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Save on credit card costs with 0% p.a. on balance transfers for 12 months, 0% p.a. on purchases for 6 months and a low annual fee.
Westpac Low Rate credit card is designed to provide cardholders with the flexibility of a credit card without the high costs. New cardholders can enjoy 0% p.a. balance transfers for 12 months and an introductory interest rate of 0% p.a. for 6 months on purchases. These offers will end on 28 June 2017.
The card comes with a competitive variable rate on purchases, plus you can add an additional cardholder over the age of 16 at no extra cost.
| Product Name | Westpac Low Rate Card |
|---|---|
| Balance transfer rate (p.a.) | 0% p.a. for 12 months |
| Balance Transfer Revert Rate The interest rate after the balance transfer ends. | Purchase Rate (13.49% p.a.) |
| Balance Transfer Limit | 95% of available credit limit |
| Purchase rate (p.a.) | 0% p.a. for 6 months (reverts to 13.49% p.a.) |
| Offer end date | 28 June 2017 |
| 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. | $500 |
| 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. | $25,000 |
| Minimum Monthly Repayment | 2% or $10, whichever is greater |
| Minimum Income | $15,000 |
| Card Type | Visa |
| Late Payment Fee | $15 |
| 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 |
| Available To Temporary Residents | Yes - Conditions apply |
| Joint Application | No |
| Minimum Income | $15,000 |
|---|---|
| Minimum Age | 18 years of age |
| Available to Temporary Residents | Yes - Conditions apply |
| Credit Rating Requirement Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here. | Good |
| 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. | $500 |
| 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. | $25,000 |
| Annual Fee | $59 p.a. |
|---|---|
| Minimum Repayment | 2% or $10, whichever is greater |
| Late Payment Fee | $15 |
| Over Limit Fee | $15 |
| Cash Advance Fee | 2% of the transaction amount or $2.50 |
| Overseas Emergency Replacement | $0 |
| Overseas ATM Balance check | $0 |
| Overseas ATM Withdrawal Fee | $0 |
| 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 |
| Gambling Transactions Allowed | Yes |
| Gambling Transactions Interest Rate | Cash Advance Rate |
| Additional Cardholder Fee | $0 p.a. |
| Number of Additional Cardholders | 1 |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
| Yes |
Pros
- This card comes with a promotional offer of 0% p.a. for 6 months on purchases.
- This also offers a 0% p.a. for 12 months on balance transfers.
- After the promotional period, the balance transfer and purchase rates revert to a low interest rate of 13.49% p.a.
Cons
- This card has no rewards program.
Westpac Low Rate credit card review
The card comes with interest-free days, a competitive annual fee and promotional 0%Â interest rates on balance transfers and purchases. Plus, you can add an additional cardholder for free. While this card does offer a relatively low annual fee and 0%Â promotional offers, there are some costs involved.
Benefits of the Westpac Low Rate credit card
- Introductory purchase rate offer. This card comes with an introductory purchase rate of 0% p.a. for 6 months (reverts to a 13.49% p.a. standard purchase rate after the promotional period ends).
- 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 12 months. The interest rate will revert to 13.49% p.a. at the end of the promotional period.
- 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 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.
- Duplicate statement fee. Duplicate statement fee attracts a $7.50 charge.
- Card security. This card has various security features. It features Card Shield, which protects your card from fraudulent activities. The Visa card also has an embedded microchip which features enhanced security and Falcon Fraud protection. Falcon Fraud offers 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.
- Interest-free period. If you repay your account in full, you can take advantage of up to 55 days interest free on eligible purchases in the following statement period.
How to apply for the Westpac Low Rate credit card
If you’ve decided 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, though, make sure you comply with the eligibility requirements and have the necessary information and documents to complete the form.
Eligibility criteria
- 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 a minimum income requirement for each card.
Required documents
- Proof of identity. You'll need to provide some form of identification such as your ID, drivers license, or 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.
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.
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can someone on a mother’s pension from centrelink be approved on this type of credit card
Hi Talia,
Thanks for your question.
If you’re on a pension, what you need to provide will depend on your financial situation. The most basic requirement to apply for a Westpac credit card will be your 2 most recent Centrelink statement.
You may want to get in touch with Westpac to check the other requirements and criteria for your situation.
Cheers,
Anndy
Hi! I’ve just applied for a low rate credit card with Westpac and I would like to do a balance transfer. Is this offer still available? I still haven’t got my new card yet. I’m a new customer with Westpac.
Hi Shimona,
Thanks for your question.
Yes, the 0% p.a. for 16 months balance transfer offer is still available for new cardholders and is valid until 30 January 2017.
Cheers,
Ysa
What amount am I able to transfer ?
Hi Andrew,
Thanks for your question.
With Westpac Low Rate Credit Card, you can balance transfer up to 95% of your available credit limit.
Cheers,
Anndy
Hi there,
I am Westpac existing customer and currently a Westpac holding a 55 days Platinum credit card with balance transfer. Just wondering will I still eligible for a balance transfer of this Low Rate Card?
Hi Steven,
Thanks for your question.
Unfortunately, the 0% for 18 months balance transfer offer is only available to new approved Westpac customers.
Since you are currently holding a 55 Day Platinum credit card, you may not be eligible for this offer.
Should you wish to check for other credit cards with the same feature, please refer to this comparison guide on balance transfer credit cards.
I hope this helps.
Cheers,
Ysa
I am not a new customer. l have west pack c/c my card is no outstanding balance. can I do 18 month balance transfer from same card or do I need apply new card?
Hi MP,
Thanks for your inquiry.
A credit card balance transfer is essentially the process where you transfer the balance (any money you owe on your current credit card) to a new credit card with another credit card institution. Now if you do not have any outstanding balance on your current Westpac credit card, a balance transfer may not be necessary.
Nonetheless, if you intend to have another credit card in addition to your Westpac credit card, then you can apply for a new card by reviewing the criteria and requirements before you submit any application.
If you wish to apply for this Westpac Low Rate credit card, you may do so by clicking the ‘Go to site’ button to head over to Westpac’s website. Just be mindful though that you can’t do a balance transfer from your current card to this account.
Cheers,
May
We have used a westpac Credit card for many years $10500 limit. Since my husband went into a Nursing home last year (Dementia) I am having difficulty with repayments due to the interest rates. Would it be possible to transfer to a Low Rate Credit Card or have you any other suggestion please
Hi Norma,
Thanks for your inquiry.
Unfortunately, it’s not possible to transfer your balance from your current Westpac credit card to a Low Rate credit card that is also issued by Westpac. However, you can transfer your balance to a non-Westpac credit card and you can compare your options on this page.
Just be mindful though that the total amount you can transfer onto the new credit card should not exceed your approved credit limit.
Please make sure to review the criteria and requirements before you submit your application or yet get in touch with the bank to discuss your chances of approval. This way, you can avoid enquiries on your credit file and you’ll be able to keep it healthy.Â
I hope this is helpful.
Cheers,
May
I have had 4 defaults on my credit file and its cleared off now, cause I waited the 5 years or more.. plus I paid the defaults in full.
I order my credit file, there isn’t any defaults at all. I have had 3 credit enquires & 56 file access but this would of been in the last 5 or more years..
I am not working, but I do have a pension card and payments and have 3 children..
$2000 just under front income..
I would like to apply and get approve for a credit card & I applied through my bank Commonwealth as I have account there..
but I was not approved..
Do you know why? I can’t get a credit card… only want under $2000 just for urgent use..& to built my credit file up..
Hi Tracy,
Thanks for your comment and I’m sorry to hear about your declined application.
It could be that you may not have met the eligibility requirements (like income, credit score, provided necessary documents, etc.) when applying.
As your application just recently got rejected, it’s not a good idea to apply for another credit card right away as applying for multiple credit cards within a short span of time can negatively affect your credit score and decrease your chances of future approval. You may have to wait for a few months before you apply for a credit card again.
In future, make sure to review the criteria and requirements before you submit your application or call the bank first to discuss your chances of approval. This way, you can avoid too many enquiries on your credit file and you’ll be able to keep it healthy.Â
Cheers,
May
I have a gem visa card and a St. George vertigo card and would like to transfer the balance of both cards to have one payment monthly. Which lenders should I look at and would St. George bank consider a balance transfer if I upgrade to another card.
Hi Janeen,
Thanks for your inquiry.
If you want to transfer your balance from your Gem Visa and St. George Vertigo credit cards, make sure to choose a credit card that is not underwritten or issued by Gem and St. George. Generally, if you will transfer balances between credit cards of the same institution, your credit card application and BT request will surely be declined.
So, which banks allow you to transfer balance to and from? You can actually get an idea from this article.
Also, please note that when you transfer balances from two different cards to a single credit card, make sure that the total balance transfer amount should not exceed the credit limit that you’ll be approved for. You can actually check that information from the product disclosure booklet of the card.
In the meantime, if you wish to check and compare your balance transfer credit card options, please feel free to visit this page.
I hope this is helpful.
Cheers,
May
can i do a balance transfer from another bank if i have a low int westpac card already is it the same rate. and what is the best procedure?
Hi Biddy,
Thanks for your question.
The promotional balance transfer rate for Westpac Low Rate Credit Card is only available if the balance transfer is requested at card application between 7 July 2016 to 11 October 2016. If you request for a balance transfer at any other time, the variable purchase rate applies.
Cheers,
Anndy
If I transfer eg $5000 from another card and after the 18 months 0% interest laps still owe $1000 of the original $5000 transferred, what will the interest rate be that I will be charged on the outstanding balance?
Hi Betty,
Thanks for your question.
If after the 18-month period when the special promotion offer of 0% p.a. on balance transfers ends you still have a remaining balance on the amount you transferred, it will attract an interest rate of 13.49% p.a which is equivalent to purchase rate.
Cheers,
Anndy