Westpac Low Rate credit card 0% balance transfer for 24 months
Clear your credit card debt without the cost of interest for two years with Westpac’s new balance transfer offer.
Good news! Westpac has relaunched its 0% for 24 months balance transfer offer on the Westpac Low Rate credit card this month. The bank previously released a similar offer in December last year and again in April and August 2017.
The reinstated 0% for 24 months offer makes it one of the longest interest-free balance transfer card on the market. Outside of this specific promotional offer, the Westpac Low Rate credit card usually only offers 0% on balance transfers for 20 months. However, you can now take advantage of this 24 month, interest-free offer if you apply online and are approved by 31 January 2018.
What are the costs?
While you will save on interest, the card isn’t entirely cost-free. You’ll have to pay the 2% balance transfer fee when you first move your balance to the new card and an annual fee of $59 (which is relatively competitive compared to some other balance transfer credit cards).
When the interest-free balance transfer offer ends, the interest rate will revert to the variable cash advance rate of 21.49% p.a. and any remaining debt will begin to grow with interest. If you’re worried that you won’t be able to pay your debt in full by the end of the two-year promotional period, the revert rate is something you should pay attention to.
You’re required to pay at least 2% (or $10, whichever is greater) of your closing balance each month, but you should pay as much as you can to clear your debt before the introductory offer ends. So, let’s say you have a balance of $10,000. Rather than just paying the 2% minimum repayment (which would be $200 each month), you could pay $416 each month to clear the entire balance within 24 months and avoid collecting any interest.
Are there any extra features?
Although the Westpac Low Rate card offers a competitive 0% balance transfer deal and relatively low fees, it is a no-frills card that comes with limited extra features. For example, some other balance transfer credit cards come with complimentary insurances, concierge services and rewards programs. However, if you're only using the card to consolidate and repay your debts, the lack of additional features may not be a concern if you don't plan to use the card beyond the promotional balance transfer offer.
If you’re struggling to repay a large debt that is collecting high-interest, Westpac's Low Rate card could be a useful tool to clear your debt without collecting any additional interest. However, as this isn’t the only 0% balance transfer offer on the market, it would be wise to compare your options before you apply.
You can use our balance transfer credit card guide and consider the size of your debt and your ability to repay as well as the additional costs that come with the card to pick the right card for you.
|Product Name||Westpac Low Rate - Online Offer|
|Balance transfer rate (p.a.)||0% p.a. for 30 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||28 February 2018|
|Annual fee||$0 p.a. annual fee for the first year ($59 p.a. thereafter)|
|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|