Westpac 55 Day Platinum Credit Card

My rate: 
17%
 
My annual fee: 
$90
 
Transfer: 
$5,000
 
From: 
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Offer
Card features
balance transfer
purchase rate
annual fee
Money saved
Westpac 55 Day Platinum Credit Card
Apply by 11 jun 18
20 reviews
Cheap credit card from Westpac with no annual fee to pay for the first year (a $90 saving).
0% p.a. for 20 months on balance transfers. (2% balance transfer fee applies). Reverts to variable cash advance rate.
Up to 55 days on purchases.
Add to comparison
20 months
0% p.a.
then 21.29%
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).
0% p.a. for 20 months on balance transfers. (2% balance transfer fee applies). Reverts to variable cash advance rate.
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.

Our review

Our review of the Westpac 55 Day Platinum Credit CardReviewed by Yvonne Taylor

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 potentially be yours for a fee of $0 p.a., every year. It’s the Westpac 55 Day Platinum Credit Card.

$0 p.a. annual fee in the first year

Westpac are so convinced that you’ll find that this card ticks all the boxes, they’ll waive the fee in the first year, no strings attached. Whether you use the card regularly or just keep it in the back of your wallet for emergencies, the fee remains at zero for 12 months.

$0 p.a. annual fee in subsequent years for spending $10,000 each 12 months

There’s really no need to pay an annual fee in any year. If you’re in the market for a platinum card, chances are you won’t have a problem with average credit card spending of $833 per month. Monthly expenditure on this level would see you spending at least $10,000 in a year, meaning that your annual fee would once again be waived. You skip the annual fee, but retain the benefits.

0% p.a. on balance transfers for 20 months

Take advantage of this zero-interest balance transfer option if you have a large unpaid balance on your existing card. Although there’s a 2% balance transfer fee to pay upfront, if you’re currently paying around 20% p.a. on the balance, you could save a large amount of interest. And even if you could afford to repay the balance right now, you could leave the repayment amount in your mortgage offset or savings account for 20 months instead.

Up to 55 days on purchases ongoing

Provided you repay the card’s purchases balance in full and on time every month, you need never pay any interest. The really good – and unexpected – news is that this can apply even if you have an unpaid balance transfer. Having a balance transfer sitting unpaid in your account normally means that you won’t qualify for these interest-free days on purchases.

But Westpac have come up with a bright idea. If you commit to making monthly repayments of your outstanding balance, high enough to clear it completely by the end of the promotional period, you can retain those interest-free days. The program is called SmartPlan, and you can set it up online. You could even have a separate SmartPlan to clear any purchase balance you find yourself unable to repay, and in this case you would qualify for a discount on the ongoing purchase interest rate, reducing it from the normal 19.84% p.a. to a slightly less painful 17.84% p.a.

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 can be truly free (provided you spend $10,000 every year). 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, potentially 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

Reviews from users

Yes I saved money

Reviewed and recommended by Pankaj on 23 Jun 2016

It’s a good card. 55 days interest-free really helps me. There are no fees for me because I have my home loan with them. Service is good and it does what I need it to. I’m doing lot of interest-free shopping—quite happy with that. Thanks, awesome!

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.

Great card

Reviewed and recommended by Scott on 15 Mar 2015

This is a great card. The 55 days interest free is a big help for managing your spending better. It has a good rewards program, the staff are very helpful, customer service is really good, and they’re willing to go the extra mile. There are plenty of ATMs available throughout the world for easy access.

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.

Fee's are expensive

Reviewed and not recommended by ptrbly on 23 Aug 2013

Westpac as a bank have overpriced products,credit cards are expensive and unforgiving if you miss a payment, all and all greedy, no flexibility and need to teach their staff how to be fair and understanding. Some the calls we get are from complete novices and have no idea how to look after customer – I would change if I could.

No annual fees!

Reviewed and recommended by Jessica on 24 Jun 2016

This card has no annual fees and payWave. I’ve never had an issue with it. I always pay back within the 55 days, so it costs me nothing! What more can I ask for?

I don’t really care for rewards, but they are offered. If I was more proactive I could probably get even more value from this card.

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.

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.

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.

The ease of it all

Reviewed and recommended by Anon on 07 Oct 2013

The easiest card to use and accepted all over! Great returns and interest rate is as good as any other credit card lender there is. Very convenient to use and Westpac stands behind their customers. If you have a problem with your card they sort it ASAP and if stolen take care of all thing within 24 hours so you have a piece of mind!

Show 10 more reviews
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.

The basics

About this card

Card setup
Single
Card tier
Platinum
Card type
Visa
Card use
Personal
Credit rating
Any
Gambling transactions allowed
No
Joint application
No
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.20 months2%80% of credit limit21.29% 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
80% 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:

  • Westpac

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.20 months2%80% of credit limit 21.29% 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 not 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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