Westpac
Low Rate Credit Card with up to $350 cashback, 0% p.a. balance transfers for 20 months, $59 annual fee. Competitive choice for balance and rewards.
The Westpac Low Rate Credit Card offer is packed with value for new applicants. Earn up to $350 cashback by spending $1,000 each month on eligible purchases for seven months. The standard purchase interest rate is competitively low. The card also provides 0% p.a. interest on balance transfers for the first 20 months after approval, with a 3% balance transfer fee. After the promotional period, the rate reverts to the variable cash advance rate. The annual card fee is $59, but there are fee waivers for eligible existing Westpac customers.
How to Apply: Step by Step
- Check Westpac’s eligibility requirements
- Complete the online application form
- Upload ID documents if requested
- Wait for approval notice
- Receive card, activate, and start spending
Strengths of the Westpac Low Rate Card
First, the generous introductory cashback is easily achievable with regular spending. Cardholders can enjoy the substantial $50 statement credit for each month they spend $1,000, totalling up to $350.
Second, the 0% balance transfer offer for 20 months makes it a wise pick for those looking to consolidate and pay off existing card debt interest-free, which is great for budgeting.
Weaknesses to Consider
One limitation is that the balance transfer incurs a 3% fee, which could offset some savings for those transferring large balances. Additionally, after 20 months, the interest on unpaid transfers rises sharply.
Another potential downside is that cashback is not available to recent or current Westpac cardholders, limiting access for those who already bank with Westpac.
Our Verdict
The Westpac Low Rate Credit Card is an outstanding promotional offer for people after a simple, great value credit card. New customers seeking to reduce interest, earn cashback, and enjoy a competitive annual fee will find this offer stands out. However, those with existing Westpac cards or looking to avoid all fees should read the fine print carefully before applying.
