Thanks to its name, it’s fairly obvious that the main feature of the Bankwest Zero MasterCard is the $0 annual credit card fee. But wait, just like Transformers, there’s more to this ‘no annual fee’ credit card than meets the eye.

When you first look at the Bankwest Zero Mastercard as a whole it would be fair to say it sits in the middle of the range, but looking at individual features makes this card is very enticing.

With a $0 annual fee and the fact that even with a higher balance (at least a few thousand dollars) after the introductory interest rate has expired, you’ll pay less interest than a lot of other credit cards in the low annual fee category.

For the first 12 months, all balance transfers are subject to a very low interest rate of just 1.99% p.a., after which they increase to 15.99% p.a. This is also the interest rate for purchases and cash advances which is probably one of the lowest cash advance rates around. Team this with an interest free period of up to 55 days and you’ve got yourself a bargain.

When you look at the bigger picture it’s not an exceptionally low ongoing interest rate (as there are others that are lower), but it is the lowest interest rate around on a card with no annual fee and it actually works out being one of the cheapest over a 12 month period.

But as usual it depends on your needs and spending habits. The low introductory interest rate means that you will end up spending less in interest than a lot of other cards on the market, and it includes a double-whammy of no annual fee.

So if you’re looking for a card that is cheap and doesn’t muck around with extra benefits and features then this is the best credit card for you. We think it’s a great low annual fee credit card, only just missing out on a top 3 placing.

See our top credit card picks in the Editor’s Choice category

FEATURES SUMMARY

• Annual fee: $30 (waived in first year)
• Purchase rate: 19.45% p.a.
• Cash Advance rate: 19.45% p.a.
• Balance Transfer rate: N/A
• Interest-free days: Up to 55

• Extras:
  • Apply online
  • 24hr phone assistance
  • Emergency card replacement
  • Visa Entertainment
  • Phone/Internet banking
  • Enhanced security chip protection

Westpac’s Student Credit Card is a good card for those who need a credit card with a low limit. With this credit card you can choose your limit –$300, $400 or $500.

That way you can’t max it out to an unaffordable amount, so it really will just be there in your wallet for cash emergencies.

As it is a credit card you will be subject to credit history checks and other credit approval criteria. However Westpac will take into account the fact that you will most likely not be working full time and could be moving around quite a bit so your address will change quite often.

Your approval will be based on whatever income it is that you receive, whether it be from Austudy or from a part/time/casual job. While this helps with approval, when you have the card, it doesn’t quite measure up to the Commonwealth student credit card (the only other student-specific credit card on the market).

Westpac’s student card has a $30 annual fee which is wiped in the first year (as opposed to Commonwealth’s $0 throughout your years of study) and an interest rate of 19.45% p.a.* for both purchases and cash advances. Yet there are no balance transfers available, which is another major downfall when comparing the two student credit cards.

Despite having a lower cash advance rate, the Westpac student credit card comes off second best to our first place getter (the Commonwealth student credit card) thanks to its annual fee and the omission of balance transfers.

If you think you may have trouble getting a credit card due to a lack of credit history then this card is definitely a good option. But if you’re looking to save money with a cheap credit card then the Bankwest Zero MasterCard is much more affordable option.

See all our top credit card picks in the Editor’s Choice category