Bankwest More MasterCard
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Saving Money with the Bankwest More MasterCard
The Bankwest More MasterCard allows you to earn reward points every time you use your card. However, it’s also possible to save money on interest charges.
Yet if you apply for a Bankwest More MasterCard, you could reduce the amount of interest you pay on your credit card debt dramatically. The current offer stands at 0% p.a. for 6 months on any balance amounts you transfer over from other credit cards.
| Product Name | Bankwest More MasterCard | |
|---|---|---|
| Balance Transfer Rate | 0% p.a. for 6 months | |
| Interest Rate on Purchases | 19.49% p.a. | |
| Annual Fee | $70 p.a. | |
| Interest Free Period | up to 55 days | |
| Interest Rate on Cash Advances | 21.99% p.a. | |
| Minimum Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|
$1,000 | |
| Max Credit Limit | $25,000 | |
| Minimum Monthly Repayment | 2% | |
| Credit Card Type | MasterCard | |
| Late Payment Fee | $25 | |
| Complimentary Travel Insurance | No | |
| Available to Temporary Residents | No | |
| Joint Application | No |
How the More MasterCard Balance Transfer Offer Works
When your new card is approved, you can transfer any outstanding amounts you have owing on other credit cards with other lenders. Be sure the amounts you transfer are within the approved credit limit amount first, though.
Once your balances have been moved over to Bankwest, you’ll only pay 0% p.a. for 6 months.
With such a low rate valid for a longer term than most other credit cards, you get the benefit of paying far less interest on your credit card debt. As a result, this should mean the amount you pay on your monthly payments will be going more towards repaying your balance and less on paying hefty interest charges.
Ideally, you should aim to pay as much as possible off your balance while the rate is still low. This will reduce your balance further, which means your interest charges are reduced even further as well.
How Does the Bankwest More Card Compare?
If you’re in the stages of still comparing balance transfer credit card options, you might initially find there are lower introductory rates available. However, don’t be fooled by these.
In order to compare introductory rates, it’s important to also compare the term the low rate will be active for. In this case, Bankwest More MasterCard is offering a 6 month term before the rate reverts to the standard purchase rate, which is 19.49%p.a.
However, the vast majority of introductory rates available on the market tend to last for 3 or 6 months. Even if you see a rate offered at 2.99% for 6 months, this still may not be the cheapest option for you.
Here is an example of how this card could end up costing you much less money in the long run:
| Balance Amount | Intro Rate | Introductory Term | Purchase Rate | Interest Paid |
| $5,000 | 5.99% | 12 months | 18.99% | $2,066 |
| $5,000 | 2.99% | 6 months | 19.75% | $2,416 |
| Difference | $350 |
In the above example, a person owing $5,000 who applies for the Bankwest More MasterCard will end up saving $350 in interest charges in the long run. This is because you have the benefit of paying the lower interest rate for a longer amount of time.
While the cheaper rate of 2.99% might look cheaper on the surface, the reality is that your rate will revert to a much higher rate sooner, leaving you paying more interest.
Upgrade to Platinum to enjoy waived foreign transaction fees and complimentary travel insurance with unlimited medical expenses and up to $30,000 cover for loss/damage/theft^
So if you’re looking for a way to save money on your credit card bill, consider how the More MasterCard from Bankwest could be helpful for you.
Read the Bankwest More MasterCard terms and conditions.
| Minimum Age | 18 years of age | |
|---|---|---|
| Available to Temporary Residents | No | |
| Credit Rating Requirement | Good | |
| Min Credit Limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $1,000 | |
| Max Credit Limit | $25,000 |
| Annual Fee | $70 p.a. | |
|---|---|---|
| Minimum Repayment | 2% | |
| Late Payment Fee | $25 | |
| Over Limit Fee | $30 | |
| Overseas Emergency Replacement | $0 | |
| Overseas ATM Balance check | $0 | |
| Overseas ATM Withdrawal | $4 | |
| Foreign Currency Conversion Fee | 2.95% | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $0 | |
| Number of Additional Cardholders | 3 |
Pros
- 0% p.a. for 6 months on balance transfers.
- This card gives you access to a rewards program.
- Earn 1.50 rewards point per $1 you spend on eligible purchases.
Cons
- A high annual fee of $70.
- After the introductory period you will be charged 19.49% on all purchases
Read the Bankwest More MasterCard terms and conditions.
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