Westpac Low Rate Credit Card

2019 Winner
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Save on existing credit card interest costs with 0% for 16 months on balance transfers with the Westpac Low Rate.

The Westpac Low Rate is a no-frills credit card designed to help you save on costs with a competitive balance transfer offer, low annual fee and SmartPlan instalment options.

0% p.a.

Balance transfer rate

for 16 months

13.74% p.a.

Purchase rate

$59 p.a.

Annual fee

55 days

Interest free period

Details

Product NameWestpac Low Rate Card
Balance Transfer Rate0% p.a. for 16 months
Balance Transfer Revert RateCash Advance Rate (21.49% p.a.)
Balance Transfer Limit80% of available balance
Purchase Rate13.74% p.a.
Annual Fee$59
Interest Free Period55 days
Cash Advance Rate21.49% p.a.
Minimum Credit Limit$1,000
Maximum Credit Limit$25,000
Card TypeMastercard
Foreign Currency Conversion Fee (Visa/Mastercard)3% of transaction value
Complimentary Travel InsuranceNo
Minimum Income$15,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
Joint ApplicationNo

Pros

  • 0% for 16 months on balance transfers with no balance transfer fee

Cons

  • Balance transfer reverts to the high cash advance rate of 21.49% p.a. after the introductory period.
Annual Fee$59
Minimum Monthly Repayment2% of the closing balance or $10, whichever is greater
Late Payment Fee$15
Foreign Currency Conversion Fee (Visa/Mastercard)3% of transaction value
Cash Advance Fee2% or $2.50, whichever is greater
Overseas Cash Advance Fee2%
Additional Cardholder Fee$0
Number of Additional Cardholders1

Expert review

Sally McMullen

Review by


Sally McMullen is Finder's credit cards and frequent flyer editor by day and a music maven by night. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone.

Expert review

While it's not the longest balance transfer offer on the market, the 0% for 16 months offered on the Westpac Low Rate does have the advantage of no balance transfer fee. You can also save with a low standard annual fee of $59 and optional instalment plans.

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, you must be a new Westpac Low Rate cardholder.

Card benefits

  • 16 month balance transfer offer. You can consolidate other card debts and save with 0% interest for the first 16 months when you apply by 31 March 2020. 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.
  • 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.

Rates & fees

  • Purchase rate. This card charges a variable purchase interest rate of 13.74% p.a.
  • Interest-free days. If you pay your account balance in full by the due date on each statement, you can enjoy up to 55 days interest-free on your purchases. Note that interest-free do not apply while you carry debt from a balance transfer.

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695 Comments

  1. Default Gravatar
    Adrian
    August 20, 2019

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

    • AvatarStaff
      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

  2. Default Gravatar
    Susan
    May 17, 2019

    Does this card attract Qantas frequent flyer points?

    Cheers,
    Susan

    • AvatarStaff
      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

  3. Default Gravatar
    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?

    • AvatarStaff
      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

  4. Default Gravatar
    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?

    • AvatarStaff
      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

  5. Default Gravatar
    Cindy
    February 2, 2019

    With student Visa cards, if the only income currently receiving is AuStudy is it worth the effort of applying as I don’t wish a bad credit rating?

    • AvatarStaff
      Jeni
      February 3, 2019

      Hi Cindy,

      Thank you for getting in touch with finder.

      If you consider getting a credit card with Westpac, this credit card you’re looking at has the minimum annual income requirement of $15,000 while Westpac Student Credit Card is no longer available for new applications. You may check out this page to compare credit cards for students like you. Kindly use this page as guide on applying for a credit card for the first time.

      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. Some credit card issuers’ eligibility criteria include earning requirement of at least $15,000 per year – this can include part time work, Youth Allowance and Austudy.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  6. Default Gravatar
    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

    • AvatarStaff
      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

  7. Default Gravatar
    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!

    • AvatarStaff
      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

  8. Default Gravatar
    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

    • AvatarStaff
      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

  9. Default Gravatar
    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)?

    • AvatarStaff
      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

  10. Default Gravatar
    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?

    • AvatarStaff
      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

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