Let me save you some time. This is not the card for you. Keep looking.
You may be asking how I know this card isn't right for you without explicit knowledge of your particular financial circumstances and preferences. It's because, quite simply, this isn't the right card for anyone.
You see, as the name suggests, this is a No Annual Fee card and most such cards are useless. For some reason, the very notion of not having an annual fee seems to make banks abandon all reason. They attempt to compensate the loss of the fee with a disproportionate increase in the interest rates, and in the case of this card, also by stripping out any feature that may ever be even remotely useful.
Allow me to demonstrate: below is a list of the Westpac No Annual Fee's features:
- Free additional card holder
That's it. There isn't even an interest free period.
In which universe did someone think this was a good idea? Who thought that consumers were so averse to paying a nominal annual fee that they'll gladly sacrifice interest free periods, low interest rates and all other features?
The purchase rate is 18.24%, which is absurdly high for the range of features this card offers (i.e. none). The cash rate is 19.99%, which is on par with most other cards. Westpac are also currently offering a balance transfer rate of 3.99% for 6 months.
This card is all the more absurd when you compare it to the
American Express Blue Sky, which also has no annual fee. Granted, the Blue Sky has a higher purchase rate (1.75% higher), but it also gets you 55 days interest free, travel insurance, a rewards program and the full range of premium American Express features.
Alternatively, you might consider the
ANZ First Visa, which has a very small annual fee ($30), but offers a lower interest rate and 44 days interest free.
The verdict: Don't. Just don't.
