25-05-2016 06:43 PM - edited 25-05-2016 06:44 PM
I have received a notification advising that my Bankwest More Mastercard interest free period will change from 55 days to 44 days; however I have not received any reasoning as to why this is occurring and there is no explanation in the FAQ's on the website. Can anyone provide any information as to why this has occurred?
on 27-05-2016 11:37 AM
Hi @Ben_37, thanks for contacting us in regards to the changes coming to our More Rewards and Qantas MasterCards. In order to continue to provide sustainable, high quality products, the terms and conditions of our products must continue to be updated and adapted with market changes. I can understand where you're coming from so wanted to give you a bit of background. The legislative changes made in November 2015 has reduced the interchange earnings that are used to directly subsidise the cost of reward points, as a result the product features (including the interest free periods offered) need to be updated to continue to deliver a sustainable product. We've had to adapt our product in response to market changes but feel this product still remains competitive.
I've passed your feedback onto our Products team and I'm sorry I can't do more to help here. Thanks
on 15-07-2016 09:23 AM
I have been a long time customer of Bankwest with a World credit card. It is a shame the credit card interest free periods have been lowered from 55 days to 44 days... especially when other banks are offering the same World product with still the 55 interest free days. I would have rather paid a higher annual fee then to lose the interest ffree period.
I have already started the process to switch banks for my credit card.
on 15-07-2016 12:02 PM