Westpac’s 55 Day credit card

In response to a change in consumer sentiment, lenders are offering added features and benefits to attract new customers who have conservative attitudes about credit.

The newest lender to join the ranks is Sydney-based Westpac, which recently introduced a low rate, 55-day no interest credit card, which charges zero per cent p.a. on purchases for the first five months, and 3.99% p.a. on balance transfers for the first nine months. No annual fee is charged on the 55 Day card for the first year; thereafter the fee is $30 annually.

The 55 Day card is best suited for card users who aren’t turned on by rewards schemes but who prefer not to carry a balance from month to month. Once the introductory five months is past, the card charges 19.34% p.a. on purchases, and 21.24% on remaining or new balance transfers after the nine month period is past. No interest accrues on purchases if the closing balance is paid in full by the statement date each month, providing up to 55 days to pay without interest.

The 55 Day card offers additional features, such as a waived annual fee in subsequent years when the user spends more than $10,000 during the year. Card users also have the choice between a MasterCard or Visa, and Card Shield protection, which protects users from fraud.

Just as other credit cards on the market, the 55 Day card does carry fees in addition to the annual fee. The account charges 2% of the value on cash advances and withdrawals, $9 for missed payments and over the limit transactions, and $7.50 for duplicate statements ordered. Additional fees are also applied for foreign transactions.

Westpac’s 55 Day card offers a good value for card users who don’t carry a balance and don’t care for rewards.