Westpac Lite Card

Mozo snapshot:

The newly launched Westpac Lite Card certainly is light on interest rate charges and fees! It comes with a 9.90% purchase rate (the lowest rate of any big bank credit card) and no late payment or foreign exchange fees whatsoever - part of the reason why it took out two 2019 Mozo Experts Choice Travel Money Awards in the best Travel Credit Card and best Low Rate Travel Credit Card Credit categories. Limits can range from $500 to $4,000 so it’s a great option for moderate spenders.

Key features:

Westpac’s Lite Card is the bank’s lowest rate credit card on offer at only 9.90%. Unlike most credit cards, it doesn’t have a lump sum annual fee, instead you’ll pay monthly fee of $9 for the card, which totals to $108 per year. You’ll get up to 45 days interest free (as long as you pay your balance in full each month) and you can add a second cardholder free of charge if you choose.

The Lite card comes with microchip functionality so you can Tap and Go to make purchases under $100.

It is a great card to use for travel or shopping online at overseas stores as there is no foreign exchange fees, which on other cards can be as high as 3%. 

The good news is that if you accidentally miss your credit card due date you won’t be slugged with any late payment fees. But don’t use this as an excuse, late payments still get recorded on your credit file so it is best to set up a direct debit from your bank account on the due date.

Who it's good for:

The Lite Card is good for Aussies who want a no frills low rate credit card that they can use overseas, without having to pay high foreign exchange fees.