Westpac Low Rate Credit Card

• Good balance transfer offer
• Equipped with Visa’s PayPass or MasterCard® PayPass technology for PIN-less purchases under $100
• Low minimum income threshold of $15,000
• Know if you’ve been approved within the quick 60 second online application.
• No reward program or perks at all
• Annual fee of $45 p.a. despite not offering many features

How does the Westpac Low Rate Credit Card compare against a credit card of the national average?

		Purchase Rate	Cash Adv Rate	Annual Fee	Bal. Transfer Rate	Bal. Transfer Rate Period
	Westpac Low Rate Credit Card	13.49%	21.49%	$45	3.99%	6 months
	The Average Credit Card	16.81%	21.27%	$93	1.56%	7 months

Methodology: The Scorecard is based on the interest rates and fees from 310 credit cards from 52 banks and credit unions to give a national average on an ongoing basis. Introductory promotional rates are not included in the calculation.

Disclaimer: The data presented in the Scorecard is intended to be a guide. Some factors may affect data accuracy. We try to present accurate and fresh data, but it is possible that our database may not include every credit card on the entire market and that products may change without us being notified.

The Westpac Low Rate credit card is a no frills card with low interest rates on purchases. It is designed for people looking for a cheap credit card that they can fall back on to cover costs in emergencies or to take advantage of its comparatively low standard purchase interest rate. For a full Westpac Low Rate credit card review, covering all the bases, read on.

Pros

The most obvious benefit of this card is its low purchase rate. At 13.49% p.a., it’s a good bit less than what we calculate as average standard rate on purchases. If you want a card that keeps your interest repayments low, then this is one to look into.

Continuing on with the cheap interest theme, the Westpac Low Rate credit card also has a cheap balance transfer offer of 3.99% p.a. lasting 6 months. It isn’t as cheap as the leading balance transfer deals available on our website, but it’s still most likely a lot less than the rate you’re currently paying.

The Westpac Low Rate credit card, like other offers from Westpac and competing banks, also has a 55 day interest free period on purchases provided the balance is paid off in full by the end of the month. Essentially this means that you could use the card and not be charged interest, but it does rely on you not spending more than you can afford.

Another useful feature of this card is the integration of PayPass contactless technology. The addition of this feature means that you won’t have to enter your PIN if the merchant has a PayPass capable payment machine. All you have to do is swipe or tap the machine and payment is authorised, saving you time.

Cons

This is a no frills card, so it would have been nice to have no annual fee to pay. Alas, the Westpac Low Rate credit card has a $45 p.a. annual fee that must be paid to keep the account active, even if it hasn’t been used. If the annual fee is a deal breaker for you, check out the many other credit cards available on our site with no annual fees.

The Westpac Low Rate credit card’s introductory balance transfer offer may be useful, but at 3.99% p.a. for 6 months it fails to challenge the top balance transfer deals available. However, if you’re just looking for a cheap card for emergencies, the balance transfer offer may not be the deciding factor anyway.

Conclusion

A basic no frills credit card with low interest rates on purchases, the Westpac Low Rate credit card does what it says on the tin and no more. If you want a credit card without rewards or benefits and just want to save money, then this card is hard to beat.