Westpac Low Rate Credit Card
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.
Balance transfer rate
for 24 months with 1% balance transfer fee
Interest free period
|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.|
|Interest-free period||55 days|
|Cash advance rate||21.49% p.a.|
|Min credit limit||$1,000|
|Max credit limit||$25,000|
|Foreign currency conversion fee||3%|
|Available to temporary residents||No|
- 0% p.a. for up to 24 months on balance transfers
- $200 cashback offer
- Low 13.74% p.a. interest rate on purchases
- 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
|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|
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.
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.
- 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.
- 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).
- 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.