Using credit cards responsibly
When you use credit cards, you are borrowing money which you agree to repay over time, with interest. Every month you'll be required to make a minimum payment on any outstanding amount.
We are committed to responsible lending practices and to help our customers manage credit responsibly, we have prepared the following guidelines. You may find it helpful to read this before applying for a credit card.
Decide if you can afford the repayments
Before taking out a credit card, or any other form of debt, decide if you can afford to repay it.
One of the best ways of doing this is to work out a budget.
- List your current commitments, such as existing loans, rent and other expenses.
- Determine if you can afford the amount you want to borrow.
- Determine if there are any extra costs you need to consider. For example, if you already have one or more credit cards, can you afford another one?
Think about the unexpected
There are a number of reasons why even the most responsible money manager might get into financial difficulty. Sickness, injury, disease, involuntarily losing your job can strike at any time and can affect your ability to meet your credit card repayments.
One way to protect yourself against these unexpected events could be to take out the appropriate insurances, such as Credit Card Repayment Protection.
Things you should know
- Important: If you are applying for a selected credit card at the same time or after your Premier Advantage Package is set up, or if you are switching or upgrading from an existing Westpac credit card, or if you are accessing employee benefits, you are not eligible for any special promotional offers (such as any promotional balance transfer rate) available at point of application. Please check the details at card application. Fees and charges are payable. Credit card applications are subject to Westpac's normal lending criteria. An additional credit card can be issued on the primary cardholder’s credit card account to any nominated person 16 years or over. All transactions using the additional credit card will be the responsibility of the primary cardholder. Information about a third party’s products or services is provided for convenience only and does not represent an endorsement by Westpac of the products and services.
