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Westpac introduces new credit card with lowest interest rate currently offered by a major Australian bank

30 June, 2017

 

Westpac today launched its new ‘Lite’ VISA card, making it the only major bank[1] in Australia to currently offer a credit card with a purchase interest rate under 10% p.a.

 

George Frazis, Chief Executive Consumer Bank at Westpac said the new card, with a 9.90% p.a. purchase interest rate, is designed to meet growing demand for access to more affordable credit: “The Westpac Lite Card brings flexibility to customers looking for a straightforward credit card with a low interest rate.”

 

Westpac Lite has a number of standout features, and has been designed for a range of customers, including first time credit card customers and online shoppers. Unlike other cards which have an annual card fee plus other charges, Westpac Lite has a monthly card fee and won’t charge a fee for common credit card fees such as foreign transactions or missed payments. This means customers won’t incur a fee if they make a purchase overseas, from a foreign merchant, or don’t make the minimum credit card payment by the due date.

 

Customers will be able to request a credit limit between $500 and $4000, can have up to 45 days interest free on purchases, and will not be able to use the card for cash advances or balance transfers.

 

“With the introduction of Westpac Lite, Westpac now offers a range of personal credit cards that cover a variety of individual needs, from our low-interest and low annual fee cards right through to premium rewards cards,” Mr Frazis said.

 

Also announced today is a new feature for all Westpac credit card holders called SmartPlan: an online, self-service tool which helps customers to manage their credit card balances. SmartPlan helps customers to pay down their credit card balance or individual large purchases by instalments, with certain cards currently offering a reduced purchase interest rate, which helps customers to avoid higher interest on purchases.

 

“Most importantly, these two initiatives underline Westpac’s commitment to lend responsibly to customers, while promoting competition in the marketplace – which is ultimately beneficial for consumers. It also demonstrates our ability to think beyond traditional product models to offer our customers innovative and simple products with fewer fees,” Mr Frazis said.

 

Customers can apply for the card at westpac.com.au, in branch, or by calling 132 032

 

[1] Major bank is defined as: WBC, CBA, NAB and ANZ


Westpac’s range of personal credit cards

Card

Features

Customer Requirements

Westpac Lite Card

Low interest rate of 9.90% p.a

Up to 45 days interest free for purchases

Credit limit - $500 to $4000

A $9 monthly card fee

Full access to Westpac branches, ATMs, internet and telephone banking

Designed for customers who want a basic credit card with no rewards or access to cash advances, fewer fees, and a low interest rate and credit limit.
Standard Cards Low rate

$59 annual card fee

Up to 55 days interest free for purchases

13.49% per annum

No rewards

Designed for customers who want a low rate on purchases, no rewards and a flexible credit limit
55 Day

$0 annual card fee (provided min. spend  is $5000 every 12 months)

Up to 55 days interest free for purchases

19.84% per annum

No rewards

Designed for customers who don’t want to pay an annual card fee but still want access to interest free days for purchases.
55 Day Platinum

$0 annual card fee (provided min. spend  is $10K every 12 months)

Up to 55 days interest free for purchases

19.84% per annum

Platinum Benefits (Insurance)

Designed for customers who want to keep annual card fees down but have ongoing platinum benefits (insurance).
Premium cards Altitude

$100 annual card fee

20.24% per annum

Up to 45 days interest free for purchases

Altitude Rewards or Qantas Points

Designed for customers who want a standard rewards card to earn points on eligible purchases .
Altitude Platinum

d$150 annual card fee

20.24% per annum

Up to 55 days interest free for purchases

Altitude Rewards or Qantas Points

Designed for customers who want a competitive earn rate towards rewards and platinum benefits including insurance.
Altitude Black

$395 annual card free

20.24% per annum

Up to 45 days interest free for purchases

Altitude Rewards or Qantas Points

Designed for customers who want uncapped rewards points and added travel extras such as insurance and lounge passes.

Fees, charges and credit criteria apply to Westpac credit cards.

Rates are correct at 30 June 2017