Westpac Low Rate Credit Card
- Sagar Chauhan
- Aug 17, 2024
- 3 min read
Offers a 0% interest rate for 26 months on balance transfers, with a one-time 2% balance transfer fee and a $59 annual fee.
The Westpac Low Rate Credit Card provides an opportunity to pay off existing debt with 0% interest on balance transfers for the first 26 months, making it a standout option for extended introductory periods. However, note that a one-time 2% balance transfer fee applies, and a 21.99% p.a. interest rate will apply to any remaining balance transfer debt after the introductory period.
This straightforward card doesn't include additional features like insurance or rewards points but offers a competitive variable interest rate of 13.74% p.a. on purchases and a $59 annual fee. New customers can benefit from a $0 annual fee for the first year. The card also features Smartplan, which allows you to set up instalment plans to repay eligible balances.
Pros | Cons |
|---|---|
0% p.a. for the first 26 months on balance transfers | Charges a one-time 2% balance transfer fee |
Low 13.74% p.a. interest rate on purchases | Balance transfer reverts to the high cash advance rate of 21.99% p.a. after the introductory period |
$0 first-year annual fee for existing customers |
If you apply by 30 November 2024 and include a balance transfer in your application, you'll benefit from a 0% p.a. balance transfer rate for the first 26 months. Note that this offer includes a 2% balance transfer fee, and any remaining balance after the introductory period will incur a higher interest rate of 21.49% p.a.
The Westpac Low Rate Credit Card features a 13.74% p.a. interest rate on purchases and a $59 annual fee, both of which are quite competitive. Additionally, if you're considering a buy now, pay later alternative, the card offers SmartPlan instalment options to help manage your repayments.
Details of Westpac Low Rate Credit Card
Product Name | Westpac Low Rate Card |
Balance transfer rate p.a. | 0% for 26 months with 2% balance transfer fee, then 21.99% |
Balance transfer limit | 80% of available limit |
Purchase rate p.a. | Purchase rate p.a. 13.74% |
Interest-free period | Up to 55 days on purchases |
Cash advance rate p.a. | 21.99% |
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 |
Fee
Annual fee | Annual fee $59 |
Minimum monthly repayment | 2% of the closing balance or $10, whichever is greater |
Late payment fee | $15 |
Foreign currency conversion fee | Foreign currency conversion fee 3% |
Cash advance fee | 3% |
Overseas cash advance fee | 2% |
Additional cardholder fee | $0 |
Number of additional cardholders | 1 |
How to Apply
You can apply for the Westpac Low Rate credit card online in just 10 minutes and receive a response within 60 seconds. Before starting your application, make sure you meet the eligibility criteria and have all necessary information ready.
Eligibility Criteria
Eligible balance transfer debt. You can transfer between $200 and up to 80% of your available credit limit from up to 3 non-Westpac Australian-issued credit, charge, or store cards. BPAY payment details for the accounts you’re transferring from will also be required.
New customers. To qualify for the balance transfer offer, you must be a new cardholder with the Westpac Low Rate Credit Card.
Age. Applicants must be at least 18 years old.
Residency. You must be a permanent resident of Australia and currently residing in the country to apply online.
Existing customers. To qualify for the $0 annual fee in the first year, you need to be an existing Westpac customer. to be eligible for the $0 first-year annual fee offer.
Required Documents
Personal details. This includes 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 identification such as an Australian driver's licence, Medicare card, or Australian passport
Finances. Confirm your annual income with recent payslips or bank statements. You’ll also need to provide details of your assets, liabilities, and regular expenses.
Employment. Provide information about your current employer, including their contact details.
Balance transfer information. If you're applying for a balance transfer, you’ll need to provide details of the account(s) you wish to transfer from.
This straightforward application process is designed to accommodate Australians searching for an effective credit card solution that manages existing debt efficiently while offering new purchasing power.
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