Save on credit card costs with 0% p.a. on balance transfers for 24 months.
The Westpac Low Rate credit card is designed to provide the flexibility of a credit card account without high costs. If you apply for this card by 11 June 2018, you can enjoy 0% p.a. on balance transfers for 24 months (with a one-time 2% balance transfer fee).
|Product Name||Westpac Low Rate Card|
|Balance transfer rate (p.a.)||0% p.a. for 24 months with 2% balance transfer fee|
|Balance Transfer Revert Rate|
The interest rate after the balance transfer ends.
|Cash Advance Rate (21.49% p.a.)|
|Balance Transfer Limit||80% of available credit limit|
|Purchase rate (p.a.)||13.49% p.a.|
|Offer end date||11 June 2018|
|Annual fee||$59 p.a.|
|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.)||21.49% 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.
|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||No|
|Minimum Age||18 years of age|
|Available To Temporary Residents||Yes - Conditions apply|
|Credit Rating Requirement||Good|
|Annual fee||$59 p.a.|
|Minimum Monthly Repayment||2% or $10, whichever is greater|
|Late Payment Fee||$15|
|Cash Advance Fee||2% of the transaction amount or $2.50|
|Overseas Cash Advance Fee||2%|
|Foreign Currency Conversion Fee|
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.
|Gambling Transactions Allowed||Yes|
|Additional Cardholder Fee||$0|
|Number of Additional Cardholders||1|
- Take advantage of a promotional offer of 0% p.a. for 24 months on balance transfers.
- Receive up to 55 days interest-free on purchases.
- You can request for an additional cardholder at no extra cost.
- This card has no rewards program.
- A one-time 2% balance transfer fee applies.
- Complimentary insurance covers are not offered on this card.
Westpac Low Rate credit card review
This low-cost credit card from Westpac offers a standard variable interest rate of 13.49% p.a. on purchases and a competitive annual fee of $59. It also gives you up to 55 interest-free days when you pay your balance in full by the due date on each statement.
The Westpac Low Rate credit card also has a balance transfer promotion available for new cardholders when you apply by 11 June 2018, giving you the choice between a 0% balance transfer promotion on your account. Plus, you can add an additional cardholder for free. While this card does feature a relatively low annual fee and an introductory offer, there are some costs involved.
Benefits of the Westpac Low Rate credit card
- 0% balance transfer offer. You can consolidate high-interest debts by transferring up to 3 non-Westpac balances to this card and save with 0% p.a. interest for the first 24 months (with a one-time 2% BT fee). At the end of the promotional period, any remaining balances will revert to the variable cash advance rate.
- Low variable purchase rate. This card has a standard variable purchase rate of 13.49% 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 days are not available for cash advance transactions or if you carry a debt from a balance transfer.
- Additional cardholders. Get 1 additional cardholder for $0 p.a.
- Contactless technology. The Visa card can be used for Visa payWave terminals with contactless technology. You can also link your Westpac credit card with Samsung Pay or Google Pay to make contactless payments with your smartphone. Plus, you can use the Westpac mobile banking app to make contactless payments with your Samsung smartphone.
Features of the Westpac Low Rate credit card
- Annual fee. This card comes with an annual fee of $59.
- 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% of the transaction amount or $2.50.
- Currency conversion rate. If you use your card to make a foreign transaction overseas or online, you'll collect an interest rate of 3%.
- Late payment fee. Missed payment charges apply at a $15 fee and there is an over-limit fee of $15 as well.
- Card security. This card has various security features. It features CardShield, which protects your card from fraudulent activities. The Visa card also has an embedded microchip which features enhanced security and offers a 24-hour protection by monitoring your card activities. Westpac also has a money back guarantee with all fraudulent activities, provided that you were not responsible for the loss.
How to apply for the Westpac Low Rate credit card
If you’ve compared your options and decided that the Westpac Low Rate credit card is right for you, you can apply for this card by completing the online application form. Before you apply, make sure you comply with the eligibility requirements and have the necessary information and documents.
- Minimum age limit. You must be at least 18 years of age to apply.
- Residency. Westpac only approves applications from permanent Australian residents and Australian citizens.
- Good credit history. You'll need to have a healthy credit history with no signs of recent signs of bankruptcy or a low credit score to receive approval.
- Minimum income requirement. You'll need to meet the minimum income requirements set by the Westpac.
- Proof of identity. You'll need to provide some form of identification such as Australian driver's licence, Medicare card or Australian passport.
- Financial details. The credit card provider will also require your personal and financial details to assess your credit rating and source of income. If you receive government support and payments, you'll need to provide your Centrelink Pension Card details.
- Employment details. You'll need to provide details about your employment including your annual income and your employer's details.
The Westpac Low Rate credit card is designed to ease the burden that comes with credit repayments. As it's not the only low rate card on the market, compare similar credit cards to ensure you're applying for the right card.Back to top