Westpac

Altitude Black (Altitude Rewards)

Purchase Rate

Purchase Rate

20.49%

Balance Transfer Rate

Balance Transfer Rate

6.99%

for 12 months then 21.49%

Annual Fee

Annual Fee

$250

Max Free Days

Max Free Days

45

Late Payment Fee

$15

Purchase Rate

Purchase Rate

20.49%

Balance Transfer Rate

Balance Transfer Rate

6.99%

for 12 months then 21.49%

Annual Fee

Annual Fee

$250

Max Free Days

Max Free Days

45

Late Payment Fee

$15

Pros and Cons

Pros and Cons

  • 6.99% p.a on balance transfers for 12 months and then 21.49% p.a.
  • Rewards Available through Westpac Altitude Rewards
  • Bonus 150000 points subject to eligibility conditions
  • Ability to convert large purchases into instalment plans
  • Apple Pay, Google Pay and Samsung Pay available
  • Free domestic travel insurance
  • Free international travel insurance
  • Free supplementary cards
  • Purchase protection insurance
  • Extended warranty
  • Rental car excess insurance
  • Concierge
  • Late payment fee

Westpac Features and Fees

Westpac Features and Fees

Details

Card Level

Premium

Card Type

MasterCard

Interest Free Days

Interest Free Days

45

Minimum monthly repayment

2% or $10

Minimum credit limit

$15k

Maximum credit limit

$75k

Free supplementary cards

Number free supplementary

1

Instant Approval

Fees

Annual Fee

Annual Fee

$250

Annual Fee Spend Waiver

Supplementary card annual fee

$0

Late Payment Fee

$15

Over limit fee

$15

Duplicate statement fee

$2

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

20.49%

Cash advance rate

21.49%

Cash advance fee

2% or $2.5

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

6.99%

for 12 months then 21.49%

Transfer Limit

80%

of the approved credit limit

Balance Transfer Fee

$0

Overseas spending

Foreign Exchange Fee

3% on Mastercard

Overseas charges

Overseas charges

$2.5

Estimated ATM Cost

-

Rewards

Program name

Westpac Altitude Rewards

Rewards Available

Gift Card, Cash Back

Eligibility

Minimum age

18

Minimum income

$75k

Eligibility conditions

You have a regular, verifiable income

Residency

Australia Citizen, Permanent Resident

Earn Rates

RateCard TypeEarnsCondition

1.25 points for $1 spent

Mastercard

uncapped

eligible domestic and overseas purchases

Perks

  • FREE DOMESTIC TRAVEL INSURANCE
  • FREE INTERNATIONAL TRAVEL INSURANCE Available for covers up to $20,000 for loss or damage to personal property, $550 for loss or damage to travel documents and $2.5 million of personal liability cover
  • FREE SUPPLEMENTARY CARDS
  • PURCHASE PROTECTION INSURANCE Cover lasts for 120 days per year
  • EXTENDED WARRANTY Warranty is extended for the same duration as the original warranty up to 2 years.
  • RENTAL CAR EXCESS INSURANCE Covers up to $5500
  • CONCIERGE
Specials
  • Bonus Points Earn 150,000 bonus Altitude Points
    Earn 150,000 bonus Altitude Points when you spend $4,000 on eligible purchases within 90 days of approval. Offer excludes customers who hold/held any Westpac Rewards credit card in the last 12 months. T&Cs apply.

Other Benefits

If you choose Altitude Rewards you can register your Altitude Black Mastercard to receive 2 complimentary lounge visits per year to use at more than 1000 VIP airport lounges worldwide.

Pros and Cons

  • 6.99% p.a on balance transfers for 12 months and then 21.49% p.a.
  • Rewards Available through Westpac Altitude Rewards
  • Bonus 150000 points subject to eligibility conditions
  • Ability to convert large purchases into instalment plans
  • Apple Pay, Google Pay and Samsung Pay available
  • Free domestic travel insurance
  • Free international travel insurance
  • Free supplementary cards
  • Purchase protection insurance
  • Extended warranty
  • Rental car excess insurance
  • Concierge
  • Late payment fee

Westpac Features and Fees

Details

Card Level

Premium

Card Type

MasterCard

Interest Free Days

Interest Free Days

45

Minimum monthly repayment

2% or $10

Minimum credit limit

$15k

Maximum credit limit

$75k

Free supplementary cards

Number free supplementary

1

Instant Approval

Fees

Annual Fee

Annual Fee

$250

Annual Fee Spend Waiver

Supplementary card annual fee

$0

Late Payment Fee

$15

Over limit fee

$15

Duplicate statement fee

$2

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

20.49%

Cash advance rate

21.49%

Cash advance fee

2% or $2.5

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

6.99%

for 12 months then 21.49%

Transfer Limit

80%

of the approved credit limit

Balance Transfer Fee

$0

Overseas spending

Foreign Exchange Fee

3% on Mastercard

Overseas charges

Overseas charges

$2.5

Estimated ATM Cost

-

Rewards

Program name

Westpac Altitude Rewards

Rewards Available

Gift Card, Cash Back

Eligibility

Minimum age

18

Minimum income

$75k

Eligibility conditions

You have a regular, verifiable income

Residency

Australia Citizen, Permanent Resident

Earn Rates

RateCard TypeEarnsCondition

1.25 points for $1 spent

Mastercard

uncapped

eligible domestic and overseas purchases

Perks

  • FREE DOMESTIC TRAVEL INSURANCE
  • FREE INTERNATIONAL TRAVEL INSURANCE Available for covers up to $20,000 for loss or damage to personal property, $550 for loss or damage to travel documents and $2.5 million of personal liability cover
  • FREE SUPPLEMENTARY CARDS
  • PURCHASE PROTECTION INSURANCE Cover lasts for 120 days per year
  • EXTENDED WARRANTY Warranty is extended for the same duration as the original warranty up to 2 years.
  • RENTAL CAR EXCESS INSURANCE Covers up to $5500
  • CONCIERGE
Specials
  • Bonus Points Earn 150,000 bonus Altitude Points
    Earn 150,000 bonus Altitude Points when you spend $4,000 on eligible purchases within 90 days of approval. Offer excludes customers who hold/held any Westpac Rewards credit card in the last 12 months. T&Cs apply.

Other Benefits

If you choose Altitude Rewards you can register your Altitude Black Mastercard to receive 2 complimentary lounge visits per year to use at more than 1000 VIP airport lounges worldwide.

FAQs

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. 

How do you apply for a credit card?

You can apply for a credit card online, over the phone or in person at the bank. Once you’ve compared the current credit card offers, the application process is quick and easy. Before you get your application started, you’ll need to gather your personal information like proof of ID, payslips and bank statements, proof of employment and details of your income, assets and liabilities. To be eligible for a credit card, you’ll need to be an Australian citizen over 18 and earn a minimum of $15,000 each year. Once you’ve applied for a credit card, you should get a response fairly instantly. If your credit card application has been approved, you should receive a welcome pack with your new credit card within 10-15 days.

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.

Should I get a credit card?

Once you've compared credit card interest rates and deals and found the right card for you, the actual process of getting a credit card is quite straightforward. You can apply for a credit card online, over the phone or in person at a bank branch. 

How to get a credit card for the first time

A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.

If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.

Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.

When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.

How to pay a credit card

There are a few ways to pay a credit card bill. These include:

  • BPAY - allows you to safely make credit card payments online.
  • Direct debits - set up an automatic payment from your bank account to pay your credit card bill each month. You can choose how much you want to pay of your credit card bill when you set up the auto payments.
  • In a branch.
  • Via your credit card provider's app.

Which credit card has the highest annual percentage rate?

The credit card market changes all the time, so the credit card with the highest annual percentage rate is also liable to change.

Keep in mind that credit card interest rates are expressed as a yearly rate, or annual percentage rate (APR). A low APR is generally good but also consider:

  • There can be different APR's for each feature of the card (e.g. purchases may have an APR of 14 per cent, while cash advances on same card could have an APR of 17 per cent.
  • Credit cards with a variable rate can change throughout the year, affecting your APR, so check the full details.
  • If you pay your balance in full every month, having the lowest APR is not as important as the other fees associated with the card. However, if you carry a balance from month to month, then you want the lowest APR possible.

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.

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.

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.

How do you cancel a credit card?

It’s important to cancel your old cards to avoid any additional fees. Unless you’re doing a balance transfer, you’ll need to pay the outstanding balance before you cancel your credit card. If you’ve opted for a card with reward points, make sure you redeem or transfer the points before you close your account. To avoid any bounced payments and save yourself an admin headache, redirect all your direct debits to a new card or account. Once you’ve done all the preparation, call your bank or credit card provider to get the cancellation underway. Once you receive a confirmation letter, destroy your card and make sure the numbers aren’t legible.

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.

Where can I get a credit card?

Looking to get your first credit card? You might be confused as to exactly where to go to apply for one. Here’s where to go when you are ready to put in that application.

The bank: Your bank is a great place to start, provided that you have a good banking history. Since you already have a financial history, you have more chance of your application being approved.

Credit card provider: Another option is to apply for a credit card directly from the issuer, such as Visa, Mastercard or Amex. This will most likely be an online application, so do your research and apply for a suitable card for your circumstances.

Major retailers: Coles, Woolworths, Myer and David Jones all have credit cards available. But watch out for the interest rate and annual fees – these cards are designed to help you spend more in store.

What should you do if your credit card is compromised?

Credit card fraud is a serious problem. If your credit card is compromised and you’re wondering what to do, here are a few precautionary steps to take.

Contact you credit provider – Get in touch will your credit card provider. If you feel your card has been compromised, you should be able to lock or block it.

Monitor your accounts – Keep an eye on your credit card accounts. Any unauthorised transactions could be a sign your credit card has been compromised.

Check your credit rating – It’s also important to check your credit rating, to ensure you’re not a victim of identity theft or some other financial mischief.

How to make a credit card online

If you’re wondering about how to make a credit card online application, here are some steps to follow:

  • Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
  • Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
  • Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
  • Review details. Ensure the information you’ve entered is correct.

How do I apply for a credit card online?

How is credit card interest charged?

Your credit card will be charged interest when you don’t pay off the balance on your credit card. Your card provider or bank charges you the individual interest rate that is associated with your card, which is usually between 10 and 20 per cent. 

The interest will be added onto your bill each month or billing period if you don’t pay off the balance, unless you are in an interest-free period.

You will be charged interest on anything that hasn’t been paid for inside the interest-free period. Usually you will receive a notice on your bill or statement saying you will be charged interest so you have some form of notice before you’re charged.

What is a balance transfer credit card?

A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card. 

What happens if I have a bad credit score?

If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.

Why should I check my credit rating?

There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.

Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.