Westpac Lite Mastercard®

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt Ask Pauline a Question about this card.

The Westpac Lite Mastercard

Never heard of a ‘lite’ credit card before? Well, now you have. One of Westpac’s newest cards, the Westpac Lite Card is designed for the ‘lite’ credit card user, offering the bank’s lowest rate on purchases, alongside a limited range of useable features.

If you want access to credit for everyday spending and are not too worried about fancy features some cards offer, this may just be the card for you.

So, to help you make a decision, here’s all the important need-to-know info on this lovely lite option from Westpac.

What we love...

While it’s easy to get excited about fantastic features and awesome introductory offers, it’s perhaps not so easy to get enthused about saving money. However, money-saving is one of the main benefits on offer with the Westpac Lite Card.

We all know that paying no interest is the best way to go with credit card debt. This can be achieved either by transferring existing credit card debt onto a 0% p.a. balance transfer card and paying down the balance before the intro offer ends, or by paying off each credit card balance month-to-month, before interest starts accruing.

However, while we know this, we also know that sometimes life gets in the way. Switching to a balance transfer card isn’t always an option, and it’s not always possible to pay off a credit card balance in full at the end of the month.

The solution? A low rate card such as the Westpac Lite Card can provide cardholders who may not be able to pay off their balance in full each month, to save on the interest they are paying. With the card’s low purchase rate of 9.90% p.a., you could save on the interest you’re paying out, to hopefully pay off the balance sooner.

Sure, all this talk of money-saving might not get your heart racing, but this card may just make sense for you financially. Plus, it does have some other handy features, which we’ll get to shortly.

What’s not so great...

With low cost cards, you’ll usually find fewer features on offer. With the Westpac Lite Card for example, cardholders are not able to take out cash advances. On top of that, the card has a relatively low maximum credit limit of $4,000, which some cardholders could find restrictive.

However, it’s worth pointing out that these qualities don’t necessarily have to be disadvantageous. Cash advances can be costly, as they usually come with fees and a higher rate of interest. Meanwhile, having a higher credit limit may encourage overspending in those who perhaps cannot afford to overspend.

One negative point worth taking into consideration though, is the card’s monthly fee. Instead of an annual fee, there is a $9 monthly fee, which works out to be $108 per year. For a low rate card with minimal features, this is a considerable amount to pay.

Why should you choose this card?

Happily, the Westpac Lite Card is not completely devoid of features. Aside from its money-saving capability, it actually has a few features that you might find very useful indeed.

First up, there are no foreign transaction fees or late payment fees to worry about. You can also enjoy up to 45 days interest free on purchases, as well as one additional cardholder at no extra cost. Nothing spectacular, it’s true, but handy nonetheless.

Overall Rating

A ‘lite’ card that could save you money on interest, while offering a few features that may just come in handy.