RateCity.com.au
powering smart financial decisions
RateCity.com.au

Pros and cons

  • Offer VISA, Mastercard and American Express credit cards
  • 0% balance transfer options
  • Some credit cards offer free supplementary cards
  • Interest rates may be high
  • Some rewards cards have capped points
  • Annual fees may be high

Westpac credit cards rates

TMD

Product Name Card

Westpac Low Rate Card (Cashback offer)

Purchase Rate

Purchase Rate

13.74

% p.a

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$59

Late Payment Fee

$15

Go to site

Cashback

up to $400 Cashback when you take out a new Low Rate credit card. New cards only. T&Cs and exclusions apply.Get
Product Name Card

Westpac Altitude Black (Altitude Qantas)

Purchase Rate

Purchase Rate

19.99

% p.a

Interest Free Days

Interest Free Days

45

Annual Fee

Annual Fee

$300

Late Payment Fee

$15

Go to site

Bonus Points

Earn up to 120,000 bonus Qantas Points and 0% p.a. on 24 months on balance transfers
Product Name Card

Westpac Altitude Platinum (Altitude Rewards)

Purchase Rate

Purchase Rate

19.99

% p.a

Interest Free Days

Interest Free Days

45

Annual Fee

Annual Fee

$49

for 12 months then $150

Late Payment Fee

$15

Go to site

Bonus Points

Earn 110,000 bonus Altitude Points and 0% on balance transfers for 24 months.
Product Name Card

Westpac Altitude Platinum (Altitude Qantas)

Purchase Rate

Purchase Rate

19.99

% p.a

Interest Free Days

Interest Free Days

45

Annual Fee

Annual Fee

$49

for 12 months then $150

Late Payment Fee

$15

Go to site

Bonus Points

Earn 75,000 bonus Qantas Points
Product Name Card

Westpac Altitude Black (Altitude Rewards)

Purchase Rate

Purchase Rate

19.99

% p.a

Interest Free Days

Interest Free Days

45

Annual Fee

Annual Fee

$99

for 12 months then $250

Late Payment Fee

$15

Go to site

Bonus Points

Earn 140,000 bonus Altitude Points. 0% on balance transfers for 24 months. Reduced first year card fee of $99 ($250 thereafter).
Product Name Card

Westpac Lite Card

Purchase Rate

Purchase Rate

9.90

% p.a

Interest Free Days

Interest Free Days

45

Annual Fee

Annual Fee

$108

Late Payment Fee

$0

Go to site
Product Name Card

Westpac Low Rate Card (Balance Transfer offer)

Purchase Rate

Purchase Rate

13.74

% p.a

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$0

for 12 months then $59

Late Payment Fee

$15

Go to site

Balance Transfer

0% for 28 months on balance plus $0 annual fee for the first year
Product Name Card

Westpac Low Fee

Purchase Rate

Purchase Rate

0.00

% p.a

for up to 15 months, then 20.09%

Interest Free Days

Interest Free Days

55

Annual Fee

Annual Fee

$0

for 12 months then $30

Late Payment Fee

$15

Go to site

Purchase Offers

$0 annual card fee for first year and 0% on purchases for 15mths
Product Name Card

Westpac Altitude Black (Altitude Velocity)

Purchase Rate

Purchase Rate

19.99

% p.a

Interest Free Days

Interest Free Days

45

Annual Fee

Annual Fee

$300

Late Payment Fee

$15

Go to site

Bonus Points

Earn up to 120,000 bonus Velocity Points and 0% p.a. on 24 months on balance transfers
Product Name Card

Westpac Altitude Platinum (Altitude Velocity)

Purchase Rate

Purchase Rate

19.99

% p.a

Interest Free Days

Interest Free Days

45

Annual Fee

Annual Fee

$49

for 12 months then $150

Late Payment Fee

$15

Go to site

Bonus Points

Earn 75,000 bonus Velocity Points
Product Name Card

Westpac Flex Card

Purchase Rate

Purchase Rate

0.00

% p.a

Interest Free Days

Interest Free Days

Annual Fee

Annual Fee

$0

Late Payment Fee

$0

Go to site

About Westpac credit cards

As one of Australia’s biggest banks, it’s no surprise Westpac offers a huge range of credit cards:

  • Low-rate credit cards
  • Low annual fee credit cards
  • Rewards credit cards
  • Balance transfer credit cards
  • Frequent Flyer credit cards
  • Gold credit cards
  • Platinum credit cards
  • American Express credit cards
  • Visa credit cards
  • Mastercard credit cards

Credit cards offered by Westpac range from simple no-frills options all the way through to high end cards that offer big rewards and perks.

The fees and interest rates vary significantly, with Westpac’s basic credit cards offering lower purchase rates and fees than its higher end rewards cards.

Westpac also offers a Mastercard or Visa bundled with an American Express credit card, so points and rewards can be earned on both cards. This gives customers the ability to use their Westpac Mastercard or Visa when retailers either don’t service American Express or add a surcharge.

Westpac credit card review

If it’s choice you’re after, then Westpac certainly delivers. Its extensive range of credit cards could suit almost every type of customer.

However, Westpac’s rates and fees are not the lowest on the market. Westpac’s most basic credit cards offer very low to moderate interest rates, and annual fees that range from moderately low to moderately high.

Keep in mind that the long history of Westpac's operation in Australia lends a sense of stability and security to it's customers, meaning some may not mind paying these interest rates for the benefit of having a Westpac credit card. 

Some Westpac credit cards also come with 0 per cent balance transfer deals, with various conditions attached.

The more lucrative credit cards have significant perks like free travel insurance, concierge and Qantas airport lounge access. The rewards vary between the cards but include gift vouchers, Qantas frequent flyer points and cashback. However, these top-end-of-town credit cards also come with high purchase interest rates and fees.

Interest free days vary between Westpac credit cards, but are generally moderate. Late payment fees tend to be moderate.

Learn more about credit cards

Does switching credit cards affect credit?

If you’re considering getting a new credit card to replace your existing one, there’s a strong possibility that switching these credit cards will affect your credit score. You might want to apply for a new credit card because it makes financial sense to do so or because there is a better deal on offer, but it could harm your credit score.

Each time you submit an application for a new credit card, a new inquiry is recorded on your credit profile. For lenders, having many credit enquiries on your file can imply that you aren’t reliable or in control of your finances and are desperately seeking credit. So, this is how changing credit cards can affect your credit score.

Can a pensioner get a credit card?

It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:

  • Annual income. Look for credit cards with minimum annual income requirements you can meet. 
  • Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee. 
  • Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.

How easy is it to get a credit card?

For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.

Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.

Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.

Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.

Can I transfer money from my American Express credit card to my bank account?

If you’re an American Express credit card customer, you may not be able to transfer money from your credit card to your bank account. However, you may be eligible for cash advances, which involves withdrawing money through an ATM. 

To qualify for a cash advance, you’ll likely have to enrol for American Express Membership Rewards. Consider checking your online credit card account to see if you can withdraw a cash advance and, if so, the fees and charges you’ll incur for this transaction. 

You should remember that cash advances are different from balance transfers, which were available with some American Express credit cards earlier. Balance transfers allow customers to consolidate debt from high-interest credit cards to a credit card offering a lower interest rate. If you only recently applied for an American Express credit card, balance transfers may not be available irrespective of the card you own. 

Increase your credit card limit with Westpac

You can apply to increase your Westpac credit card credit limit at any time, and most credit card providers have made it really easy to do so. You can use your online banking portal, the credit card provider’s mobile app, or even the telephone. 

Applying online to increase your credit limit with Westpac is the easiest option if you’ve already activated Westpac Live Online Banking. All you need to do is fill in the required information and then hit ‘submit’ to apply for an increase in your credit card limit.

Most banks will ask for details of your financial situation at the time of applying for a credit increase. This is done to ensure your new limit meets the lender’s criteria. 

You can apply for increasing your credit limit in any of the following ways:

  1. Visiting your nearest Westpac branch
  2. Calling Westpac on 1300 651 089
  3. Logging in on Westpac Live Online Banking

Are there credit cards for students?

Yes, there are credit cards available with students in mind. These can help young Australians to build their credit report and learn crucial life skills around budgeting and managing personal finances.

How do you use a credit card?

Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.

Can I get a credit card on part-time/casual work?

Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.

What's the best credit card for rewards?

There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice. 

Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward. 

Do you need a credit card to get a loan?

You do not need a credit card to get a loan, but you usually need to have a credit history. Without a credit history, a financial institution cannot assess your ‘credit worthiness’, or your capacity to pay off the loan.

If you don’t have a credit card, your credit history can reflect any record of paying off an asset. Without any credit credit history, you’re limited in the type of loans you can apply for. But you may be able to obtain a secured loan against an asset. For more information on improving your credit score, go here

How do you use credit cards?

A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.

Can I get a credit card with bad credit?

Yes, some lenders will provide credit cards to Australians with bad credit scores. It depends on the provider's individual lending criteria and whether you’ve presented your personal finances to show you’re an ‘ideal’ applicant.

Why do different credit reporting bureaus use different scores?

The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.

However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.

How do credit cards work?

Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.

What should you do when you lose your credit card?

Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.

Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.

Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.

Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.

Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.