Australia's Westpac Bows Out of The Credit Card Balance Transfer Wars

Australian credit card companies competing with Westpac's credit card products are offering some excellent credit card deals e.g. cards with a 0% introductory annual percentage rate (Intro APR) for six (6) months with no annual fee and a "go to*" interest rate that's less than 10%. Westpac is staying out of this "irrational pricing war" because "Balance transfer chasers, every six months, will just [transfer] their balance [to a new card]...As a bank that isn't exactly the way to make money." Despite all the great 0% balance transfer deals available to Australian credit consumers, Westpac is now offering a new low rate card that has a 10.75% APR and a fifty dollar annual fee.

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*The "go to" interest rate is the interest rate that a credit card company will charge once the 0% Intro APR period ends.

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