Westpac ’55 Day’ Credit Card – Details & Application
Pros
- Rare purchase rate offer of 0% p.a. on purchases for 5 months
- $0 annual fee for the first year saves you $30
Cons
- Fairly weak balance transfer offer
- No rewards program
Overall
If you are looking for a great introductory offer on a credit card
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The Westpac 55 Day Credit Card can allow you to pay 0% p.a. for 6 months (reverts to 19.59% p.a.) interest on your purchases and then enjoy up to 55 days interest free on purchases after that.
Simply make sure you pay your closing balance down to zero each month and you can enjoy using your credit card without being charged high interest rates.
It seems that consumers are getting a bit more cautious with their credit and are therefore interested more in the rates they will be charged than the potential rewards they could earn. It makes a great deal of sense, given the recent fluctuations in the economy and an overall credit crunch, that smart Australians are looking for ways to keep more of their cash in the bank. This new card offering will help you do just that.
| Product Name | Westpac 55 Day Credit Card | |
|---|---|---|
| Balance Transfer Rate | 3.99% p.a. for 6 months with 1% balance transfer fee | |
| Interest Rate on Purchases | 0% p.a. for 6 months (reverts to 19.59% p.a.) | |
| Offer end date | 1 July 2013 | |
| Annual Fee | $0 p.a. annual fee for the first year ($30 p.a. thereafter) | |
| Interest Free Period | up to 55 days | |
| Interest Rate on Cash Advances | 21.49% 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 | $30,000 | |
| Minimum Monthly Repayment | 2% | |
| Credit Card Type | Visa | |
| Late Payment Fee | $9 | |
| Complimentary Travel Insurance | No | |
| Available to Temporary Residents | Yes | |
| Joint Application | No |
Westpac 55 Day Credit Card – Details
If you’re already struggling to repay credit card debts from other lenders, then roll your balances over to the Westpac 55 Day credit card and enjoy a low interest rate of 3.99% p.a. for 6 months with 1% balance transfer fee. This can represent a huge saving on the interest you would normally be charged.
By putting your interest savings back towards your credit card repayments, you could find your credit card debt shrinking in no time.
Even though the interest rate on purchases after the introductory period reverts to 0% p.a. for 6 months (reverts to 19.59% p.a.), if you’re careful to repay your balance every month, you’ll never be charged this rate, as you’ll be enjoying the interest free days on your purchases.
Westpac 55 Day Credit Card – Application
When you apply for your new card, you will need to be over 18 years of age at the time of application and you will also need to be an Australian Citizen or permanent resident.
You will need to supply income details and verify these using pay slips or tax returns. Westpac may conduct a credit check on you to verify your credit history.
You can apply for your Westpac 55 Day credit card quickly and easily online using Westpac’s secure, confidential online application form.
The Westpac 55 Day Credit Card Benefits
Interest free days - As the name indicates, this 55 day credit card offers you 55 interest free days. That means you get to finance purchases for an extended period of time without having to worry about paying interest from day one. Of course, this is subject to your having paid off your full bill on the previous month’s statement.
Excellent interest rates - Right now, you will get a rate of 0% on purchases for the first 6 months that you own the card. After that, the rate goes to a competitive 19.59% per annum on purchases. Again, as long as you pay your bill in full at the end of each payment period, you will spend nothing on interest.
The Westpac 55 Day Visa Card or MasterCard can allow you to enjoy paying 0% p.a. for 6 months (reverts to 19.59% p.a.) interest on the things you purchase using your credit card. The interest period begins on the day your account is activated, so take advantage of this great offer by using your credit card to pay bills or buy the things you need using your card.
The introductory rate is available for new customers applying for a Westpac 55 day credit card. If you’re already a Westpac customer, you may not qualify for this introductory offer.
Balance transfer deal - A balance transfer is when you move the debt from other plastic to your new plastic in order to take advantage of lower rates. This deal is quite nice, allowing you to move over those old debts and pay just 3.99% p.a. for 6 months with 1% balance transfer fee. After that, the remaining balance will revert to the standard purchase rate. If you can set up a budget that allows you to clear out the full bill, you can get out of debt quite cheaply.
Low annual fee - The first year that you own this card, your annual fee is waived completely. After that, the fee is waived if you reach a $10,000 spending limit during the year. Should you wind up paying the fee, it is just $0 p.a. annual fee for the first year ($30 p.a. thereafter) per year. Other fees might apply including a two percent fee for cash advances, a nine dollar charge for late payments or going over your spending limit, and a seven dollar and fifty cent fee for duplicate statements. Foreign transactions also incur added charges.
Additional Benefits
- Applicants can choose between a MasterCard or a Visa Card when they apply for the 55 Day Credit Card.
- Link their 55 Day card to their Westpac transaction or savings account.
If you like for a credit card to come with loads of rewards then this is not the right plastic for you. However, if you are one of the many people who prefers to use their cards as an inexpensive convenience, Westpac has the perfect deal. Use the card for enough purchases to get your annual fee waived and pay off the balance each month and you will spend nothing extra for your card. It is the perfect spending option in a world where every dollar counts.
Read the Westpac 55 Day Credit Card terms and conditions.
| Minimum Age | 18 years of age | |
|---|---|---|
| Available to Temporary Residents | Yes - Conditions apply | |
| 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 | $30,000 |
| Annual Fee | $0 p.a. annual fee for the first year ($30 p.a. thereafter) | |
|---|---|---|
| Balance Transfer Fee | 1% | |
| Minimum Repayment | 2% | |
| Late Payment Fee | $9 | |
| Over Limit Fee | $9 | |
| Overseas Emergency Replacement | $0 | |
| Overseas ATM Balance check | $0 | |
| Overseas ATM Withdrawal | $2.50 | |
| Foreign Currency Conversion Fee | 2.5% | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $0 |
Read the Westpac 55 Day Credit Card terms and conditions.
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47 Responses to Westpac ’55 Day’ Credit Card – Details & Application
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Is there a fee if I transfer to another low interest card after the 5 months?
HI Vanessa
Thanks for your comment and participating in the CreditCardFinder.com.au community!
With regards to your question, there is no specific fee for transferring at the end of the balance transfer period.
Once the balance transfer period is over, you would need to speak to the bank and ask for the payout figure of the card. That is essentially the amount you would want to balance transfer from another card, to ensure that the card is paid out in full.
If the card isn’t paid out in full, you will attract a higher interest rate on that balance.
Please speak to the Commonwealth Bank customer service team for a full explanation of this process, prior to making a decision to apply for a credit card.
Thanks again!
Jeremy
With the Westpac ’55 Day’ credit card [$30 annual fee - $0 for the first year] could you please advise:-
a). can you get it without PayPass ?
b). what is the minimum credit limit ?
Thank you
Hi Mark
Thanks for your comment! in response to your questions:
a). can you get it without PayPass ?
PayPass is a permanent feature of the credit card that can’t be turned off. You can however make normal purchases with your card just by swiping, so you don’t have to use PayPass for all payments.
b). what is the minimum credit limit ?
This isn’t currently published information by Westpac. You are best to speak to their customer service team to clarify prior to making a decision to apply.
Thanks again,
Jeremy
Thank you
once we have received a credit card, can we cease it after couple of months paying the full outstanding balance or is there a contract like a year or two before we can stop it
Hi Vicky
With a credit card, there is no contract term. You will have an annual fee to pay, but there is no specific period of time that you have to hold the credit card for.
Hope this helps!
Cheers,
Jeremy
Is there a fee for converting Euros to dollars
Hi Gordon
This PDF covers off the fees & charges
Cheers
Jeremy
Is there a minimum term you must have this credit card? Or can I use it for one or two years and then cancel it?
Hi Alanna
Thanks for your question
There is no minimum term you must have this credit card for.
Cheers
Jeremy
Hi Iam a westbank Caring-bah customer.do I qualify for this credit card.how long is the processing time.how much is overseas purchasing fee.
Hi Farhan. Application takes about 15 minutes and you will get a response straight away. If you’re successful, it’ll take about two weeks till you get the card. It’s worth mentioning that you won’t be able to transfer a debt between two Westpac credit cards at the balance transfer rate of interest as both cards are from the same bank. Overseas purchases will attract a foreign currency conversion fee, which is about 3% of transaction value. Thanks for your question.
I live in Ireland, and my daughter lives in Australia, but will not have residency for about 12 months. Is there any bank which will allow me to assist her in opening a credit card account, but which charges low or zero annual fees. The card will be cleared monthly by direct debit. I have an Irish card with EUR11,000 limit (about AU$15,000).
Hi Patrick
Thanks for your comment
There is a chance that some of the banks here in Australia would be able to offer your daughter a credit card. I would suggest she visits a branch and brings along with her any Visa information she has.
Another option is to setup a debit card or re-loadable prepaid card and you could then transfer funds in to that card each month.
Cheers
Jeremy
When I make a deposit to my TAB account, do you treat the transaction as a cash advance?
Hi Steve. Thanks for the question. Please refer to our article on gambling transactions on your credit card. Cheers.
hi, I’m interested to apply for this credit card . i just want to know if you do bank checking to get approve?
Hi Joan. For information on why credit card applications get declined, please refer to our page on the topic. Cheers.
Please tell me the foreign currency conversion fees and the overseas transaction fees.
Hi If I do a balance transfer to this card can I then do another balance transfer to another card after the 9 months at 0.99% is finished?
Hi Angela
Yes this is possible – so long as you are credit-worthy and meet the credit application criteria of the new bank you are applying with in 9 months time. You will also need to be approved for a credit limit which is high enough to take on the outstanding balance from this card.
Cheers
Jeremy
There is $30 annual fee after the first year, if you pay the full balance every month is there a service fee or some other fee ? I am on a pension, could I still get a Credit Card I used have one before it wa an Ignite,used to be Virgin, the Card I have now just brought in a Account Service Fee, & we want to change not to worried about no rewards.
Hi Alexander. Thanks for your question. If you don’t use the card at all. The annual fee (if applicable) is the only charge you will incur. There is no charge for closing the account if you have paid the balance in full. Sorry for the delay in getting back to you. Jacob.
Is there a charge for an extra
card ?
Hi Mike. Thanks for your question. You can add one additional cardholder to this account at no extra cost. The additional cardholder request form has been sent to your email. Please check the fees and repayments tab in the bottom table on a card’s review and application page for information about additional cardholders. Sorry it’s taken so long to reply to this message. Jacob.
I would like to know how much i will be paying monthly if i transfer balance of $11k from another bank
HI Harry, Please check out our balance transfer calculator to run the figures. Thanks for your question.
I’ve just noticed Westpac have charged my $150 annual fee for my Mastercard on 28/12. This is horrendous – I think I would have paid more like $30 max in the past. I also have a Visa with Westpac … hope I’m not going to get charged the same for that one.
Can I get them both transferred to the $zero annual fee card … and hopefully get my $150 credited back to my account??
Please advise – cheers, Alan
Hi Alan. Thanks for your question and sorry about the time it’s taken for us to get back to you. If you have been charged a $150 annual fee for this product, this is a mistake on the bank’s end. Please contact them to rectify the situation. If you don’t get a result, please take the issue to the Financial Services Ombudsman. Jacob.
do you get travel insurance with this card?
Hi,
Travel insurance is not an included benefit with this card. It usually a feature that comes standard with Platinum Credit Cards. Please have a look at the Platinum card section of the Credit Card Finder website to view a list of cards with complimentary travel insurance – http://www.creditcardfinder.com.au/platinum-and-gold-credit-cards – Thanks.
Cheers,
Jeremy
Hi I would like to withdraw let say £10 000 from the card to buy a motor vehicle. Are there cash withdraw limits and would I need to go to a Westpac Bank to do so.Is there a limit to how much I can draw?
Hi Jaques. There are cash advance limits placed on credit cards — sometimes $1,000 AUD a day. If you contact the lender directly you can amend this figure. Sorry for the late reply and thanks for the question. Jacob.
Hi Jeremy:
Is there a limit of how much money can I spend each time on my credit card? For example, if I use it to purchase a $15,000 car, can I process it on the card?
Hi,
Thanks for your question. You will be advised of the maximum daily transaction limit when issued with a Card, and you will be subsequently advised of any changes to the limit, but to give you some idea, for the 55 day credit card the annual fee will be waived when you reach $15,000 accumulative spending for the year. Hope this has helped.
Cheers,
Jeremy
Hi Jeremy,
With any credit card, how are purchases and cash advances classified?
For example; Would paying a bill down at Australia Post using your credit card be a cash advance or a purchase? Or would paying for a hotel be a cash advance or a purchase? etc.
Is there a reference guide you could recommend?
Thank you
Hi,
Thanks for your question. In terms of a guide, it’s difficult to say what’s considered a cash advance and what’s considered a purchase, as it varies between merchants and institutions. For instance, some BPAY payments are considered cash advances or purchases depending on whether the merchant accepts credit cards. That aside, a cash advance is generally any situation where you receive cash (ATM etc.) while over the counter purchases are considered purchases. For further information please check our guide here – http://www.creditcardfinder.com.au/low-cash-advance-rate-cards#differencecashadvancepurchases – Cheers.
Jeremy
Hi Jeremy, Quick question. What would be the annual fee for a second family member card? Would the annual fee also be waived on the second card if the you spent $10,000 on the first card. Thanks for the assist.
Hi Margaret. According to Westpac, ‘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.’ Thanks for your question.
can I have another cardholder linked to this card?
Hi Lee. According to Westpac, ‘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.’ Cheers.
Why does it say in the ‘Fees & repayments’ section that interest is charged from the purchase date when the card is meant to be 55 days interest free?
Hi Jessica. Thanks for your question. When it says interest charged from purchase date it refers to the time when your lender starts to charge you interest. Some lenders do this from the day you make a purchase on your card while others wait to calculate the interest from the next statement period. This does not apply when you have interest free days available on your credit card. If you have paid your balance in full for two consecutive months then you will receive up to 55 days interest free when you make a purchase on your card – interest will be calculated after this time. Cheers.
Hi,
Could you please explain what 0% p.a. for 6 months on purchases means exactly? Does this mean that whatever you purchase on this card for the first 6 months will not be charged any interest until you reach the 7th month?
Also, would payment of a personal loan be considered a purchase or a cash advance?
Hi Chloe. Thanks for your question. Spot on with your assumption. You will have to check with the loan provider, as it will depends on how you pay. Please keep in mind that you can’t pay one credit card with another credit card, the same may apply for personal loans. Jacob.
Hi, I have credit cards from almost every major bank and I keep applying for new. I generally apply for new card if there is a good offer (0% on purchase or balance transfer) and use it for a period of time and cancel it later on. Will this effect on my credit ratings? I am really on top of my finance, and have very good income and strong savings. I don’t have any debts on credit cards and pay my balance on full every month. Will there be any problem or issue for having too many cards and cancelling and applying for more quite frequently?
Hi SP. It can be an issue, but then again, there’s no rule that says you can’t do this. If you think about it from a lender’s perspective, it would raise red flags when they look at a customer’s credit file and see that he or she has applied for five cards in the last month. It must make them think, ‘why has this person applied for credit so many times in such a short space?’ If you’re applying for a card every couple of months when a good offer hits the market, I wouldn’t be worried. Jacob.