Kiwibank Zero Visa Credit Card

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The Kiwibank Zero Visa Credit Card is a no annual fee and low interest rate credit card with a purchase rate of 12.90% p.a and balance transfer rate of 1.99% p.a. on balance transferred for the first 6 months. The minimum monthly repayment is 5% or $10 monthly whichever is greater. The Kiwibank Zero Visa Credit Card might be suitable for cardholders who have existing credit card debt or expect to carry a debt on their card. It might also be suitable as a backup credit card with no annual fee.

Overall, we think the Kiwibank Zero Visa Credit Card is a great credit card but it is worth noting that there are other no annual fee credit cards with either lower balance transfer rates or some that offer reward points which might be worth considering. We encourage you to compare all the credit cards with no annual fee and low interest rate credit cards listed on our website before you decide.

Key Features

Purchase Rate: 12.90% p.a.
Cash Advance Rate: 12.90% p.a.
Balance Transfer: 1.99% p.a. for 6 months
Annual Fee: No Annual Fee
Interest Free Days: 55 days
Minimum Repayment: 5% of your monthly statement balance, or $10, whichever is greater
Card Reward Details: No Rewards
Credit Limit: Minimum credit limit of $500 (Your limit can be higher)
Other Fees:

IMPORTANT NOTE: please review the credit card details on the provider's website again before applying.

Kiwibank Zero Visa Credit Card Review

Pros and Cons

We've compiled below the pros and cons of the Kiwibank Zero Visa Credit Card to help you decide.

Pros

No annual fee
Low interest rate
1.99%p.a. balance transfer

Cons

No rewards points
Not the best balance tranfer rate on the market

What we like about the Kiwibank Zero Visa Credit Card

No Annual Fee

One of the standout features of the Kiwibank Zero Visa Credit Card is that it comes with no annual fee. This makes it an attractive option for those who want to avoid the extra cost that often comes with maintaining a credit card. You can keep this card in your wallet without worrying about an annual charge eating into your budget.

Low Interest Rate

The Kiwibank Zero Visa Credit Card offers a relatively low interest rate, making it a cost-effective choice for those who may carry a balance from month to month. This lower rate can help you save money on interest charges compared to other cards with higher rates.

Balance Transfer Offer

Another significant benefit is the balance transfer offer. You can transfer your existing credit card debt to the Kiwibank Zero Visa and enjoy a 1.99% p.a. interest rate for the first six months. This can be a great way to manage and reduce your debt more effectively.

Drawbacks of the Kiwibank Zero Visa Credit Card

Limited Rewards Programme

One of the main drawbacks of the Kiwibank Zero Visa Credit Card is its limited rewards programme. Unlike other credit cards that offer points, cashback, or travel rewards, this card does not provide any significant incentives for spending. If you are someone who values earning rewards on your purchases, this card may not be the best fit for you.

Foreign Transaction Fees

Another downside is the foreign transaction fees. When you use this card for purchases in a foreign currency, you will incur additional charges. This can be a significant drawback if you frequently travel abroad or shop from international websites. These fees can add up quickly, making your purchases more expensive than anticipated.

Minimum Monthly Repayment

The Kiwibank Zero Visa Credit Card requires a minimum monthly repayment of 5% of your outstanding balance or $10, whichever is greater. While this may seem manageable, it can become a burden if you carry a large balance. Failing to meet the minimum repayment can result in additional fees and negatively impact your credit score. It is essential to consider your ability to meet these repayments before applying for this card.

Is the Kiwibank Zero Visa Credit Card Right for me?

Ideal User Profile

The Kiwibank Zero Visa Credit Card might be good for individuals who prefer a no-frills credit card with no annual fee. If you are someone who values simplicity and low costs, this card might be a good fit. It might also be suitable for those who plan to carry a balance occasionally, thanks to its relatively low interest rate.

When to Consider Other Options

While the Kiwibank Zero Visa Credit Card has its perks, it may not be the best choice for everyone. If you are looking for a card with a robust rewards program or travel benefits, you might want to explore other options. Additionally, if you frequently make purchases in foreign currencies, the foreign transaction fees could add up.

How to Apply

Applying for the Kiwibank Zero Visa Credit Card is straightforward. Follow these steps:

Click "Apply Now" on this page to visit the Kiwibank website.
On the Zero Visa Credit Card page click on the 'Apply Now' button.
Fill out the application form with your personal and financial details.
Submit the form and wait for a response from Kiwibank.

Remember to review the card details on the provider's website before applying to ensure it meets your needs.

Tips for Managing Your Kiwibank Zero Visa Credit Card

Setting Up Payment Reminders

To avoid late fees and maintain a good credit score, it is crucial to set up payment reminders. You can do this through your bank's app or by setting calendar alerts on your phone. Consistent, on-time payments will help you manage your finances more effectively.

Utilising Balance Transfers

Take advantage of the balance transfer offer to consolidate your debts. By transferring your existing credit card balances to your Kiwibank Zero Visa, you can benefit from a lower interest rate for the first six months. This can save you money and simplify your monthly payments.

Monitoring Your Spending

Keep a close eye on your spending to avoid unnecessary debt. Regularly check your account statements and use budgeting tools to track your expenses. This will help you stay within your budget and make informed financial decisions.

Frequently Asked Questions

What is the minimum income requirement for the Kiwibank Zero Visa Credit Card?

Kiwibank doesn't specify a minimum income for the Zero Visa Credit Card, but they will look at your overall financial situation, including your income and expenses.

Does the Kiwibank Zero Visa Credit Card have an annual fee?

No, the Kiwibank Zero Visa Credit Card does not have an annual fee, making it a cost-effective option.

What is the interest rate for the Kiwibank Zero Visa Credit Card?

The interest rate for the Kiwibank Zero Visa Credit Card is 12.90% p.a., which is relatively low compared to other cards.

Can I use the Kiwibank Zero Visa Credit Card overseas?

Yes, you can use it overseas, but be aware that foreign transaction fees may apply.

Eligibility Requirements:

Your eligibility for this card would depend on a few criteria listed below. When you apply for a Kiwibank credit card, Kiwibank would ask you a few questions about the following criterias to determine your eligibility.

Income
Expenses
Debts
Assets
Savings
Investments

You have to be a New Zealand permanent resident, and have a good credit history to apply for a Kiwibank Credit Card.

Documents:

In general the following documents are usually required for credit card applications.

Proof of Income

One of the following:

your most recent payslip or salary notice
copies of bank statements that show your pay or salary deposits
a letter from your employer confirming your income
an Inland Revenue Department (IRD) “summary of earnings” notice.

If you’re self-employed, you must supply:

signed financial statements for the past two years
a signed personal Statement of Financial Position
your personal tax return.

Proof of Identity:

A copy of one or two items from List 1. If you provide only one item from List 1, you must also provide one item from List 2.

List 1:

Current passport
New Zealand drivers licence
18+ card
Photo Credit Card

List 2:

Most recent bank statement
Debit card
Credit card
Community services card
Club or society card.

Are you interested in a free credit card? Compare all credit cards with no annual fee.

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What is the best credit card in New Zealand?

We've been asked this question a lot so we have compiled our pick of the best credit card in NZ but keep in mind that the best credit card for you depends on your personal circumstance and needs. To find the best credit card for you, we recommend that you compare all credit cards in NZ on our website or narrow down your search by popular credit card types as shown below. Use the top menu of the page to select more credit card types.