Westpac Low Rate Credit Card

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

Low purchase rate? Check. Low annual fee for the first year? Check. Awesome introductory offer? Check. While it may not be chock-full of fancy features, the Westpac Low Rate Credit Card certainly has its attractions. In fact, it’s Westpac’s most popular credit card.

Why would this unassuming little card be so popular? Aside from its intro offer – which is pretty darn enticing – this card doesn’t have any flashy drawcards. It’s simple, no frills. It does exactly what you expect it to. So, if you’re not that interested in features and rewards, if you simply want access to credit at a low rate, then this card could be very appealing indeed.

Want to look a little closer? Let’s dive in.

What we love...

We’ll look at the big flashy introductory offers first. It offers a 0% p.a. on balance transfers for 28 months.

For anyone who wants to pay down existing credit card debt, this is a fantastic deal. You get a whole 28 months to chip away at that debt and pay it down as much as possible. A no balance transfer fee applies.

While the introductory offer gives you plenty of time to pay down your debt, any balance left unpaid at the end of the intro period reverts to the high cash advance rate on the card.

Now to the less flashy features. One of the most appealing aspects of this card is its low purchase rate. While it’s not that exciting, it can help you save heaps in interest. If you tend to carry a balance, then you want to pay as little interest as possible.

Most rewards cards and platinum cards have big features. But they also often come with purchase rates upwards of 20% p.a., and a much higher annual fee. With the Westpac Low Rate Credit Card, you can save on interest while paying a very reasonable $59 standard annual fee.

What’s not so great...

You’ll only find drawbacks to this card if you’re looking for a card that offers more. If you want bells and whistles, fancy features, big rewards programs and lots of extras, this card doesn’t have them. The best thing for you to do is look at different types of cards.

The only other drawback we will mention is related to the balance transfer offer. Be aware that you can’t transfer loan balances — you can only transfer the balance from up to three non-Westpac credit cards or store cards.

Why should you choose this card?

We’ve already talked about many of the reasons you would want to choose this card. You might want to take advantage of its introductory offer to save on interest on balance transfers or purchases. Alternatively, you may want to save money on interest month-to-month while paying a low annual fee.

However, the card does offer a selection of other extras you might find appealing. For instance, you can add an additional cardholder to your account. You might also be a fan of the low minimum income requirement of $30,000 a year. You can also enjoy up to 55 days interest free on purchases when you pay off your balance each month.

There’s also the convenience of contactless technology at the checkout or you could tap and pay with your smartphone. It also comes with Westpac Added Online Security, a Fraud Money Back Guarantee and access to SmartPlan, which helps you structure your repayments into a regular monthly payment. While these features may not make you jump up and down with excitement, they can be really handy when you need them.

Overall Rating

A low rate card with an amazing introductory offer on balance transfers and annual fee. Offer ends 30 April 2024.