Westpac 55 Day Credit Card – Review

Information verified correct on December 11th, 2016

Save on credit card costs with a $0 annual fee for the first year and an introductory purchase rate of 1% for up to 12 months, plus repay your debt with 0% p.a. for 16 months on balance transfers.

The Westpac 55 Day Credit Card is a no-frills credit card that can be used anywhere Visa is accepted internationally. If you apply by 30 January 2017, you don’t have to pay any annual fees for the first year, and you can look forward to subsequent years’ fee waiver by meeting a preset annual spending limit.

You can use this card to transfer balances from up to 3 non-Westpac existing cards and make use of its special 0% p.a. for 16 months on balance transfers.

Product NameWestpac 55 Day credit card
Balance transfer rate (p.a.)0% p.a. for 16 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (19.84% p.a.)
Balance Transfer Limit95% of available credit limit
Purchase rate (p.a.)1% p.a. for 12 months (reverts to 19.84% p.a.)
Offer end date30 January 2017
Annual fee$0 p.a. annual fee for the first year ($30 p.a. thereafter)
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)21.29% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$1,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$25,000
Minimum Monthly Repayment2% or $10, whichever is greater
Card TypeVisa
Late Payment Fee$9
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$1,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$25,000
Annual Fee$0 p.a. annual fee for the first year ($30 p.a. thereafter)
Minimum Repayment2% or $10, whichever is greater
Late Payment Fee$9
Over Limit Fee$0
Cash Advance Fee2% of the value of the transaction or a minimum charge of $2.50 will apply
Overseas Cash Advance Fee2%
Overseas Emergency Replacement$0
Overseas ATM Balance check$5
Overseas ATM Withdrawal Fee$5
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Gambling Transactions AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • New Westpac customers can enjoy an annual fee waiver for the first year if they apply and get approved by 30 January 2017.
  • An introductory purchase rate of 1% p.a. for up to 12 months
  • A low balance transfer offer of 0% p.a. for 16 months
  • Up to 55 interest-free days on purchases

Cons

  • This card does not offer rewards program.

Westpac 55 Day credit card review

If you’re looking for a basic credit card that comes with a balance transfer offer, this Visa credit card could be an option. The card offers 0% p.a. interest on transferred balances for the first 16 months and if you apply during an ongoing promotional period, you can also take advantage of the introductory purchase rate offer at 1% for up to 12 months and receive an annual fee waiver for the first year. These offers will end on 30 January 2017.

Additional savings can also come in the form of up to 55 interest-free days on purchases provided you pay the closing balance completely by the statement due date each month.

Benefits of the Westpac 55 Day credit card

  • Introductory purchase rate offer. This card offers an introductory purchase rate of 1% for 12 months (reverts to the standard purchase rate of 19.84% p.a. after the promotional period ends).
  • Balance transfer offer. You can save in the form of interest if you use this card to transfer balances from up to 3 non-Westpac existing cards, simply because you don’t have to pay any interest on transferred balances for the first 16 months.
  • Annual fee waiver. If you apply and get approved by 30 January 2017, you won’t have to pay any annual fees for the first year. After the first year, annual fees for subsequent years are waived if the minimum $5,000 yearly spend is met.. This offer is available on new card applications.
  • Contactless technology. The Westpac 55 Day credit card is Visa payWave enabled, so you can use your card to make contactless payments for purchases less than $100 where the technology is supported.
  • Use globally. Visa credit cards find acceptance in most countries around the world, so you can use this card just about anywhere you go, including EFTPOS terminals and ATMs displaying the Visa logo.

Features of the Westpac 55 Day credit card

  • Annual fee. This card has a standard annual fee of $30, but charges an annual fee of $0 if you apply and get approved by 30 January 2017. After the first year, annual fees for subsequent years are waived if the minimum $5,000 yearly spend is met. This offer is available on new card applications.
  • Balance transfer offer. If you apply for a new card by 30 January 2017 and request a balance transfer application, you can receive a 0% p.a. balance transfer rate for the first 16 months. The minimum you can transfer is $200 and you can transfer up to 95% of the approved credit limit. Any outstanding balance at the end of the 16-month period will attract the card’s purchase rate.
  • Interest-free days. If you pay your account’s closing balance completely before each due date, you can make use up to 55 interest-free days on purchases.
  • Credit limit. The minimum credit limit of this Visa credit card is $1,000 and the maximum depends on your existing financial situation and ability to repay.
  • Repayment methods. You can make payments through a nominated account using Westpac ATMs, Westpac’s online and phone banking platforms, Card Autopay facility, via BPAY, at any Westpac branch, and you can send cheques via mail.
  • Additional cardholders. You can request for 1 free additional cardholder at $0 each for any nominated individual who is over 16 years of age, and you remain liable for all transactions made using this card.
  • Card security. Cardshield is in place to provide protection against fraudulent use of your card, and the card’s embedded microchip offers more protection than magnetic strips. Falcon Fraud Protection monitors your card activity 24/7, and Verified by Visa provides additional security in the online world.

How to apply for the Westpac 55 Day credit card

You can apply for the Westpac 55 Day credit card by completing the online application. Before you do, establish if you meet the following.

Eligibility criteria

      • You are a permanent resident of Australia
      • You are over 18 years old
      • You don’t have poor creditworthiness

Required documents

You can complete the online application in around 10 minutes, and even quicker if you’re an existing Westpac customer. To complete the application as a new customer, you have to provide the following information.

      • Your complete name, date of birth, and driver’s license number (if you have one)
      • These include your email address, residential address, and phone number
      • Employment status along with your employer’s contact details
      • Details about your income such as yearly earnings
      • Information about all existing debts like loans, credit cards, and overdrafts

This card could be an option if you’re looking for a basic card with a balance transfer offer. However, given there are a number of other cards with similar offers, you're better off to compare a few options before applying.

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6 Responses to Westpac 55 Day Credit Card – Review

  1. Default Gravatar
    linda | October 6, 2016

    I have an outstanding debt with an aussie credit card. the limit was 1,500.00. I have been paying this debt off for over 4yrs and not getting anywhere. My credit was suspended on the card years ago, I have just been paying off the debt. I think I now owe around 1,000.00. Is it possible to transfer this debt to your company???

    • Staff
      Anndy | October 7, 2016

      Hi Linda,

      Thanks for your question.

      Please note that we are finder.com.au, a financial comparison and information website, not Westpac.

      To apply for Westpac 55, you need to meet the following eligibility criteria:

      -You are a permanent resident of Australia
      -You are over 18 years old
      -You don’t have poor creditworthiness

      You can also check other balance transfer credit cards on this page.

      Please note that rejected credit card applications can have a negative impact on your credit file, so before you apply, be sure to check the eligibility criteria and the requirements.

      Cheers,
      Anndy

  2. Default Gravatar
    Ian | July 13, 2016

    Hi, can I do a balance transfer from a St George credit card onto a Westpac 55 day credit card or is St George and other banks affiliated to Westpac excluded from the offer? Regards

    • Staff
      May | July 13, 2016

      Hi Ian,

      Thanks for your question.

      Unfortunately, it’s not possible to conduct a balance transfer between Westpac and St. George credit cards. On this page, you can find which financial institution that you’re able to conduct a balance transfer to and from.

      In the meantime, you may like to compare your balance transfer credit card options here – that is a transfer of balance from your St. George card to a non-Westpac credit card. Please make sure to review the criteria and requirements before you submit your application.

      I hope this is helpful.

      Cheers,
      May

  3. Default Gravatar
    | April 14, 2016

    What other interest (transaction) charges are applied and at what rate?

    • Staff
      May | April 14, 2016

      Hi Don,

      Thanks for your question.

      The fees charged by Westpac 55 Day Credit Card were outlined in the table above particularly on the ‘fees and repayments’ section.

      Hope this helps.

      Cheers,
      May

Credit Cards Comparison

Rates last updated December 11th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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