Westpac Low Rate credit card 0% balance transfer for 24 months

Posted: 15 November 2017 10:44 am


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.

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12 Responses

    Default Gravatar
    francescaAugust 15, 2019

    What happens at the end of the interest-free period? Can I close the card before that period or once I pay it off or will I be charged a transfer fee?

      Avatarfinder Customer Care
      JeniAugust 16, 2019Staff

      Hi Francesca,

      Thank you for getting in touch with Finder.

      If you had a balance transfer with this Westpac Low Rate credit card and you have paid off the BT balance before its promo period, then you will not be charged with any interest. If the promo period ends and your account still has a balance owing from the balance transfer, the interest rate will revert to the variable cash advance rate of 21.49% p.a. and the remaining debt will begin to grow with interest. You may close this card at any time. The transfer fee will reflect on your first monthly statement after doing the balance transfer if there is.

      I hope this helps.

      Thank you and have a wonderful day!


    Default Gravatar
    LalitSeptember 5, 2017

    I’m westpac customer.
    I have to transfer some amount to my Non westpac bank AC.
    Can I apply for BT?

      Avatarfinder Customer Care
      RenchSeptember 5, 2017Staff

      Hi Lalit,

      Thank you for reaching out to us.

      With regard to your query, understand the rules around balance transfer credit cards and learn which banks you can and can’t transfer your debt between. Balance transfer credit cards have restrictions around which institutions you can balance transfer your debts from to enjoy a low or 0% promotional interest rate. This is usually because the credit card companies have financial ties to one another.

      I highly recommend you that before you move your debts, learn which financial institutions you can and can’t transfer your balance between. This will help you know which bank you should choose when transferring your balance from Westpac.

      Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      I recommend that you check the details of the credit card you’re interested in, its eligibility criteria as well as the Product Disclosure Statements/Terms and Conditions before you apply.

      Also if you can, contact first the issuing bank and discuss your options and chances of approval before you send anything final for your application. Just apply for one credit card at a time and ensure your eligibility before submitting your final application. This way you can avoid credit enquiries on your file.

      I hope this information helps.

      Best regards,

    Default Gravatar
    PaulJuly 12, 2017

    I applied for the Westpac 24 month interest free credit card – through your site – before the 28th June and was approved. Now Westpac are saying Finder.com never had the right to advertise that product? and they wont allow me to have the 24 month interest free period and are trying to charge a transfer fee along with halving the agreed interest free period you had advertised to 12 months. Please explain as I am taking this to the ombudsman. I am very disgruntled

      Default Gravatar
      JonathanJuly 26, 2017

      Hello Paul,

      Thank you for your inquiry. We understand that you feel upset about what happened.

      Please be advised that finder is a comparison website and we publish the information based on the sources we get such as the card’s website. Therefore, the offer which you have seen on our page, is also readily seen and available to our merchant’s website.

      They have discretion on approving past and existing promotions as this is subject to their own internal guidelines, which is beyond our scope. If you believe you have met the qualifications for the balance transfer offer, you may consult with them for review and/or check their T&Cs.

      Hope this clarifies.


    Default Gravatar
    InemJune 15, 2017

    Hi there,

    I have a credit card with St. George bank (Vertigo), can I get BT with Westpac for 24 months?
    Thank you.

      Default Gravatar
      LiezlJune 15, 2017

      Hi Inem,

      Thanks for your question.

      You can’t do a balance transfer between these two brands since both are issued by Westpac. If you wish to learn more, we have a guide that will help you with which banks you can do a balance transfer.

      I hope this helps.


    Default Gravatar
    PGMay 18, 2017

    Hi, I’m WBC staff and have a WBC Altitude Platinum and wanted to transfer (payoff) my mum’s balance from another WBC credit card. Can I qualify for a 0% offer?

      Avatarfinder Customer Care
      MayMay 18, 2017Staff

      Hi PG,

      Thank you for your inquiry.

      Unfortunately, as a general rule with most credit card issuers, it’s not possible to transfer your current credit card debt to a new card that is also issued/underwritten by the same institution. If you wish to learn more, please read our guide on which banks you can do a balance transfer.

      So, I’m afraid that your mother’s credit card balance cannot be transferred to your new Westpac card with a 0% interest offer. Should you want to learn more about this, please read more about how to do a balance transfer with joint primary cardholders.

      If you are reconsidering of checking other options for BT cards, you may click the list of credit cards on our website.

      Hope this helps.


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