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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