Westpac Lite credit card. The fees, rates & info

Credit cards can be a useful tool for managing your finances. From making everyday purchases, to booking and taking a trip abroad, a credit card can stretch your budget a little further. It is important to keep in mind that they are renowned for attracting additional fees in comparison to a debit card.

This article will introduce you to the Westpac Lite credit card, including its fees, rates and whether it's a good card to use abroad when travelling.

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The Westpac Lite Credit Card

The Westpac Lite credit card is a financial product offered by Westpac. It is designed as a lowest rate option for customers who want to have a credit card handy for everyday expenses or for one off purchases.¹

Who is this credit card for?

This card is best suited for individuals looking for a credit card that is light on fees and wants an interest free period on purchases.²

Features and benefits of the Westpac Lite Credit Card

There's more to this credit card than just accessing extra money when you need it. The main features and benefits include¹:

• 45 day interest free period
• 9.90% interest Rate
• Varied credit limit
• No international transaction fees
• Access to Westpac Extras cashback perks
• Fraud Protection
• Digital card option
• Manage through Westpac app
• SmartPay instalments

In terms of fraud protections, any unauthorised purchases may be eligible for Westpacs fraud money back guarantee.¹

Westpac Lite Credit Card rewards

Customers will get access to Westpac Extras. This allows them to get cashback on eligible purchases from popular brands like department stores, supermarkets, petrol stations, and certain travel partners. Discounts or promotions from retail partners will also be sent to a card holder's email when they become available.³

The cons of using this card

You should always go for a credit card that best suits your own personal financial needs. The cons of this card include²:

• Higher annual cost compared to some other Westpac credit cards
• No cash advances or ATM withdrawals
• No balance transfers
• No rewards points or complimentary insurances
• No access to PartPay (split purchase option)

Knowing the cons rather than the benefits can make all the difference when picking a credit card.

The credit limits you get with this card

This credit card comes with a minimum credit limit of $1000 up to a maximum of $20000.¹ You can choose how much you want your credit limit to be when applying. However, Westpac will determine what limit you’ll access during the application assessment.

What are the fees for this card

More times than not, credit cards can attract a range of fees depending on how they are used and where. Let’s check out how the Westpac Lite card fees apply.

Fees* in AUD	Westpac Lite credit card¹
Maintenance fees	$9 per month or ($108 a year)
Points / cash back	Westpac Extras
Late repayments	$0
Local/Foreign ATM fees	Cash advances not available on this card
Interest/purchase rate	9.90% purchase rate
International transaction fee	0% on international purchases
Minimum repayments	2% or $10, whichever is greater⁴
Additional card holders	1 additional cardholder free

*As seen on 28 July 2024

Westpac Lite Credit Card exchange rate used

This card uses the Mastercard exchange rate to convert any foreign currencies into Australian dollars.⁵ Sometimes there can be fees hidden in exchange rates if the provider does not use the mid-market rate.

We’ll do an example calculation using the Mastercard rate that the Westpac Lite credit card accesses.

Westpac Lite Credit Card with Mastercard rate⁶
For a purchase of 100 GBP, you’ll use an FX rate of 1 GBP = 1.9673 AUD This means your purchase will cost around $196.73 AUD after conversion

How do you get a Westpac Lite Credit Card

You can apply for a Westpac Lite credit card¹:

• Online
• Over the phone

For new and existing customers, the easiest way is by applying online. You can do this by following these steps.

1. Visit the Westpac website
2. Navigate to the Westpac Lite Credit card site
3. Click Apply
4. Check you meet the eligibility requirements
5. Gather your documents
6. Fill in the online form
7. Submit

Existing customers will need to sign in to their Westpac account to apply. Your application won’t be automatically approved as you’ll need to wait for Westpac to assess it.

What are the eligibility requirements for getting this credit card

There are eligibility requirements that you need to meet to make sure your application goes through without a hitch. You need to be⁸:

• 18 years or older
• Australian citizen or permanent resident
• Non-resident holding an eligible visa that has at least 1 year before expiry
• A valid Australian residential address
• Proof of regular income that is more than $30000 per annum¹
• Australian phone number

If you tick all these boxes then you should gather your documents to support your application. You’ll need to have ready:

Identity documents

Applications require two forms of ID documents which can include a passport, drivers licence, Medicare card or birth certificate. There are a range of secondary documents that can be used if you don’t have two primary IDs.⁸

Proof of current debts

This could be a home loan statement, afterpay or zip pay statement or other loan proof.⁸

Proof of income

This can include payslips, business bank statements, government statements, rental income proof or a previous ATO notice of assessment.

Finally, make sure you have your mobile close by as during your application, Westpac will send you verification codes to the number you list in your online form.⁸

How long does it take to get the card

Once your application is approved, the physical card can take between 4 to 6 days to be delivered.⁹ You’ll need to activate it in the Westpac app or through the online banking portal.

If you don’t want to wait for your physical card to arrive, you can use the digital card via the Westpac app straight away. You can also add your card to Apple Pay or Google Wallet.¹

What else do I need to know?

You can never be too well informed when it comes to understanding credit cards. Here are some other key things to know about the Westpac Lite credit card.

Money and card management

The Westpac app and online portal allows you to take control of your money through various tools. You can gain insights into your spending, track month-to-month expenses, and identify savings opportunities with categorised spending. You can easily order new cards, change your PIN, or temporarily lock lost cards through the Cards Hub.¹

Credit card surcharge

Some businesses may charge a fee for credit card payments which will be a percentage of your purchase amount. You can ask a merchant if one applies before paying.¹

Contacting Westpac

Sometimes you might need to contact Westpac. You can do this by:

• Calling 132 032 from within Australia
• Calling (+61 2) 9155 7700 from overseas

Phone lines are opened between 8am to 8pm Monday to Friday. Alternatively you can get in touch directly through the Westpac app if you are an existing customer.

The Wise Account and Debit Card

With a Wise Account you can hold money in 40+ currencies and spend it in 150+ countries. You can also order local account details in popular world currencies like AUD, NZD, USD, EUR, GBP to receive local and/or international payments like a local.

Whenever you exchange currencies it’s done using the mid-market rate with a transparent conversion fee shown upfront.

To make everyday spending easier you can order a Wise Debit card for your Wise Account and generate virtual cards as needed. If you have the local currency in your Wise Account the Wise card will use it. If you don’t have local currency converted, it uses smart technology to auto-convert your money at the mid-market rate, for a conversion fee.

The Wise card may suit you better if you’re to spend money that you’ve stored in different currencies within an existing Wise Account, and benefit from 2 or less free cash withdrawals under $350 AU, or foreign equivalent, per month (keep in mind that ATM providers may charge their own fees). You can see our full fee breakdown for ATM withdrawals here.

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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. Westpac lite card info
2. Westpac TMD
3. Westpac extras
4. Westpac lite fees
5. Westpac exchange rate
6. Mastercard conversion
7. Wise card rate
8. Westpac apply
9. Westpac new card

Sources checked on: 29 July 2024