Westpac Low Rate Mastercard

Roland Bleyer

Credit Card Expert with over 15 years card experience and the founder of Creditcard.co.nz. Ask Roland a Question about this card.

The Westpac Low Rate Mastercard

If you apply for the Westpac Low Rate Mastercard today, you can take advantage of its balance transfer offer, providing 5.95% p.a. on balance transfers for life of the transfer. Ongoing, the card is a no frills, low rate card, which could help you keep costs down, not just with a low purchase rate, but with a low annual account fee and up to 55 days interest free on purchases as well.

What we love...

Currently offering 5.95% p.a. on balance transfers for the life of the balance(s) transferred, the Westpac Low Rate Mastercard could be a great option for anyone looking to pay down debt. One of the great things about Westpac’s balance transfers is that they’re not limited to credit card balances – you can transfer from hire purchases, store cards and even a personal loan, if approved.

Paying no interest for a year could help you put a serious dent in your debt. And because it’s a no frills card with a low annual fee, it allows you to concentrate on simply paying down your transferred balance month to month. There is no incentive to spend, as there would be with a rewards card, and there isn’t a huge annual fee to cover, that might otherwise go towards paying down your transferred balance.

So, what do you need to know about the offer? You can transfer up to 95% of your approved credit limit. When you make a payment, it will be applied to the balance with the highest interest first (so, new purchases and cash advances before your transferred balance). Lastly, if you don’t clear your balance within the intro period, it will revert to the card’s purchase rate.

Now to what the card has to offer ongoing. This is a low rate card, which means it offers a low purchase rate. Working well for cardholders who tend to carry a balance (that is, those who don’t always pay off their balance in full each month), it allows them to pay a lower rate of interest on that balance compared to a card with a higher rate.

However, cardholders who do pay off their balance each month can take advantage up to 55 days interest free on purchases. This allows them to keep interest costs at zero, while still using their credit card as an effective money-managing tool. Note, there are no interest free days while there is a balance transfer on the account.

Last on the list of things we love about this card is its low annual account fee. As you would expect from a basic card, the Westpac Low Rate Mastercard has a very affordable annual account fee, paid every six months. This can help to keep costs as low as possible, while still allowing cardholders access to credit – and to the card’s essential features.

What’s not so great...

As a simple card, the Westpac Low Rate Mastercard doesn’t offer much in the way of features, and it certainly doesn’t offer rewards. It is geared towards money saving, which means those who desire all those extras will be left wanting. Overall, you will need to weigh up what is most important to you – do you want a card that saves you money or gives you fancy features?

Why should you choose this card?

There are plenty of reasons to choose the Westpac Low Rate Mastercard over other options. If you want an excellent balance transfer offer on a low cost card, this card is definitely worth looking into. If you carry a balance each month and want to keep interest costs down, this card could make that happen.

If you want a no frills card that doesn’t come with heaps of small print, this card could be a great option. If you’re new to credit or you don’t use your card that much, this card could be there when you need it, helping you to keep interest and annual fee costs to a minimum whether you use the card or not.

As for features, the Westpac Low Rate Mastercard is not completely devoid of extras. You can enjoy access to contactless payments, while benefitting from all the security features you’d expect from a big bank card. You can access exclusive offers via Mastercard Priceless Cities, 24-hour emergency credit card assistance, and no international transaction fees (usually $2) when withdrawing money from a Global ATM Alliance ATM.

Overall Rating

The Westpac Low Rate Mastercard is a basic card that could help you save money with an ongoing low rate and annual account fee, up to 55 days interest free on purchases.