Westpac Low Rate Mastercard Review

Get a low-interest rate when you sign up to the Westpac Low Rate Mastercard.

The Westpac Low Rate Mastercard keeps things simple and is worth considering for someone that wants a no-frills globally-accepted credit card. As well as enjoying interest-free purchases for up to 55 days when you pay off your balance, you’ll pay no international transaction fees when withdrawing money and have access to special Mastercard cardholder offers.

While there is no reward programme attached to this card, it will help you to keep your costs down with a lower interest rate.

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12.9% p.a.

Purchase Rate

$0 p.a.

Annual Fee

$15,000

Minimum Income

Details

Product NameWestpac Low Rate Mastercard
Balance Transfer Limit95%
Purchase Rate12.9% p.a.
Interest Free PeriodUp to 55 days on purchases
Min credit limit$500
Minimum Monthly Repayment2% of transaction value or $5, whichever is greater
Minimum Income$15,000
Card TypeMastercard
Late Payment Fee$8
Complimentary Travel Insurance CoverN/A
Joint ApplicationYes

Benefits of the Westpac Low Rate Mastercard

  • Low interest rate. A standard interest rate of 12.9% p.a. applies to purchases on the Westpac Low Rate Mastercard.
  • Transfer your existing balance. You can apply to transfer the balance of another credit card, (from a different provider) to your new card. If successful, you pay 5.95% p.a. for the life of the balance.
  • No international transaction fee. When you use your Westpac Low Rate Mastercard at an ATM in the Global ATM Alliance, you won’t pay the normal $2 transaction fee.
  • Mastercard Priceless. Gain access to a range of local and global offers on dining, entertainment, shopping and travel.
  • Interest-free days. If you pay off your statement balance in full, you enjoy interest-free purchases for up to 55 days.

      Features of the Westpac Low Rate Mastercard

      • Cash advance interest rate. An interest rate of 19.95% p.a. applies to cash advances.
      • Account fee. This card comes with a $0 annual fee.
      • Globally accepted. The Westpac Low Rate Mastercard is accepted at over 35 million locations around the world.
      • Contactless payments. Thanks to Mastercard Tap & Go, in-store payments are faster and more convenient. You only need to enter your PIN if the transaction is $200 or higher.
      • Westpac CardGuard. Stay protected from fraudulent activity 24/7 with Westpac CardGuard.
      • Card Blocker. If you temporarily misplace your card or believe it has been lost or stolen, you can put a block on it using Card Blocker.
      • Link your accounts. By linking your other Westpac accounts to your credit card, you only need to carry one card with you when you leave the house.

      How to apply

      If you’re looking for a simple credit card that helps keep costs down, make sure to compare the benefits and fees of the Westpac Low Rate Mastercard with alternative options. When you’re ready to apply, you can call into a Westpac branch or complete an application form online.

      Eligibility criteria

      To be eligible for the Westpac Low Rate Mastercard, you need to:

      • Be at least 18 years of age
      • Be a New Zealand citizen or permanent resident
      • Be receiving an annual income of at least $15,000 per year

      Required documents

      You need to prove your identity, address, expenses and income before Westpac can approve your application. In addition, Westpac asks for the following documents, so make sure to have these ready before you apply.

      • Proof of identity: A New Zealand passport or driver’s licence
      • Proof of address: A recent utility bill, bank statement or government letter
      • Proof of expenses and income: Westpac recommends showing three months worth of bank statements for the main transaction account where your income is credited.

      The bottom line

      The Westpac Low Rate Mastercard comes with a low purchase interest rate of 12.90% p.a. and no account fee, making this card appealing. Plus, if you transfer a balance from another bank, you can save even more on interest, as Westpac charges 5.95% p.a. for the life of the balance. However, there are other low-interest rate credit cards out there, so make sure you compare your options before you make a final decision.

      Compare other credit cards

      Name Product Purchase Rate Interest Free Period Annual fee
      LOW RATE
      The Co-operative Bank Fair Rate Credit Card
      12.95% p.a.
      Up to 55 days on purchases
      $20
      0% p.a. on balance transfers for 6 months, plus benefit from a low rate of 12.95% on both purchases and cash advances.
      AIRPOINTS
      American Express Airpoints Card
      0% for 6 months (reverts to 19.95% p.a.)
      Up to 55 days on purchases
      $0
      Be rewarded with 50 bonus Airpoints Dollars. Simply apply, be approved, and spend $750 on your new Card in the first 3 months of membership. This offer is available to new Card Members only.
      AIRPOINTS
      American Express Airpoints Platinum Card
      19.95% p.a.
      Up to 55 days on purchases
      $195
      Limited time offer: Be rewarded with 500 bonus Airpoints Dollars when you apply online by 27 September 2021 are approved, and spend $1,500 on your new Card within the first 3 months. This offer is available to new Card Members only. Ts&Cs apply. You will also earn 1 Airpoints Dollar for every $59 you spend on your card.
      OFFER
      American Express Platinum Edge Credit Card
      2.99% for 6 months (reverts to 19.95% p.a.)
      Up to 55 days on purchases
      $149
      Enjoy a low rate on purchases and earn 20,000 Membership Rewards Bonus Points if you apply, are approved and spend $750 in the first 3 months of Card membership. This offer is available to new Card Members only.
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