Westpac 0% Balance Transfer for 16 Months (No Balance Transfer Fee) + 1% on Purchases for 12 Months + $0/30 Fee 1st & 2nd Year

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Westpac 0% Balance Transfer for 16 Months (No Balance Transfer Fee) + 1% on Purchases for 12 Months + $0/30 Fee 1st & 2nd Year

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Priceless Class on 05/12/2016 - 21:45 westpac.com.au (2751 clicks)
Last edited 05/12/2016 - 21:49 by 1 other user

Westpac currrently have a great offer on their 55 day credit card if you're looking for a balance transfer.

0% p.a. for 16 months on balance transfers requested at card application. No balance transfer fees and up to 95% of your approved limit.
1.00% p.a. on purchases for up to 1 year from card approval.
$0 annual fee in the first year / $30 in second year

Example: $10000 on this card against a 4.2% (home loan offset account) for 16 months works out to be about $500 in savings on interest.
They also seemed to be very generous with their limit. I got a 15k limit while my previous application with another big four bank only offered me 3k.

Financial Credit Card

30 Jan 2017

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Westpac

closed Comments

mbck on 05/12/2016 - 22:11

+2

Balance tf and low purchase fee…

You either get the balance tf and leave that card alone, or you get it for the low purchase fee
grizz_li on 05/12/2016 - 22:20

Just applied and approved. It helps if you are currently a Westpac customer.
- Priceless Class on 05/12/2016 - 22:26
  
  +1
  
  I wasn't an existing customer and it was still pretty quick. Applied in the morning with conditional approval, sent my payslips and received full approval in the afternoon.
sween64 on 05/12/2016 - 22:20

+1

For the home loan offset, does that require a cheque to self?
- tajid on 06/12/2016 - 11:24
  
  You can request cheque as part of the balance transfer then just deposit it to your offset account so yes it needs to be under the name of the offset account.
Priceless Class on 05/12/2016 - 22:23

Hi mbck: When you say 'fee', i'm assuming you mean interest…

Well in theory you could do both:
Let's say you have a $10k limit assigned and balance transfer $9000. You then spend $1000 to reach your limit and sit it their for 11 months.
The BT will continue to sit on 0% for the 16 months and the 1% purchase will be in effect for the $1000 purchase you've made, costing you about $10 for the year.
Obviously you'd need to make sure you make payment for any purchase amount before the 12 months is up (as well as your monthly repayments).

Admittedly there are other card providers like NAB or coles with similar fee levels offering 0% on purchases which may be better suited if you are chasing a card specifically for this purpose.

Sween: No, this is an 'invisible saving'. You Balance transfer from your other card balances or another BT card which is coming to the end of it's offer period (instead of paying them off, which in effect leaves money in your bank account reducing the interest you've paid.

It can be a bit hard to visualise this kind of saving if you aren't used to it. Consider setting up a spreadsheet to keep track of it.
By taking advantage of these type of offers over the last 12 months, I'd estimate to have saved $800 in interest conservatively after fees.
- fritzsticker on 05/12/2016 - 22:45
  
  Do i need to pay anything monthly? with your example of $9000 balance transfer. Can i just leave tHat $9000 alone without paying any monthly payments? Can i just pay the $9000 on the 16th month??
  - pyramid on 05/12/2016 - 22:54
    
    +3
    
    You will still require to pay minimum monthly balance on your credit card based on your credit card statement. And don't forget to pay this amount
- [Deactivated] on 05/12/2016 - 22:53
  
  "You Balance transfer from your other card balances or another BT card which is coming to the end of it's offer period.."
  
  It is tempting to do this but how will your credit utilisation ratio, being near 1 for a long time, affects credit rating and chances of getting loan in future?
  
  I have a 20k with westpac and am considering to either pay off or do the above…
- sween64 on 05/12/2016 - 23:25
  
  Oh. I think CitiBank had cheque to self for their BT. In this case, I'd need to rack up a debt on my current credit card and transfer that to Westpac to keep the money in my offset, got it. Thanks.
  - hanofee on 06/12/2016 - 00:28
    
    +1
    
    I think you don't need to have real debt. Did it a few times (from 1 CC to another), never been asked any proof whether I do have X amount of debt on the target CC. You'd end up with positive balance on the target and up to you afterwards.
    - sween64 on 06/12/2016 - 06:26
      
      And a positive balance could be withdrawn from the old credit card with no fees, right?
    - SuiCid3 on 06/12/2016 - 07:52
      
      @sween64:
      Will be considered a cash advance, so whatever the fee is for that.
    - Tatts on 06/12/2016 - 08:27
      
      @sween64: That depends on your bank. I did one with CBA (BT from Citi to CBA) and CBA told me if i did the transfer on netbank i'd be charged a % of the transfer as a cash advance but they did it over the phone for a fee of $2.50. I didn't bother chasing up if this was correct, just paid the fee. The interest saved by having it deposited directly onto the card and then paying the transfer fee was better than waiting a few days for the cheque to arrive and then depositing into my offset account.
- fritzsticker on 06/12/2016 - 02:31
  
  Would your credit card rating be affected??
  - Happythoughts11qq on 06/12/2016 - 06:47
    
    +2
    
    Your credit rating will be affected if you apply for multiple cards in a short period of time (im not sure of exact numbers/timeframe) I used to work in a bank branch and have seen many times where people have wanted a credit card and just applied for one online at every bank with the intention of only accepting one offer. Each bank has the right to do a credit check and if there are a few credit checks in a short amount of time, your score will turn to shit and your credit applications will be rejected. Im not sure if there is anything you can do to fix it except wait a few years before applying for credit again. But if youre just applying for one card every now and then im sure you will be fine.
    - fritzsticker on 07/12/2016 - 02:30
      
      Ah thanks haggertm for clearing that up.
Duram on 05/12/2016 - 22:49

I've done cheque to self a few times with Citibank how could I utilise this ? If I'm not transferring to pay of a card how can I get access to this cash for offset purposes.
- fantacular on 05/12/2016 - 23:11
  
  have you got another (call it sacrificial) credit card you can do a big cash drawdown on, and then BT that balance?? i don't think you have to close your card to do that.
  
  or can you take out another new credit card at the same time (say with a FF points bonus?) and draw down a heap of cash off that??
  
  the only thing is that it feels like this wouldn't be good for your credit rating. i'm not sure if that is true in reality though.
  - Duram on 05/12/2016 - 23:12
    
    I thought about that but you cop a cash advance fee and the interest kicks off straight away when you do that. It's getting harder and harder to scam the banks =(.
  - Bullion78 on 06/12/2016 - 00:07
    
    +2
    
    Not sure how it works these days, but i used to do this often when interest rates were up aroung 8 and 9%. I'd BT from a card that in actual fact had zero balance, the BT would place it in credit by x amount (typically 10k). I'd then visit the bank and withdraw the funds using the excuse id transferred to the card in error. Id then park the cash in my mortgage offset account on free borrowed money..saved me 1000's over life of loan…needless to say i paid off home loan long ago ;)
    - SuiCid3 on 06/12/2016 - 07:54
      
      Good way to waive the CA fee!
cloudie9 on 05/12/2016 - 23:20

Just applied and I got an approval of $25,000 credit limit lol!
- Gagus on 06/12/2016 - 00:31
  
  +5
  
  That's a lot of eneloops
- Steptoe on 06/12/2016 - 00:33
  
  Ballpark income to get this limit?
  - cloudie9 on 06/12/2016 - 07:50
    
    Answered as honestly as I could.
- Tatts on 06/12/2016 - 08:38
  
  At what point did you find out the credit limit?
  Wondering how to put in the BT amount, did you ask for 95% of whatever limit you were approved on or did you have to specify the amount?
  - cloudie9 on 06/12/2016 - 09:49
    
    During application you can select the maximum credit limit (mine came up as $25,000) and I guess after entering all the required information the bank system will probably assess your application based on your financial circumstances.
    
    As for BT transfer, I just put in whatever current balance owing at my other card institutions.
    - Tatts on 06/12/2016 - 10:29
      
      Ok thanks. Guess it doesn't help that i don't have any other balance outstanding. lol. Planning on putting it in my home loan offset account.
whoopdeedoo on 05/12/2016 - 23:37

i have a Westpac altitude card. Could they write a cheque to me instead?
melay0326 on 06/12/2016 - 00:16

I applied for this when they have 50K Qantas bonus points on top of the 0%BT. So worth it! Bonus points went straight to my account as soon as I met their $2,500 requirement. Open an online savings account with them and you'll get free 1year annual fee :)
EightImmortals on 06/12/2016 - 07:27

Was this the card that has a $345 annual fee if you keep it over 12 months? I had the Westpac marketing crowd call me the other day with the same (similar?) offer.
justtoreply on 06/12/2016 - 09:23

The problem is racking up $ on the card you are transferring from.

Can't just increase the amount owing on it as it would require cash advance, thus fees.
So instead the most I could transfer (as I pay my existing card off each month) is only a couple of grand.
- soc on 30/12/2016 - 23:53
  
  You just ask westpac for the full credit limit of your existing card/s. They don't know or care what you actually owe. I've done it a few times with other banks.
  Although I can't say I've ever had a problem racking up debt. Just pay a few bills…. health insurance, rego, that should get you started.
Turd on 06/12/2016 - 09:56

Is anyone getting this error?

We are sorry
We seem to be experiencing problems. Please try later again

I keep getting it. Strange!!
Deal finder on 06/12/2016 - 10:48

do you have to give any proof that you actually have any balance on your current CC? What if i just say in application that i want to BT $20,000 to my existing CC and once done i can withdraw the excess cash from my current CC?

Has anyone done this?
- canned-ice on 06/12/2016 - 11:09
  
  No the bank can't see your credit card balance (from another bank). It's a privacy thing :)
  
  And for balance transfers, I have never been asked for proof.
lockmc on 06/12/2016 - 10:53

+2

What is the best process for extracting the balance transfer off this card to be able to put into the offset? Can you just tell them any account number and they will transfer it?
preasm14 on 06/12/2016 - 11:00

Can I still apply BT transfer let's say after 2mos of owning the card and still be able to get the 0% rate?
- tghtarse on 06/12/2016 - 13:18
  
  Would love to know too..
- brucebruce on 06/12/2016 - 20:07
  
  From my experiences with various banks, 0% balance transfer promotion is only applicable at the time of opening the account
cricket9971 on 06/12/2016 - 11:21

Sorry I am a newbie at managing my finances and wandering if someone can help me.
I currently have 6 grand debt on my american express account.
Can I hypothetically transfer that 6 grand to this card and pay 0% on that for 16 months?
- tghtarse on 06/12/2016 - 11:29
  
  +1
  
  You cannot balance transfer to an AmEx Issued card.
  - cricket9971 on 06/12/2016 - 11:33
    
    oh right. So I cannot transfer that balance from the AMEX to this card.
    Can I get some tips on what Ozbargainers use to maange thier finances. I pay for everything on my AMEX card for the velocity points and then I pay off each statement. Would it be worth getting an additionla card like this one for some purchases?
    - tghtarse on 06/12/2016 - 13:18
      
      In my case, I have other non-AmEx cards so you can balance transfer to those cards which will bring them in Credit balance and then you transfer that positive balance to bank account and bpay to your AmEx.
  - tio on 06/12/2016 - 16:08
    
    Hmm, not sure if your answer is specifically to this card, or general. I just BT 12K to my AmEx Platinum Edge from St George Altitude. No hiccups.
    - tghtarse on 06/12/2016 - 19:21
      
      Ok in that case I may be wrong, sorry. I am telling based on my earlier experience trying with CBA which they said wasn't possible.
    - tio on 06/12/2016 - 21:36
      
      @tghtarse: it could be because the fact that AmEx card number has only 15 digit, where as Visa or Master has 16 and CBA BT system was set up expecting 16 digit card number.
      
      I had that issue when trying to BT with St George, put in the AmEx card number and that didn't get accepted. So I put in an extra "0" at the front and that went through.
tajid on 06/12/2016 - 13:37

When is this offer till? I am flying in 10 days so maybe too tight to apply before I fly.
- lockmc on 06/12/2016 - 14:23
  
  Offer available on new card applications when you apply between 12th October 2016 and 30th January 2017.
  - tajid on 06/12/2016 - 15:12
    
    Thanks! I'll apply after I come back from holiday then.
djsa on 06/12/2016 - 18:13

Is there a cheque to self option with this or is it only good for a bt on existing credit card?

Also, I think there's others out there woth 18 months bt, what makes this one better than those?
Priceless Class on 06/12/2016 - 18:33

No cheque to self option. Need to BT from an existing card.

This is one of the best at the moment because:
16 months at 0%.
$0 annual fee first year, $30 second year.
No balance transfer fee.
Able to balance transfer up to 95% of your limit.
ellave on 06/12/2016 - 19:07

I got approved a credit limit of $11,000 but I need to do a BT of $15000. Anyone had any luck getting them to increase it?
- tghtarse on 06/12/2016 - 19:21
  
  Not within first 3 months
tehoriginal on 06/12/2016 - 20:48

+1

Sorry I dont understand how balance transfers work and how home loans were introduced into this. Can someone please explain?
- dimavs on 07/12/2016 - 09:40
  
  +1
  
  Say, I've got 10K balance on one of my credit cards. I've also got, say, 10K in my home loan redraw or offset account. I can: a) transfer those 10K from redraw/offset account to my cc and be happy or b) apply for Westpac cc and transfer those 10K from Westpac cc to my other cc. At the end, my other cc got $0 balance, I still have 10K in my redraw/offset account and 10K debt on Westpac cc (0% for 16 month). Option b) will save me ~$500 in my home loan interest payments over 16 month and it will cost me $30 for the second year or, I can pay off 10K in 12 month and close Westpac cc.
  - tehoriginal on 07/12/2016 - 14:03
    
    Thanks for the explanation - this is probably less relevant for me since I pay my credit balance each month.
    - lockmc on 07/12/2016 - 14:24
      
      +2
      
      Not necessarily.
      The explanation given can be much simpler.
      Basically, it's free money that you don't have to pay interest on.
      If you have a mortgage with an offset account, simply pop this money into the offset account and save $$$ on interest.
      
      For example, my home loan is at ~4% p/a. If I was able to get a balance transfer of $20,000, then I would save $1,066 over 16 months in interest.
      It's worth the time and effort in my opinion.
      
      Maths:
      4.00 / 12 months = .3333
      
      .3333 * 16 months = 5.33%
      
      $20,000 * (5.33/100) = $1,066 saving.
      
      This obviously doesn't take into account compound interest etc but you get the idea.
    - tehoriginal on 08/12/2016 - 08:04
      
      @lockmc:
      
      Okay perfect. This makes perfect sense.
      
      Except my rate is locked at the moment :(
    - dimavs on 08/12/2016 - 15:40
      
      And that's exactly what I said. I also pay my balance each month, it just happened that I've spent 10K this month, say, a couple of big TVs, airline tickets, half a dozen of iPhones for the family, etc. And to pay my balance in full I have to transfer money from my offset account or(!) get a new card with 0% balance transfer offer and use it.
    - Deal finder on 09/12/2016 - 10:37
      
      @dimavs:
      
      How can i utilise this offer if i dont have much balance on my current CC?
    - dimavs on 09/12/2016 - 15:57
      
      @pash81: a) don't; b) some cards, like Citibank can give you cheque with low interest; c) cash advance. But personally, I wouldn't care and will skip that offer.
    - oldmate78 on 05/01/2017 - 02:00
      
      @lockmc:
      
      So to clarify, you can;
      
      1) Have 10K owing on your high point earning CC and instead of using your savings take out this BT and pay off the balance. Can you keep using the first card normally and earn the high points?
      
      2) Have nothing owing on the card and apply for a BT and send a cheque to self which you deposit into your offset account. Can this be used as proper cash for example to buy a car with? If so what are the drawbacks - or am I reading this correct to be a sweet $30 12mth car loan?
    - soc on 05/01/2017 - 04:35
      
      @o0nobl30o: 1) yes
      2) If you get a cheque-to-self then you can use that for whatever you like; including to buy a car. However…. Citibank is the only bank that will give you a cheque-to-self; and you have to ask them to do it before you activate the card. If you ask after this it is too late; their systems will have already initiated the transfer to your other cc (I made this mistake).
      For every other bank the money is transferred to your other cc and you then need to make arrangements to withdraw that money. Some cards are easier to withdraw from than others. It sems that in most cases the best way to do it is to phone them. You may get hit with a fee.
Justaddgrum on 06/12/2016 - 21:31

Just FYI. I applied for a credit limit higher than what they ended up giving me. Since i also set the balance transfer to be over the ACTUAL credit limit i was worried it would send that amount anyways.

I Called Westpac and they clarified, If the amount you set for a balanced transfer was over that of what your actual credit limit is, then they will balance transfer the default 95% of your new actual credit limit.
mtchye on 07/12/2016 - 18:33

Can you balance transfer to another CC a higher amount than actually owing on that CC?

E.g. ANZ CC owing $5k, apply for Westpac CC and balance transfer $10k to ANZ card, leaving it $5k in credit?
- Priceless Class on 07/12/2016 - 18:44
  
  You can generally, but be aware some credit cards wont insure/refund you in the case of any fraudulent spending while the card is in credit as its deemed to be 'your' money as opposed to 'Theirs'.
BlackBeak on 07/12/2016 - 22:08

+1

I could be wrong, but reading the bottom of the page you only get the $0 annual fee if you spend $5000 (normal) / $10000 (platinum) in the first 12 months. Something to be aware of.
Priceless Class on 07/12/2016 - 22:14

It clearly says in bold on the front page $0 annual fee in the first year.
Yes. If you don't spend $5000 (which most people using it as a Balance Transfer card wont), means you will incur a $30 annual fee on the anniversary date.
The savings on interest far outweighs the low annual fee in the second year and is competitive against other BT card offers at the moment.
aja12 on 13/12/2016 - 16:37

Has anyones application been processed yet? I got an email asking whether my salary goes into a Westpac or affiliated account four days ago. Nothing since.
- Priceless Class on 13/12/2016 - 17:08
  
  Yes. Mine went through. Got the card yesterday, so about 8 days after application in total.
  - aja12 on 13/12/2016 - 17:25
    
    Yeah, it's been about that for me. Conditionally approved, got the email about salary 3 or 4 days later, nothing since. That was 4 days ago. Guess i'll give it a couple of more days.
  - Priceless Class on 18/12/2016 - 16:45
    
    Balance transfers were extremely quick as well.. Within 3 days of activating. Much better than previous experience with another bank where it took 3 weeks.
- [Deactivated] on 18/12/2016 - 16:53
  
  I applied last year with BT, was fairly quick, i.e. 5 business days or so after approval.
bostos on 18/12/2016 - 16:43

can i still apply this card and get BT if I already have a Westpac credit card?
- [Deactivated] on 18/12/2016 - 16:50
  
  No according to T&C:
  Balance transfer promotion: The promotional balance transfer rate is available when you apply for a new Westpac credit card between 12th October 2016 and 30th January 2017 and request at application to transfer balance(s) from up to 3 non-Westpac Australian issued credit, charge or store cards.
Priceless Class on 18/12/2016 - 16:54

I would say you should be able to apply for a Balance Transfer from a NON-Westpac card as I can't see anything about excluding existing customers, however you won't be able to balance transfer from a westpac to westpac card as superready has said - This is standard across the industry. You could try calling up and seeing if they will extend or apply a BT to your existing card however. Ie, ask to speak to retention team and say you'll have to leave for another provider if they can't offer it.

If you don't have any luck, you could try a Bank of Melbourne No Annual Fee which has a 0% for 12months bt offer on at the moment.
You should be able to BT to them as I have just done the reverse with this card.
coolsteps on 19/12/2016 - 02:38

anyone know of a promo code for existing card holders to use to get a 0% Balance Transfer ?
- fritzsticker on 19/12/2016 - 11:23
  
  +1
  
  code: "WAAJC" received mail 0% BT with 20 months. Offer expires dec31
fritzsticker on 19/12/2016 - 11:33

Does anyone know why it is not good to use the credit card which has been balance transferred? Keep reading to use another credit card.. But never knew why..
Priceless Class on 19/12/2016 - 13:44

Because you will have a revolving balance on the card (being the balance transfer) so any purchases you make will start incurring interest immediately, usually at 20% or so. You only get the interest free period on most cards when you have paid off your previous statement balance in full. This card is a bit of an exception in that it only charges interest on purchases at a rate of 1% (for the first 12 months), so while you will still be paying interest on your purchases from the moment you buy them, it will be minimal.
- fritzsticker on 20/12/2016 - 15:30
  
  Ah i see.. This was the answer i was looking for. Thanks apric!!
- tunzafun001 on 02/01/2017 - 01:15
  
  What if you put funds into the card before purchasing. For example, a card with a $2000 min spend for 50 000 qff points, plus a 0% (80% of credit limit) Bt for 12 months.
  
  You get approved for $10k. BT the $8k out. You then pay $500 into the account. You then spend $500 on bills for the month. Repeat 4 times to meet spending requirements (or similar spend pattern to reach the $2k).
  
  If your account is $500 in credit before spending $500 can they still charge the 20% interest? (assuming a 20% card, not this 1% card)
  - Priceless Class on 02/01/2017 - 22:26
    
    Your process confuses me. I'm not sure what you are trying to achieve.
    My understanding is that payments you make are required to be applied to the highest interest costs first. It was brought into legislation/law at some point.
    
    Ie. If you had 8000k BT on a card at %0 and then made a $500 purchase (incurring 20% interest), followed by a $500 payment a day or two later, the payment will be applied to the $500 purchase incurring the higher interest.
    
    If you did it your way, by prepaying the $500 first, then spending the $500 I would imagine you would run the risk of paying the '0% Balance Transfer' component before the '20% Purchase amount' hits your account.
    - tunzafun001 on 02/01/2017 - 22:41
      
      Fair point. Cheers
fritzsticker on 03/01/2017 - 02:01

Just got approved with the balance transfer
bostos on 06/01/2017 - 08:53

i have received the card and have just activated it
when will the balance transfer happen?
squashy on 16/01/2017 - 22:44

Anyone managed to convince Citibank to do another BT after the previous one have ended?
fritzsticker on 28/01/2017 - 16:31

I just missed my minimum payment due date on westpac BT.. What happens now? Pay the whole balance of $14500?? Or do i only get charged late payment fee??
Or do I get charged with interest??
Priceless Class on 28/01/2017 - 20:40

Probably best to call Westpac and enquire regarding this situation. Depending on their policy, you may have, by missing a payment forfeit the interest free offer period as your account could be deemed to no longer be in proper order (being overdue).
This is all worst case speculation though, so call them up and find out!
- fritzsticker on 28/01/2017 - 22:53
  
  Thanks Apric i will give them a call on Monday,..
- fritzsticker on 30/01/2017 - 12:16
  
  I rang westpac today, they told me they give grace period for late payment. They usually allow couple days late payment as it takes time for the money to clear from the other banks.. phew
Ryk on 31/01/2017 - 14:13

Not expired, offer still available

This was posted 8 years 17 days ago, and might be an out-dated deal.

Westpac 0% Balance Transfer for 16 Months (No Balance Transfer Fee) + 1% on Purchases for 12 Months + $0/30 Fee 1st & 2nd Year

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