Westpac credit card interest rates on the rise

By Rhianna Dews · · 2 min read
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2 credit cards

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Westpac has just announced that it will be increasing the interest rates on several of its credit card products from the 20th of June 2024. The changes will impact both new and existing customers, with increases to both purchase and cash advance rates on several Westpac credit card products.

So, if you're one of the many Aussies with a Westpac credit card in your wallet, here's what you need to know about these changes and how they might affect your finances.

What are the changes?

From the 20th of June 2024, The variable purchase interest rate on Westpac’s Rewards and Low Fee credit cards will increase, as will the variable cash advance interest rate on all Westpac credit cards (Rewards, Low Fee, and Low Rate products).

Here’s an overview of the upcoming changes:

Variable purchase interest rate increase

Product
From 20 June 2024
Current
Altitude Black
20.99% p.a.
19.99% p.a.
Altitude Platinum
20.99% p.a.
19.99% p.a.
Low Fee
20.99% p.a.
19.74% p.a.
Low Rate
No change
13.74% p.a.

Variable cash advance interest rate increase

For all Westpac consumer credit cards:

Product
From 20 June 2024
Current
Altitude Black
21.99% p.a.
21.49% p.a.
Altitude Platinum
21.99% p.a.
21.49% p.a.
Low Fee
21.99% p.a.
21.49% p.a.
Low Rate
21.99% p.a.
21.49% p.a.

What does this mean for Westpac credit cardholders?

This means that if you have a balance on an impacted Westpac credit card, you could wind up paying more interest on it. While the increase might not seem like much to some, the costs could really add up over time.

If you’re going to be affected by these changes, it would be wise to reassess your credit card usage and plan accordingly.

Options to consider:

Here are some potential options to consider next:

  • Pay off your balance: If it’s financially feasible for you, it could be a good idea to try and pay off your balance before the rate increase takes effect to avoid higher interest charges.
  • Consider a balance transfer: If you have significant credit card debt, then you might want to consider moving that debt over to a balance transfer card should you find a good offer that suits you. You can compare balance transfer cards at Mozo.
  • Compare credit card options: Now might also be a good time to shop around and compare other credit cards to find an option that better suits you and your spending habits.

Compare low-rate credit cards

If you’re keen to compare your options for a new piece of plastic, here are some low-rate credit cards worth checking out:

Credit card comparisons on Mozo - last updated 27 April 2024

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure
  • NAB Low Rate Card - Balance Transfer Offer

    Spend with confidence with a low 13.49% p.a. variable purchase rate and 0% p.a. interest on balance transfers for the first 28 months (T&Cs apply). 2% balance transfer fee applies. There’s also up to 55 interest free days on purchases to help you manage your budget better when you make minimum repayments. Minimum credit limit $1,000. No annual fee for the first year (usually $59).

    Purchase rate
    13.49% p.a.
    Balance transfer rate
    0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)
    Annual fee
    $59 $0 in the first year
    Compare
    Find out more
    Details
  • American Express Low Rate Credit Card

    Competitive low rate with $0 Annual Fee. Offers Card Refund Cover and Card Purchase Cover. Must have no history of bed debt or payment default, be aged 18 years and over, and be an Australian citizen, permanent resident, or hold a long term visa.

    Purchase rate
    10.99% p.a.
    Balance transfer rate
    No current offer
    Annual fee
    $0
    Compare
    Go to site
    Details
  • HSBC Low Rate Credit Card

    Purchase rate
    12.99% p.a.
    Balance transfer rate
    0% p.a. for 12 months and then 25.99% p.a. (2.00% balance transfer fee)
    Annual fee
    $99
    Compare
    Find out more
    Details
  • Australian Unity Low Rate Visa Credit Card

    Purchase rate
    9.90% p.a.
    Balance transfer rate
    No current offer
    Annual fee
    $59
    Compare
    Find out more
    Details
  • MOVE Bank Low Rate Credit Card

    Purchase rate
    8.99% p.a.
    Balance transfer rate
    0% p.a. for 6 months and then 8.99% p.a.
    Annual fee
    $59 $0 in the first year
    Compare
    Find out more
    Details

Head to our free credit card comparison tool to start comparing more options today.