Westpac Credit Insurance Premium

Ensure your credit card repayments with Westpac's Credit Insurance Premium. If you are ill or jobless and you can't fulfill your credit card repayments, then Westpac can cover the bill and save you from drowning in debt.

Credit Card Deals

	Interest Rate p.a.	Balance transfer Rate p.a.
Westpac Low Rate Card	0% p.a. for 6 months (reverts to 13.49% p.a.)	3.99% p.a. for 6 months
Westpac Altitude Platinum Cards	19.99% p.a.	3.99% p.a. for 6 months
Westpac 55 Day Platinum Card	0% p.a. for 6 months (reverts to 19.59% p.a.)	3.99% p.a. for 6 months with 1% balance transfer fee

When you apply for credit you hardly think about debts and other nasties in regards to your new card. Westpac offers credit card insurance for people in a dire financial situation. Credit Card Repayment Protection costs 52 cents for every $100 owing on your credit card with the monthly Westpac Credit Insurance Premium being calculated on the outstanding amount you still owe on your credit card at the end of each billing cycle.

How the Westpac Credit Insurance Premium Works

The Westpac Credit Card Insurance Premium was designed for people who find themselves in the unenviable position of not being able to repay their amounts owing on their credit cards. The Westpac credit card will cover the repayments on your card if you should become ill, injured or become jobless. In case of death, Westpac will pay the credit card balance up to an amount of $50 000. The benefits are paid directly into your card, and these advantages and benefits are accessible to all eligible Westpac account holders.

Who is Eligible?

Westpac MasterCard or Visa Credit card holders can apply for the Westpac Credit Card Insurance Premium. All claimants must be 18 years or older, and younger than 65 years. They must also work at least 15 hours per week.

Credit Card Repayment Protection costs 52 cents for every $100 owing on your credit card with the monthly Westpac Credit Insurance Premium being calculated on the outstanding amount you still owe on your credit card at the end of each billing cycle. An example would be: at the end of the billing cycle you owe $1 000 on your card, the monthly Westpac Credit Insurance Premium would be $5.20. If you should owe $3 000 then the premium would be $15.60, and if you owed $5 000 your Westpac Credit Insurance Premium would be $26.00.

Added benefits to having such a card are that you will not need a medical examination when applying and you don’t pay more because of your age, your health status or because of your job. Workers compensation, sick leave or Centerlink benefits owing to you do not affect your claim with Westpac.

To make a claim you just download the claim form (link is provided on website at, complete it and apply online (it takes about 15 minutes for existing card holders) or send it by post, fax or deliver it in person.

You will have to provide various information, depending on whether you have lost your job, are unfit for work or are submitting a death claim. All the information is provided on Westpac’s website. Westpac will send you a policy schedule within 14 days and will either pay your claim or ask you for additional information. Westpac also has a call center for queries (1300 369 989 office hours, AEST/AEDT) and you can track your claim by calling the same number. There is a Credit Card Repayment Protection Product Disclosure Statement in PDF form which you will have to download and read as well to make sure that the credit card protection insurance meets your needs.

Image source: Westpac

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Westpac Credit Cards Deals

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			Interest rate (p.a.)	Balance transfer rate (p.a.)	Annual fee	Cash advance rate (p.a.)
	Westpac Low Rate Card	A no frills credit card with a low interest rate on purchases and balance transfers.	0% p.a. for 6 months (reverts to 13.49% p.a.)	3.99% p.a. for 6 months	$45 p.a.	21.49% p.a.
	Westpac Altitude Platinum Cards	Bonus points on signup and high ongoing points earning ability.	19.99% p.a.	3.99% p.a. for 6 months	$150 p.a.	21.49% p.a.
	Westpac 55 Day Platinum Card	No annual fee for the first year with a low interest rate on purchases and balance transfers.	0% p.a. for 6 months (reverts to 19.59% p.a.)	3.99% p.a. for 6 months with 1% balance transfer fee	$0 p.a. annual fee for the first year ($90 p.a. thereafter)	21.49% p.a.

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Credit Cards Comparison

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			Interest rate (p.a.)	Balance transfer rate (p.a.)	Annual fee	Cash advance rate (p.a.)
	ANZ Low Rate	A low rate on purchases, balance transfer and a low annual fee.	13.14% p.a.	0% p.a. for 9 months	$58 p.a.	21.49% p.a.
	HSBC Credit Card	No annual fee for the life of the credit card. Plus a low balance transfer offer.	17.99% p.a.	0% p.a. for 6 months	$0 p.a.	21.99% p.a.
	Bankwest Zero Platinum MasterCard	Exclusive Offer to Credit Card Finder. No annual fee credit card with platinum benefits.	17.99% p.a.	0% p.a. for 9 months	$0 p.a.	21.99% p.a.
	Commonwealth Bank Low Rate Credit Card	A low interest rate offer on purchases and balance transfers.	0% p.a. for 5 months (reverts to 12.99% p.a.)	5.99% p.a. for 5 months	$78 p.a. ($48 for qualifying customers)	21.24% p.a.
	ANZ Platinum Credit Card	No annual fee for the first year and a balance transfer offer.	19.39% p.a.	0% p.a. for 9 months	$0 p.a. annual fee for the first year ($87 p.a. thereafter)	20.99% p.a.

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.