If you apply by 31 July 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 a 2% balance transfer fee and if you’re still paying off the balance at the end of the introductory period, a high 21.49% p.a. interest rate applies.
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Westpac Low Rate Credit Card
Terms and conditions apply
- Balance transfer rate for 28 months with 2% 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 one-time 2% balance transfer fee and a $59 annual fee.
Pros
-
0% p.a. for the first 28 months on balance transfers
-
Low 13.74% p.a. interest rate on purchases
Cons
-
Charges a one-time 2% balance transfer fee
-
Balance transfer reverts to the high cash advance rate of 21.49% p.a. after the introductory period
Details
Product details
| Product Name | Westpac Low Rate Card |
| Balance transfer rate p.a. | 0% for 28 months with 2% balance transfer fee, 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 |
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Amy Finder
Editor
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Amy Bradney-George Finder
January 17, 2024
Hi Dana,
Yes, you can still use the credit card for purchases when you have a balance transfer. Just keep in mind that the introductory 0% p.a. interest rate only applies to balance transfers. This means new purchases would attract the card’s purchase interest rate, unless you repaid the total monthly payment balance listed on each statement (to make use of interest-free days on purchases). I hope this helps.
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Lynsey
January 11, 2024
Am I eligible for this balance transfer card even if I only have a fair credit score ?
Amy Bradney-George Finder
January 14, 2024
Hi Lynsey,
Banks and other credit card companies consider your credit score and credit report when you apply but there are other factors they assess too, including your income and regular expenses. So if you meet the eligibility requirements listed for a card, you can still apply. Finder also has a guide with tips to increase your chance of credit card approval that offers further insights. I hope this helps.
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Bianca
January 09, 2024
Hi there, I’am currently unemployed as I have a chronic illness (severe endometriosis along with anxiety/depression! I am unable to work at this time. I’ve had an extremely challenging few years. Would I still be eligible? Please advise.
Thanks.
Richard Whitten Finder
January 10, 2024
Hi Bianca,
I’m really to hear about your situation, that’s incredibly tough. Westpac’s website says that this credit card requires a minimum income of $30,000 a year.
Depending on your situation, you may be eligible for a Good Shepherd no interest loan, of up to $3000 – these are usually available to help with urgent medical bills and housing costs, like rent.
Hope this helps!
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Kristy
January 03, 2024
Hi,
I wanted to do a balance transfer from an account where I’m an additional card holder, not primary. Do you know if this would be possible?
Thanks
Richard Whitten Finder
January 10, 2024
Hi Kristy,
I suggest asking Westpac about this directly. We don’t have any information about something like this, as it’s quite specific. Sorry we can’t be more helpful.
Phil
January 02, 2024
I have a ANZ credit card for my Bussiness which i would like to transfer to a different rate and transfer balance also.
Is it better to stay with a same bank which we have also already or??
I am self employed also.Thanks.
Amy Bradney-George Finder
January 15, 2024
Hi Phil,
Most balance transfer offers are typically for transferring debt between personal credit cards. So if you have a dedicated business credit card, you may want to contact Westpac (or any other lender) directly to check if you would be able to transfer the balance. There is also a limited selection of business credit cards with balance transfer offers, which you can view by using the filters on Finder’s comparison table. It is also sometimes possible to transfer balances to a new account with your existing lender, but the introductory balance transfer offer may be different to the ones advertised for new customers. I hope this helps.
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Dana
January 15, 2024
With the balance transfer will I still be able to use the card for purchases within the Balance Transfer period?