Westpac Low Rate Balance Transfer Credit Card

Westpac's below webpage provides a calculator to determine your savings from opening its Westpac Low Rate Balance Transfer Visa Card.  It asserts that you will save $1,407.62 after 16 months if your current interest rate on your existing credit card/s is 17% p.a. and you having an existing unpaid balance of $6,500.

The below webpage add also offers 0% interest rate on Purchases for initial 3 months.  After 3 months if those Purchases not repaid, they are charged at 13.49% p.a.. 

The below large print fails to inform that the -

(i)        afore-mentioned $1,407.62 savings after 16 months is predicated upon not making any Purchases during the initial 16 months, as hidden in minute print under Calculator assumptions: is
You don't make any purchases on your card until the promotional period ends or the balance transfer is paid in full

(ii)       variable cash advance rate currently 21.49% p.a. will apply to balance(s) transferred but left unpaid at the end of the promotional period.

Below is the above 'fine print' in large print with vital information highlighted in yellow background
Calculator assumptions:
  • You don't make any purchases on your card until the promotional period ends or the balance transfer is paid in full
  • You only make minimum repayments on your card in the first 16 months
  • The interest rate applying to your non-Westpac credit card will not change
  • You don't pay your card off in full each month
  • The minimum monthly repayment will be paid by the statement due date each month. The minimum repayment on your credit card is whichever is greater of: 2% of your total balance, or $10, or the amount of outstanding government and interest charges
  • No cash advance transactions are made
  • Excludes any fees that may apply to either card, including annual fees and when they are charged.
Things you should know:

Related Documents:
Consumer Credit Card - Conditions of Use (PDF 230kb) - 56 PAGES OF FINE PRINT
Credit Card Repayment Protection Product Disclosure Statement (PDF 222kb)
Fees, charges and credit criteria apply. Read the Terms and Conditions available for download above before making a decision.

1. Special Promotion - 0% p.a. for 16 months on balance transfers requested at card application: The promotional balance transfer rate is available when you apply for a new Low Rate card between 6 January and 19 April 2015 and request at application to transfer balance(s) from up to 3 non-Westpac Australian issued credit, charge or store cards. The rate will apply to balance(s) transferred (min $200 up to 95% of your approved available credit limit) for 16 months, unless the amount is paid off earlier. Card activation will trigger the processing of the balance transfer. The variable cash advance rate currently 21.49% p.a. will apply to balance(s) transferred but left unpaid at the end of the promotional period. Westpac will not be responsible for any delays that may occur in processing payment to your other card account(s) and will not close the account(s). Switches, upgrades, customers accessing employee benefits or packaged cards are ineligible. Promotional rate not available in conjunction with any other promotion other than the special 0% p.a. on purchases for 3 months promotion. The variable cash advance interest rate applies to balance transfers requested at any other time. Interest free days don't apply to balance transfers.

2. Special promotion - 0% p.a. on purchases for 3 months: The introductory rate of 0% p.a. on purchases for 3 months applies from card approval when you apply for a new Low Rate credit card between 6 January 2015 and 19 April 2015. After 3 months, the introductory purchase rate will switch to the variable purchase rate then applicable to your card account. The introductory interest rate on purchases is not available in conjunction with any promotion other than the special balance transfer promotion available at card application. Switches, upgrades, customers accessing employee benefits or packaged cards are ineligible.

Mobile Banking: Internet connection is required when using Westpac Mobile Banking. Normal data charges apply. Before using Westpac Mobile Banking, you should read the Westpac Online Banking Terms and Conditions available at request. There are no additional charges for accessing your Westpac accounts using your mobile, however your account and Online Banking fees and charges still apply. The iPhone and Android Mobile Banking applications are only available for use by Westpac Australia customers.

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