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Westpac Low Rate Credit Card Exclusive Offer

My rate: 
17%
 
My annual fee: 
$90
 
Transfer: 
$5,000
 
From: 
All banks
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offer
card features
balance transfer
purchase rate
annual fee
your savings
Westpac Low Rate Credit Card Exclusive Offer
APPLY BY 30 jan 17
EXCLUSIVE OFFER
0% p.a. for 24 months on balance transfers.
Low balance transfer revert rate of only 13.49% p.a.
An annual fee of $59 p.a.
Add to comparison
24 months
0% p.a.
then 13.49%
with a 2% fee
13.49% p.a.
ongoing
$59
ongoing

Pros & cons

What's good?

What's not so good?

0% p.a. for 24 months on balance transfers.
After the 0% p.a. balance transfer period is over any unpaid amounts will be subject to the low variable interest rate of 13.49% p.a.
The annual fee is only $59 p.a.
No cost for one additional cardholder.
The $500 minimum credit limit means that people with a lower appetite for credit will find this card more accessible. Credit limits go all the way up to $40,000.
Enjoy up to $25 towards your first Uber ride by simply using the promo code 'westpac25’.
Enabled with Visa payWave technology for faster PIN-less purchases under $100.
Low minimum income threshold of $15,000 needed for eligibility.
Know if you’ve been approved within the quick 60 second online application.
852 branches and phone support in Australia.
If you do a balance transfer a one-off 2% balance transfer fee applies to the amount that you transfer.
No insurances or rewards on this card.

Review

Our review of the Westpac Low Rate Credit Card Exclusive Offer

How good would it be to have a 24 months 0% p.a. interest balance transfer deal –longer than most others available in Australia? Pretty amazing! So if you have over indulged at Christmas the Westpac Low Rate Credit Card Exclusive Offer can help to soften the blow! It could be very attractive indeed for anyone whose current financial situation means that they could make good use of a long-term, low-cost balance transfer.

Two ways to make use of a 24 months 0% p.a. interest balance transfer

0% p.a. interest balance transfer offers are usually taken up for one of two reasons.

In the first case, the prospective cardholder may have incurred a large debt on an existing card, a debt they are struggling to repay because the monthly repayments are almost cancelled out by the high interest rate applied to the unpaid balance.

The second case may involve someone with a recent large expenditure which could be repaid at the end of the month without too much difficulty, but for whom the balance transfer deal offers an opportunity for actually earning interest.

Save an enormous amount of interest

Let’s suppose you have a debt of $10,000 on your existing card, an amount that might take you two years to repay because of the 20% p.a. interest being charged. By transferring the balance to your new Westpac card you will save a huge $3,622 in interest over the next 24 months.

There is, however, a 2% balance transfer fee to be paid upfront. (This is in contrast to the standard Westpac Low Rate Credit Card, where the 16-month zero-interest balance transfer has no upfront fee imposed.) The 2% fee on $10,000 would be $200, reducing your interest saving to a still massive $3,422.

Alternatively, earn a little interest

As previously explained, a balance transfer could still be attractive to someone who foresees no difficulty in avoiding interest by repaying their large balance when payment becomes due. In their hands, a balance transfer can earn interest. They can put the cash in a 3% savings account or 4% mortgage offset account, instead of using it for the repayment.

Unfortunately, the balance transfer fee does significantly diminish the benefit in this case. A $10,000 savings account deposit would earn $618, reduced to $418 after paying the $200 transfer fee. The mortgage offset account produces a better result, saving a net $631 over 24 months.

Avoid the revert rate

While the revert rate for transferred balances unpaid after 24 months is the relatively low ongoing purchase rate, not the seriously unpleasant cash advance rate of 21.49% p.a., it still needs to be sidestepped if possible. Save yourself some pain and make a diary note of the date on which the zero-interest offer expires, and aim to have the debt fully cleared by that time.

You can still use the card for purchases in the first year

Balance transfers normally have one particularly unpleasant side effect: they prevent you from using your new card for purchases because you have temporarily surrendered the monthly interest-free period normally allowed – Up to 55 days on purchases each statement period in this case.

Low ongoing purchase interest rate of 13.49% p.a.

Once the – at – deal expires, the low ongoing purchase rate of 13.49% p.a. kicks in. While this is certainly a relatively low rate for a credit card, there are cards around with much lower ongoing rates. But they don’t come with a 24 months 0% p.a. interest balance transfer deal attached. At the time of writing this, there is no other low-rate card with such a long zero-interest balance transfer deal.

You’ll appreciate this low rate if you experience short-term liquidity problems in the future, or if you are simply late with a repayment and end up forfeiting your interest-free days for two months. Temporarily paying 13.49% p.a. is a whole lot better than paying the more than 20% p.a. charged by some cards.

Low $59 p.a. annual fee

Since this card has neither rewards nor platinum benefits (such as complimentary insurance policies), it is quite cheap. For the introductory interest rate deals and the peace of mind of a low ongoing interest rate, $59 p.a. per year is a relatively low price to pay.

Are there any serious competitors?

While there are other cards offering 24-month zero-interest balance transfers, there are currently no others with a low ongoing purchase interest rate. The NAB Premium Card Exclusive Offer and the Citi Rewards Platinum Card Balance Transfer Offer are both platinum cards (and a rewards card in the case of the Citi card) with corresponding high annual fees (NAB $90, Citi $249) and purchase interest rates (NAB 19.74% p.a., Citi 20.99% p.a.).

Why this card may be the one for you

The Westpac Low Rate Credit Card Exclusive Offer is clearly aimed at someone looking for the longest zero-interest balance transfer they can find. As long as you are not in the market for platinum insurance policies or rewards points, it definitely offers the cheapest deal with the lowest ongoing interest rate.

Basic details

About this card

Card setup
Single
Card tier
Standard
Card type
Visa
Card use
Personal
Credit rating
Any
Gambling transactions allowed
No
Joint application
Yes
Minimum age
18 years old
Minimum income
$15,000
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
$500
Maximum credit limit
$40,000

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.24 months2%95% of credit limit13.49% 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 Low Rate Credit Card Exclusive Offer 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.24 months2%95% of credit limit 13.49% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.79% 21.49% p.a.
Purchases 1.12% 13.49% p.a.

Fees

Annual fee
$59 p.a.
Cash advance fee
2%
Dishonour fee
$9
Duplicate statement fee
$7.50
Foreign exchange fee
3%
Late payment fee
$9
Over limit fee
$9
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$2.50
Overseas emergency card replacement fee
$0
Transaction verification fee
$0

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 $15,000 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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