Bankwest Zero Platinum Mastercard

Balance transfer offer. This is a limited-time offer that’s one of the best in the market in terms of length. You can transfer debt from an existing credit card to your Bankwest Zero Platinum card and pay 0% p.a. for 28 months while you pay off the debt.

Let me detail some of the fine print. The balance transfer offer is only available if it’s your first time being approved for the Bankwest Zero Platinum card. You’ll be charged 3% of the amount you’re transferring, which is added to your balance. The 28 months starts from the date of card approval, not the day the transfer takes place, and you can’t transfer from other Bankwest cards. And lastly, you can transfer up to 95% of your credit limit (which is a very high amount compared to some other cards) with a $500 minimum.

If you have a balance left after the 28 months, you’ll be charged a balance transfer interest rate of 14.99% rather than the cash advance rate. That’s a significantly lower rate than other cards charge on leftover debt. Of course, the goal is to pay off your debt in full before the interest-free period ends.

No foreign fees. You won’t be charged foreign transaction fees on purchases when you’re travelling overseas or buying something from an international merchant online. That also includes withdrawing from an overseas ATM, but remember you might be charged a 3rd-party fee for using the machine.

Everyday extras on the Bankwest Zero Platinum Mastercard

The Bankwest Zero Platinum has a few other perks up its sleeve. They may not seem overly exciting at first, but it is pretty exciting when you get to use them.

What’s not so great

If you have an active balance transfer, you won’t be eligible for the 55 days interest-free. That means any other purchases you make on your card will have interest applied immediately.

This isn’t an unusual practice for credit cards, but it can send you backwards if your goal is to pay off debt with your balance transfer. Keeping your eye on paying down debt first means you won’t have to tackle extra interest from everyday purchases.

Some fees might apply, such as a $25 late fee if you miss your monthly repayment, and a 3% or $4 (whichever is greater) on cash advances. The long-standing advice is to avoid withdrawing cash from your credit card altogether.

Who might suit the Bankwest Zero Platinum Mastercard?

While having no annual fee could make this card a good one for first-timers, its perks also mean it lends itself well to people with existing credit card debt. It also suits travellers or big spenders who want to save on international transaction fees.