Westpac Low Rate Credit Card – Cashback Offer

This low rate card offers $400 cashback and a $0 annual fee for the first year, with a $59 annual fee after that.

The Westpac Low Rate Credit Card is suited to people who want a low-cost account with simple features. Right now, you can get extra value from a Westpac Low Rate credit card with $400 cashback on your account when you apply as a new customer by 30 November 2021 and spend $4,000 on eligible purchases within the first 120 days from card approval. You’ll also save with a $0 annual fee for the first year, which reverts to $59 p.a. after that.

This no-frills credit card also has a low interest rate of 13.74% p.a. for purchases and interest-free days if you pay your balance off in full by the due date on each statement.

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Amy Bradney-George

Last Updated Aug 30, 2021

6.99% p.a.

Balance transfer rate

for 12 months

13.74% p.a.

Purchase rate

$0 p.a.

Annual fee

for the first year ($59 p.a. thereafter)

55 days

Interest free period

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Details

Product Name	Westpac Low Rate Card - Cashback Offer
Balance transfer rate	6.99% p.a. for 12 months
Balance transfer revert rate	Cash Advance Rate (21.49% p.a.)
Balance transfer limit	80% of available limit
Purchase rate	13.74% p.a.
Annual fee	$0 annual fee for the first year ($59 p.a. thereafter)
Interest-free period	Up to 55 days on purchases
Cash advance rate	21.49% p.a.
Min credit limit	$500
Max credit limit	$25,000
Card type	Mastercard
Foreign currency conversion fee	3%

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

Pros

$400 cashback offer
$0 annual fee for the first year ($59 p.a. thereafter)
Free additional cardholder

Cons

No rewards program
No additional perks like insurance covers or travel benefits

Bonus points	N/A

Annual fee	$0 annual fee for the first year ($59 p.a. thereafter)
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	2% or $2.50, whichever is greater
Overseas cash advance fee	2%
Additional cardholder fee	$0
Number of additional cardholders	1

Go to Westpac's site More info

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

The Westpac Low Rate Credit Card currently gives you a way to get more value from your spending, offering $400 back on your account if you are a new cardholder and meet the minimum spend requirements.

The $0 first-year annual fee also helps cut your card costs in the short-term and the $59 annual fee that applies after that is still on the lower end of the scale. This card’s 13.74% p.a. interest rate for purchases is on par with other low rate cards, although you can find some that offer lower variable purchase rates. While it doesn’t offer many bells and whistles, you do get the benefit of mobile payments with Google Pay, Apple Pay and Samsung Pay.

How to apply

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

Eligibility criteria

New cardholder. The cashback offer is only available when you apply for the Westpac Low Rate credit card as a new cardholder before 30 November 2021.
Eligible balance transfer debt. If you plan to use the balance transfer, 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.

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

$400 cashback. Get a $400 cashback when you spend $4,000 or more on eligible purchases within the first 120 days from card approval. Eligible spending covers most everyday spending. Transactions that won't count towards the spend requirement include account fees and charges, cash advance transactions, gambling transactions, balance transfers and purchases from or payment to a government or government related agency. The $400 cashback will be credited to your account within 60 days of meeting the spend requirement.
$0 first-year annual fee. If you apply and get approved for a Westpac Low Rate credit card by 30 November 2021, you'll get a $0 annual fee for the first year. After the first year, the annual fee will revert to $59 p.a.

Balance transfer offer. You can consolidate your existing debts with a 6.99% p.a. on balance transfers for 12 months with no balance transfer fee. Any remaining balance after the promotional period if subject to the variable cash advance rate, currently 21.49% p.a.
Mobile payment technology. You can make tap and go payments using your eligible phone or device by adding this card to your Apple Pay, Google Pay or Samsung Pay wallet.

Rates & fees

Annual fee. Outside of any promotions, this card charges a $59 annual fee.
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 by the due date listed on each statement, you will get up to 55 days interest-free on purchases. Note that your monthly payment balance excludes current balance transfers. Interest-free days are also separate from any longer-term interest rate promotions.
Credit limit. This card has a minimum credit limit of $500.
Cash advance costs. If you make a cash advance transaction on the Westpac Low Rate credit card, you will be charged the variable cash interest rate of 21.49% p.a. This rate will be effective from the date the transaction occurs. Cash advances also attract a fee of 2% or $2.50 (whichever is greater, capped at $150 per transaction).
International transaction fee. The fee for converting currency and making purchases with merchants overseas or online in a foreign currency is 3% of the transaction value.

Go to Westpac’s site More info

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Westpac Low Rate Credit Card – Cashback Offer