A platinum card that lets you enjoy 0% p.a. for 12 months on balance transfers and no annual fee for the first year.
The Westpac 55 Day Platinum is an innovative platinum credit card offered by Westpac. This card combines the benefits of a platinum credit card with low interest rates, a balance transfer option and a long interest-free period.
|Product Name||Westpac 55 Day Platinum Credit Card|
|Balance transfer rate (p.a.)||0% p.a. for 12 months|
|Balance Transfer Revert Rate|
The interest rate after the balance transfer ends.
|Purchase Rate (19.84% p.a.)|
|Balance Transfer Limit||95% of available credit limit|
|Purchase rate (p.a.)||0% p.a. for 6 months (reverts to 19.84% p.a.)|
|Offer end date||28 June 2017|
|Annual fee||$0 p.a. annual fee for the first year ($90 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.
|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.
|Minimum Monthly Repayment||2% or $10, whichever is greater|
|Late Payment Fee||$15|
|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 Insurance||Yes|
|Available To Temporary Residents||Yes - Conditions apply|
|Minimum Age||18 years of age|
|Available to Temporary Residents||Yes - 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.
|Min Credit Limit||$6,000|
|Max Credit Limit||$50,000|
|Annual Fee||$0 p.a. annual fee for the first year ($90 p.a. thereafter)|
|Minimum Repayment||2% or $10, whichever is greater|
|Late Payment Fee||$15|
|Cash Advance Fee||2% of the value of the transaction or a minimum charge of $2.50 will apply|
|Overseas Cash Advance Fee||2%|
|Overseas Emergency Replacement||$0|
|Overseas ATM Balance check||$0|
|Overseas ATM Withdrawal Fee||$0|
|Foreign Currency Conversion Fee (VISA)||3% of transaction value|
|Gambling Transactions Allowed||Yes|
|Gambling Transactions Interest Rate||Cash Advance Rate|
|Additional Cardholder Fee||$0 p.a.|
|Number of Additional Cardholders||1|
|Internet Banking Transfers||Yes|
- Take advantage of the annual fee waiver for the first year offer by applying and getting approved by 28 June 2017.
- A low balance transfer of 0% p.a. for 12 months
- An introductory purchase rate of 0% p.a. for 6 months
- There is no rewards program included for this account.
Westpac 55 Day Platinum Credit Card review
This platinum card offering from Westpac combines some of the exclusive features of a high-end card with the savings opportunities usually afforded to you from cards further down the line. Cardholders can enjoy complimentary insurance covers and up to 55 days interest-free as well as a purchase rate offer, low balance transfer rate and no annual fee. For some cardholders, almost every box is ticked.
Benefits of the Westpac 55 Day Platinum Credit Card
- Annual fee waiver. The first year the annual fee is $0. In subsequent years, you can avoid paying the annual fee if your annual spend is $10,000 or more.
- Balance transfer offer. If you have a credit card with a higher interest rate than the Westpac’s 55 Day Platinum card’s interest rate, you can transfer your remaining balance to this card and take advantage of the lower interest rate. This will allow you save money while cutting down on the number of repayments you make each billing cycle. Currently, Westpac offers a 0% p.a. interest rate on balance transfers for 12 months.
- Complimentary insurances. Along with the platinum credit card features you’ll get with this offer you’ll also get complimentary insurance covers. The overseas travel insurance covers trips as long as 12 months and will cover things like medical expenses, property and document damage or loss, liability cover, rental vehicle coverage, and more. You’ll also get transit accident insurance coverage which can help if you’re injured or worse while travelling outside of Australia on a bus, plane, ferry, or train. There is also purchase protection and extended warranty insurance available with this credit card.
Features of the Westpac 55 Day Platinum credit card
- Competitive rates and fees. You will pay a variable interest fee of 19.84% p.a. on purchases and a variable rate of 21.29% p.a. on cash advances. You’ll also get special offers that can waive the annual fee every year.
- Balance transfer offer. A balance transfer allows you to take the balance of an already established credit card that may have a higher interest rate and move it over to this credit card. This will allow you to consolidate your debt and pay off the balance through the Westpac interest rate instead of the other higher interest rate. This saves you money in the long run.
- Interest-free days. As the name of the credit card states you’ll get up to 55 days of interest-free purchases with this card. This means that on these designated days you can freely make purchases without having to worry about paying the 19.84% p.a. interest rate on those purchases. Keep in mind this is only available when you pay off the balance on the card by a designated due date.
- Security features. Your platinum credit card will have a microchip embedded in it for security purposes. You’ll also be able to take advantage of Westpac’s Cardshield program that defends against fraudulent activity. If you register your card with Verified by Visa you’ll get additional security when you shop online thanks to the Westpac Added Online Security service. There is also a fraud money back guarantee to further protect you against credit card fraud.
- Annual fee. This card comes with a $0 annual fee for the first year reverting to a standard fee of $90. $0 annual fee in subsequent years when you spend $10,000 or more on purchases in each 12 months from the anniversary date of the first year’s annual fee waiver.
Considerations on applying for a Westpac 55 Day Platinum card
Overall, the Westpac 55 Day Platinum card offers a great blend of low costs alongside complimentary benefits. However, this card may not be suitable for people who have a lot of credit card debt and are trying to pay it off. The card offers a $0 annual fee for the first year, $90 thereafter. $0 annual fee in subsequent years when you spend $10,000 or more on purchases in each 12 months from the anniversary date of the first year’s annual fee waiver. People who overuse credit cards might be tempted to overspend in order to redeem the annual fee. On the other hand, if you tend to use credit cards responsibly, this card might be suitable for you — you'll receive the perks of a platinum card and won't have to worry about high interest rates or fees.
How to apply for the Westpac 55 Day Platinum Credit Card
Before you apply for the Westpac 55 Day Platinum credit card through the online application, you should make sure that you meet the eligibility requirements for the credit card.
- Age and residency requirements. In order to apply for this credit card you have to be at least 18 years of age and be a permanent resident of Australia with a valid Australian address.
- Income and credit history. Since this is a platinum credit card Westpac requires you to have a minimum annual income of $30,000 along with a good credit history. This will help Westpac determine if you can hold up your end of the contract and make your repayments on time.
Once you determine your eligibility status you can begin the application process. The application process takes about 20 minutes, but you can get a response in as little as 60 seconds. To make the process smoother it is recommended that you gather up the necessary paperwork ahead of time.
- Identification information. In order to verify your identity you’ll need your valid Australian driver’s license number or your passport or Medicare card.
- Income information. To prove that you meet the income requirements, you’ll also need proof of your income in the form of payslips or similar financial documents that show you monthly income (after tax). You will also need your employer’s information and details of your financial assets and liabilities.
Before applying for the Westpac 55 Day Platinum card, or any other credit card, you should always compare available offers. This will ensure that you get the most appropriate deal for your current financial situation. Be sure to compare things like rates and fees, features, and credit limits.Back to top