15,000
Cons
- No rewards or cashback program
- Higher cash advance rate (19.95%)
- Limited premium benefits compared to other cards
- No travel insurance or purchase protection
- Must be a Kiwibank customer to apply
Detailed Analysis
Interest Rates & Fees
The Kiwibank Low Rate Visa's standout feature is its exceptionally low 12.95% purchase rate, significantly below the industry average of around 20%. This makes it one of the most competitive low-rate credit cards in New Zealand.
Rate Comparison
With no annual fee, this card offers exceptional value for customers who occasionally carry a balance. The 44-day interest-free period is standard, giving you ample time to pay off purchases without incurring interest charges.
Features & Benefits
While the Kiwibank Low Rate Visa doesn't offer rewards or premium perks, it focuses on delivering excellent value through low costs and practical features.
Key Features
- • Contactless payments and chip technology
- • Digital wallet compatibility (Apple Pay, Google Pay)
- • Online and mobile banking integration
- • SMS and email account alerts
- • 24/7 customer support
International Use
- • No foreign transaction fees
- • Worldwide Visa acceptance
- • Travel notification service
- • Emergency card replacement
- • Competitive overseas cash advance rates
Who Should Consider This Card?
Budget-Conscious Spenders
Those who want low costs without sacrificing card functionality
Kiwibank Customers
Existing customers seeking integrated banking solutions
International Travelers
Those who want no FX fees for overseas purchases
Complete Fee Structure
| Fee Type | Amount | Notes |
|---|---|---|
| Annual Fee | $0 | Permanently free |
| Cash Advance Fee | $5 | Minimum fee per transaction |
| Late Payment Fee | $25 | When minimum payment is late |
| Over Limit Fee | $25 | When credit limit is exceeded |
| Foreign Transaction Fee | $0 | No fees on international purchases |
| Card Replacement Fee | $15 | For lost or stolen cards |
Eligibility Requirements
Basic Requirements
- Must be a Kiwibank customer
- Minimum age: 18 years
- New Zealand resident
- Regular income (employment, self-employment, or benefit)
- Good credit history
- Meet Kiwibank's responsible lending criteria
Application Tips
- • Must be an existing Kiwibank customer
- • Ensure your credit score is in good standing
- • Have proof of regular income ready
- • Consider your debt-to-income ratio
- • Apply online for faster processing
- • Allow 5-10 business days for approval
Compare with Other Cards
See how the Kiwibank Low Rate Visa compares with other credit cards:
Final Verdict
Excellent for Low-Cost Banking
The Kiwibank Low Rate Visa excels in its core mission: providing low-cost credit without unnecessary fees or complications.
Budget-conscious customers who occasionally carry balances
You're a Kiwibank customer seeking simple, low-cost credit
You want rewards, premium benefits, or aren't a Kiwibank customer
Ready to Apply?
Get one of New Zealand's lowest credit card interest rates with no annual fee
Last updated: 2025-01-15 | Terms and conditions apply