New Zealanders are now able to apply for a credit card that is completely free of fees, providing another way to help manage their finances amid the rising cost of living.
- No annual fee
- No foreign currency fee
- No late payment fee
- No replacement card fee
Westpac NZ General Manager for Consumer Banking and Wealth Ian Hankins says the Westpac Fee Free Mastercard® will appeal to a wide range of customers.
"In this environment where costs are rising, the card could be useful to people wanting to have a credit card on hand to meet unexpected cost but don't want to pay an annual fee.
"This card is simple to understand and simple to use. If cash advances are avoided and purchases are paid in full by the due date, there will be no cost to a customer to use it.
"There is no foreign currency fee. We are not aware of any other major New Zealand bank offering a similar feature, so we expect the card to be popular with customers who like to shop online from international retailers."
This announcement follows Westpac NZ removing nine lending and overdraft fees in September.
"We've been focused on simplifying our products and fee structures to save customers money and simplify processes, making the banking experience easier to navigate," says Mr Hankins.
He says shoppers who have gravitated towards Buy Now Pay Later may also appreciate the simplicity of the card.
"Younger New Zealanders have leaned away from finance options like credit cards, preferring other ways of paying flexibly.
"The Westpac Fee Free Mastercard provides an interest free period on purchases for up to 55 days and lets customers keep all their purchases in one place so they know what they owe and can keep track of their repayments."
Mr Hankins says unlike some Buy Now Pay Later schemes, the Westpac Fee Free Mastercard is only available to applicants who pass a credit assessment, to ensure they can make repayments without getting into financial difficulty.
"We're also offering 0% p.a.* interest for six months on balance transfers to provide New Zealanders an opportunity to consolidate debt from other places to regain control of their finances.
"The only fees a cardholder may encounter are those charged by other parties, for example operators of ATMs overseas. But they'll see no fees from Westpac.
"We've extended our commitment to inclusivity and added braille and a notch on the side to help New Zealanders who have low vision quickly identify their card."
