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How to minimise credit card fees

Annual fee

Credit Card Annual fees can vary based on the type of card you have. As a rule of thumb, the more rewards or features your card has - such as rewards points or complimentary insurance - the higher the annual fee is likely to be.

  • Take a look at the features you actually use on your card. If you don’t use them, you might want to consider a card with fewer features and a lower annual fee
  • If you have a home loan with us, ask about our Premier Advantage Package. As a credit card is part of the package, your annual fee will be waived. Annual package fee applies (one card per package)
  • If you have a Westpac rewards card, you can use your points to pay your annual fee
  • If you have more than one credit card, you could consider consolidating them down to one, therefore saving on multiple annual fees.

Foreign transaction fee

A Foreign Transaction is any Purchase or Cash Advance made using the Card:

  • in a currency other than Australian dollars; or
  • in Australian dollars or any other currency with a Merchant located outside Australia; or
  • in Australian dollars or any other currency that is processed by an entity located outside Australia.

Note: It may not always be clear to you that the Merchant or entity processing the transaction is located outside Australia.

A Foreign Transaction Fee is payable as a percentage of the Australian dollar value of any Foreign Transaction. The percentage will vary depending on the applicable credit card scheme:

  1. Transactions in foreign currency
    • Visa and Mastercard®: 3.0%
    • American Express®: 3.5%
  2. Transactions in Australian dollars and the merchant or financial institution accepting the card is located overseas:
    • Visa and Mastercard®: 3.0%
    • American Express®: 0.0%*

Note: It may not always be clear to you that the Merchant or entity processing the transaction is located outside Australia.

*Use your American Express card to pay for transactions in Australian dollars where the merchant or financial institution accepting the card is located overseas to avoid paying foreign transaction fees.

Cash advances

Transactions treated as  Cash Advances include transactions where you use your card account to:

  • Withdraw cash through an ATM or at a financial institution, or
  • Receive a cash substitute from a Merchant (e.g. purchasing gambling chips/ tokens), or
  • Purchase foreign exchange.

2% of the value of the transaction will apply to each cash advance, where your account has a negative (debit) balance after the transaction has been posted to it.

A minimum charge of $2.50 and a maximum charge of $150 will apply.

Where your account has a positive (credit) balance after the transaction has been posted to it, a charge of $2.50 will apply.

Refer to the Combined Credit Card Conditions of Use and Credit Guide (PDF 229KB) for more details.

With this in mind, it’s a good idea to only access a cash advance in an emergency.

Missed payment fee

If you don’t pay the minimum monthly payment by the due date on your statement, you’ll be charged a missed payment fee.

To avoid this charge:

  • Make sure you pay the minimum monthly payment by the due date each month
  • Use Card Autopay (PDF 78KB) to pay your credit card each month.

Over-limit fee

If your card account was opened  before 4 June 2012, there’s a $15 fee every time you exceed your credit limit during a statement cycle. The fee may also be charged whenever your account is over the limit at the beginning of a statement cycle.

To avoid this fee:

  • Keep an eye on your credit card balance and plan your purchases accordingly. Westpac Online Banking, Westpac Mobile app or the Westpac iPad app can all be used to monitor your balance on the go
  • Make an interim payment if you’re getting close to your limit, which could reduce the risk of going over your credit limit on future spending in that month.

Duplicate statement fee

If you or the additional cardholder requests an extra paper copy of a statement that has already been issued, there is a fee. You can easily avoid this fee by downloading and printing your statements using Westpac Online Banking.

Non-Westpac Group ATM fee

Although not a Westpac fee, using your card in a non-Westpac Group ATM may result in a charge to you.

Luckily, you can use Westpac’s extensive network of 2,900 ATMS across Australia (including any St.George, BankSA and Bank of Melbourne ATMs) with no ATM fee charge.

Find a Westpac Group ATM.

Credit card surcharge

In some instances, businesses may administer a ‘surcharge’ for credit card payments. Usually, these are a percentage fee of your purchase amount.

It’s a good idea to always ask about any surcharges with the use of your credit card before paying, as these fees can build up.

Things you should know

World Mastercard®, Mastercard® and the Mastercard brand mark are registered trademarks, and PayPass is a trademark of Mastercard International Incorporated.

American Express® is a registered trademark of American Express. The Westpac American Express Card is issued by Westpac Banking Corporation pursuant to a license from American Express.