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Credit Card purchase interest

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Posted by SarahF SarahF
Message 1 of 5 1,191 Views

Purchase Interest is charged to a credit card when the statement is not paid in full by its due date.

To avoid being charged Purchase Interest you need to ensure your payment is received by Bankwest by the due date, ie. If you’re paying your statement using BPAY®, you need to allow for processing days (so submit the payment a minimum of 3 days before it’s due).

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Jm
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Re: Credit Card purchase interest

Posted by Jm Jm
Message 2 of 5 1,018 Views

Why would I be charged $29.42 when I inadvertently under paid the total amount by $0.33? This was obviously an error when keying in the amount owing. 

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Re: Credit Card purchase interest

Posted by DanaeC DanaeC
Message 3 of 5 1,013 Views

Hi @Jm, thanks for your enquiry. Via the Forum I am unable to view your account to see further details, however generally speaking I can confirm that if the account is not paid in full by the due date, interest will be calculated on each purchase from the date on which the transaction was debited from the account, up until it is paid in full.
If you would like this looked into, you can call our Contact Centre on 13 17 19 between 8am - 8pm your local time 7 days a week. Alternatively, if you log into your Online Banking and select the "Chat Now" button between 7am - 6pm AWST Monday - Friday, a consultant can assist you further. Thanks!

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Re: Credit Card purchase interest

Posted by ykchong31 ykchong31
Message 4 of 5 946 Views

Hi,

 

I share similar situation for my March bill as well. May I ask where in writing is this purchase interest calculation being documented? I believe this is unique to Bankwest interest calculation method. Thanks. 

 

 

Ken Chong

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Re: Credit Card purchase interest

Posted by DanaeC DanaeC
Message 5 of 5 944 Views

Hi @ykchong31, you will be able to view details of how interest is calculated via the "Credit Cards Conditions of Use" booklet, which is available on our website. You'll just need to select your Credit Card type using this link, and then click on "View our Credit Card terms and conditions" at the bottom of the page. Hope this helps.

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