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kh
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How does one avoid card Interest charges???

[ Edited ]
Posted by kh kh
Message 1 of 4 136 Views

My wife got a Moreworld Mastercard recently and we thought it would take advantage of the balance transfer to get some free credit for 6 months.

 

The Bankwest rep who processed the application for the card told us that so long as we paid off what we spend each month, we would not pay any interest in the first six months.

 

When the first statement came we paid off what we had spent so far by the due date. To our surprise when the first statement arrived there was an interest charge. We realised that what we hadn't taken into consideration was that there was a charge for the card plus the one off fee for the balance transfer. A rookie error on our part, but a very expensive one. 

 

The following month, we paid off a little more than the "closing balance owing" less the balance transfer amount, but we have been charged interest again!

 

 

We can understand that the first month was our fault and we made a very expensive mistake, but we are at a loss to understand why we have been slugged interest in the following month given that we paid off more than the closing balance owning less the balance transfer amount (which we were assured was interest free for the first six months.

 

Why is this happening?

 

We're at the point of paying the whole thing off and cancelling the card.

 

(edited to fix typos!)

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Re: How does one avoid card Interest charges???

Posted by LyndsC LyndsC
Message 2 of 4 112 Views

Hi @kh, for security reasons we can't access or discuss any personal account information over Facebook, so we would need to speak with your wife over the phone on 13 17 19 or via our online messaging service so we can look into this for her.

She can access messaging during WA business hours by logging into online banking using a computer and selecting "Message us now".

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kh
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Re: How does one avoid card Interest charges???

Posted by kh kh
Message 3 of 4 110 Views

Thanks LyndsC. I will ask her to do this. 

 

BTW, we have no desire to communicate via Facebook! (that's why we're on your forum)

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Re: How does one avoid card Interest charges???

Posted by LyndsC LyndsC
Message 4 of 4 109 Views

My appologies @kh - that was a typing error, I didn't intend to write Facebook, it should have read that we can't discuss account information over the forum.

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