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Westpac Altitude Platinum Credit Card - 0% for 24 Month Balance Transfer Offer ($150pa Fee)

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Westpac Altitude Platinum Credit Card - 0% for 24 Month Balance Transfer Offer ($150pa Fee)
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BluBoy on 07/01/2016 - 19:24 info.westpac.com.au (1270 clicks)
Last edited 07/01/2016 - 21:00

It is that time of year again, we have all over spent at Christmas and now looking for ways to avoid shitty interest rate charges.

As usual the Westpac Altitude has the best deal available. Highlights include:

  • 0% Interest for 24 months
  • 0% Balance transfer fee
  • $150 Annual fee
  • Historically reasonable approval rate
  • Transfer from multiple (3) credit cards

Of course, I wouldn't just bring you one deal… So if you need options, consider the following too:

Provider Card BT Term BT Fee Annual Fee Ttl fee for $10k Apply by Link
Bank of Melb Low rate Vertigo 18mths 0% $0 then $55pa $55 12 JAN BankofMelb
Bank of SA Low rate Vertigo 18mths 0% $0 then $55pa $55 12 JAN BankofSA
Westpac Platinum 16mths 0% $0 then $90pa $90 17 JAN westpac
St George Platinum 20mths 0% $90ish $90ish 12 JAN St George
NAB Premium 15mths 0% $90 $180 14 FEB NAB
Bank of QLD Platinum 16mths 0% $0 then $199pa $199 29 FEB OzBargain
ANZ First 16mths 2% $30 $260 No date ANZ
Westpac Altitude Platinum 24mths 0% $150pa $300 17 JAN westpac
Citibank Rewards Platinum 24mths 1.5% $199 $548 8 JAN Citibank

Should be enough to get you going. If you have any others > 12mths (not including amex or Woolworths) let me know and I'll be happy to add it to the table.
As always remember if you do take a BT offer, DO NOT USE THE CARD! Lock it in a drawer. Any use will cost you a significant amount.

Financial Credit Card

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closed Comments

  • kazispeed on 07/01/2016 - 19:39
    +2

    Provider: NAB
    Card: NAB Premium Card
    BT Term: 15 months
    BT Fee: 0%
    Annual Fee: $90
    Total fee for $10k: $180
    Apply by: 14 February 2016
    Link: http://www.nab.com.au/sites/personal/credit-cards/cards/prem…

    • BluBoy on 07/01/2016 - 19:42

      Appreciate the formatting.

      Added

  • letap on 07/01/2016 - 19:40
    +2

    Westpac Altitude Platinum 24mths 0% $0pa $0 17 JAN

    https://www.creditcard.com.au/ says $150 fees/annum

  • coolsteps on 07/01/2016 - 19:49

    any for business?

  • prisonerzero on 07/01/2016 - 19:52

    Annual fee is $150, not zero. https://www.creditcard.com.au/

    • BluBoy on 07/01/2016 - 19:55

      I have fixed it. :(

  • jecec on 07/01/2016 - 19:55

    I remember with the Citibank promo a year or so ago, I was able to apply for a free balance transfer with their credit card but did not actually need to have a balance with another credit card.

    They sent out a cash cheque to me instead.

    Is that something that can be done by this promo?

    Thanks.

    • Duram on 08/01/2016 - 08:36

      Don't think so as far as I know CITIbank are the only ones that give out those beautiful 0% cheques.

    • Donaldhump on 08/01/2016 - 10:39

      open another c/c with bankX, and then get this cc and say u have a balance of 25000 on bankX, the other cc will get this as a credit, and then u can cash advance the sh*t out of it

      • Tafe on 08/01/2016 - 12:57

        Does this legit work? I know if you try and 'pre-load' some cards (such as the 28 Deg mastercard which was a great workout-around for international spending) they refuse the funds…

        • Donaldhump on 08/01/2016 - 13:18

          did ten years ago, i dont if banks check u actually have a balance now.. can only try.
          i just had to goto atm 5 days in a row and withdraw 5k, got charged $10 a go or sumthing
          i saved heaps, and the c/c had stricter repayments so that made me save to
          the c/c i got had 2.9% for life, which slowly krept up to 5% after 5 years, due to interest being charged at 33%, it was a cut thrioat card if you got in trouble you would be screwed

  • myfragileego on 07/01/2016 - 20:00

    Thanks OP have just been conditionally approved, that will save us some interest as we pay down the balance.

  • NotAMoodle on 07/01/2016 - 20:32
    +1

    Provider: Bank SA
    Card: Bank SA Vertigo
    BT Term: 18 months
    BT Fee: 0%
    Extras: Pay 0% p.a. on purchases for up to 3 months
    Annual Fee: $55 ($0 for existing customers)
    Total fee for $10k: $55
    Apply by: 12 January 2016
    Link: https://www.banksa.com.au/personal/credit-cards/low-rate/ver…

    • BluBoy on 07/01/2016 - 20:47

      I've included it, but not the Bank Melb, Bank SA, St George etc are all the same product.

      • NotAMoodle on 07/01/2016 - 20:49

        True, but just good to know for those clients who are already with them so they can get $0 annual fee, unless St George honour it no matter who you are with?

  • JetBombat on 07/01/2016 - 20:45

    What's the highest limit anyone got right from a start with WP? It seems many providers just do min $3k at first which limit benefit of BT if you have more than that on a card.

    • BluBoy on 07/01/2016 - 20:48
      +2

      I know people that were approved for ~ $30k (The requested ~ $28k BT)

  • persona on 07/01/2016 - 20:49

    are there any cards out there like the Citibank Cards which allows the cheque to self feature to get some cash in hand?

  • auindie on 07/01/2016 - 21:30

    Yes I m also interested to know if anyone is aware of a card like Citi which allows cheque to self

    • coolsteps on 07/01/2016 - 22:01
      +1

      if you have a anz cc just do a bt to it and then simply transfer credit funds to you anz savings account online its fee free and faster then waiting up to 10 days for a cheq to arrive and clear. with westpac cc you can do the some but they charge you $2.50 to do the transfer online to your transaction account. be sure there's nothing owing and only transfer credit amount otherwise you will get hit by fees. you can also put amex cc in credit but then call up and ask they transfer the credit balance to your direct debit autopay savings account. note for large amounts they require proof thats coming from you because of the new strict money laundry laws, i simply uploaded screen print of online history of other bank and they accepted it. anyone know of any other banks that dont charge fees for credit card balances in credit?

      • persona on 07/01/2016 - 23:40

        thanks alot mate!! that really helped!

      • dmiser on 08/01/2016 - 05:17

        Bear in mind that this is seen as Cash Advance by any bank. Have you actually done what you are suggesting?

        • twoface41face on 08/01/2016 - 09:42

          Yeah I've done this before with commonwealth bank and as long as you don't go under the positive balance it's not considered a cash advance.

          Hope that helps

        • Donaldhump on 08/01/2016 - 10:42

          @chaibones: and you will pay a fee a cash advance fee at the ATM i think (i did many years ago), but obviously no interest… i did this to citi bank 10 years ago or so, got my apartment deposit, and enough points to get a bbq couch n fridge…. dumb *******

        • HingleMcCringleberry on 08/01/2016 - 11:09

          I think it depends on the credit card. I have done this previously with positive balances on a Bankwest card, but I transfer cash electronically and there may be additional fees on cards for ATM withdrawals.

          Edit: I have actually only ever used balance transfers as free cash advances, by putting my Bankwest card into credit.

        • twoface41face on 08/01/2016 - 13:57

          @unclesnake: yeah, I was charged $2.50 with commonwealth. I confirmed it first with a customer service representative.

        • coolsteps on 08/01/2016 - 19:51

          yes ive done it. didnt think cba was free or does it cost only $2.50? might give them a go next

        • excite on 13/01/2016 - 12:34

          @Sir Humphrey: Thanks for the info, just to be clear, so I can BT the maximum allowed amount to a Bankwest credit card, and then transfer the positive balance to a Bankwest saving account, there wont be any fee, right? also, can I use the Bankwest credit card before the next statement?

      • meumax on 08/01/2016 - 12:19

        If you have a citi credit card or personal loan facility that every goes into credit you can request the credit amount to be sent to you as a cheque over the phone or by live chat.

  • hongd on 07/01/2016 - 21:58
    1. Does (westpac) BT allow to credit to Debit Master card instead of credit card?
    2. Doest BT allow to credit additional credit card holder?
  • Peck on 07/01/2016 - 22:04

    Nice work BluBoy, but where is the free Qantas Miles column? hehe

    • BluBoy on 07/01/2016 - 22:10

      :) I like how you think!

      I did consider it, but thought this was already getting a bit overloaded with information.
      We should definitely maintain a wiki page with BTs and Air mile offers though!

  • paul11 on 07/01/2016 - 22:28

    Waiting for this card for quite some time now. This card and ANZ platinum are the only 2 cards in Australia that provide domestic car rental excess insurance (without any strings attached). Will pull the trigger when I see a "Fee Free" offer.

    • dmiser on 08/01/2016 - 05:19

      Quite right. I use my Westpac card for that purpose specifically.

    • UncleRico on 08/01/2016 - 10:36

      ANZ Visa/Amex Black Rewards Cards offer it as well.

      • paul11 on 08/01/2016 - 21:06

        They do, but with strings attached. Like book a return ticket first, or go at least 200km away from home or spent at-least $500 etc … etc …

        This card (Westpac platinum) and ANZ platinum have no such strings/conditions attached ….

  • sillyhead on 08/01/2016 - 08:41
    +2

    As always remember if you do take a BT offer, DO NOT USE THE CARD! Lock it in a drawer. Any use will cost you a significant amount

    This comment vexes me. So if you get a $20k card and do a $10k balance transfer don't you need to simply drop to a 10k balance each statement and there will be no fees and interest on any of the amounts?

    • damoo on 08/01/2016 - 09:05
      +2

      It used to be that banks would 'pay off' the lowest interest rate balance first. (ie your balance transfer amount).

      Which meant that if say you had a $10k balance transfer on a card, and then made a purchase of $100 with that card- that $100 would rack up interest at the standard 20ish% rate until you paid off the whole 10k balance transfer.

      I cant say for certain because i haven't tested it myself- but I'm 99% sure they changed the laws around 2012 where banks now have to 'pay off' the highest interest balance first.

      Tl;dr: you used to have to worry about it. But now you don't.

      • ComfortablyNumb on 08/01/2016 - 09:33
        +1

        Yeah I had a bad experience with a balance transfer once. Such BS!

        I transferred like $10k, then paid a few bills with the new card,paid off the bills in full when payment due, expecting to pay no interest (I never pay interest on a CC), then got charged interest on the $10k!

        Eventually got a refund, but took some arguing and I just paid the $10k off the and then. The customer service girl said, just apply for another card and don't use the one with 10k. Such a grey area!

        • paul11 on 08/01/2016 - 10:07

          Very true. Exactly same happened to me. It was a Citibank card. I then did another BT to pay off Citi balance.

        • heathy on 08/01/2016 - 10:44

          @paul11: Can anyone confirm that the laws have changed and as long as you pay off any spend (over and beyond the BT) you will still pay no interest?

        • robertyeh on 08/01/2016 - 20:50

          @heathy: can confirm laws have changed, payment buckets works like this> highest interest gets paid first, then old interest, then everything else. Also to elaborate on bt cards, any purchases you put on a 0% int free bt card, you will be charged interest on the full closing balance amount for the amount of time there are purchases on the card until the purchases are paid off. long story short like someone has mentioned, lock the card away in a chest somewhere in the basement and don't use it. It gets real messy.

          source: work in one of the big 4s

          edit: having a bt on a credit card voids the 44 or 55 interest free period

        • paul11 on 08/01/2016 - 21:16

          @heathy: No, I don't think the law has changed. At least here is what happened in my case. And this was like 3 months back. The card is Citibank. My balance transfer was $7K. Then next month, I used the card to buy some stuff and also paid off some money to bring the balance down to $6800. To my surprise they charged interest on $6800 ? I called customer service to inquire about it, and I was told that because I have started using the card, they keep charging me interest until I pay off the whole account. I was like "WTF" …..! Many people don't know about it until they get charged interest.

        • John Dough on 12/01/2016 - 20:22

          @paul11:

          Another common mistake is that you have a balance transfer, use the card for a purchase or a cash advance, and pay the cash advance or purchase back too soon.

          If you do this before the 'statement period' ends, your lump sum repayment goes off the BT, NOT the purchase or cash!! And you keep paying interest on the purchace or cash until you pay it AFTER the statement period.

          Beware!!

      • Donaldhump on 08/01/2016 - 10:43

        and any interest or fees are a purchase too, so even a low rate of 2.9% etc, will in 2 years become 4% and climb

  • roseXivy on 08/01/2016 - 08:48
    -2

    Any amount you spend while you have a balance transfer active, will accrue interest until you don't have balance transfer

    In your example even if you spent 1000 but repaid the 1000 before your statement arrives, you get charged interest on the 1000 until the balance transfer has been repaid

    • damoo on 08/01/2016 - 09:09
      +1

      Not the case anymore.

      http://www.canstar.com.au/credit-cards/credit-card-reforms/

      • BluBoy on 08/01/2016 - 20:09
        +1

        I have two recentish BT cards (citi and nab) and currently getting screwed over by this on both. Made a purchase and now paying interest on that, despite transferring more than enough to cover the expense on the day that the charge occurred.

        To be fair, both have removed the interest charge immediately when i call up, but i shouldn't have to do that and i don't know how long this 'goodwill' will last.

        TLDR. I'm sure they are meant to do the right thing, i still wouldn't trust them.

  • Eeples on 08/01/2016 - 09:02

    What's wrong with Amex and Woolworths?

  • wildstone on 08/01/2016 - 10:10

    As always remember if you do take a BT offer, DO NOT USE THE CARD! Lock it in a drawer. Any use will cost you a significant amount.

    Can someone please shed some lights on this? I have always thought that you could still use it just as long as you paid the purchases balance it's all fine? E.g. If you BT $5000 and make purchase of $100, come statement and you paid $100, you'd still will not get charged with interest on the $5000? Is that not true?

    • aurz on 08/01/2016 - 10:25
      +2

      Normally once you have a balance transfer on your card you are no longer eligible for the 55 days interest free so if you want to use the card and not pay interest you need to transfer the amount you purchased on the card as soon as you make it so you only pay 1 day or so of interest.

      • wildstone on 08/01/2016 - 10:45

        Thanks, so if I first transfer BPAY $100 in and make purchases of $100 will that make a difference? Or alternatively, if I BT $5000 and have repaid $1000 so the balance is now $4000, would I get interest free on $1000 purchases? This is so confusing!

        • aurz on 08/01/2016 - 10:53

          If you BPAY $100 in first and it hits your CC before you make the purchase the $100 will go towards the balance transfer debt instead of your purchase

          So you need to make the BPAY after the purchase

          But I would check the terms and conditions of the 55 days interest free first as they might not void it

          I had a Jetstar CC and the condition was along the lines of '55 days interest free only eligible if you pay off the ENTIRE (including balance transfers) balance in full by the due date of the statement'.

        • wildstone on 08/01/2016 - 10:55

          @aurz:

          Thanks, will check that then, but I thought these should be standardise across the industry, just like how the repayment will automatically go to offset the highest interest rate debt first.

      • sillyhead on 08/01/2016 - 19:59

        This is good info. I was going to exactly this but they stuffed up a few things with the card so didn't trust them not to stuff up the balance transfers.

  • imahapyboy on 08/01/2016 - 10:20
    -2

    unless you pay your 5k in full, otherwise you will need to pay interest for your 100, if you pay 100 into your cc, your 5k will drop to 4900 and you still owe 100 on purchase

    • damoo on 08/01/2016 - 10:51

      Not anymore see canstar link above

  • HingleMcCringleberry on 08/01/2016 - 11:02
    +1

    The annual fee makes this less attractive for small balance transfers. The $55 fee options appear to be the sweet spot for fees and term, and even better if you can do another balance transfer at the end of the 18 month term (I did this previously with St George). Also, banks may waive the annual fee if you have a home loan with them.

  • sk0tty on 08/01/2016 - 11:42

    I did a cheque to self balance transfer with a Citibank Signature card and then transferred it all after 9 months (the interest free period) onto this Westpac Altitude Platinum. Effectively a loan at 0% for 2.75 years, works a treat :) And it doesn't have to end there, after the 2 year period I can hunt down another 0% BT.

    • damoo on 08/01/2016 - 12:33

      You're still going to have to pay it off one day.
      It's interest free money, not free money

      • Tafe on 08/01/2016 - 12:59

        Put the funds into an interest bearing account. Repeat the process until the interest earned covers the principal borrowed.

        profit!

        • damoo on 08/01/2016 - 13:07

          You mean the interest earned after tax. :-)

          Great idea assuming you have access to 0% balance transfer deals every couple of years until the year 2100

          You might need to leave ozbargain links in your will for your grandkids :-)

        • sk0tty on 08/01/2016 - 13:32

          I actually put the funds straight into my home loan. In this manner your savings are at a higher rate than if you put it in a high interest account (my home loan is more than 1% higher than the highest interest accounts at the moment), and then tax plays no part as you are saving money rather than generating money/interest.

        • brongz on 08/01/2016 - 14:37

          for how many years?

        • sk0tty on 08/01/2016 - 16:25

          @brongz: about 15-18 years depending what interest rates do ;)

          Though it wouldn't quite work like that anyway as you gradually pay the amount off by making the minimum required payments each month.

        • sillyhead on 08/01/2016 - 20:03

          I think you gotta remember how much fire your playing with when you try to beat the bank. One slip up or date missed or loophole they will get you. Gotta put future reminders in your calendar etc. Really just extra stress when home loan rates are 4%

      • sk0tty on 08/01/2016 - 13:29

        Correct, that's why I said it was a LOAN at 0%… a loan is not free money, it needs to be paid back.

        And I don't treat it as free money at all either, I don't actually spend a cent of it, I just use it to generate more money in the mean time. You know the old saying "you've gotta have money to make money", so why not take advantage of a free loan to make money.

  • auindie on 08/01/2016 - 12:12

    If I have a supplementary card with different card number can I use the same without interest if I have balance transfer existing on my primary account or vice versa

    • brongz on 08/01/2016 - 14:35

      my experience bt only from different financial institutions, not within the same one

  • brongz on 08/01/2016 - 14:34

    do you think it's a good move to take money out with my other cc then do bt to a new card?

  • ednamekin on 08/01/2016 - 16:36

    Edit - already answered

  • belake on 08/01/2016 - 18:11

    I've been waiting for something like this to pop up.. but it had to be from my existing bank didn't it!!

    • BluBoy on 08/01/2016 - 20:13

      If only OP provided you some options :)

      Goodluck, may the 0% BTs continue on!

  • jecec on 09/01/2016 - 12:18

    I just applied for the card online and got conditionally approved. However, I decided to go for something else instead (one with a lower fee).

    Is there a way to cancel my application without penalties?

    • Choogz on 09/01/2016 - 22:01
      +1

      The enquiry's already been logged against your credit score so be careful..

    • katz on 10/01/2016 - 18:44

      Which did you go for ?

  • danger163 on 11/01/2016 - 09:27

    $0 annual fee, if you are a Westpac Customer and when applying online.

  • Wilslm on 11/01/2016 - 09:59

    Guys - What is wrong with Woolworth Credit card? There is nothing wrong with WW creditcard as far as I am concerned, the below is the normal terms and conditions.

    "BTs are treated as a Special Promotion under your Account
    Conditions of Use. Repayments to your Account are applied to
    Balance Transfers that are in a promotional interest rate period last,
    in descending order of Annual Percentage Rate. Balance Transfers
    will attract interest from the date of transfer. Balance Transfers are
    not eligible for reward points or Qantas Points"

    https://www.woolworthsmoney.com.au/content/dam/woolworths/do…

    • Eeples on 11/01/2016 - 15:27

      You must leave yourself with $500 credit on your Woolworths credit card limit after your BTs are paid… Or the BTs won't be paid.

  • garylau on 12/01/2016 - 10:47

    Thanks for sharing!

  • MarsTitan on 14/01/2016 - 16:02

    Thanks!

  • Helmutson on 27/01/2016 - 23:40

    A question in regards to the NAB Premium Card. It advertises 0% interest on Balance Transfers AND purchases for 15 months. Does this mean I can do a BT of say $7k then spend another $10-20-30k (depending of card limit) over the next 15 months and you don't have to pay a cent for the full 15 months? This sounds too good to be true!
    I'm thinking if so, then you could do the above, while depositing weekly wages into ING savings account and earn 3.5% interest as you go, then after 15 months you pay of the full amount owing on the NAB card.
    Am I missing something or is this the holy grail of BT cards?

    • BluBoy on 27/01/2016 - 23:49

      I came here to laugh at you saying that could never happen… BUT the T&Cs seem to indicate that is the case.
      Might be worth popping into a branch and confirming.

      • Helmutson on 27/01/2016 - 23:51

        I would laugh at me too, BUT the VAGUE T&Cs on the NAB website don't seem to contradict me. I wonder if they make you pay a minimum payment after each billing period though?

        • meumax on 28/01/2016 - 07:22

          You always have to make minimum repayments. It's usually 1% of the outstanding balance per month

    • chumlee on 28/01/2016 - 08:03
      +1

      You are required to make minimum monthly payments.

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