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)|
|Low Rate||0% p.a. for 12 months||13.49% p.a.||21.49% p.a.|
|Altitude||0% p.a. for 12 months||20.24% p.a.||20.74% p.a.|
|Altitude Platinum||0% p.a. for 12 months||20.24% p.a.||20.74% p.a.|
|Altitude Black||0% p.a. for 12 months||20.24% p.a.||20.74% p.a.|
|55 Day||0% p.a. for 12 months||19.84% p.a.||21.29% p.a.|
|55 Day Platinum||0% p.a. for 12 months||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.
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.
Things you should know
Balance transfer promotion: The promotional balance transfer rate is available when you apply for a new Westpac credit card between 31st January 2017 and 20th April 2017 and request at application to transfer balance(s) from up to 3 non-Westpac Australian issued credit, charge or store cards. The rates 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 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). The variable purchase interest rate applies to balance transfers requested at any other time. Interest free days don’t apply to balance transfers.