The Westpac Low Rate Visa credit card has a moderately low annual fee, a moderate interest rate and a moderate interest-free period. The card does not have an associated rewards scheme.
The Westpac Low Rate Visa Card allows an additional card holder (16 years or over) at no added cost. It also offers a balance transfer deal of 0 per cent interest for 30 months (although a 2 per cent balance transfer fee applies) for those looking to transfer existing card debt.
If you connect the card to a Westpac Mobile Wallet, you can leave the card at home and use your phone to do tap-and-pay transactions.
In terms of security, the Westpac Low Rate Visa Card is covered by Westpac’s Fraud Money Back Guarantee and online security to protect you while shopping on the web.
- Moderate interest rate
- Moderate interest-free period
- Free additional cardholder
- Annual fee charged
- Late payment fee charged
- High overseas spending fees
Who is it good for?
This card is best for current customers of Westpac who are looking to take out a low rate credit card with the bank. It is particularly good for these customers as they will have the annual fee waived in the first year. For other potential card holders, the Westpac Low Rate visa card offers no particular advantages. While the interest rate is below average it is not the lowest on the market. Similarly, while the annual fee is below average, if you are looking to really cut costs, there are cards that charge no annual fee.
This card is not particularly suitable for overseas travel due to the high charges on international spending. Although, for those looking to transfer over an existing debt, the balance transfer deal may be attractive as it offers 12 months at 0 per cent interest.
What RateCity says
The Westpac Low Rate Visa card offers little advantage to those who are not already Westpac customers looking to keep their banking products under the one roof.
The card has a reasonable interest-free period and, as is reasonable for a low-rate card, it doesn’t offer a rewards program. However, for the budget card holder, there are cards with lower interest rates and no annual fees that would be more appropriate.
While the balance transfer deal may be an incentive for some customers to apply for the card, there would not be much to keep them around once the introductory deal has ended.
As such, it might be worth shopping around to see if you can find a credit card that offers better value for money. If you’re confident about paying your entire bill in full every month, a card with no annual fee and a rewards program might be best.
To be eligible for Westpac Low Rate Visa card you must be able to provide proof of a reliable income source and have an acceptable credit rating. You must be an Australian citizen or a permanent resident. You must be 18 years or older and be able to meet any serviceability criteria enforced by the bank. You will also be asked to provide proof of your identity. Applications can be completed online or in-branch if preferred.
Westpac is one of Australia’s big four banks that provides personal finance products to customers. These products include credit cards, personal loans, car loans and home loans. Customers of the bank can stay in 24/7 contact with customer service representatives through the bank’s phone hotline and online services. Customers can also manage their own finances through the Westpac internet banking portal and the mobile app. Westpac is Australia's oldest bank and was established in 1817.