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Credit card interest rates

When researching the best credit card for your needs, you should compare credit card rates while weighing up the benefits of other features on offer.

If you don’t usually pay off your balance in full each month, look for a card with a low purchase rate.

Rewards cards and low annual fee cards generally have higher purchase rates in exchange for earning points, travel and lifestyle benefits or a lower annual fee. However, you may be able to take advantage of interest free days on purchases if you pay your balance in full by the statement due date each month.


Card Special balance transfer rate Purchase rate (variable) Cash advance rate (variable)
Westpac Lite Balance transfers not available
9.90% p.a. Cash advance not available
Low Rate See product pages for ‘Special Offers’. 13.49% p.a. 21.49%
Altitude -
20.24% p.a. 20.74% p.a.
Altitude Platinum - 20.24% p.a. 20.74% p.a.
Altitude Black - 20.24% p.a. 20.74% p.a.
55 Day See product pages for ‘Special Offers’. 19.84% p.a. 21.29% p.a.
55 Day Platinum See product pages for ‘Special Offers’. 19.84% p.a. 21.29% p.a.

About credit card interest rates

Interest is charged daily on any outstanding balance, so it’s important to know the different types of credit card rates and how they will impact your balance.

Purchase rate

This is the interest rate you pay on purchases made with your card, expressed as a variable rate per annum. The rate applies for example, to purchases made in-store and online. Keep an eye out for purchase rate offers, which often offer 0% p.a. on purchases for an introductory period of time.

Cash advance rate

The cash advance rate is what you are charged when, for example, you use your credit card to withdraw cash from an ATM. Note that cash-equivalent purchases, like loading a travel money card, are also charged at the cash advance rate. The variable cash advance rate will almost always be higher than the purchase rate and interest free days do not apply.

Balance transfer rate

The balance transfer rate is usually a low rate offered to customers transferring balances from an existing non-Westpac store or credit card to a new Westpac credit card. Taking advantage of balance transfer offers can be a good debt consolidation strategy.

Learn more about how interest is calculated and making the most of interest free days.

Things you should know

Balance transfer promotion: The promotional balance transfer rate is available when you apply for a new Low Rate, 55 Day or 55 Day Platinum credit card between 29th June 2017 and 26th October 2017 and request at card application to transfer balance(s) from up to 3 non-Westpac Australian issued credit, charge or store cards. The rate will apply to balance(s) transferred (min $200 up to 95% of your approved available credit limit) for the promotional period, unless the amount is paid off earlier. Card activation will trigger the processing of the balance transfer. The applicable variable purchase rate will apply to balance(s) transferred but left unpaid at the end of the promotional period. Westpac will not be responsible for any delays that may occur in processing payment to your other card account(s) and will not close the account(s). Interest free days do not apply to credit cards with balance transfers. Cannot be used in conjunction with the Cashback promotion.

#A balance transfer fee of 2% of the transferred balance(s) will be charged to the account on the same day the balance(s) are debited to the account.