Westpac ‘55 Day’ Credit Card: A Great Deal For Determined Savers
The Westpac 55 Day’ Credit Card offers a very low rate of only 3.99% p.a. for 6 months on balance transfers from a non-Westpac card made during the first nine months after opening the account. Additionally, it also offers a 0% rate on any new purchases made with the card during the first six months after activation. This introductory 0% purchase rate then reverts to 0% p.a. for 5 months (reverts to 19.59% p.a.) after the first six months of introductory period offer expires.
This 3.99% balance transfer rate is attractively low and the 0% purchase rate is also very generous rate and well below the purchase rate applicable on other balance transfer cards. On the other hand, the 0% p.a. for 5 months (reverts to 19.59% p.a.) purchase rate that kicks-in after the six month introductory period is above the interest rate charged on most other balance transfer cards.
This combination of 3.99% p.a. for 6 months balance transfer and 0% purchase rates for the first six months will be particularly attractive to people who are confident they can clear all their card debts and purchase expenditures within that period. More importantly, they must also be confident they can then continue to clear their monthly purchases balance each month. Otherwise they will incur a relatively high purchase rate of 0% p.a. for 5 months (reverts to 19.59% p.a.).
Once the transferred balance has been completely cleared, the Westpac ‘55 Day’ Credit Card allows you to enjoy up to 55 interest free days on purchases provided you pay down the outstanding balance each month. The card also offers a zero annual fee for the first year and then a low $30 per year.
Easy Application Process
Applying for a Westpac ‘55 Day’ Credit Card is quick and easy. It can all be done online at the Westpac website in a matter of minutes. To apply for this card you need to be an Australian citizen or permanent resident, over eighteen years of age and provide some form of photo identification.
You may also be requested to provide your employer’s address and contact details. Additionally, Westpac may request you to provide pay statements or tax returns in order to substantiate your income. The bank will also likely conduct a credit check to assess your credit history.
The card is branded as either a Visa card or MasterCard. It features paperless e-statements, protection by CardShield, and card security in the form of an embedded microchip. Extra security is available when the card is used at participating online merchants if the card holder registers with Visa or MasterCard SecureCode.
Read the official terms and conditions
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