Repay your debt faster with a 0% p.a. on balance transfers for 12 months.
If you're looking to pay off a credit card debt and want a competitive low rate card to do it on, this card is worth considering. You'll have 12 months to pay off your debt, an ample amount of time considering you won't be charged ongoing interest during that period. Not only that, but the Low Rate Credit Card helps keep your other spending costs low with a competitive purchase rate.
|Product Name||Westpac Low Rate Card|
|Balance transfer rate (p.a.)||0% p.a. for 12 months|
|Balance Transfer Revert Rate|
The interest rate after the balance transfer ends.
|Purchase Rate (13.49% p.a.)|
|Balance Transfer Limit||95% of available credit limit|
|Purchase rate (p.a.)||0% p.a. for 6 months (reverts to 13.49% p.a.)|
|Offer end date||28 June 2017|
|Annual fee||$59 p.a.|
|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.
|Minimum Monthly Repayment||2% or $10, whichever is greater|
|Late Payment Fee||$15|
|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|
|Available To Temporary Residents||Yes - Conditions apply|
|Minimum Age||18 years of age|
|Available to Temporary Residents||Yes - Conditions apply|
|Credit Rating Requirement|
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
|Min Credit Limit||$500|
|Max Credit Limit||$25,000|
|Annual Fee||$59 p.a.|
|Minimum Repayment||2% or $10, whichever is greater|
|Late Payment Fee||$15|
|Over Limit Fee||$15|
|Cash Advance Fee||2% of the transaction amount or $2.50|
|Overseas Emergency Replacement||$0|
|Overseas ATM Balance check||$0|
|Overseas ATM Withdrawal Fee||$0|
|Foreign Currency Conversion Fee (VISA)||3% of transaction value|
|Gambling Transactions Allowed||Yes|
|Gambling Transactions Interest Rate||Cash Advance Rate|
|Additional Cardholder Fee||$0 p.a.|
|Number of Additional Cardholders||1|
|Internet Banking Transfers||Yes|
- This card comes with a promotional offer of 0% p.a. for 6 months on purchases.
- This also offers a 0% p.a. for 12 months on balance transfers.
- After the promotional period, the balance transfer and purchase rates revert to a low interest rate of 13.49% p.a.
- This card has no rewards program.
Westpac Low Rate Credit Card review
This low rate card option from Westpac offers you a convenient line of credit that won't charge you much in the form of interest or fees. When you use your card for purchases you'll be charged a competitive rate of 13.49% p.a., and the card also comes with a relatively low annual fee. The low-cost nature of the card extends to the generous balance transfer offer. Read more about these features below and find out if this card is right for you.
Benefits of the Westpac Low Rate Credit Card
Balance transfer offer
- Request your transfer when you apply
If you're looking to take advantage of the balance transfer offer, you will need to list this in your application when you apply for the Low Rate Credit Card.
- Revert rate
If you don't pay back your entire balance within the promotional period, the cash advance rate, currently 21.49% p.a., will apply.
- Cards you can transfer a balance from
You're able to request a balance transfer from up to three non-Westpac Australian issued credit, charge or store cards. You're able to use up to 95% of the approved credit limit with a balance transfer.
Features of the Westpac Low Rate Credit Card
- Purchase rate. As this is a 'low rate' card, the rate you'll be charged when you use your card to make purchases is very competitive. This card carries a rate of 13.49% p.a..
- Annual fee. Each year your card account remains open you'll be charged a fee of $59.
- Interest-free days. If you pay your balance in full, including any amount you have outstanding from a balance transfer, you can take advantage of up to 55 interest-free days.
- Additional cardholders. Looking to share the benefits of this card? You can add an additional cardholder to your account for no extra charge. The only requirement is that they're over the age of 16.
- Secure spending. You can enjoy various security features with this card, including Falcon Fraud protection which monitors your card for unusual transactions 24/7. Westpac also offer a money-back guarantee if your card is used fraudulently and you aren't found at fault for the loss.
- Contactless payments. You can use your card to make payWave purchases for transactions under $100 — no need to enter your PIN.
How to apply for the Westpac Low Rate Credit Card
Want to take advantage of this Westpac Low Rate deal? First, check the eligibility criteria and required documents to make sure you're ready to complete your application. Once done, fill out the online application form.
- You need to be over the age of 18
- You must be an Australian citizen or permanent resident
- You must have a good credit history
- You need to earn at least $15,000 p.a.
- You'll need to provide certain personal information, such as your name and address, as well as documents verifying your identity, such as your driver's licence number.
- Westpac will require you to list your income, assets, expenses and liabilities.
- You're required to provide details of your current employment.