Bankwest Forum

Ask a new question
Reply
New Member

Credit card with a positive balance

Posted by jasonb jasonb
Message 1 of 4 1,648 Views
Hi team,

Hopefully a quick one. If I had a credit card account in credit, is it an easy process to move the excess funds to a transaction account? Can I do it myself in online banking or will I incur cash advance fees for doing so?
Reply
0 Kudos
Forum Manager

Re: Credit card with a positive balance

[ Edited ]
Posted by PeteW PeteW
Message 2 of 4 1,643 Views

Hi @jasonb, great question!

 

There's a $4 fee to make the transfer however it's very important you don't go even a cent over your surplus amount otherwise you'll be charged either the $4 or 2% of the entire amount (whichever is greater). We'd be happy to help you with this via online chat, just log into online banking and click 'chat now' in the bottom right of screen.

------------------------------------------------------------------------------
○ If you find a response helpful remember to give it 'Kudos'.
○ If it answered your question, make it easier for others to find by selecting 'Accept as Solution'.
Reply
0 Kudos
New Member

Re: Credit card with a positive balance

Posted by jasonb jasonb
Message 3 of 4 1,641 Views

Thanks Pete!

 

So, hypothetically with round numbers. If I'm exactly $100 in surplus, I can safely transfer $96 off to the transaction account, which will leave me a $4 fee bringing me to zero?

Reply
0 Kudos
Moderator

Re: Credit card with a positive balance

Posted by SarahF SarahF
Message 4 of 4 1,638 Views

Hi @jasonb, in this scenario you could actually take the full $100 out if that's what you had in surplus. The fee would then come off the limit. I've just changed @PeteW post to be  $4 or 2% (whichever is greater) rather than $4 or 4%.

Ask a new question
Top kudoed contributors

Bankwest SWIFT code: BKWAAU6P | Find your BSB by logging into Online Banking
© 2017 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.