New credit card offer from Westpac

New credit card offer from Westpac takes pain out of Christmas

For New Zealanders dreading the annual spending frenzy in the lead up to Christmas, Westpac New Zealand has found a solution with a credit card offer that caps interest charged on all retail purchases to just 4.99% p.a. for the first six months.

The offer is on new Westpac Low Interest MasterCard accounts opened before the end of October, and is proving popular with customers.

"This offer is new territory. Until now most banks have offered special rates on transferring credit card balances, but any new purchases have incurred the standard interest rate right from the start," says product manager, Simon Neal.

"This offer is different in that we offer 4.99%p.a. interest on all purchases for the first six months, then the interest rate reverts to the standard Westpac Low Interest MasterCard interest rate (currently 12.95% p.a.), so customers continue to benefit from a competitive standard interest rate."

Mr Neal says it's a great option for people who want to manage their finances over Christmas.

"Customers should always be careful not to over-extend, and should pay more than the minimum payment when possible, but if they need the flexibility of credit to see them through Christmas, this offer will help counter the spending hangover in the New Year.

"Anybody interested in this in this offer can apply for a Low Interest MasterCard and get an instant decision in any Westpac branch before the end of October. They'll be able to do their Christmas shopping, and pay their purchases off over the next six months. That makes for a pretty painless and hassle-free Christmas."

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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