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. 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 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.
Any catches?
If you’re looking to transfer existing debt over to a Westpac Lite Card, keep in mind that it does not offer this option. There isn’t a cash advance feature either, so you may want to store a backup in your wallet for emergency cash withdrawals.
While you won’t get charged a lump sum annual fee with the Lite Card, you will be paying $9 a month to keep the card active which works out to be $108 over 12 months. If you do pay off your balance in full each month or want a card with a higher credit limit you might be better off opting for Westpac’s Low Rate Card or check out no annual fee cards in our database.