Balance Transfer Rate
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Maximum credit limit
Late Payment Fee
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Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
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No foreign transaction fees for online and overseas purchases
Balance Transfer and Cash Advance not available
Compare and review credit cards with similar features
Bendigo Bank Low Rate Mastercard
for 12 months then $45
Balance Transfer0% on Balance Transfers for 6 months. $0 annual fee in Year 1 then reverts to $45. Get a $150 Woolworths Supermarket Gift Card when you spend $1k in 60 days.
Westpac is not only the oldest bank in Australia, but it's also the country’s oldest company. It was first established in 1817 as the Bank of New South Wales. Following a series of mergers and acquisitions, in 1982 it changed names to Westpac Banking Corporation.
It’s now one of the big four banks in Australia, with almost 14 million customers, 1400+ branches, 39,000 staff and close to 4000 ATMs.
Westpac has an extensive range of credit cards, as well as home loans, personal loans, card loans and much more. Its subsidiaries include St. George Bank, Bank of Melbourne and BankSA.
The Westpac Lite credit card offers customers a very low interest rate, a moderate number of interest-free days, and fewer fees. The card charges no late payment fee or foreign transaction fee, although the card does charge a monthly fee. The Westpac Lite card does not have an associated reward scheme, and cash advances are not available.
This card allows one additional card holder (16 years or over) at no extra cost. It also offers an online banking experience that lets card holders tap and pay with their Mobile Wallet, temporarily lock their card, and set up Card Autopay.
The Westpac Lite credit card delivers security and peace of mind with their Fraud Money Back Guarantee, Westpac Added Online Security, and a built-in microchip that increases convenience and purchase safety.
- Very low interest rates
- Free additional cardholder
- No foreign transaction fees
- Application fee charged
- Discharge fee at end of loan
- Legal fee charged
- Settlement fee charged
Who is it good for?
The Westpac Lite credit card is well suited to budget card holders. The card offers fewer fees with no late payment fees and no foreign transaction fees. However, the card does charge a monthly fee in order to take advantage of interest-free days. This card is a good fit for customers who struggle to pay their bill in full each month. Westpac offers the option to set up a repayment plan using SmartPlan.
This card may not be a good fit for customers who want to be rewarded for their spending. With no associated rewards scheme, your purchases do not earn points or cash back. Card holders looking for product, voucher or airline rewards should browse the market for cards that are more suited to their preferences. Plus, the moderate credit limit may be problematic for customers who spend high amounts on their card each month.
What RateCity says
The Westpac Lite credit card is a reasonable low-rate card, particular for those who regularly make late payments or spend money overseas. However, the card does charge a monthly fee, which may not benefit customers looking for a card with no monthly or annual fee. There are other cards on the market that do not charge monthly or annual fees, though there may be a cost for late payments or foreign transactions.
For customers who already bank with Westpac, the Westpac Lite card may be a suitable choice. Those who do not already bank with Westpac may ask their current bank for a low-rate offering.
The Westpac Lite card does not offer a rewards program, so card holders in search of rewards on eligible purchases may be better off looking elsewhere. There are other cards that will earn points on eligible purchases, as well as provide benefits like complimentary insurances.
Customers who want to apply for the Westpac Lite credit card must be at least 18 years old and be an Australian citizen or permanent resident. Permanent residents must be currently in Australia. Applicants will need to provide personal details and identification such as an Australian driver’s licence. The application may also ask for proof of income and expenses such as payslips and bank statements, as well as employment details.
Westpac is an Australian bank that offers a range of solutions to both businesses and individuals. Headquartered in Sydney, Westpac is Australia’s first and oldest bank and was established in 1817. Westpac now provides financial services such as credit cards, bank accounts, home loans, car loans, insurance and wealth management. Westpac merged with St. George Bank Limited in 2008, with St. George Bank becoming a division within the Westpac Group.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
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.
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.
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.
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.
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.