Westpac Low Rate Credit Card

Westpac’s Low Rate credit card does a good job of living up to its name with an impressively low purchase rate of 13.49% p.a. This is a very simple credit card with no frills or sneaky small print. Read on for our full feature review.

Benefit of the Card’s Best Features?

With a purchase rate of 13.49% p.a., it is hard to beat Westpac Low Rate credit card for purchases. If you are diligent about paying off your balance in full within the 55 day period, then you won’t have to pay any interest either. Considering that the annual fee is just $$0 p.a., this is a very good deal.

Westpac’s Low Rate card does have a promotional balance transfer deal of 3.99% p.a. for 6 months. After that, the remaining balance reverts up to 13.49% p.a. This balance transfer offer is not the best deal around, even if it does revert to the low amount. However, it still may be worth considering if you are paying a high level of interest on your debt and aren’t eligible for other credit cards.

There are some other nice perks to Westpac Low Rate credit card too. Their customer service team has a good reputation for being helpful, you get to choose between Visa or MasterCard, and can add an additional cardholder for free. Westpac now offers a useful contactless technology option which makes it easier to make small purchases. You only need to have an income of $15,000 to be eligible for this card, which makes it a good option for low income earners in case of emergencies.

Are There Any Drawbacks?

If you are going to use the Westpac balance transfer deal, then you won’t want to make any purchases! Firstly, you will not get any interest free days on purchases while you have outstanding balance to pay off. Secondly, all payments first go to paying off the balance transfer. Purchases will be racking up interest until you pay off the full balance.

Like with virtually all Australian credit cards, the cash advance rates are high with Westpac. Right away, you will pay 2% of the advance amount as a fee. Then, you will immediately start paying 21.49% p.a. You are better off leaving cash advances for emergencies.

You don’t get any sort of bonuses or rewards with Westpac Low Rate credit card. However, this is expected with these types of credit cards but it would still be nice to see some rewards.

Who Would be Suited?

If you are looking for a no-frills credit card that helps you save money with low interest rates, then this card is a good choice, especially for those on a low income.

Who is Eligible?

To be eligible for Westpac’s Low Rate card, you must be at least 18 years of age, be an Australian resident, and have a minimum income of $15,000.