on 02-10-2018 06:55 PM
Terms of my credit card say 55 days interest free. Usually I pay the amount to be taken out straight away, however this time as I was away, I saw the statement and there is a late payment fee of 25$ plus another payment to be made. Here I was under an impression that the first payment to be made was in 55 days...
Would you mind clarifying?
on 03-10-2018 09:34 AM
Hi @Jovi123, thanks for getting in touch. I definitely appreciate that credit cards and interest can be a bit confusing!
Depending on which product you have, Bankwest credit cards offer up to 55 days interest free on purchases - 30 days of purchasing and then 25 days to pay your statement balance. If at least the minimum repayment amount is not received by the due date, a Late Payment Fee will be charged. Providing your statement balance is paid in full by the due date, there will be no interest charged.
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. The interest does not reset back to 55 days once a payment is made to clear the balance, but rather at the end of the statement cycle.
We can't access your accounts via the Forum, so if you would like to look into this further, you can log in to Online Banking and select "Ask Us" via the Mobile App menu or "Message us Now" from a PC. Alternatively you can give us a buzz on 13 17 19 - both services are available 24/7.
I hope this helps.
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