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Terms and conditions apply

Balance transfer rate for 28 months with no balance transfer fee: 0% p.a.
Purchase rate: 13.74% p.a.
Annual fee: $59 p.a.
Interest-free on purchases: Up to 55 days

Our verdict

Offers a 0% interest rate for 28 months on balance transfers, with a $59 annual fee.

The Westpac Low Rate Credit Card gives you a way to pay off existing debts with 0% interest on balance transfers for the first 28 months. This is a relatively long introductory period and, unlike some other offers on the market, there’s no balance transfer fee. Just keep in mind that a 21.49% p.a. revert rate applies after the introductory period.

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

Pros

0% p.a. for up to 28 months on balance transfers, with no BT fee
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

If you apply by 30 April 2024 and request a balance transfer as part of the application, you’ll get a 0% p.a. balance transfer rate for the first 28 months. This offer has no balance transfer fee but if you’re still paying off the balance at the end of the introductory period, a high 21.49% p.a. interest rate applies.

This low rate card has a 13.74% p.a. purchase rate and a $59 annual fee that’s also at the lower end of the scale. If you’re looking for a buy now pay later alternative, the Westpac Low Rate Card also comes with SmartPlan instalment options.

Details

Product details

Product Name	Westpac Low Rate Card
Balance transfer rate p.a.	0% for 28 months, then 21.49%
Balance transfer limit	80% of available limit
Purchase rate p.a.	13.74%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	21.49%
Min credit limit	$500
Max credit limit	$50,000
Card type	Mastercard

Eligibility

Available to temporary residents	Yes
Minimum income	$30,000
Joint application	No

Rewards

Bonus points

N/A

Fees

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	3%
Overseas cash advance fee	2%
Additional cardholder fee	$0
Number of additional cardholders	1

How to apply

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

Eligibility criteria

Eligible balance transfer debt. With 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. You'll also need BPAY payment details for the account/s.
Cardholder status. In order to be eligible for the balance transfer 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 28 months when you apply by 30 April 2024 with no balance transfer fee. 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.
Instalment plans. If you want to repay purchases or your balance over time, Westpac offers 2 different instalment options. You can use Pay in 4 to split your purchases into 4 repayments (similar to some buy now pay later plans). Or, set up a SmartPlan for either a single purchase of at least $200 made in the last 30 days or 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 be charged an interest rate of 21.49% p.a. and will be charged a fee of 3% of each cash advance amount.
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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Amy Finder

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Benjamin

November 08, 2023

Are Self employed applicants eligible, and what income verification would be required if so.

Amy Bradney-George Finder

November 12, 2023

Hi Benjamin,

Yes, people who are self-employed can apply for this card as long as they meet the other eligibility requirements. For proof of income, Westpac requires recent business bank statements and your most recent ATO Notice of Assessment when you’re self-employed. I hope this helps.

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Zen

October 27, 2023

Can the balance transfer be done against personal loan?

Amy Bradney-George Finder

October 29, 2023

Hi Zen,

Unfortunately, Westpac only accepts balance transfers from other Australian credit cards or store cards. But Finder has a guide to credit cards that allow you to balance transfer a personal loan if you want to compare other options. I hope this helps.

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Jackson

July 29, 2023

Hi,

Does a balance transfer affect your credit score, mine is currently 914? I would like to apply for a car loan in the next 6 months or so, and I don’t want this transfer to jeopardise that approval process.

I want to transfer $7000 from a GO Platinum Card that has an interest rate of 26.99%.

How much would it cost to transfer, hidden fees? I currently have a Westpac Choice account, is that eligible for annual fee waiver? I will be paying $300-$400 monthly to clear this debt. Looking forward to your response! Thanks

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Amy Bradney-George Finder

July 31, 2023

Hi Jackson,

Please keep in mind Finder can only give general advice and information. In regards to balance transfers, the balance transfer credit card application will be listed on your credit report. This means it could affect your credit score. You could contact potential car loan providers to discuss the potential impact a balance transfer may have on your car loan application. In regards to fees, the current Westpac Low Rate Credit Card balance transfer offer does not have a balance transfer fee, while some other cards do charge a fee worth around 2-3% of the balance transfer’s value. Just remember to also consider the annual fee and any applicable interest charges for new transactions. I hope this helps.

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Melvin

July 08, 2023

Hi – Is there any one-time balance Transfer fee?

Seems to be silent in the offer.

Also I believe existing Westpac Customers have the the first year annual fee waived off

Elizabeth Barry Finder

July 24, 2023

Hi Melvin,

Thanks for the question.

There is no one-time balance transfer fee. And yes, if you currently bank with Westpac and apply before 1 November 2023 you can sign in to your Westpac account to apply for this card to have the first year’s annual fee waived.

Thanks,

Elizabeth

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Eshant

June 10, 2023

What is the maximum credit limit for International students in student visa for a Westpac Low Rate Credit Card?

Amy Bradney-George Finder

June 15, 2023

Hi Eshant,

The maximum credit limit for this card doesn’t change based on someone’s visa status. It is based on the details provided in the application including income and regular expenses. As part of Australia’s lending requirements, banks must consider a person’s ability to repay a credit card’s limit, with interest, over 3 years. Finder’s guide to credit limit calculations has further details that may be of assistance. If you have more specific questions about the Westpac Low Rate Credit Card, you can call Westpac on 1300 651 089. I hope that helps.

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Westpac Low Rate Credit Card

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