Westpac 55 Day Platinum Credit Card

My rate: 
17%
 
My annual fee: 
$90
 
Transfer: 
$5,000
 
From: 
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Westpac 55 Day Platinum Credit Card
APPLY BY 26 oct 17
20 reviews
Cheap credit card from Westpac with no annual fee to pay for the first year (a $90 saving).
Choose between 0% p.a. for 18 months or $200 cashback. (Conditions Apply)
Up to 55 days on purchases
Add to comparison
18 months
0% p.a.
then 19.84%
with a 2% fee
19.84% p.a.
ongoing
$0
1st year
then $90

Pros & cons

What's good?

What's not so good?

$0 p.a. annual fee for the first year, and $0 p.a. in subsequent years when you spend $10,000 or more on purchases in the previous year using your card (saving $90).
Choose between 0% p.a. for 18 months for balance transfers, Or $200 cashback to your account when you spend $400 within 90 days from card approval.
Enabled with PayWave technology.
Free personal concierge service.
Free insurance covers for travel and shopping.
The ongoing 19.84% p.a. purchase rate is what you’d expect for a platinum card.
2% balance transfer fee.

Review

Our review of the Westpac 55 Day Platinum Credit Card

Do you like the idea of having a platinum credit card, but baulk at the price? Then you no longer need to hesitate, because there’s a benefit-laden platinum Visa card that can be yours for a fee of $0 p.a., not just in the first year but in every year. It’s the Westpac 55 Day Platinum Credit Card.

Zero annual fee

Westpac is so convinced that you’ll find that this card ticks all the boxes. Whether you use the card regularly or just keep it in the back of your wallet for emergencies, the fee remains at zero every year after, when you spend $10,000 or more on purchases each year.

Complimentary travel and shoppers’ insurance

There are plenty of credit cards which promote complimentary insurance policies which the cardholder ultimately pays for in the form of an annual card fee. But in this case the insurance is truly free. The free policies are:

  • Overseas travel insurance, covering both the primary and supplementary cardholder and accompanying spouse and children against medical expenses, unavoidable trip cancellation, personal property loss or damage, loss of travel documents, rental vehicle excess and personal liability. Trips of up to six months’ duration are covered, a much more generous provision than the average credit card or retail policy.
  • Transit accident insurance, providing financial compensation for loss of life, limb or eyesight as a result of an accident sustained while travelling on public transport or a commercial airline.
  • Extended warranty insurance. Many credit cards have this cover, which doubles the manufacturer’s Australian warranty on items purchased with the card. However, most cards limit the cover to 12 additional months, whereas this card provides a generous 24 months extra if the original warranty was for two years or longer.
  • Purchase security insurance. Once again exceeding the norm of three months’ cover, 55 Day Platinum cardholders get four months’ cover against loss, theft or accidental damage for new items purchased with the card.

The overseas travel cover is activated by using the card for at least $500 of the trip’s prepaid expenses, while the transit accident cover requires the fare for the journey to have been paid with the card.

A personal concierge service, at home and away

Do you need to plan a party, buy the perfect gift or get last-minute tickets to a sporting event? The Westpac concierge can help you out with those requests, or almost any kind of recommendation and travel or entertainment booking, whether you are in your home town or travelling the world. There’s even a concierge app available, so that help is just a few taps away.

Latest technology

You can tap and pay with the card by using Visa payWave for transactions under $100. If you have a smartphone or tablet with an up-to-date operating system, or an Apple watch, you can use the Westpac Mobile Banking app for some card functions, including fingerprint sign-in, tap and pay and quick balance details. Monthly repayments can be automated using Card Autopay, so that you never miss a payment due date.

Security features

The more you use the card, the more money the bank makes from merchant fees. So they don’t want you to hesitate in using your card because of concerns about security. If you temporarily misplace your card you can quickly put a lock on it instead of having to cancel it altogether, and remove the lock if and when you find it.

Shopping online becomes more secure with a one-time password system at sites participating in the 'Verified by Visa’ program. And all transactions, online or otherwise, are covered by Westpac’s Fraud Money Back Guarantee, ensuring reimbursement for unauthorised transactions provided the cardholder has not caused the problem.

Platinum benefits, zero cost

This is clearly a card for anyone who has a taste for a platinum lifestyle but doesn’t necessarily want to pay for it. It can shave hundreds of dollars off your annual travel costs as well as offering useful protection for your major retail purchases, and the duration of cover exceeds normal standards. There’s also no penny-pinching on either security or hi-tech features in this card for the budget-conscious person who still wants only the best.

User reviews

3.8 out of 5.0 based on 20 reviews85% of reviewers would recommend this card.

Rates and fees
Rewards
Customer service
Convenience
Trust
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

No annual fee, ever

Reviewed and recommended by Susan on 23 Oct 2016

The best thing about this card is there’s no annual fee for the life of the card. The downside of this is that it’s not a rewards card, therefore you can’t earn points when using this card.

The Westpac mobile banking app is quite easy to use and very stable. It has also been quite safe to use this card so far.

High rate but good insurance and security

Reviewed and recommended by Catherine on 20 Oct 2016

While the interest rate is high, I have found that Westpac’s credit card insurance is good.

They provide alerts when a charge is atypical and they promptly investigated when I told them that a thief had placed certain charges against my card. Much to my relief, they investigated the dodgy business, reported it to the police who also investigated the matter, and removed the incorrectly charged amounts on my credit card.

Platinum benefits at no extra cost

Reviewed and recommended by Ann on 21 Sep 2016

I have had the Westpac 55 Day Platinum Visa Card for about five years now and have no complaints whatsoever. It wasn’t always the platinum card but I received an offer from Westpac not long ago to upgrade to platinum at no cost to me. Of course I accepted.

The card comes with all the extra benefits you expect from platinum, such as complimentary travel insurance.

I love my Westpac Platinum Visa and would not consider changing for anything.

Great for travelling

Reviewed and recommended by Judith on 20 Sep 2016

I travelled to the Mediterranean for a holiday and I ended up in hospital with a mild stroke. The travel insurance I got with my card would have come in handy for my expenses, but fortunately Malta has an agreement with Australia. For the first six months in the country, medical care is free. But QBE insurance company were going to support me all the way if needed.

Good for everyday purchases and overseas travel

Reviewed and recommended by David on 20 Sep 2016

It’s a good card with no frills. We have had this since the bank introduced it. We pay all our bills on it, and book airfares and cruises on it, and it has the benefit of added travel insurance as we travel a lot. We can use it overseas in most countries.

Bonus travel insurance and extended warranty

Reviewed and recommended by Dianne on 21 Aug 2016

Good card if I pay on time, which I always do. I like the bonus travel insurance and extra warranty. I don’t pay fees because my home loan is attached as part of the package. I would recommend to my friends and family if they pay on time and have a home loan package attached to their card.

Convenient and helpful

Reviewed and recommended by paul on 22 Jul 2016

I travel overseas about three months a year and this card saves me a lot in insurance fees as it is a free extra. Also, no annual fee as I always exceed their spend amount. I have been with Westpac for over 50 years and they have always resolved any queries in my favour.

Points cap

Reviewed and not recommended by Kym on 15 Jul 2016

The points on this card are capped at 7500. I have one credit card with a limit of $3100. I will be deleting this card soon as the debt (even with full balance available) is seen as a liability, and it outweighs any rewards. If the rewards were higher, I would consider keeping it.

Simply the best!

Reviewed and recommended by Ann on 02 Jul 2016

This is my very favourite Visa card. I use it all the time as my major credit card and have all my direct debit payments made from this card. Their consumer support is second to none and the very few problems I have had have been sorted very quickly by courteous and knowledgeable staff.

I particularly like the complimentary travel insurance too. Some of the other cards have this insurance, but only for international travel. My card covers me for inter-state travel and I use it a lot. Great card!

Not a bad card

Reviewed and recommended by Anthony on 01 Jul 2016

For what it is, there are no frills, but there are no extras to pay for either. There is a basic annual fee, there’s the added security of insurance, and there’s the 55 day interest-free period. There is no rewards package, but that is all made very apparent in the documentation from the bank. Very useful.

Show 10 more reviews

Basic details

About this card

Card setup
Single
Card tier
Platinum
Card type
Visa
Card use
Personal
Credit rating
Any
Gambling transactions allowed
No
Joint application
Yes
Minimum age
18 years old
Minimum income
$30,000
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
None
Temporary residents
Yes

Cardholders

Additional cardholders
1
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$6,000
Maximum credit limit
$100,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment
2%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.18 months2%95% of credit limit19.84% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
95% of credit limit
Available to existing customers
No

Banks you can't balance transfer from

You can't balance transfer to the Westpac 55 Day Platinum Credit Card at the promotional balance transfer rate from:

  • Bank of Melbourne
  • Bank SA
  • St.George
  • Westpac

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.18 months2%95% of credit limit 19.84% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.77% 21.29% p.a.
Purchases 1.65% 19.84% p.a.

Fees

Annual fee
$0 p.a.
Annual fee 2nd year
$90 p.a.
Cash advance fee
2%
Dishonour fee
$9
Duplicate statement fee
$7.50
Foreign exchange fee
3%
Late payment fee
$15
Over limit fee
$15
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$2.50
Overseas emergency card replacement fee
$0
Transaction verification fee
$0

Benefits

This card comes with benefits worth an estimated $1,341

ShoppingEstimated value
Extended warranty
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
$50
Guaranteed pricing / price protection insurance
Valuation based on the assumption of making a $100 claim once every 10 years. Extensive conditions apply. There is no retail market for this type of insurance, so no premium saving.
$10
Purchase protection
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
$40
Travel
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
$290
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
$801
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
$150
Total estimated value$1,341
Annual fee$0
Net customer value$1,341
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $30,000 per year
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are allowed
Temporary residents are eligible
Age Pension, Disability Pension, Veteran's Pension and Widower's Pension are acceptable.
Overseas Pension is not acceptable.
Austudy, Child Support Payments, Family Tax Benefits and Parenting Payments, Foster Care Allowance and Youth Allowance are acceptable.
Carer's Allowance is not acceptable.
Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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