Westpac Adds New Balance Transfer For Life Option

28 December 2005
For immediate release

Westpac Adds New Balance Transfer For Life Option

Westpac has revamped its Low Interest MasterCard to include a highly competitive balance transfer offer that is not available on any other Visa or MasterCard in New Zealand.

As of 1 January people can transfer the money they owe on other credit cards or hire purchase agreements with higher interest rates to Westpac’s Low Interest MasterCard and pay only 9.9% per annum on the amount transferred until it has been paid off in full.

Westpac’s Head of Cards Ross Jackson says “Westpac is the first New Zealand bank to offer such a low balance transfer rate for the life of the balance transferred. All other banks’ Visa and MasterCard balance transfer offers default to the cards’ higher interest rate after a time period – usually just three or six months.”

“This coupled with Westpac’s low every day rate of 13.95% makes the card a very competitive option for people wanting to lower their credit card or hire purchase interest repayments or wishing to consolidate multiple lines of credit into a single low interest rate pool.”

“Transferring money to Westpac’s Low Interest MasterCard will reduce the interest costs paid on most standard credit cards and store finance plans by at least half. This card now also includes up to 55 days interest free for existing and new customers,”
he says.

The Low Interest MasterCard is accepted at over 28 million locations around the globe and worldwide 24-hour emergency assistance is available. The annual account fee is $65 split out over two payments of $32.50. Westpac’s normal credit criteria apply.

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