Westpac launches interest-free credit card: how does it compare?

Westpac launched its own interest-free credit card, joining CBA and NAB (Source: Getty)

Westpac joined Commonwealth Bank (CBA) and NAB to launch its own zero interest credit card for millennials and millennials.

The card, like the others, has no interest on purchases but instead charges a monthly fee if the card has been used.

However, there are a few differences between the three zero interest cards. Here is a comparison.

Westpac Flex Card

Customers will be able to apply for the card through the Westpac banking app or online and if their request is approved, a digital card will be issued and ready for use within minutes through their banking app or mobile wallet.

In terms of security, this card’s verification code (CVC) will automatically change every 24 hours.

“We are offering customers a new payment method that is simple, flexible and fast, as well as a fully digital experience from start to finish,” said Chris de Bruin, Westpac managing director, personal and business banking.

“Flex was designed to meet the changing needs of younger clients who want greater control over their finances and are more likely to use their smartphones to manage their money. “

CBA’s Neo card

  • Credit limit: $ 1,000, $ 2,000 or $ 3,000

  • Monthly Fee: $ 12 for a limit of $ 1000, $ 18 for a limit of $ 2000 and $ 22 for a limit of $ 3000 and will only be charged if the customer has a balance owing.

In addition, this card comes with some rewards.

“Using the full power of our innovation, CommBank Neo will also provide access to discounts and cashback offers with a range of retailers through CommBank Rewards,” said Angus Sullivan, director of retail banking at ABC. .

The Rewards provide eligible customers with cash back offers from a range of retailers.

For example, a customer may receive a $ 15 cash back offer when they spend at one of over 80 participating retailers.

NAB StraightUp Card

  • Credit limit: $ 1,000, $ 2,000 or $ 3,000

  • Monthly Fee: $ 10 for a limit of $ 1000, $ 15 for a limit of $ 2000 and $ 20 for a limit of $ 3000 and will only be charged if the customer has a balance owing.

NAB was the first to launch the zero-interest card, saying it targeted buy-now and later-pay options.

The bank said the higher minimum repayment ($ 35 per month for $ 1,000, $ 75 per month for $ 2,000 and $ 110 per month for $ 3,000 limits) was a positive as it was helping young people to repay their debts more quickly.

“The range of features of the NAB StraightUp card means that it is the simplest credit card offering on the market. And with a lot of protections in place, it can really help customers control their spending, ”said Rachel Slade, NAB director, personal banking.

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