Low Rate Mastercard held pre-2019 (no longer for sale)
The Westpac Low Rate Mastercard that was offered pre-2019 is no longer available . See our full range of available credit cards.
Low Rate Mastercard holders
If you currently have a Low Rate Mastercard, nothing has changed. Existing benefits, features, fees and the conditions that apply are outlined below.
Annual fee and interest free days
- Currently $59. $0 annual fee for the first year on new cards when special promotion applies
- Up to 55 days interest free on purchases when you pay the closing balance (excluding any promotional balance transfer amount) in full by the due date shown on your statement.
Variable interest rates
- On purchases - 13.74% p.a.
- On cash advances - 21.49% p.a.
Minimum credit limit
- Add one additional cardholder (16 years or older) at no extra cost
- The account holder (primary cardholder) is liable for all transactions on these cards and their own card.
For a fast and convenient payment option for purchases under $100 - simply hold your contactless card against the terminal wherever you see the contactless symbol or your card logo - no need to enter a PIN or sign (where available).
- Now you can use your Samsung Galaxy S5, S4 or Note 3 (N9005) smartphone to tap and pay for everyday purchases.
- Simply download the Westpac Mobile Banking app and choose which debit or credit cards you wish to use for mobile payments
- To make a payment simply hold the back of your Samsung Galaxy S5, S4 or Note 3 (N9005) smartphone against the contactless terminal.
As well as an embedded microchip, take advantage of additional security measures helping defend against fraudulent activity:
- Register with Mastercard® SecureCode™ through the Westpac Added Online Security service
- All mobile payments are backed by our Fraud Money Back Guarantee. Plus, you can choose to enter your mobile banking password each time you make a purchase for added peace of mind or disable mobile payments in your phone’s NFC settings at any time.
Fraud Money Back Guarantee
Cardholders will be reimbursed for unauthorised transactions, provided the cardholder didn't contribute to the loss and notified Westpac promptly. Refer to the T&Cs for full details of when cardholders may be liable.
|Fees (these may change)||Amount|
|Foreign Transaction Fee||
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
2. Transactions in Australian dollars and the merchant or financial institution accepting the card is located overseas:
Note: It may not always be clear to you that the Merchant or entity processing the transaction is located outside Australia.
|Cash advances/Withdrawal fee||
An administrative charge of 2% of the value of the transaction will apply to each cash advance made on your card account, 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 in these circumstances.
Where your account has a positive (credit) balance after the transaction has been posted to it, a charge of $2.50 will apply to the transaction.
These charges will appear on your credit card statement directly below the relevant cash advance.
|Missed payment charge||A charge of $15 may be payable each statement cycle that the whole of the minimum monthly payment is not paid by the statement due date. If charged, the Missed Payment Charge will be debited to your account.|
|Over-limit fee||If your card account was opened before 4 June 2012, a fee of $15 may be debited from your credit card account every time you exceed your credit limit during a statement cycle. It is debited from your account in that statement cycle, on or after the day(s) your credit limit is exceeded. This fee may also be charged whenever your account is over limit at the commencement of a statement cycle.|
|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. Avoid this fee by using one of Westpac’s extensive network of 2,900 ATMS across Australia (including any St.George, BankSA and Bank of Melbourne ATMs) . 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. Ask the merchant if a surcharge applies and how much it is before paying if you’re unsure.|
|Purchases||13.74% p.a. (variable)|
|Cash advances||21.49% p.a. (variable)|
Be credit savvy: Before applying, consider a realistic credit limit and check all conditions, interest rates, fees and charges on your selected card.
Credit card repayment protection
Important note: Credit Card Repayment Protection is no longer available for new sales. The following product information is for existing policyholders.
Credit card repayment protection is optional insurance that could help make your repayments if you unexpectedly lose your job, or can’t work because of illness or injury. It could also pay off your outstanding balance (up to $50,000) if you pass away.
If you are a policyholder, your monthly premium appears in your credit card transactions as “Credit Card Repayment Protection” and may be subject to credit card interest charges.
Policy limits and exclusions apply which mean you won’t be covered in some instances as set out in the Product Disclosure Statement (PDS) or policy wording, for example: voluntary redundancy or resignation, if your employment ceases at the end of a contract, or if you’re aged 66 years or over.
Credit Card Repayment Protection is issued by Allianz Australia General Insurance Limited ABN 99 003 719 319 (previously known as Westpac General Insurance Limited) (AAGIL) and Westpac Life Insurance Services Limited ABN 31 003 149 157 (issuer of the death cover). AAGIL is a corporate authorised representative of Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708. This information does not take into account your personal circumstances, so please consider the Product Disclosure Statement. To obtain a copy please call 1300 369 989.
Please feel free to contact us anytime on 1300 367 228
Things you should know
Mastercard® is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.