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Purchase rate: 13.74% p.a.
Annual fee: $59 p.a.
Interest-free on purchases: Up to 55 days

Our verdict

This low rate card offers up to $350 cashback in the first 7 months, with a $59 annual fee.

The Westpac Low Rate Credit Card currently gives you a way to get more value from your spending as a new cardholder, offering $50 cashback every month when you spend $1,000 for the first 7 statement periods from card approval. That means you can get up to $350 back. While a lot of cashback offers have one spend requirement you need to meet (e.g. $3,000 in the first 3 months), this one technically has 7 – but it does mean you can get some cashback even if you only meet the requirement for a couple of months.

This card’s 13.74% p.a. interest rate for purchases is on par with other low rate cards, although you can find some that offer lower variable purchase rates. The standard annual fee of $59 is also at the lower end of the scale for credit cards in Australia. While it doesn’t offer many bells and whistles, you do get the benefit of mobile payments with Google Pay, Apple Pay and Samsung Pay.

Pros

Up to $350 cashback offer
Low ongoing 13.74% p.a. purchase rate
Free additional cardholder
$0 first-year annual fee for existing customers

Cons

No rewards program
No additional perks like insurance covers or travel benefits

The Westpac Low Rate Credit Card is suited to people who want a low-cost account with simple features. You can pay with it anywhere Mastercard is accepted, and get access to interest-free days for purchases if you pay your balance off in full by the due date on each statement. While it offers up to $350 cashback for new cardholders, keep in mind that it doesn't have an ongoing cashback or rewards program.

Details

Product details

Product Name	Westpac Low Rate Card - Cashback Offer
Purchase rate p.a.	Purchase rate p.a. 13.74%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	21.99%
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	Annual fee $59
Minimum monthly repayment	2% of the closing balance or $10, whichever is greater
Late payment fee	$15
Foreign currency conversion fee	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. Check that you meet the eligibility criteria and have the necessary information to complete the application first.

Eligibility criteria

New cardholder. The cashback offer is only available when you apply for the Westpac Low Rate credit card as a new cardholder before 30 April 2025. So if you currently hold a Westpac credit card or have held one in the past 12 months, you won't be eligible for this offer.
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.
Existing customers. You must be an existing Westpac customer to be eligible for the $0 first-year annual fee offer.

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

Up to $350 cashback. If you apply as a new Westpac credit card customer by 30 April 2025, you'll get $50 cashback each month when you spend $1,000 or more on eligible purchases in the first 7 statement periods from card approval. Eligible spending covers most everyday spending. Transactions that won't count towards the spend requirement include account fees and charges, cash advance transactions, gambling transactions, balance transfers and purchases from or payment to a government or government related agency. The $50 cashback will be credited to your account within 60 days of meeting the minimum spend requirement for that statement period.
First-year annual fee waiver for existing customers. If you're already banking with Westpac, you'll get an annual fee waiver in the first year, which reverts to $59 p.a. thereafter.

Digital wallets. You can make tap and go payments using your eligible phone or device by adding this card to your Apple Pay, Google Pay or Samsung Pay wallet.
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. If you want to share your account with someone, you can request 1 additional cardholder at no extra cost. Just keep in mind that you will be responsible for all repayments and account management as the primary cardholder.

Rates & fees

Annual fee. Outside of any promotions, this card charges a $59 annual fee.
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 by the due date listed on each statement, you will get up to 55 days interest-free on purchases. Note that your monthly payment balance excludes current balance transfers. Interest-free days are also separate from any longer-term interest rate promotions.
Credit limit. This card has a minimum credit limit of $500.
Cash advance costs. If you make a cash advance transaction on the Westpac Low Rate credit card, you will be charged the variable cash interest rate of 21.99% p.a. This rate will be effective from the date the transaction occurs. Cash advances also attract a fee of 3% of each cash advance amount.
International transaction fee. The fee for converting currency and making purchases with merchants overseas or online in a foreign currency is 3% of the transaction value.

Go to Westpac’s site More info

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Amy Finder

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Sonya

March 24, 2023

Will this affect my credit score and I have only just started work full-time so if I apply now only one payslip will show up

Amy Bradney-George Finder

March 27, 2023

Hi Sonya,

When you apply for a credit card, a credit enquiry is added to your report and that can affect your credit score. If you’re not sure what employment and supporting documentation will be needed, you could call the provider or check out Finder’s guide to applying for a credit card as a new employee. I hope that helps.

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Westpac Low Rate Credit Card – Cashback Offer

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Rates & fees

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