Westpac Low Rate Credit Card

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Card features
balance transfer
purchase rate
annual fee
Money saved
Westpac Low Rate Credit Card
Apply by 23 oct 18
43 reviews
0% p.a. for 24 months on balance transfers. (1% balance transfer fee applies). Reverts to variable cash advance rate.
No annual fee for the first year.
Up to 55 days on purchases
Add to comparison
24 months
0% p.a.
then 19.49%
with a 1% fee
13.49% p.a.
1st year
then $59
saved over 24 months
Similar cards

Pros & cons

What's good?

What's not so good?

0% p.a. for 24 months on balance transfers. (1% balance transfer fee applies). Reverts to variable cash advance rate.
No annual fee for the first year.
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 with the quick 60 second online application.
852 branches and phone support in Australia.
The balance transfer offer is for new card applications only.
$59 p.a. annual fee for the second year.
1% balance transfer fee.

Our review

Our review of the Westpac Low Rate Credit CardReviewed by Yvonne Taylor

In the world of credit cards, 'low rate’ is a relative term. Credit card interest rates are never going to be as low as bank personal loan or overdraft rates. So, although the ongoing purchase interest rate on the Westpac Low Rate Credit Card is not low in absolute terms, and is certainly not as low as that of some of its competitors, it’s still low enough for the infrequent user of credit beyond the normal interest-free days. Bundled into a package from one of the Big Four, offering a long zero-interest balance transfer period, a high level of card security and access to over 1,400 branches and 3,850 ATMs nationwide, this card begins to look like a realistically competitive proposition.

13.49% p.a. ongoing on purchases if you need it, 0% p.a. if you don’t

Look at it this way. If you’re going to need regular, long-term credit to smooth out the bumps and troughs in your financial highway, a credit card is not the way to do it. Instead, talk to your bank manager about a loan or overdraft facility. (In the short term, however, a zero-interest balance transfer may help – see below.)

Meanwhile, extract every last bit of value from your credit card by never paying a cent in interest if you can possibly avoid it. Exploit to the full the 'Up to 55 days on purchases’ facility that comes with this card every month, by timing your regular credit card purchases and bill payments to occur at the very beginning of the statement cycle wherever possible. When the card’s payment due date arrives, a generous ‘Up to 55 days on purchases’, pay off your account balance in full and on time, and let the bank look elsewhere for its profit.

The 13.49% p.a. should be your temporary fallback position, a last resort when other finance sources are inaccessible. So lock in this lower rate because, if you miss a payment, or even if you’re a little short or a few days late, you’ll end up paying credit card interest on all your purchases from the date of each transaction for the next two months. This is the policy of most, if not all, credit cards, and in this situation you don’t want to be paying 20% p.a. or more. But there’s no need to go shopping for an even lower rate. Just plan to spend only what you can afford, pay on time, and be charged 0% p.a..

0% p.a. for 24 months on balance transfers

For those who have temporary financial problems and need time to sort them out, a zero-interest balance transfer can be a godsend. Exorbitant interest rates on existing card balances can be avoided by transferring them to this card, and 24 months of breathing space should be more than long enough for a short-term debt situation to be turned around.

There is, unfortunately, a 1% balance transfer fee to pay, but this is not unusual: more cards than ever are now adding this upfront charge on balance transfers, and many levy a much higher fee of 2% or even more. In a situation where you would save $1,918 in interest cost when compared with leaving a $5,000 balance on a card where the interest rate was 20% p.a., the $50 balance transfer fee will appear less significant.

If it’s likely to take more than 24 months to sort out, it’s a long-term problem, and once again credit card debt is not the solution but just something that will make a bad situation worse. The penalty for not clearing your debt after 24 months is the revert interest rate of 19.49% p.a., the card’s cash advance rate.

Don’t ignore the balance transfer offer, even if you don’t actually need it

Perhaps your financial affairs are well under control. This doesn’t mean that you can’t make use of an interest-free balance transfer. The major purchase that you have been planning for some time now – maybe new furniture or the latest technology – could be made on your existing card just before you transfer the balance. This will give you 24 months to squirrel away the repayments in a savings account (thus earning a little interest) so that you can clear the balance before it starts to accrue interest charges.

'SmartPlan’ repayments allow you to retain interest-free days on purchases

The major downside to having an unpaid balance transfer is that, under normal circumstances, you will sacrifice the regular 55 interest-free days granted every month, for as long as the unpaid balance sits in your credit card account. This means you’d be well advised to have another payment method – cash, or another card – available for your ongoing purchases for the next 24 months.

But Westpac have come up with a clever deal that lets you have your cake and eat it. That is, have an unpaid interest-free balance transfer, and still qualify for those 55 interest-free days on your monthly purchases. Here’s how it works:

  • Commit to monthly repayments that will see your transferred balance cleared by the end of the promotional period. For example, if you transferred a balance of $5,000 you would have to commit to monthly repayments of $5,000/24 = $209, instead of making only the required minimum repayment of 2%. (A 2% monthly repayment would start at $100 and decline as the balance was reduced.)
  • Make purchases as normal with your card and enjoy up to 55 days interest free each month, provided that at the end of each month you pay off your purchases balance in full plus the higher balance transfer repayment you have committed to.
  • You can set up a SmartPlan for your balance transfer repayments online using Westpac Live, and you may also choose to set up Card Autopay so that you never miss a repayment.
  • SmartPlan is also available for paying off a purchases balance. In this case, as well as retaining your interest-free days, you would also qualify for a discount of 1.5 percentage points on the normal purchase interest rate. i.e. the purchases interest rate reduces to 11.99% p.a. if you commit to a SmartPlan.
  • You can have up to eight current SmartPlans on your card.

Cutting-edge protection and digital capability

The card’s functionality and security does not begin and end with the piece of plastic in your wallet. Here are just some of the ways in which Westpac is employing the latest technology to keep you safe and informed when using your card account:

  • Embedded chip for extra card security.
  • Visa payWave enabled, for speeding through the checkout when a transaction is below $100.
  • Not just internet banking, but totally mobile banking with the Westpac Mobile Banking app and optional fingerprint sign-in. Use your phone to Tap and Pay, or for a quick account balance, or to temporarily lock your card if you lose it.
  • Complimentary mobile alert service: 24/7 SMS balance alerts and payment reminders, to avoid unnecessary fees and interest charges.
  • 'Verified by Visa’ sends a one-time password by SMS for secure authentication when you shop online.
  • Fraud Money Back Guarantee ensures you are reimbursed for any fraudulent transactions that were not your fault, provide they are promptly notified to Westpac.

Annual fee $59 p.a., waived first year

Although $59 p.a. is not a particularly high fee (and there’s no additional charge for a supplementary card), you may wonder why you are paying any fee at all for a card with no rewards points or complimentary insurance. Well, here’s some good news – you will in fact pay no fee at all for the first 12 months.

In subsequent years, the $59 p.a. fee will pay for the backing of a Big Four bank, with branches and ATMs almost everywhere you go, and the confidence that the card is protected by state-of the-art security as well as powered by the latest technology, including mobile wallet capability with your phone. It’s comforting to know that when the technology advances, so will your card’s features.

Consider other low-rate cards

The Big Four keep an eye on each other’s low rate credit cards. Consequently, they make very similar offers. But you will still find some differences between this Westpac card and the NAB Low Rate Card, the Commonwealth Bank Low Rate Credit Card, and the ANZ Low Rate Mastercard.

If you go to our 'Low interest’ page (under 'Save money’ in our Features section) you can compare the features of these cards, and many other low rate cards, side-by side. Simply click the 'Add to comparison’ button for each card you wish to compare, and then select 'Compare’ near the top right of the page.

Reasons to choose the Westpac Low Rate Credit Card

If you’re looking for a low-rate, secure and technologically-proficient credit card backed by a financial giant, with possibly the best combination of zero-interest balance transfer and ongoing low purchase interest rate, you’ve found it. And the SmartPlan is an innovation that makes a zero-interest balance transfer more attractive than ever.

User reviews

3.7 out of 5.0 based on 43 reviews81% of reviewers would recommend this card

Rates and fees
Customer service

Reviews from users

Westpac's low interest rate card is the best

Reviewed and recommended by Paul on 02 Jul 2016

Westpac’s low interest rate card is the best. Forget the rewards programs—they are not worth it or worth your trouble because you need so many points and have to spend a lot of money just to get $20. And to offset this the interest rates are higher. I went from a points program card to a low interest rate card and have never looked back.

For someone who wants no rewards

Reviewed and recommended by Charlotte on 28 Oct 2014

For someone who doesn’t want a card which focuses on rewards and just wants something for emergencies this is the perfect card. Low interest, low rates and fees. Couldn’t be happier. I have gone over my credit limit a few times and every time they have called me and allowed me to set up a payment plan to get it back in balance without charging me any fees.

Very happy

Reviewed and recommended by Nick on 01 Jul 2016

This is my first credit card and it’s been fantastic. 55 days interest-free gives me plenty of time to pay off my account and $0 fees in the first year means there was no reason not to apply for it. It has an insanely low 0.99% interest rate for the first 4 months, then an also low 13.49% variable rate afterwards. Low rates, no fess—great card.

Annual fee-free, but poor customer service

Reviewed and not recommended by Lora on 31 Jul 2016

This card was good for the past five years. But during the last 12 months the customer service gradually worsened, i.e. most consultants’ behaviour was unprofessional, incompetent, unethical at times and just rude. The results of each contact were negative. My trust level dropped and I’m about to get a credit card with a different provider. Customers beware.

I transferred my credit card debt

Reviewed and recommended by Synth on 19 Jul 2015

Westpac Low Rate Visa credit card gave me 12 months interest-free to help me reduce my debt. I have been able to pay off my actual debt instead of paying interest.

The card is easy to use, has 55 days interest-free on purchases, and has payWave. Will shop around again when the interest-free period is about to expire.

Does what it says on the tin

Reviewed and recommended by Jenny on 23 Jun 2016

It is a low rate card. There is an annual fee and no rewards, but it is definitely a low rate card. I haven’t had any surprise fees or suspicious charges, both of which were a problem with my last card.

Westpac’s customer service is pretty good, but they do seem to be becoming increasingly computerised, which is concerning.

Low interest means no worries about overspending

Reviewed and recommended by Cheryl on 26 Apr 2017

It’s a card with very low interest . I don’t have to be worried about overspending when I’m doing my shopping.

I can use my card anywhere, even overseas, with a very low interest rate. My credit card is ideal for me, since sometimes I’m on a tight budget. So far, I am very happy with it.

No rewards, but low rates

Reviewed and recommended by Anon on 25 Jul 2013

I have had this card for about 6 years, no rewards are linked to this card. But the rates are low. A few years ago I dropped it in my local area and the bank gave me another card. But about 3 or 4 months later I received a text from the bank that my card was used in America. But the transaction did not go through because they knew I was in Australia. They issued me with a new account numbered card. Don’t lose your card you never know where it could end up!!! And if you miss a payment they will call or text you this is very handy if you forget. Great customer service I cannot fault them.

Very satisfied

Reviewed and recommended by Renee Kruiz on 10 Oct 2014

I applied for this card to use on our honeymoon in New Zealand in August 2013. It was so great that I could use my card at Westpac ATMs over there without additional fees. I loved having the freedom to access my money everywhere we went the whole time we were away.

No hassle card

Reviewed and recommended by Maria on 04 Jul 2016

I manage my card through internet banking, so if I can put money in anytime I want. The only correspondence I get is my statement, so I’m managing my account without any hassle. I only use it when necessary—not for luxury items—so I keep within my budget. I never go over the limit so no fees.

Show 33 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
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Temporary residents


Additional cardholders
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


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

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.24 months1%80% of credit limit19.49% p.a.

Balance transfers to this card

Balance transfer earns rewards
Balance transfer fee payment due
First statement
Balance transfer from personal loan
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

Banks you can't balance transfer from

You can't balance transfer to the Westpac Low Rate Credit Card at the promotional balance transfer rate from:

  • Westpac

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.24 months1%80% of credit limit 19.49% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

Cash advances 1.62% 19.49% p.a.
Purchases 1.12% 13.49% p.a.


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

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 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 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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