- Limited-time offer: Get 0% p.a. on balance transfers for the first 26 months. A 2% balance transfer fee will be charged and you need to apply before 30 April 2025
- Low annual fee: $59 annual fee, waived the first year if you’re an existing Westpac customer.
- Low rates: Interest on purchases is just 13.74% p.a.
- Low minimum income: Westpac says a minimum of just $30,000 per year is required to apply.
- Rewards: You can earn cashback and rewards with Westpac’s Shopback program.
- Extras: Use PartPay to split purchases into smaller instalments for easier repayment. Add 1 free additional cardholder and sync your card with Apple Pay, Google Pay and Samsung Pay.
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Westpac Credit Cards
Westpac Low Rate Credit Card
Updated 21 November 2024
The Westpac Low Rate credit card keeps it simple but brings plenty of value. If your goal is paying off debt or keeping a low-cost card in your back pocket, you might like this tiny $59 annual fee paired with 0% p.a. on balance transfers for a massive 26 months.
You need to apply by 30 April 2025 to get the balance transfer offer (which comes with a 2% fee).
Terms and conditions apply.
Purchase Rate (p.a)
13.74%
Balance Transfer (p.a)
0% for 26 months
2% balance transfer fee applies.
Reverts to 21.99% p.a.
Annual Fee (p.a)
$59
Pros and cons
- You can’t transfer loan balances - up to 3 credit card or store card balances only
- The 26-month balance transfer offer is only available to new Westpac customers
Creditcard.com.au review
Editor Review
Westpac Low Rate Credit Card
Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.
Who suits the Westpac Low Rate card?
First Timer: you’re looking for a fairly simple card with a few little perks to get you started. You’d like it to have a low annual fee and a low interest rate.
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Rainy Day Prepper: you want something low-cost to keep in your pocket. Even better if it has a few interest-free perks when you do have to use it.
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Carefree Splurger: budgets are a bummer, and you might need help with getting on top of debt. Low interest rates and low fees would be great.
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Overall Rating
It could be an incredibly boring card, but the Westpac Low Rate keeps itself interesting enough that it’s worth a second date. The 0% p.a. balance transfer offer really sets it up as a way to tackle credit card debt and keep costs to a minimum.
If you don’t need a balance transfer, you’ll still get mileage out of the low annual fee, low interest rate, 55 days interest-free and a free extra cardholder.
Editor’s Review: What I love about the Westpac Low Rate card
This is a card with only a few features but what it does have, it does well. Let’s look at the balance transfer offer first, then how to use the card best.
0% on balance transfers:
The good news
- You won’t pay interest on your balance transfer for 26 months.
- You’ll still get the 55 days interest-free, which is a fabulous benefit.
- You can transfer the balance of up to 3 credit cards to your new card (excluding Westpac).
- Westpac lets you transfer a minimum of $200 and up to 80% of your credit limit.
The bad news
- You can’t transfer from personal loans.
- You’ll pay a 2% fee on the amount you’re transferring.
- The offer isn’t available if you’re already a Westpac customer.
As with any balance transfer, once the 0% promotional time is up you’ll pay the cash advance rate on what’s left unpaid. Also, the balance transfer must be requested when you apply, so have your card account details ready.
Work out your estimated weekly repayments and how much interest you'll save:
Balance Transfer Calculator
This calculator does not take into account your personal circumstances or any other fees that may apply.
I have to give this card a huge thumbs up for keeping the 55 days interest-free while you have a balance transfer. It means you won’t pay interest the second you use the card to buy a cheeseburger.
Of course, if you’re using the balance transfer it’s best to avoid burger purchases until the transfer is paid off.
Extra perks and benefits
Use Smart Plan to pay your balance in instalments. You can nominate part of your balance to pay off interest-free in 3, 6 or 12-month instalments. A small establishment fee applies.
The Large Purchase Smartplan is for single purchases of $200 or more within the last 30 days, and the Balance SmartPlan lets you nominate a sum of $200 or more.
Discounts and cashback with Westpac ShopBack. You can sign up for ShopBack free in the Westpac app and access discounts and special offers on over 1000 brands like Amazon, The Iconic and eBay. Bonus cashback is also available on certain purchases.
Fraud protection. This card has Westpac’s Added Online Security and Fraud Money Back Guarantee.
What’s not so great
Since this is a simple card there isn’t much to nitpick. But, I’ll give it a go.
First, the 2% balance transfer fee is a bummer. But, between credit card brands the fee can vary between 0% to 3%, so this is mid-range. That means on a $1000 transfer you’ll pay $20, on $5000 you’ll pay $100. It likely works out better than paying the average daily interest rate on a normal credit card.
Remember the balance transfer offer isn’t available if you’re a current Westpac customer.
Who suits the Westpac Low Rate card?
This card suits those looking for a low-cost emergency fund card, a first-time card, or a way to pay less interest on things you buy.
The balance transfer makes it a brilliant tool for those wanting to consolidate debt from other cards and pay it off interest-free.
User reviews
Rates and fees
Interest rates
Purchase rate 13.74% p.a.
Cash advance rate 21.99% p.a.
Interest free period on purchases up to 55 days
Balance transfer
Balance transfer rate 0% p.a. for 26 months
Balance transfer revert rate 21.99% p.a.
Balance transfer from personal loan No
Balance transfer fee 2% one off
Balance transfer limit 80% of approved credit limit
Brands you can't balance transfer from Westpac
Credit limits
Minimum credit limit $500
Maximum credit limit $50,000
Fees & repayments
Annual fee $59 p.a.
Additional cardholder fee $0 p.a.
Foreign transaction fee 3%
Minimum repayment 2% or $10 whichever is greater (personal); 3% or $10 whichever is greater (business); $40 (Westpac Flex)
Cash advance fee N/A
Late payment fee $15
Additional features
Complimentary insurance
International Travel Insurance No
Flight Inconvenience Insurance No
Transit Accident Insurance No
Smartphone Screen Insurance No
Purchase Protection Insurance No
Extended Warranty Insurance No
Rental Vehicle Excess In Australia Insurance No
Overview
Westpac Low Rate Credit Card
As a cardholder, you can also benefit from up to 55 days interest-free on purchases and the convenience of contactless technology. With a low minimum income requirement of $30,000 a year, this card is a good fit for low income earners and those wanting a low-cost card.
Disclaimer: The interest-free period is the maximum number of days during which interest is not charged on new purchases. If your account has an interest-free period for purchases, to be entitled to that interest-free period, you need to pay off the “monthly payment balance” listed on your statement (not the full closing balance) by the relevant payment due date.
Mastercard is a registered trademark, and the circles design and tap & go are trademarks of Mastercard International Incorporated.
Key features
- 0% p.a. on balance transfers for the first 26 months with 2% balance transfer fee. Rate then reverts to the variable cash advance rate
- Low rate of 13.74% p.a. on purchases
- $59 annual fee, waived the first year if you're an existing Westpac customer
- Up to 55 days interest free on purchases
- Free additional cardholder
- Fraud protection
- Use PartPay to split purchases into 4 payments over 6 weeks
- Access to SmartPlan which helps you structure your credit card repayments by breaking them down into regular monthly instalments
Minimum criteria to apply for this card
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Be over 18 years old
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Good Credit and have not applied for multiple credit cards recently
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A permanent resident in Australia/NZ OR; a non-resident or migrant and hold an acceptable Visa, with a min 1 year before expiry
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Minimum income of $30,000 p.a.
You have your personal details ready to complete the online application
Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger
Recently Asked Questions
Something you need to know about this card? Ask our credit card expert a question.
Ask a question333 questions (showing the latest 10 Q&As)
If i apply for a credit card can transfer a balance from a family member card
Hi Ian, the new credit card and the card being transferred from must be in the same name. So, you couldn’t open a credit card account and transfer a balance from someone else’s credit card unfortunately.
Hi,
If I was to apply for a Westpac Low Rate Credit Card, would I be able to use it to balance transfer my hecs loan? I see that it says you can't transfer loan balances
Hi Zehra, you can't do a balance transfer from a personal loan with a Westpac card. The only credit cards that do are Qantas Money, Virgin Money, Bank of Queensland, Citi and Kogan. It’s a tricky topic as HECS is an indexed debt, whereas a balance transfer will revert to paying interest at the end of the promotional period. It would be worth contacting the credit provider of choice to see if the HECS BPAY number can be accepted. This is because the numbers need to match up with your name exactly. If you’re ready, you can explore our balance transfer cards to find a suitable option. Thanks!
I have an existing WBC credit card that i originally opened as a balance tfr ending in 316.
I want to apply for new balance tfr but am wondering if i will get the 0% for 26 months on this card or will i need to apply for newcard and close this one. I am wondering what happens in regard to annual fee ?
Please explain options.
Regards
Dianne
Hi Dianne, the balance transfer offer isn’t available if you’re already an existing Westpac customer. It’s a sign-up bonus to entice new customers. You could give Westpac a call to check what options they have available for existing cardholders. If you’d like to start comparing other cards, you could check out my guide to balance transfer credit cards for more information. Thanks!
I’m wondering why you can’t balance transfer 100% of your money in a balance transfer offer?
Hi Fran, there are a few reasons. One is that lenders want to minimise risk, so they leave a 10 - 20% buffer to avoid you using your card and potentially overdrawing, or defaulting on repayments. Also, using 100% of your credit limit can impact your credit utilisation score, which measures how much available credit you have compared to how much debt you have. Too little available credit can impact your credit score. I hope that helps!
Hi. Will I be required to open a savings account when applying for this credit card?
Hi Theresa! No you won’t need to open a savings account. Credit cards are their own account and you don’t need to be with the bank to apply. Thanks!
Hi Pauline, I have had a credit card with Westpac before & I am looking to do a balance transfer to the Low Rate Credit Card. Am I eligible to do this since I have held a card with you & done a balance transfer before? Thanks heaps. Kind regards Natalie
Hi Natalie, there is still an approval process that you need to go through to be eligible, such as having a good credit score and an income of $30,000 p.a. You can try contacting Westpac to further determine if you are eligible. Here’s the number: 132 032. Thanks!
I am interested in in balance transfer credit card to clear debt on other card
Hi Yasir, yes you can transfer your non-Westpac balance to the Westpac Low Rate Credit Card to help clear your debt on other cards. With this card, you’ll get 0% interest on balance transfers for the first 28 months, with a 2% balance transfer fee. For more details on balance transfers, you can read the blog I’ve written which covers some key rules about balance transfers. Otherwise you can click the Green button to be taken directly to Westpac’s site to apply.
Good morning, I have 2 credit cards that I wish to consolidate. what are the qualifying factors to access the westpac low rate card
Hello Hannah, besides the standard eligibility requirements like being at least 18 years old and a permanent resident of Australia, you'll need to be able to prove you are who you say you are. These documents typically include proof of residency, evidence of regular income, ability to repay, and a credit check, among others.
Hi, I am very new to this credit card world. I don't know the differences and pros and cons of using different types of credit cards. But when surfing the internet, this Westpac Low Rate Credit Card seemed to be the most popular one. Can you please tell me which one I should use and if this is the right one for me as a beginner?
Hi Asmita, obtaining your first credit card can be a thrilling and daunting experience. It’s crucial to understand the various types of credit cards that exist, as each one has its advantages and disadvantages. Some credit cards provide rewards programs, cashback on purchases, travel perks, and other benefits, while others may offer lower interest rates or fewer fees. As a beginner, you may want to consider a straightforward credit card that is easy to use and has minimal fees and non-complex features.
The appropriate credit card for you will depend on your specific needs and preferences. You can read our article for tips on obtaining your first credit card, as well as compare some of the credit cards available to first time users. You can then dive into our expert reviews of each card to find out the pros and cons and other things to look out for. Hope this helps and if you have any other questions, let me know!!
On the Creditcard.com.au homepage it tells me that Westpac said they would give a credit card to an aged pensioner , and yet when I get to the Westpac page is says that the minimum required is $30,000
Hi Peter, thanks for the feedback! I can see that we have the Westpac Low Rate Credit Card – Cashback Offer listed under “pensioner credit cards”. I’m guessing that you’re on our Westpac Low Rate Credit Card page that indicates at least $30,000 income p.a. For other options, have a check of the pensioner cards application criteria we have researched to see what your options are. Keep in mind that different banks with a wide range of different cards have different eligibility criteria. This can range from income, assets, debts and other serviceability criteria. Hope this helped!
My income is from rental income. I currently have a anz platinum but want to change
Hi Annemarie, thanks for your question. Rental income is a tricky subject and it can vary from bank to bank. It’s important that you can show a history of income from the rent. You’ll need to show evidence in your application, and maybe even give your accountants details. Your best option would be to give the bank you want to apply with a call and discuss your unique situation. Let us know how you go!
According to the information, you guys will do pensioners for credit card applications, one page said a minimum of 15000 another page a minimum of 30000 which is right
Hi Matthew, thank you for your question! Different credit cards have different eligibility criteria. For Westpac Low Rate, the minimum income required is $30,000 p.a. We actually have created a list of pensioner cards that you can check to find the card that suits your needs.
I am your current customer as Westpac 55+ and Retired holder since long years…
I am a retiree with no other income than Centrelink as a Pensioner.
And I would like to apply for a Credit Card with low annual fee or a Debit Card on top of my current and existing account holder of the Westpac 55+….
Please let me know which one or both cards you can approve in my favour.
Best regards,
Van Tan Tran(Mr)
17/7/2021
Hi Van Tan Tan, thanks for your interest in the Westpac card. We just want to confirm that your visiting CreditCard.com.au and not the Westpac site. Different credit cards have different offers and the one that works for you comes down to your everyday spending needs. It would be good to start comparing a list of No Annual Fee Credit Cards and Pensioner Credit Cards for your options. Please note that you need to provide statements of your accounts and Centrelink statements alongside and banks may also require the details of your accountant too. Hope this helps!
Creditcard.com.au Visitor
23 September 2016Good
Recommends this cardCreditcard.com.au Visitor
20 January 2016Good BT rate But then reverts to HIGH Cash Interest rate. Expensive if this happens, Average Customer Service. Very Average Credit Lending Practices. Westpac has just been caught incorrectly handling Clients Credit Cards when doing Limit increase etc.
Recommends this cardRhonda Townsend
28 January 2013Thereâ??s quite a lot of low rate cards I found when I was looking. I trust Westpac so I thought this would be a good choice out the lot of them. The interest rate is low and so is the annual fee. If you want to take advantage of the BT, this is good for that too.
Recommends this cardFrances Green
28 January 2013I was really just looking for a no nonsense card that had low interest. I can\'t always pay off my full credit card bill each month so I wanted one with low interest so I could save money. This card seems to be doing the trick. Low interest and the annual fee is fairly low as well.
Recommends this card