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Credit cards statement balance

Posted by Dave Dave
Message 1 of 8 768 Views

Hi,

 

just wanted clarification on the following. We received our statement for the credit card due on 3 July and decided to pay it early. So we transferred an amount onto the card from our offset account and it has shown up as going in correctly but the "statement balance" still shows as the full amount owing but the minimum amount payment Is gone. 

For example, if the statement balance due on July 3 is "-$3000" and then we transfer $2500 into the card, shouldn't the statement balance be "-$500"?

just want to make sure we are paying off the card correctly and in full

thank you

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Re: Credit cards statement balance

Posted by LyndsC LyndsC
Message 2 of 8 763 Views

Hi @Dave, thanks for your question :-)  The statement balance will show the amount that was owing on the day that the statement is issued, and won't change in online banking when you make a payment towards it, whereas the minimum balance will show the amount required before the due date to avoid any late fees being raised, this amount will update automatically when payments are made to the card, so that you can see in real time how much (if any) you still need to pay before the due date. I hope this helps clear up any confusion :-)

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Re: Credit cards statement balance

Posted by Dave Dave
Message 3 of 8 762 Views

Ok perfect! Thank you very much for your help!

 

so as long as I transfer the amount shown in the statement balance to to credit card before the due date then I pay no interest on that?

 

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Re: Credit cards statement balance

Posted by LyndsC LyndsC
Message 4 of 8 759 Views

Provided that you do this each month @Dave, you wouldn't incur interest, however if you have not paid the previous statement in full you may receive some residual interest charged (from the date the statement issues until the payment is received).

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Re: Credit cards statement balance

Posted by Dave Dave
Message 5 of 8 756 Views

Thank you very much for your help!

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Re: Credit cards statement balance

Posted by LyndsC LyndsC
Message 6 of 8 720 Views

You're welcome @Dave, have a great week! ^Lynds

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Re: Credit cards statement balance

Posted by Shohan Shohan
Message 7 of 8 170 Views

How do you set up direct transfer to avoid late payment fees (on your credit card). 

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Re: Credit cards statement balance

Posted by DanaeC DanaeC
Message 8 of 8 168 Views

Hi @Shohan, thanks for your enquiry. There are a couple of ways in which you can arrange to automatically pay your Credit Card, as below:

1) You can request a Periodical Payment be set up, which is managed by Bankwest. This will allow us to debit the account your behalf, for either the full statement balance, the minimum repayment amount, or a fixed dollar value. This can be done by calling our Contact Centre on 13 17 19, by chatting to us via the "Chat Now" button within your Online Banking, or by sending us a BankMail Message, through the "Message Centre" tab of your Online Banking.

2) You can set up a Scheduled Payment transfer from your account to your Credit Card, via the "Payments and Transfers > Internal Transfer" tab within your Online Banking. Please note however that this option will only allow for a fixed figure on a fixed date, so you would need to adjust the amount and payment date each month manually when your statement is received.

If you would prefer to make manual payments each month, you may also be interested to know that if you use the Bankwest Mobile App, you are now able to create a Payment Reminder, using the "Easy Alert" option. This will send a Push Notification to your phone 3 days prior to the due date, if at least the minimum repayment amount has not yet been received. To set this up, please select "Easy Alerts > Customise Easy Alerts > Credit Card Payment Due".

Hope this helps!

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