Westpac has a new interest-free credit card - Flex
Do you sometimes feel overwhelmed by all the complicated fees and extras associated with your credit card? Well, there’s a new card that has streamlined everything.
Today, major bank Westpac has announced a new credit card: the Flex Card.
Coming to customers later this year, Flex is not like your usual credit card - it is interest-free.
Operating more like a buy now pay later platform than a traditional credit card, the new digital-only Flex Card will give you a $1,000 credit limit with no interest on purchases, no late payment fees, and no foreign currency fees.
Similar to the NAB Straight Up card, Flex Card customers will be charged a flat $10 monthly fee; however that fee will not be charged if they pay the amount owing for the previous month on time.
Westpac has simplified every part of the credit card process, including applications. Those interested in the Flex Card will be able to apply via Westpac mobile banking or online and, if their application is approved, a digital card will be issued and ready to use within minutes via their banking app or mobile wallet.
Card spend, repayments, and reminders will be managed through online banking, and customers will be able to choose the cycle their repayments fall on, whether it’s twice a month or monthly.
Although it’s streamlined, Westpac has also introduced new levels of credit card security, so you can shop wherever Mastercard is accepted worry-free. The Card Verification Code (CVC) will automatically change every 24 hours for added peace of mind.
Westpac hopes to reach a younger generation of credit card customers who are turning away from standard credit cards. According to Westpac research, around half of the younger generations of Australians (Gen Z 53%, Millennials 48%) believe traditional credit cards are no longer as relevant.
“Flex caters for the ‘on-demand’ generation who want convenience and control, without the complexity,” said Westpac chief executive consumer and business banking, Chris de Bruin.
“We’re giving customers a new way to pay which is simple, flexible and fast, as well as a completely digital experience from start to finish.”
Are you in the market for a new credit card? Head to the Mozo credit card hub for comparisons and guides, and find the card that fits your budget and lifestyle.
Looking for to save on interest? Check out some top interest-free credit cards below:
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