Bankwest Zero Mastercard. All about the Bankwest travel credit card

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

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 Classic BankWest Zero Mastercard
• The Bankwest Zero Platinum Mastercard

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

Who is this credit card for?

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

The main features and benefits of the Bankwest Zero Mastercard credit card

On top of having no ongoing annual fees for either version of this credit card, customers will also benefit from¹:

• Your own Bankwest themed Mastercard
• Up to 55 day interest free period
• Access to purchase now, pay later lending program
• Complimentary travel insurance (Platinum customers only)

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.

Bankwest Zero Mastercard rewards

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 cons of using this card

The main cons of using this card include¹:

• The offer on balance transfers only lasts 34 months
• No rewards programs
• Only platinum card holders benefit from waived foreign transaction fees
• Classic holders will pay 2.95% foreign transaction fee
• ATM fees may be incurred on top of cash advance fees

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.

The credit limits you get with this card

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

What are the fees for this card

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

Bankwest Zero Mastercard exchange rate used

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

How do you get a Bankwest Zero Mastercard

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

1. Visit the Bankwest website
2. Fill in the online form
3. Wait for a confirmation from Bankwest
4. Bring your ID and other documents into a Bankwest branch
5. Wait for your application to be approved

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

What are the eligibility requirements for getting this credit card

To be eligible for this credit card, you must⁵:

• Be over the age of 18 years
• Be an Australian Permanent resident

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:

Identity documents

Here are some of the common identity documents you may be asked to provide⁶:

• Passport
• Driver's licence
• Medicare card
• Proof of age card

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.

Employment or Income documents

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:

• A Pay-As-You-Go (PAYG) summary
• Two of your latest payslips
• Latest notice of assessment

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.

How long does it take to get the card

Once your application gets approved, it can take up to 10 days to receive your new card.⁵

What else do I need to know?

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

Contacting Bankwest

Whether you need to context Bankwest from within Australia or from abroad, you can do so by calling:

• 13 17 19 from within Australia
• +61 8944 92840 if you are outside Australia

You can call their phone line support 24 hours a day, 7 days a week.

Wise Account and debit card

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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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

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Sources:

1. Bankwest Zero credit card
2. Bankwest Credit Card Target
3. Bankwest late repayment
4. Mastercard currency conversion
5. Bankwest apply
6. Bankwest ID documents
7. Bankwest travel insurance

Sources checked on: 17 April 2023