It isn't fair to call the Westpac 55 Day a low-end card, despite the generous interest free period and the low annual fee. That would put it amongst such esteemed company as the
Aussie MasterCard, the
ANZ Low Rate MasterCard and the
BankWest Lite MasterCard, each of which have an interest rate of 10% - 12%.
It can't be called a 'premium' or even a 'mid-range' because it lacks a rewards program, travel insurance or any other features which may justify its purchase rate of 17.74%.
To be blunt, it wallows somewhere in credit card purgatory, appealing to none of the normal market segments.
This seems to be an emerging pattern with Westpac: cards with one good feature which is over-compensated for in other areas, like the No Annual Fee with a ridiculous purchase rate and no interest free period.
To be fair, the Westpac 55 Day really isn't a bad card. The interest free period is generous (55 days, when your balance is paid in full each month) and the annual fee is low: $30, waived for the first year and every subsequent year where you make purchases of at least $10,000 (about $192 per week).
Westpac are also currently offering 0% on purchases for the first 5 months for a limited time.
There is little else: a free additional cardholder and 3.99% p.a. on balance transfers for 6 months, which might be a nice bonus if you have a large existing balance, but is unlikely to entice anyone. There are much better balance transfer deals available.
Even Westpac seem to struggle pitching this card on their website. When you have to list 'Worldwide acceptance' as the number one key feature, you know you're in trouble.
Bottom-line: if you can pay your balance in full before the expiry of the interest free period, the high purchase rate shouldn't be a deterrent, particularly if you're an existing Westpac customer and are really looking for a Westpac card.
However there is no escaping the fact that there are better deals available. Check out the Aussie MasterCard, ANZ Low Rate MasterCard, BankWest Lite MasterCard and even the
St George Vertigo MasterCard,
NAB Velocity and
Citibank Clear Platinum - all of which are probably better options.
