Westpac Low Rate Credit Card Exclusive Offer

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Card features
balance transfer
purchase rate
annual fee
Money saved
Westpac Low Rate Credit Card Exclusive Offer
Apply by 02 oct 18
Westpac Low Rate Credit Card Exclusive Offer
0% p.a. for 26 months on balance transfers. (2% balance transfer fee applies). Reverts to variable cash advance rate.
$0 p.a. annual fee for the first year.
Up to 55 days on purchases
Add to comparison
26 months
0% p.a.
then 19.49%
with a 2% fee
13.49% p.a.
1st year
then $59

Pros & cons

What's good?

What's not so good?

0% p.a. for 26 months on balance transfers. (2% balance transfer fee applies). Reverts to variable cash advance rate.
$0 p.a. annual fee for the first year.
Low variable purchase rate of 13.49% p.a.
Enabled with Visa payWave technology for faster PIN-less purchases under $100.
Low minimum income threshold of $15,000 needed for eligibility.
Know if you’ve been approved with the quick 60 second online application.
852 branches and phone support in Australia.
Up to 55 days on purchases.
The balance transfer offer is for new card applications only.
Second year annual fee of $59 p.a.
2% balance transfer fee.

Our review

Our review of the Westpac Low Rate Credit Card Exclusive OfferReviewed by Yvonne Taylor

How good would it be to have a 26-month zero-interest balance transfer deal – longer than most others available in Australia – and still enjoy all the convenient features you’ve come to expect from a card issued by one of the Big Four banks? The Westpac Low Rate Credit Card Exclusive Offer could be very attractive indeed for anyone whose current financial situation means that they could make good use of a long-term, low-cost balance transfer.

Two ways to make use of a 26-month zero-interest balance transfer

Zero-interest balance transfer offers are usually taken up for one of two reasons.

In the first case, the prospective cardholder may have incurred a large debt on an existing card, a debt they are struggling to repay because the monthly repayments are almost cancelled out by the high interest rate applied to the unpaid balance.

The second case may involve someone with recent large expenditure which could be repaid at the end of the month without too much difficulty, but for whom the balance transfer deal offers an opportunity for actually earning interest.

Save an enormous amount of interest

Let’s suppose you have a debt of $10,000 on your existing card, an amount that might take you years to repay if you are paying 20% p.a.in interest charges. By transferring the balance to your new Westpac card you will save a staggering $4,140 in interest over the next 26 months.

There is, however, a 2% balance transfer fee to be paid upfront. The 2% fee on $10,000 would be $200, reducing your interest saving to a still massive $3,940.

Alternatively, earn a little interest

As previously explained, a balance transfer could still be attractive to someone who foresees no difficulty in avoiding interest by repaying their large balance when payment becomes due. In their hands, a balance transfer can earn interest. They can put the cash in a 3% savings account or 4% mortgage offset account, instead of using it for the repayment.

Unfortunately, the balance transfer fee does significantly diminish the benefit in this case. A $10,000 savings account deposit would earn around $671 in 26 months, reduced to $471 after paying the $200 transfer fee. The mortgage offset account produces a better result, reducing mortgage interest by a net $704 over 26 months.

Avoid the revert rate

The revert rate for transferred balances unpaid after 26 months is the seriously unpleasant cash advance rate of 19.49% p.a., and it needs to be sidestepped if possible. Make a diary note of the date on which the 26-month zero-interest offer expires, and aim to have the debt fully cleared by that time.

Interest-free days on purchases temporarily suspended

Balance transfers have one particularly unpleasant side effect: they effectively prevent you from using your new card for purchases because you have temporarily surrendered the monthly interest-free period normally allowed – up to 55 days in each statement period in this case.

While your unpaid balance transfer remains on your account, you may wish to use another card, or cash, for your regular purchases and bills. Otherwise, you’ll be paying the ongoing purchase interest rate (relatively low, but still significant) from the date of each transaction.

But ’SmartPlan’ repayments allow you to retain interest-free days on purchases

There is, however, a way to have your cake and eat it – have a balance transfer, that is, and still retain your interest-free days. Simply commit to a fixed monthly repayment of your balance transfer under the Westpac SmartPlan program.

Low ongoing purchase interest rate of 13.49% p.a.

So even if you take up the balance transfer offer, you can still take advantage of the low ongoing purchase interest rate of 13.49% p.a., retaining your interest-free days if you commit to a SmartPlan on your purchases balance as well as your balance transfer. While this is certainly a relatively low rate for a credit card, there are cards around with lower ongoing rates. But they don’t come with a 26-month zero-interest balance transfer deal attached.

You’ll appreciate this low rate if you experience short-term liquidity problems in the future, or if you are simply late with a repayment and end up forfeiting your interest-free days for two months. Temporarily paying 13.49% p.a. is a whole lot better than paying the more than 20% p.a. charged by some cards.

All the standard credit card features and convenience

Even though it’s a low-rate card with a relatively low annual fee, you still get convenient features and security, including:

  • Westpac’s Fraud Money Back Guarantee
  • Westpac Added Online Security system
  • Tap and pay microchip
  • Card Autopay option
  • Quick Balance to see how much you owe (and how much is left in your limit) at a glance
  • Turn your smartphone or Westpac Paywear wristband into a mobile wallet, and leave your card at home

Low $59 annual fee

Since this card has neither rewards points nor platinum benefits (such as complimentary insurance policies), it is quite cheap. For the long introductory balance transfer deal and the peace of mind of a low ongoing interest rate, $59 per year is a relatively low price to pay.

$59 fee waived in first year

But it gets even better. You can try this card for size for 12 months and pay absolutely nothing, because the fee is $0 in the first year.

Are there any serious competitors?

Credit card issuers compete with each other non-stop, and a long zero-interest balance transfer offer is one of their favourite ways to tempt customers away from their competitors. There are plenty of cards currently available with zero-interest balance transfer offers ranging in length from 20 to 26 months. Click on the ‘Features’ button at the top of this page, and then select ‘Balance transfer’ to review offers similar to this one.

Why this card may be the one for you

The Westpac Low Rate Credit Card Exclusive Offer is clearly aimed at someone looking for the longest zero-interest balance transfer they can find. As long as you are not in the market for platinum insurance policies or rewards points, it definitely offers a cheap deal with one of the lowest ongoing interest rates.

The basics

About this card

Card setup
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Temporary residents


Additional cardholders
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.26 months2%80% of credit limit19.49% p.a.

Balance transfers to this card

Balance transfer earns rewards
Balance transfer fee payment due
First statement
Balance transfer from personal loan
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
80% of credit limit
Available to existing customers

Banks you can't balance transfer from

You can't balance transfer to the Westpac Low Rate Credit Card Exclusive Offer at the promotional balance transfer rate from:

  • Westpac

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.26 months2%80% of credit limit 19.49% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

Cash advances 1.62% 19.49% p.a.
Purchases 1.12% 13.49% p.a.


Annual fee
$0 p.a.
Annual fee 2nd year
$59 p.a.
Cash advance fee
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
Overseas emergency card replacement fee
Transaction verification fee

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $15,000 per year
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Temporary residents are eligible
Age Pension, Disability Pension, Veteran's Pension and Widower's Pension are acceptable.
Overseas Pension is not acceptable.
Austudy, Child Support Payments, Family Tax Benefits and Parenting Payments, Foster Care Allowance and Youth Allowance are acceptable.
Carer's Allowance is not acceptable.
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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