Westpac $0 annual fee on 55 Day and 55 Day Platinum credit cards for life

[akeno]

It seems that many of the banks have introduced low balance transfer offers. The following is for Westpac:

Credit Cards - Apply For A Personal Credit Card | Westpac

Low Annual Fee:

• 3.99% p.a. for 6 months on balance transfers at card application for 55 Day and 55 Day Platinum credit cards. Balance transfer fee of 1% of transferred balance(s) applies. Limited time offer.
• $0 annual fee on 55 Day and 55 Day Platinum credit cards for the life of the card. Apply between 15 January 2014 - 31 March 2014.

Low Rate and Reward Credit Cards:

• Special promotion: 0.00% p.a. for 14 months on balance transfers requested at new card application. Apply between 15 January 2014 - 31 March 2014.
• Switches, upgrades, customers accessing employee benefits or packaged cards (unless the package conditions state otherwise) are ineligible for this offer.

Offer is for new cards only. It states the following on their website:

Switches, upgrades, customers accessing employee benefits or packaged cards (unless the package conditions state otherwise) are ineligible for this offer.

 

[trippin_the_rift]

Nice promo for non-westpac customers!

Seeing this made my day though..

I'm sure a Westpac marketing professional was all like "hey let's have a race to to zero and see who can have the most unprofitable card first!!!"

I see their arguments for doing this:
- We want everyone to have the card and it costs us very little (only funding insurance costs/bit of compliance)
- Citibank is doing it and works for them (yes, but they have a very different proposition and nobody with citi pays an annual fee on plat card or below)
- Why not give no annual fee and no points sign on bonus... it's the same cost to the bank, right? No dudes... not even nearly

Once you set a new market expectations that becomes the norm. You start competing on price along and it's a battle that can't be won!!

The mind boggles at promotions like this... it's a sure fire way to cull long term loyalty of customers who you want paying a premium.

 

[burmans]

Nice promo for non-westpac customers!

Seeing this made my day though..

I'm sure a Westpac marketing professional was all like "hey let's have a race to to zero and see who can have the most unprofitable card first!!!"

I see their arguments for doing this:
- We want everyone to have the card and it costs us very little (only funding insurance costs/bit of compliance)
- Citibank is doing it and works for them (yes, but they have a very different proposition and nobody with citi pays an annual fee on plat card or below)
- Why not give no annual fee and no points sign on bonus... it's the same cost to the bank, right? No dudes... not even nearly

Once you set a new market expectations that becomes the norm. You start competing on price along and it's a battle that can't be won!!

The mind boggles at promotions like this... it's a sure fire way to cull long term loyalty of customers who you want paying a premium.

Hm, so the main cards in my portfolio are Citibank, Westpac and Amex. So not new to either Citibank or Westpac but they dont know that so ringing up to say I want a payout quote because I'm thinking of leaving because the other has a fee free for life (similar) card would seem to be a pretty good negotiating strategy!

 

[akeno]

Nice promo for non-westpac customers!

Seeing this made my day though..

I'm sure a Westpac marketing professional was all like "hey let's have a race to to zero and see who can have the most unprofitable card first!!!"

haha it sure does. It's about time that Westpac has offered 0% on Balance Transfers and fee free for life cards. I completely agree and hopefully this is the start for 'more good to come'. Commbank, ANZ, NAB - anyone next?

Seems that Fee Free Platinum is the new norm and I don't think the banks will be losing much money. Platinum cards attracts higher merchant fees for the poor merchants who accept Visa/MasterCard.

 

[Supersonic Swinger]

Seems like the credit card market is no longer growing and the issuers have to resort to special offers like this to grow their market share.

Although I wouldn't trust Westpac as far as they could throw them. Didn't they have the Earth cards, and then changed the benefits so that people moved to their other cards? Although at $0 annual fee for life, might be worth a shot.

 

[woodborer]

- Why not give no annual fee and no points sign on bonus... it's the same cost to the bank, right? No dudes... not even nearly

The two cards being promoted by Westpac are in their 'Low Annual Fee' card range. They have no rewards program attached to them, so there is no scope to offer any sign on bonus. They have a target market, and just because you don't slot into that market segment, doesn't mean they are bad cards, or this is a bad promotion. It just means they are not products for you.

 

[akeno]

The offers aren't so terrible. I would recommend the 55 Day Platinum Credit Card to a friend
who hates paying fees
who would like the complimentary platinum insurances such as the travel insurance and extended warranty
and isn't so fussed on earning reward points.

 

[JohnK]

I don't have a Westpac credit card since I ditched the Earth cards ~6 years ago.

The 0% for 14 month balance transfer offer sounds very tempting. Do I need another credit card?

 

[akeno]

The 0% for 14 month balance transfer offer sounds very tempting. Do I need another credit card?

I would say 'yes'. Take the 0% offer and you would save a lot of interests off a personal loan/mortgage etc..

 

[Isochronous]

I applied for a Low Rate card to get the 0% for 14 months. Got the email today saying the application was complete and I'd hear more in the mail shortly. What limits have people got out of the Low Rate Card?

 

[tim374]

I applied for a Low Rate card to get the 0% for 14 months. Got the email today saying the application was complete and I'd hear more in the mail shortly. What limits have people got out of the Low Rate Card?

I got $9900. Also got $15,000 from ANZ at the same time.

 

[akeno]

I applied for a Low Rate card to get the 0% for 14 months. Got the email today saying the application was complete and I'd hear more in the mail shortly. What limits have people got out of the Low Rate Card?

I don't know how they come up with these strange numbers, but I got $7400.

 

[Isochronous]

I must be the odd one out - I got $10k.

Wonder what my chances are of calling up and asking to be upgraded to the Plat fee free for life?