New 9.99% BankWest Lite MasterCard Offer

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FrugalFerris on 30/06/2009 - 09:54 bankwest.com.au (316 clicks)
Last edited 30/06/2009 - 10:20 by 1 other user

BankWest has just introduced new rates for its Lite MasterCard, making this one of the best value low rate balance transfer credit card deals on the market. The new purchase rate is 9.99%, and you can now transfer a balance to the card at 4.99% for 15 months. The balance transfer offer is one of the longest on the market, so it gives you lots of time to pay off your debt before you get hit with higher interest rates.

You also get 55 interest free days on purchases made on this card, and an instant rewards program.

The catches: there is a $59 annual fee and the cash advance rate is pretty high.

Edited by Mod: Please use direct link and not an affiliate link

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  anthony on 30/06/2009 - 10:19

  +2

  One thing to remember is that often when you have a balance transfer on the card any new transactions you make are subject to the regular intrest rate (In this case 9.99%). Having a balance transfer you cannot pay off the amount you have on credit at the higher rate until the balance transfer has been paid off.

  So do not use the card until the balance transfer has been paid off (Or just dont spend more than you earn, this is easier and cheaper…)

  • 

    ozblogger on 30/06/2009 - 10:31

    lack of good offers on the last day of 08-09: 2c
    free financial advice on Ozbargain: priceless :)

  • 

    scotty on 30/06/2009 - 10:52

    Or just dont spend more than you earn, this is easier and cheaper

    +1 — much better advice than a low rate transfer credit card :)

    • 

      pw2002au on 30/06/2009 - 15:51

      With this site in action … its pretty hard not to spend more than you earn ;-)

      • 

        scotty on 30/06/2009 - 17:58

        Haha. Don't make it sound like OzBargain is the cause of credit crunch — we are supposed to help each other save! :)

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  wfdTamar on 30/06/2009 - 21:16

  My credit card has a great perk - an extra years warranty on anything you purchase (under $1000 or $2000, I can't remember which) and 90 days no questions asked purchase insurance. Interest rate is in the 13% range at the moment. It's an ANZ Visa First - an old type no longer available at that interest rate.

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    anthony on 30/06/2009 - 21:44

    Pretty much all credit cards have such features

    • 

      wfdTamar on 30/06/2009 - 21:49

      I don't think so.

      • 

        anthony on 30/06/2009 - 22:43

        I do.

        The thing is, most people simply have no idea what is actually offered with their card besides a credit facility

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    alexportnoy on 01/07/2009 - 17:36

    Have you actually made a CLAIM on this "Insurance"?

    My experience is that they do not honor your Claim, with all kinds of exemptions and exclusions.

    There are more Terms & Conditions to this "FREE INSURANCE", and it appears it covers nothing.

    • 

      anthony on 01/07/2009 - 18:22

      I have claimed against the insurance on my Amex for travel and other reasons.
      The insurance for Amex (and many other cards) is underwritten by Zurich financial who i have fond very easy to deal with.

      See here for a little more info, this also lists the credit cards covered by Zurich insurance.
      http://www.zurich.com.au/zportal/cs/ContentServer?pagename=G…

      You will generally find that credit card inurance is a "resort of last claim" meaning that if your household insurnce covers the item in question you must make the claim against your household inurance.

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  wfdTamar on 01/07/2009 - 17:42

  Yes (the extended warranty part) and actually got more than the item cost in the first place (bit of a fluke though I think). It was pretty straight forward to claim, just needed a letter from repairer stating cost (mind you that could be hard to get). When you think what a years warranty can cost on a big ticket item, if you buy a few of them a year - and the way stuff is made not to last nowadays, I reckon it's could be worth a few hundred dollars per year.