Bankwest Forum

Ask a new question
Reply
jel
New Member
SOLVED
Accepted Solution

Interest on card with 0% interest transfer

Posted by jel jel
Message 1 of 3 94 Views

I had a credit transfer of around $9000 with 2 or 3% transfer fee in June and then no interest for 12 months. I do use the card for other purchases but I auto pay $350 on to it fortnightly PLUS manually pay an additional to cover spending. My payments always exceed my debits on statements.

 

I am getting small amounts of interest recorded. Is this because I do not pay the entire balance (including the interest free balance tf amount) at the end of the month?

Reply
0 Kudos
Moderator
SOLUTION

Re: Interest on card with 0% interest transfer

Posted by LyndsC LyndsC
Message 2 of 3 79 Views

Provided that your statement balance is paid in full by the due date @jel, there will be no interest charged. If the full payment outlined on the statement is not received by the due date, then the purchases will be charged interest from the date that they are processed until payment is received.

The statement balance is comprised of both your purchases and balance transfer.

If you have a Balance Transfer on your credit card, and you have not been paying the Statement Balance by the due date you would incur purchase interest.

Reply
0 Kudos
jel
New Member

Re: Interest on card with 0% interest transfer

[ Edited ]
Posted by jel jel
Message 3 of 3 77 Views

So yes, because the balance also includes the original amount from the 0% for 12 months transfer despite that the debits are around $150 and credits about $850 a month I'm getting interest on the $150 of bills a month Smiley LOL 

 

But thankyou.

 

I will shift it to a card where I don't have anything coming off it offering something similar. It won't save money (at all), but it won't be irksome. My own fault, I should have checked more carefully. I was under the impression the interest bearing portion, i.e. the bills would be "paid off" first, or are they once they BECOME interest bearing... meh. It's all good Smiley Very Happy

 

Again thanks for the clarification.

Reply
0 Kudos
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.