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Terms and conditions apply

Balance transfer rate for 26 months with 2% balance transfer fee: 0% p.a.
Purchase rate: 13.74% p.a.
Annual fee: $59 p.a.
Interest-free on purchases: Up to 55 days

Our verdict

Offers a 0% interest rate for 26 months on balance transfers, with a one-time 2% balance transfer fee and a $59 annual fee.

The Westpac Low Rate Credit Card gives you a way to pay off existing debts with 0% interest on balance transfers for the first 26 months, which is a relatively long introductory period. Just keep in mind that a one-time 2% balance transfer fee applies and a 21.99% p.a. interest rate will apply to any balance transfer debt that’s left after the introductory period.

This no-frills card doesn’t offer extra bells and whistles like insurance or points, but charges a relatively low variable interest rate of 13.74% p.a. for purchases and an annual fee of $59. Existing customers, on the other hand, can save on credit card costs with its $0 first-year annual fee offer. It also offers a Smartplan, which allows you to set up instalment plans to repay eligible balances.

Pros

0% p.a. for the first 26 months on balance transfers
Low 13.74% p.a. interest rate on purchases
$0 first-year annual fee for existing customers

Cons

Charges a one-time 2% balance transfer fee
Balance transfer reverts to the high cash advance rate of 21.99% p.a. after the introductory period

If you apply by 30 April 2025 and request a balance transfer as part of the application, you’ll get a 0% p.a. balance transfer rate for the first 26 months. This offer has a 2% balance transfer fee and if you’re still paying off the balance at the end of the introductory period, a high 21.49% p.a. interest rate applies.

This low rate card has a 13.74% p.a. purchase rate and a $59 annual fee that’s also at the lower end of the scale. If you’re looking for a buy now pay later alternative, the Westpac Low Rate Card also comes with SmartPlan instalment options.

Details

Product details

Product Name	Westpac Low Rate Card
Balance transfer rate p.a.	0% for 26 months with 2% balance transfer fee, then 21.99%
Balance transfer limit	80% of available limit
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. Ensure you meet the eligibility criteria and have the necessary information to complete the application first.

Eligibility criteria

Eligible balance transfer debt. With the balance transfer offer, you can transfer from $200 up to 80% of your available credit limit from up to 3 non-Westpac Australian-issued credit, charge or store cards. You'll also need BPAY payment details for the account/s.
New customers. To be eligible for the balance transfer offer, you must be a new Westpac Low Rate cardholder.

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

0% balance transfer offer. You can consolidate other card debts and save with 0% p.a. interest for the first 26 months when you apply by 30 April 2025, with a one-time 2% balance transfer fee. At the end of the introductory period, any remaining balance will revert to the variable cash advance rate, currently 21.99% p.a. The balance transfer will be processed when the card is activated.
First-year annual fee waiver for existing customers. Existing Westpac customers can save with a $0 annual fee in the first year, which reverts to $59 p.a. thereafter.

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. You can request 1 additional cardholder at no extra cost.
Mobile payment technology. You can link your Westpac credit card with Apple Pay, Samsung Pay or Google Pay to make contactless payments with your smartphone. Plus, you can also pay with your eligible fitness tracker with Fitbit Pay and Garmin Pay.

Rates & fees

Annual fee. Outside of any promotions, this card charges an annual fee of $59.
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, which excludes current balance transfers, listed on your statement by the payment due date, you will receive up to 55 days interest-free on new purchases. Note that interest-free days are separate from any longer-term interest rate promotions.
Cash advances. If you use your card to make a cash advance, such as an ATM withdrawal, you'll be charged an interest rate of 21.99% p.a. and will be charged a fee of 3% of each cash advance amount.
Currency conversion rate. When you use your card to make a transaction in a foreign currency overseas or online, you'll be charged a fee of 3% of the transaction value.

Go to Westpac's site More info

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Amy Finder

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October 22, 2024

Hi Amy,

1. Can a balance transfer for this card be done between two different cardholders? Eg The current card is in partner A’s name, and partner B applies for this Westpac Low Rate card, to transfer the balance from A over to this card. If not, perhaps would be allowed if B is an “additional” cardholder of the A card?

2. Can balance transfers be done from another Westpac credit card? I see the T&C says from 3 non-Westpac cards.

3. If two or three transfers from various sources, to consolidate, (therefore at different times), how is the ‘one-time’ 2% fee done?

Thank you

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Sarah Megginson Finder

October 22, 2024

Hi C, In answer:

1. No, a balance transfer can only be between the legal owner of the debt. So you can only transfer the balance for your own debt in your own name.

2. Generally no, a balance transfer from another Westpac card is not eligible, as you are not transferring any new debt.

3. The one-time 2% fee is applied to the first balance transfer. Any subsequent transfers will have different terms and conditions, including different fees and interest rates. You should check with them at the time of transfer to confirm which specific fees and rates apply – it might be the same (2% fee, 0% rate) or it could be different.

Hope this helps!

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leanne

September 02, 2024

any cancellation fees when closing off this card? thanks

Angus Kidman Finder

September 13, 2024

Hi Leanne, There are no cancellation fees for the Low Rate card – if you do cancel the card, you’ll need to pay off the balance immediately.

Dana

January 15, 2024

With the balance transfer will I still be able to use the card for purchases within the Balance Transfer period?

Amy Bradney-George Finder

January 17, 2024

Hi Dana,

Yes, you can still use the credit card for purchases when you have a balance transfer. Just keep in mind that the introductory 0% p.a. interest rate only applies to balance transfers. This means new purchases would attract the card’s purchase interest rate, unless you repaid the total monthly payment balance listed on each statement (to make use of interest-free days on purchases). I hope this helps.

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Lynsey

January 11, 2024

Am I eligible for this balance transfer card even if I only have a fair credit score ?

Amy Bradney-George Finder

January 14, 2024

Hi Lynsey,

Banks and other credit card companies consider your credit score and credit report when you apply but there are other factors they assess too, including your income and regular expenses. So if you meet the eligibility requirements listed for a card, you can still apply. Finder also has a guide with tips to increase your chance of credit card approval that offers further insights. I hope this helps.

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Bianca

January 09, 2024

Hi there, I’am currently unemployed as I have a chronic illness (severe endometriosis along with anxiety/depression! I am unable to work at this time. I’ve had an extremely challenging few years. Would I still be eligible? Please advise.

Thanks.

Richard Whitten Finder

January 10, 2024

Hi Bianca,

I’m really to hear about your situation, that’s incredibly tough. Westpac’s website says that this credit card requires a minimum income of $30,000 a year.

Depending on your situation, you may be eligible for a Good Shepherd no interest loan, of up to $3000 – these are usually available to help with urgent medical bills and housing costs, like rent.

Hope this helps!

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Westpac Low Rate Credit Card

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