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Terms and conditions apply

Balance transfer rate for 28 months with no balance transfer fee: 0% p.a.
Purchase rate: 13.74% p.a.
Annual fee: $59 p.a.
Interest-free on purchases: Up to 55 days

Our verdict

Offers a 0% interest rate for 28 months on balance transfers, with a $59 annual fee.

The Westpac Low Rate Credit Card gives you a way to pay off existing debts with 0% interest on balance transfers for the first 28 months. This is a relatively long introductory period and, unlike some other offers on the market, there’s no balance transfer fee. Just keep in mind that a 21.49% p.a. revert rate applies after the introductory period.

This no-frills card doesn’t offer extra bells and whistles like insurance or points, but charges a relatively low variable interest rate of 13.74% p.a. for purchases and an annual fee of $59. It also offers Smartplan, which allows you to set up instalment plans to repay eligible balances.

Pros

0% p.a. for up to 28 months on balance transfers, with no BT fee
Low 13.74% p.a. interest rate on purchases

Cons

Balance transfer reverts to the high cash advance rate of 21.49% p.a. after the introductory period

If you apply by 30 April 2024 and request a balance transfer as part of the application, you’ll get a 0% p.a. balance transfer rate for the first 28 months. This offer has no balance transfer fee but if you’re still paying off the balance at the end of the introductory period, a high 21.49% p.a. interest rate applies.

This low rate card has a 13.74% p.a. purchase rate and a $59 annual fee that’s also at the lower end of the scale. If you’re looking for a buy now pay later alternative, the Westpac Low Rate Card also comes with SmartPlan instalment options.

Details

Product details

Product Name	Westpac Low Rate Card
Balance transfer rate p.a.	0% for 28 months, then 21.49%
Balance transfer limit	80% of available limit
Purchase rate p.a.	13.74%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	21.49%
Min credit limit	$500
Max credit limit	$50,000
Card type	Mastercard

Eligibility

Available to temporary residents	Yes
Minimum income	$30,000
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	$59
Minimum monthly repayment	2% of the closing balance or $10, whichever is greater
Late payment fee	$15
Foreign currency conversion fee	3%
Cash advance fee	3%
Overseas cash advance fee	2%
Additional cardholder fee	$0
Number of additional cardholders	1

How to apply

You can apply for the Westpac Low Rate credit card online in 10 minutes and receive a response in 60 seconds. Ensure you meet the eligibility criteria and have the necessary information to complete the application first.

Eligibility criteria

Eligible balance transfer debt. With the balance transfer offer, you can transfer from $200 up to 80% of your available credit limit from up to 3 non-Westpac Australian-issued credit, charge or store cards. You'll also need BPAY payment details for the account/s.
Cardholder status. In order to be eligible for the balance transfer offer, you must be a new Westpac Low Rate cardholder.

Age. You must be at least 18 years of age to apply.
Residency. In order to apply online, you must be a permanent resident of Australia, currently in Australia.

Required documents

Personal details. Including your full name, date of birth, residential address, contact information, marital status and number of financial dependents.
Proof of identification. You'll need to provide some form of identification such as Australian driver's licence, Medicare card or Australian passport.
Finances. You'll need to confirm your annual income with recent payslips or bank statements. You'll also be asked to list your assets, liabilities and expenses.
Employment. Confirm your current place of employment and provide your employer's contact information.
Balance transfer information. If you are transferring a balance(s) to the Westpac Low Rate, you will need to provide details of that account(s).

Go to Westpac's site More info

Card benefits

0% balance transfer offer. You can consolidate other card debts and save with 0% p.a. interest for the first 28 months when you apply by 30 April 2024 with no balance transfer fee. At the end of the introductory period, any remaining balance will revert to the variable cash advance rate, currently 21.49% p.a. The balance transfer will be processed when the card is activated.
Instalment plans. If you want to repay purchases or your balance over time, Westpac offers 2 different instalment options. You can use Pay in 4 to split your purchases into 4 repayments (similar to some buy now pay later plans). Or, set up a SmartPlan for either a single purchase of at least $200 made in the last 30 days or any credit card balance that's worth $200 or more.

Additional cardholders. You can request 1 additional cardholder at no extra cost.
Mobile payment technology. You can link your Westpac credit card with Apple Pay, Samsung Pay or Google Pay to make contactless payments with your smartphone. Plus, you can also pay with your eligible fitness tracker with Fitbit Pay and Garmin Pay.

Rates & fees

Annual fee. This card charges an annual fee of $59.
Purchase rate. This card charges a variable purchase interest rate of 13.74% p.a.

Interest-free days. When you pay your monthly payment balance in full, which excludes current balance transfers, listed on your statement by the payment due date, you will receive up to 55 days interest-free on new purchases. Note that interest-free days are separate from any longer-term interest rate promotions.
Cash advances. If you use your card to make a cash advance, such as an ATM withdrawal, you'll be charged an interest rate of 21.49% p.a. and will be charged a fee of 3% of each cash advance amount.
Currency conversion rate. When you use your card to make a transaction in a foreign currency overseas or online, you'll be charged a fee of 3% of the transaction value.

Go to Westpac's site More info

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Amy Finder

Editor

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Dana

January 15, 2024

With the balance transfer will I still be able to use the card for purchases within the Balance Transfer period?

Amy Bradney-George Finder

January 17, 2024

Hi Dana,

Yes, you can still use the credit card for purchases when you have a balance transfer. Just keep in mind that the introductory 0% p.a. interest rate only applies to balance transfers. This means new purchases would attract the card’s purchase interest rate, unless you repaid the total monthly payment balance listed on each statement (to make use of interest-free days on purchases). I hope this helps.

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Lynsey

January 11, 2024

Am I eligible for this balance transfer card even if I only have a fair credit score ?

Amy Bradney-George Finder

January 14, 2024

Hi Lynsey,

Banks and other credit card companies consider your credit score and credit report when you apply but there are other factors they assess too, including your income and regular expenses. So if you meet the eligibility requirements listed for a card, you can still apply. Finder also has a guide with tips to increase your chance of credit card approval that offers further insights. I hope this helps.

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Bianca

January 09, 2024

Hi there, I’am currently unemployed as I have a chronic illness (severe endometriosis along with anxiety/depression! I am unable to work at this time. I’ve had an extremely challenging few years. Would I still be eligible? Please advise.

Thanks.

Richard Whitten Finder

January 10, 2024

Hi Bianca,

I’m really to hear about your situation, that’s incredibly tough. Westpac’s website says that this credit card requires a minimum income of $30,000 a year.

Depending on your situation, you may be eligible for a Good Shepherd no interest loan, of up to $3000 – these are usually available to help with urgent medical bills and housing costs, like rent.

Hope this helps!

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Kristy

January 03, 2024

Hi,

I wanted to do a balance transfer from an account where I’m an additional card holder, not primary. Do you know if this would be possible?

Thanks

Richard Whitten Finder

January 10, 2024

Hi Kristy,

I suggest asking Westpac about this directly. We don’t have any information about something like this, as it’s quite specific. Sorry we can’t be more helpful.

Phil

January 02, 2024

I have a ANZ credit card for my Bussiness which i would like to transfer to a different rate and transfer balance also.

Is it better to stay with a same bank which we have also already or??

I am self employed also.Thanks.

Amy Bradney-George Finder

January 15, 2024

Hi Phil,

Most balance transfer offers are typically for transferring debt between personal credit cards. So if you have a dedicated business credit card, you may want to contact Westpac (or any other lender) directly to check if you would be able to transfer the balance. There is also a limited selection of business credit cards with balance transfer offers, which you can view by using the filters on Finder’s comparison table. It is also sometimes possible to transfer balances to a new account with your existing lender, but the introductory balance transfer offer may be different to the ones advertised for new customers. I hope this helps.

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Westpac Low Rate Credit Card

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Required documents

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Rates & fees

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