When going overseas, your usual debit or credit card may not be your best option to use on overseas purchases due to extra foreign transaction fees or high margins included in exchange rates.
Fortunately, these days you can find a whole range of travel credit cards available which can help save these extra fees. Bankwest, a division of the CommBank, has a travel credit card that you may want to consider.¹
This article will explore their options, the eligibility requirements and go over some other considerations that you need to take on board before getting your own travel credit card.
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The Bankwest Zero Mastercard is a credit card that comes with no annual fees and an introductory, limited time balance transfer rate offer for new Bankwest customers. There are two variants of this card which are:
The platinum version of this card comes with some extra features and benefits but is only available to those assessed to meet a higher minimum credit limit.¹
The Bankwest Zero card is for individuals who are looking for a credit card that is needed for personal use.² Bankwest is also offering a limited time introductory balance transfer offer of 0% for the first 34 months plus several included features suited for travellers.¹
On top of having no ongoing annual fees for either version of this credit card, customers will also benefit from¹:
For those that are looking for a credit card for travelling purposes, the foreign transaction fees are waived for those eligible for the platinum card.
There are no rewards programs associated with the Bankwest Zero Mastercard. However, Bankwest does offer other credit card products that have dedicated rewards programs.¹
The main cons of using this card include¹:
It is also common for credit cards to come with a range of other fees that are attached with using the available credit on any associated cards. We’ll go through the credit limits and some of the fees you will encounter when using the Bankwest Zero Mastercard.
For the classic card, a credit limit of between $1000 to $5999 can be granted.
For the platinum card, customers will access a higher minimum credit limit of $6000.¹
Although we’ve briefly covered some fees and charges associated with this credit card above, here is a simple breakdown of the common fees that you might run into using this card.
| Fees* | Bankwest Zero Mastercard¹ |
|---|---|
| Maintenance fees | $0 |
| Points / cash back | No points/cash back with either card version |
| Late repayments | $25 per statement period |
| Local/Foreign ATM fees | 21.99% p.a. rate + a 2% cash advance fee + other potential ATM fees |
| Purchase rate | 14.99% per annum |
| Additional card holders | One card per customer only |
| Replacement card fee | $25³ |
*As seen on 13th April 2023
| Read more: Prepaid Debit/Credit Card Australia Compared |
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The Bankwest Zero credit card uses the Mastercard exchange rate. This conversion works for foreign purchases by first converting the foreign currency into USD then converting this amount into AUD.²
To see how your purchase price is affected by these conversions, we’ll do a simulation of a purchase for 100 GBP using your Mastercard and compare it with an alternative provider that uses the mid-market rate on all conversions.
| Mastercard currency converter⁴* | Wise |
|---|---|
| If you were to purchase something for 100 GBP, the mastercard exchange rate is 1 GBP for 1.85505 AUD This means you will be charged 185.51 AUD for your purchase | Wise uses the mid-market rate which is the same rate you will see on google. For this same purchase, the rate is 1 GBP for 1.84415 AUD This means you will be charged 184.42 AUD for your purchase |
*Rate as seen on 18th April 2023
You can apply for this card online, in a branch or over the phone. To apply online, you will need to follow these steps.⁵
If you need to apply in a branch, it is important that you bring the original copies of any documents.⁶ If you don’t live near a Bankwest branch, you may be able to submit the required documents to verify your identity via Australia post.⁵
| Read more: Credit cards with no foreign transaction fees in Australia |
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To be eligible for this credit card, you must⁵:
If you meet this criteria, you will also need to provide a range of documents to Bankwest. These documents will allow Bankwest to assess whether you are eligible for the classic or platinum version of this credit card. Some documents to have handy include:
Here are some of the common identity documents you may be asked to provide⁶:
Depending on what ID types you have will determine if you need to provide one or a few of these documents to verify your identity with Bankwest.
Proving how much money you consistently make will determine if you are eligible for the classic or the platinum version of the Bankwest Zero Mastercard. Here are some documents that are used in this assessment⁵:
These are not the only documents that are possible, it really comes down to your own personal circumstance for what you need to provide. It is important that you do your own research or contact Bankwest yourself to clarify which exact documents you need.
Once your application gets approved, it can take up to 10 days to receive your new card.⁵
If you are interested in this credit card based on the complimentary travel insurance benefit, there's a few things you should know. For Bankwest platinum credit card holders, the complimentary travel insurance covers up to 31 days per journey when a valid card is held.
This insurance can extend to your spouse or children if they are on your trip with you. This insurance includes basic coverage for medical, travel or death expenses, but does not cover travel delays, delayed luggage or existing illnesses.⁷
Whether you need to context Bankwest from within Australia or from abroad, you can do so by calling:
You can call their phone line support 24 hours a day, 7 days a week.
If you aren't confident that a credit card is what you’re looking for, but still want a card that saves you money when travelling, why not check out Wise.
Wise offers easy solutions for avoiding hidden foreign transaction fees — with the Wise Account and the Wise Debit card.
Not only can you use your Wise Account to hold and convert over 50 currencies, but you can order your own Wise Debit card to connect to your Wise Account and spend online or overseas at the mid-market rate — just like the one you see on Google.
Forget unexpected international transaction fees or high conversion rates, say hello to the world with the Wise Account.
Safe travels.
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Sources:
Sources checked on: 17 April 2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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