Westpac Low Rate Credit Card – Cashback Offer

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 Low Rate Credit Card - Cashback offer

No-frills cards are a good opportunity for having a simple, inexpensive credit card for everyday use, emergencies, and getting started when you're building a credit history. The Westpac Low Rate card is definitely a basic card, but if you're after something simple that keeps costs down - and actually pays up to $350 cashback if you meet the criteria - this card is pretty neat.

What I love about the Westpac Low Rate credit card...

One of the Low Rate card's big features is its low purchase rate, which is the interest you're charged on the thing you buy. This card has a 13.74% p.a. purchase rate, which is one of the lowest in the market. The low rate makes it a good choice if you're someone who needs access to credit but has trouble paying it off within the interest-free period.

The highlight of the Westpac Low Rate card is its promotional $350 cashback offer. The cash back is broken up into $50 for each month that you spend $1000 on eligible purchases within 7 months of being approved for your card. You'll receive the $50 as a credit to your card within 60 days of meeting the $1000 minimum spend criteria. The cashback offer ends 30 April 2024.

As a side note, the card's PDS says that: "Eligible purchases do not include interest, fees, charges, cash or ATM cash advances, cash equivalent transactions, gambling transactions, a purchase from or payment to a local, state or federal government or government related agency, BPAY or similar transactions (such as Post Billpay), refunds and balance transfers debited to the card account."

Current customers: If you're an existing Westpac customer and you apply for its Low Rate card, Westpac will waive the first year's annual fee (which is a great bonus). But be aware that existing customers, or those who've held a Westpac credit card in the last 12 months, aren't eligible for the cashback offer.

You can also add one cardholder at no extra cost, and sync the card with Apple Pay, Samsung Pay and Google Pay. Westpac has the most fee-free ATM locations than any of the 4 major banks; you'll be able to withdraw cash from over 7000+ ATMs around Australia.

What’s not so great...

It's very important to know that the cashback offer isn't available if you're already a Westpac credit card customer, or you've held a Westpac credit card in the last 12 months. But, if you're an existing costomer, the annual fee is waived which is a $59 saving.

Also, this is a no-frills card so if you’re looking for more perks, you won't find them. It doesn't have fancy features, rewards points, insurances or freebies. But, the upside to that is the low annual fee and the low purchase rate.

Why should you choose this card?

If you’re looking for a card that can put money back in your pocket from your everyday spending, then Westpac Low Rate Cashback is a great choice. $350 is quite big in comparison to other banks' offers. Plus, this card keeps things pretty simple and convenient which is very beneficial to beginners and those who are looking for thrift.

Overall Rating

The Westpac Low Rate Cashback Credit Card helps you save on interest with a low ongoing rates, a nice cashback offer and a low annual fee. It's a nice card if you don't pay off your card in full each month, want an inexpensive emergency card, or are a first-timer building your credit score.