Westpac Low Rate Credit Card

Last updated: Jul 15, 2020

Save on existing credit card debt with 0% p.a. for 24 months on balance transfers, plus, get $200 cashback.

When you apply for the Westpac Low Rate card, and get approved by 31 March 2021, you can enjoy 0% p.a. for the first 24 months on balance transfers (with a one-time 1% balance transfer fee). When you spend $1,000 on eligible purchases within the first 90 days from approval, you’ll also get $200 back to your account.

Designed for people who prefer a card with minimal extras, it charges a low 13.74% p.a. rate on purchases and a modest $59 annual fee. To help you save on costs further, this card also comes with SmartPlan instalment options.

0% p.a.

Balance transfer rate

for 24 months with 1% balance transfer fee

13.74% p.a.

Purchase rate

$59 p.a.

Annual fee

55 days

Interest free period

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Details

Product Name	Westpac Low Rate Card
Balance transfer rate	0% p.a. for 24 months with 1% balance transfer fee
Balance transfer revert rate	Cash Advance Rate (21.49% p.a.)
Balance transfer limit	80% of available limit
Purchase rate	13.74% p.a.
Annual fee	$59
Interest-free period	55 days
Cash advance rate	21.49% p.a.
Min credit limit	$1,000
Max credit limit	$25,000
Card type	Mastercard
Foreign currency conversion fee	3%

Minimum income	$15,000
Available to temporary residents	No
Joint application	No

Pros

0% p.a. for up to 24 months on balance transfers
$200 cashback offer
Low 13.74% p.a. interest rate on purchases

Cons

Balance transfer reverts to the high cash advance rate of 21.49% p.a. after the introductory period
Charges a one-time 1% balance transfer fee

Annual fee	$59
Minimum monthly repayment	2% of the closing balance or $10, whichever is greater
Late payment fee	$15
Foreign currency conversion fee	3%
Cash advance fee	2% or $2.50, whichever is greater
Overseas cash advance fee	2%
Additional cardholder fee	$0
Number of additional cardholders	1

Go to Westpac's site More info

Expert review

Review by

Sally McMullen

sally.mcmullen@finder.com.au

Sally McMullen is a creative content producer at Finder. Sally has written about credit cards for almost 5 years, authoring almost 900 articles on Finder alone. She has also been published in Yahoo Finance, Dynamic Business, Financy and Mamamia, as well as Music Feeds and Rolling Stone. Sally has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.

Expert review

The current offer for the Westpac Low Rate could save you heaps of interest on your existing card debts when you take advantage of the long-term balance transfer offer. Even with a 1% balance transfer fee, the 24-month period means you’ll have lots of breathing room from your interest payments. However, don’t be tempted to spend unnecessarily for the sake of the cashback offer.

This no-frills card doesn’t offer extra bells and whistles like insurance or points, but helps you save money with a competitive $59 annual fee. It charges a relatively low variable interest rate of 13.74% p.a. for purchases and offers Smartplan, which allows you to set up instalment plans to repay eligible purchases.

How to apply

You can apply for the Westpac Low Rate credit card online in 10 minutes and receive a response in 60 seconds. Check that you meet the eligibility criteria and have the necessary information to complete the application first.

Eligibility criteria

Eligible balance transfer debt. If you plan to take advantage of the balance transfer offer, you can transfer from $200 up to 80% of your available credit limit from up to 3 non-Westpac Australian issued credit, charge or store cards.
Cardholder status. In order to be eligible for the balance transfer offer and the cashback offer, you must be a new Westpac Low Rate cardholder.

Age. You must be at least 18 years of age to apply.
Residency. In order to apply online, you must be a permanent resident of Australia, currently in Australia.

Required documents

Personal details. Including your full name, date of birth, residential address, contact information, marital status and number of financial dependents.
Proof of identification. You'll need to provide some form of identification such as Australian driver's licence, Medicare card or Australian passport.
Finances. You'll need to confirm your annual income with recent payslips or bank statements. You'll also be asked to list your assets, liabilities and expenses.
Employment. Confirm your current place of employment and provide your employer's contact information.
Balance transfer information. If you are transferring a balance(s) to the Westpac Low Rate, you will need to provide details of that account(s).

Go to Westpac's site More info

Card benefits

0% balance transfer offer. You can consolidate other card debts and save with 0% p.a. interest for the first 24 months when you apply by 31 March 2021 (a one-time 1% balance transfer fee applies). At the end of the introductory period, any remaining balance will revert to the variable cash advance rate, currently 21.49% p.a. The balance transfer will be processed when the card is activated.
$200 cashback. You'll get $200 back to your account if you apply, are approved by 31 March 2021 and spend $1,000 on eligible purchases using your new Westpac Low Rate Card within the first 90 days from approval. Eligible spending covers most everyday purchases. Transactions that won't count towards this spend requirement include BPAY payments, cash advance transactions, government charges, balance transfers and account fees and charges.

Smartplan. You can use the Smartplan repayment planner to pay off your card balance in monthly instalments. You can set up a plan for either a single purchase of at least $500 or more made within the last 30 days, or for any credit card balance that's worth $200 or more.
Additional cardholders. You can request 1 additional cardholder at no extra cost.
Mobile payment technology. You can link your Westpac credit card with Apple Pay, Samsung Pay or Google Pay to make contactless payments with your smartphone. Plus, you can also pay with your eligible fitness tracker with Fitbit Pay and Garmin Pay.

Rates & fees

Annual fee. This card charges an annual fee of $59.
Purchase rate. This card charges a variable purchase interest rate of 13.74% p.a.

Interest-free days. When you pay your monthly payment balance in full, which excludes current balance transfers, listed on your statement by the payment due date, you will receive up to 55 days interest-free on new purchases. Note that interest-free days are separate from any longer-term interest rate promotions.
Cash advances. If you use your card to make a cash advance, such as an ATM withdrawal, you'll collect an interest rate of 21.49% p.a. and will be charged a fee of 2% or $2.50 (whichever is greater).
Currency conversion rate. When you use your card to make a transaction in a foreign currency overseas or online, you'll be charged a fee of 3% of the transaction value.

Go to Westpac's site More info

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693 Comments

Adrian
August 20, 2019

Is a pensioner’s Centrelink income accepted in assessing an application for a Westpac Low Rate Credit Card?

finder Customer Care

Charisse
August 21, 2019

Hi Adrian,

Thanks for reaching out to Finder.

Yes, Westpac can consider your pension when applying for their Low Rate Credit Card.

On their application form, under ‘Income and Savings’, there is a portion which says income/salary/pension where you can put in the amount you receive either monthly, fortnightly, weekly or annually.

You can also contact Westpac directly if you want to confirm this information.

I hope this helps.

Cheers,
Charisse

Susan
May 17, 2019

Does this card attract Qantas frequent flyer points?

Cheers,
Susan

finder Customer Care

Jeni
May 18, 2019

Hi Susan,

Thank you for getting in touch with Finder.

It doesn’t attract Qantas FF points or any reward points. If you consider getting a Westpac credit card that would you earn Qantas FF points, you may check out their Altitude Black Rewards card. Please make sure though to read the eligibility criteria, features and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.

I hope this helps.

Thank you and have a wonderful day!

Cheers,
Jeni

Milan
April 3, 2019

Hi there
Just I want ask before applying credit card
My credit score in equifax is 632
And in Dun and Bradstreet 462
Can I apply for credit card?

Nikki
April 3, 2019

Hi Milan,

Thanks for reaching out to Finder! There are more requirements that entail when applying for a credit card and one may be able to know if they are eligible is by checking the basic eligibility requirements of the Westpac Low Rate Credit Card to increase your chances of approval and this can be found on our page above that says “HOW TO APPLY” or on the main website of the card. Also, read up on the terms and conditions of the card. Feel free to reach out to the bank if you need any clarifications.

Best,
Nikki

Guy
March 23, 2019

Hi! I am wanting to transfer my Commonwealth card to Westpac. My commonwealth card credit limit is $15,000 and I am currently maxed out. Should I pay three grand off this card before applying for a balance transfer – or is that unnecessary?

finder Customer Care

Mai
March 24, 2019

Hi Guy,

Thank you for visiting Finder.

It will depend on the credit limit that will be approved to you by Westpac. This card will only allow 80% of the available balance to be used for balance transfer. So if you are planning to transfer full $15,000 from Commonwealth, you need to be approved to have at least $18,750 by Westpac for the full balance to be covered. Otherwise, you may need to pay Commonwealth the amount that will not be covered by the balance transfer in full to avoid being charged with interests.

Hope this is helpful. Don’t hesitate to contact us back if you need further assistance.

Kind Regard,
Mai

sasha
December 1, 2018

If I apply today and get accepted how long does it take to get the credit card as I leave for overseas shortly. Thanks

finder Customer Care

John
December 6, 2018

Hi Sasha,

Thank you for leaving a question.

If approved, it will take approximately 10 days from the day you applied to received your credit card in the mail. Hope this helps!

Cheers,
Reggie

Brody
November 23, 2018

I have an existing Ignite Visa from Westpac. Is it possible to change that card to this one (Low Rate) and then take advantage of the Balance Transfer promotion? I have found the option via online banking to request the change of cards. Just not sure how I would then go about requesting the balance transfer. TIA!

finder Customer Care

Jhez
November 30, 2018

Hello Brody,

Thank you for your comment.

If you’re referring to applying for the Low Rate card and close the Ignite Visa, it’s actually possible. Just contact the issuer and have them close the old account and apply to the Low Rate card. Please refer to the guide here on how to close and cancel a credit card. Please note that balance transfer between two credit cards under the same banks is not allowed.

Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

Regards,
Jhezelyn

Jen
November 7, 2018

I need to apply for a credit card for my daughter (18 years of age) for her to purchase petrol (which we then pout under our business related expenses). Is it possible for her to have a credit card in her name is she is only a student and now looking for part-time work or do I apply for another credit card and add her as secondary cardholder? I already have other credit cards but we have 2 people attached to these already

Nikki
November 9, 2018

Hi Jen,

Thanks for reaching out. You can get her to be a secondary cardholder or you can get her a student credit card. HERE are some options you can review.
As a friendly reminder, review the eligibility criteria of the card before applying to increase chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the card.

Hope this helps! Feel free to reach out again, we’re on standby!

Cheers,
Nikki

bryar4561
October 24, 2018

I would like to do a balance transfer on $3,100. Did I read correctly that I can only transfer 80% of the balance – or $2,480? Would I need to lower the balance before applying for the transfer (I’ve used about 80% of the available balance)?

finder Customer Care

John
October 24, 2018

Hi Bryar4561,

Thank you for your comment.

The 80% which is being advised about the card is the credit limit that the bank will approve for you. So, just as an example. If you were approved on a $10,000 credit limit on the card, you could make a balance transfer of up to $8000 which is 80% of the limit. Hope this helps!

Cheers,
Reggie

Robert
October 19, 2018

I need to buy a car ASAP. I have a large enough tax check due but cannot wait until it comes through. I’d like to get a 0% or low% cash advance from a credit card, then pay it back in full with my tax cheque. What cards can help with this?

Nikki
October 20, 2018

Hi Mantis3dfx,

Thanks for the inquiry and for visiting our page.

You may go to this page to check out the line up of credit cards with low cash advance rates. The lowest one on the list starts at 11.65% and up. Please do take note of the cash advance fee and annual fee when choosing the right card for you. As a friendly reminder, review the eligibility criteria of the card before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the card.

We also have a page that may allow you to purchase a car using a credit card.

To give you a quick info on this, buying a car on a credit card will rack up your points on a rewards cards. Also, this would be a faster alternative compared to applying for a car loan. However, this limits you on the type of car to purchase — you’re usually left with low cost used cars.

Hope this helps! For any other inquiries, feel free to send us a message anytime.

Kind regards,
Nikki

Alex
September 27, 2018

If you transfer a balance to this new card when applying and pay your account balance in full by the due date on each statement, do you still get the 55 interest-free days? Or, is this not available if you have completed a balance transfer upon application?

finder Customer Care

Jeni
September 27, 2018

Hi Alex,

Thank you for getting in touch with finder.

If you have a balance transfer balance on this card which you processed during your online application, your credit card statement has the minimum amount to pay each month which will not incur any interest if you pay the minimum amount due, since you applied for a 0% BT offer. Basically, if you have a debt on your credit card from a balance transfer, you won’t be eligible for interest-free days on new purchases. If you want to transfer a balance and make purchases without interest, you could also consider a card with an introductory rate of 0% for purchases and balance transfers.

I hope this helps.

Please feel free to reach out to us if you have any other enquiries.

Thank you and have a wonderful day!

Cheers,
Jeni

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