woman-using-a-laptop-outdoors

Westpac credit card balance transfer guide

Want to get your debt under control with a balance transfer to a Westpac credit card? Here’s what you need to know.

If you want to clear your credit card debt, Westpac is one of many Australian card issuers that offers new cardholders interest-free balance transfer credit cards. You can usually request a 0% balance transfer with Westpac when applying for a new credit card. If you want to move a debt to an existing Westpac card, you can also take advantage of other low rate offers.

As Westpac usually has more than one 0% promotion at a time, you can use this guide to learn how to compare these deals and to decide if a balance transfer to Westpac is right for you.

Westpac Credit Card Offer

Westpac Low Rate Card

0% p.a. for 24 months on balance transfers
$0 annual fee for the first year

Offer ends 23 October 2018

Eligibility criteria, terms and conditions, fees and charges apply

Westpac Credit Card Offer

The Westpac Low Rate credit card features a long-term balance transfer offer, a first year annual fee waiver and a low variable interest rate on purchases.

  • $0 p.a. annual fee for the first year ($59 p.a. thereafter).
  • 13.49% p.a. on purchases
  • 0% p.a. for 24 months with 1% BT fee on balance transfers
  • Cash advance rate of 19.49% p.a.
  • Up to 55 days interest free
  • Minimum income requirement of $15,000 p.a.
Go to site
Promoted

Compare 0% balance transfer credit cards from Westpac

Rates last updated October 20th, 2018
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
Westpac Low Rate Card
0% p.a. for 24 months with 1% balance transfer fee
13.49% p.a.
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Westpac 55 Day Platinum Credit Card
0% p.a. for 20 months with 2% balance transfer fee
19.84% p.a.
$0 p.a. annual fee for the first year ($90 p.a. thereafter)
Receive a 20 month balance transfer offer, up to 55 days interest-free on purchases, a platinum concierge service and a $0 first year annual fee.
Westpac 55 Day credit card
0% p.a. for 20 months with 2% balance transfer fee
19.84% p.a.
$0 p.a. annual fee for the first year ($30 p.a. thereafter)
Receive up to 55 days interest-free on purchases, a 0% p.a. interest rate for 20 months on balance transfers and a $0 first year annual fee.

Compare up to 4 providers

Rates last updated October 20th, 2018
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
NAB Low Fee Platinum Card - Exclusive Offer
0% p.a. for 25 months
19.74% p.a.
$90 p.a.
finder Exclusive: Take advantage of 0% p.a. interest for 25 months on balance transfers with no balance transfer fee.
Westpac Low Rate Card
0% p.a. for 24 months with 1% balance transfer fee
13.49% p.a.
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Citi Rewards Platinum Credit Card - Online Offer
0% p.a. for 24 months with 1.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 24 month balance transfer offer, plus complimentary international travel insurance.
ANZ Low Rate
0% p.a. for 15 months
12.49% p.a.
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
St.George Vertigo Classic
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Get 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
ANZ First Visa Credit Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Get up to 18 months interest-free on balance transfers and save with a low $30 annual fee. Plus, up to 44 days interest-free on purchases.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus points in the first 3 months with a $64 first year annual fee. Plus, the chance to win 1 million Velocity Points.
Citi Clear Platinum Credit Card
0% p.a. for 14 months
12.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Offers a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and 0% p.a. for 14 months on balance transfers.
Citi Simplicity Card
0% p.a. for 6 months
19.99% p.a.
$0 p.a.
Get 0% p.a. interest for up to 6 months on balance transfers with no BT fee. Plus, a $0 annual fee for life.

Compare up to 4 providers

What you'll find in this guide

What are the benefits of getting a balance transfer with Westpac?

  • Save on interest. You can use the calculator in the comparison table above to compare which Westpac credit card offers you the greatest savings based on the size of your debt and the current interest rate you’re paying. Depending on your balance, you can usually save hundreds or thousands of dollars in interest if you use a balance transfer credit card and pay off your debt before the revert rate applies.
  • Consolidate multiple debts. If you have more than one credit card, you can consolidate up to three non-Westpac Australian issued credit, charge or store cards to a new Westpac credit card. This means that you can pay off multiple debts with 0% interest under a single account, rather than trying to manage several credit card bills.
  • Pay off debt faster. Without the burden of interest, it’s also likely that you can pay off your debt much faster than if you were paying a high interest rate.

Are there any risks when completing a balance transfer with Westpac?

As with any debt product, there are some risks that come with doing a balance transfer with Westpac:

  • Revert interest rate

    At the end of the promotional period, any leftover debt will collect the variable cash advance interest rate. While your introductory rate is usually 0%, the Westpac cash advance rate can be as high as 21.29% p.a. As this is a high interest rate, it’s best to pay off your balance in full before this applies. Before applying for the card, you should calculate how much you’d need to pay off each month to clear the balance before the promotion applies. If you don’t think you can afford this, try looking for a card with a longer interest-free offer to spread out your repayments.

  • Impact on your credit score

    As with any new card application, it could harm your credit score. This is especially true if your application is rejected, which is why it’s so important to ensure you’re eligible for the card before you apply. However, if you transfer your debt to a balance transfer card and pay it off in full, this could also have a positive impact on your credit score.

What rates and features should I look at when choosing an offer?

  • Introductory interest rate and offer length. Westpac currently has three balance transfer credit cards. The Low Rate card currently boasts 0% p.a. on balance transfers for 24 months, while the Westpac 55 Day and Westpac 55 Day Platinum cards both offer new cardholders 0% p.a. for 20 months. As each of these cards charge 0% during the introductory period, you can compare your options based on the length of the balance transfer and which offers you the greatest savings.
  • The revert rate. All Westpac balance transfer credit cards revert to the cash advance rate after the introductory period, but the exact rate varies between cards. The Westpac Low Rate card reverts to 19.49% p.a. Meanwhile the Westpac 55 Day and Westpac 55 Day Platinum cards revert to 21.29% p.a. If you don’t think you can repay your debt within 24 months or less, you might want to opt for a card with a lower revert rate to reduce your overall interest costs.
  • Balance transfer fee. A balance transfer fee is a one-time fee charged when you first move your balance to your new Westpac card. The Westpac Low Rate credit card charges a 1% balance transfer fee and the Westpac 55 Day and Westpac 55 Day Platinum cards charge a 2% balance transfer fee. This might not seem like a large fee, but it will add to your overall costs. Some balance transfer credit cards don’t charge a balance transfer fee, so you might want to look elsewhere to avoid this cost.
  • Annual fee. All of the Westpac balance transfer cards currently boast a $0 annual fee for the first year. However, as all of these cards offer interest-free balance transfer promotions that last for more than a year, it’s important to consider the standard annual fee when comparing your options.
  • Eligible debts to transfer. You can transfer debts from up to three non-Westpac Australian issued credit, charge or store cards to a new Westpac credit card. Unlike a few Australian card issuers, this doesn’t include loan debts. Although they’re under the Westpac Group, you can transfer debts from St.George, BankSA and Bank of Melbourne accounts to Westpac credit cards. You can compare which cards you can and can’t transfer between for more information.
  • How much you can transfer. You can transfer up to a maximum of 80% of your approved credit limit. So if you’re approved for a $20,000 credit limit, you can transfer up to a maximum of $16,000. If you try to transfer more than 80%, the exceeding amount will remain in your old account and continue to collect interest. You can see our guide to balance transfer limits for more information.

Can I transfer my debt to an existing Westpac credit card?

If you already have a Westpac credit card, you can transfer up to 2 non-Westpac Australian issued credit, charge or store cards at a promotional interest rate of 2.99% p.a. for 12 months. You’ll need to use the promotional code “WABM4” to take advantage of this account. You can compare other card issuers that offer balance transfers after application on finder.

What else do I need to know?

As well as the major rates and features, here are some terms and conditions you should consider before you apply:

  • Eligibility requirements. As with all credit products, you’ll also need to meet eligibility requirements (such as credit history, residential status and minimum annual income) to receive approval for a Westpac credit card. As a rejected credit card application negatively impacts your credit score, it’s important that you check the specific requirements for the card before you apply.
  • Closing your old account. If you apply for a card and are approved, it can sometimes take up to a week for your balance transfer to go through. Once it’s complete, it’s your responsibility to contact your old bank and close your account. If you don’t, then you’ll continue to be charged any account maintenance fees (such as annual fees) that come with your card.
  • Making repayments. Although the card may charge 0% interest, you’re still required to pay at least the minimum repayment of 2% of the closing balance or $10 (whichever is greater) each month. If you want to clear your debt before the end of introductory period, you’ll need to pay more than the minimum. If you divide the size of your balance by the number of months in the 0% introductory period, that’s how much you’ll need to pay each month to clear your balance before the revert rate applies.
  • Repayment allocation. The bank is obligated to put your repayments towards the highest-interest debt first. If you use your card to make a purchase while you’re also paying off your balance transfer, your repayments will automatically go to paying off your purchase first because it collects a higher interest rate. If you want to make the most of your balance transfer offer, it’s wise to avoid making purchases and to put your money towards paying off your original debt.
  • Interest-free days. If you are using your card to make purchases, remember that interest-free days won’t apply while debt from your balance transfer remains in your account.

A balance transfer with Westpac can be a practical way to pay off your credit card debt while avoiding interest. As there are many 0% balance transfer cards on the market, make sure to compare your options to find the right card for you. You can use the balance transfer comparison tables on finder to narrow down your options and apply.

Images: Shutterstock

Back to top

Sally McMullen

Sally McMullen is an editor at finder.com.au who is a credit cards, frequent flyer and travel money expert by day and music maven by night.

Was this content helpful to you? No  Yes

Related Posts

Credit Card Offers

Important Information*
Qantas Premier Everyday

Interest rate

19.99

Annual fee

0*

*$49 p.a. after first year

Westpac Low Rate Card

Interest rate

13.49

Annual fee

0*

*$59 p.a. after first year

ANZ Low Rate

Interest rate

12.49

Annual fee

58

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.

4 Responses

  1. Default Gravatar
    MyViaCeNovember 28, 2016

    Hi, which westpac credit card that offers 100.000 bonus points when we transfer the balance from other bank?

    What is the annual fee? Can we use these points for qantas frequent flyer?

    • finder Customer Care
      MayNovember 28, 2016Staff

      Hi MyViaCe,

      Thanks for your question.

      Upon checking, the Westpac Altitude Black offers 100,000 bonus points, but this card does not allow you to earn 100,000 bonus points for conducting a balance transfer. Actually, credit card balance transfers are not considered as eligible purchases, so you will not really earn bonus or rewards points for that transaction.

      Moreover, with the Westpac Altitude Black, the 100,000 bonus Qantas or Altitude Points can only be earned if you apply online and are approved by 5 January 2017 and spend $5,000 within the first 90 days from approval.

      The annual fee for this card is $395 p.a. You will also have the option to whether choosing the Qantas points which go straight to your Qantas FF account (to redeem for flight tickets, hotel accommodations and shopping items) or Altitude Points that are credited to your Westpac Altitude rewards account where you’re able to choose a wide range of redeemable items and travel awards.

      Hope this has answered your questions.

      Cheers,
      May

  2. Default Gravatar
    November 9, 2011

    How much interest have i accumulated so far

    • finder Customer Care
      JeremyNovember 9, 2011Staff

      Hi Tamala

      This will depend on the current outstanding balance on your card. I’d suggest you speak to the Westpac Customer Service team and ask for your past statements. Perhaps they could give you an idea over the phone as to how much interest you have paid also

      Cheers

      Jeremy

Ask a question
Go to site