on 19-11-2015 10:52 AM
Hi @Lucy, thanks for your question. There are a few different fees that you may need to consider which you can see on our Credit Card pages. Could you please let me know what this fee is called on your online banking or statement so I can look into this. Otherwise you may be able to see what fee it is on our Credit Card section which details the fees involved. Thanks!
on 19-11-2015 02:53 PM
It was called Purchase Interest. I thought I had 55 days before interest was charged on my credit card - Platinum Mastercard. I have paid more than the amount due but yet still had this purchase interest taken out.
How can I avoid having to pay this purchase interest?
on 20-11-2015 08:32 AM
Thanks @Lucy, I've just looked into this with our team and they've given me the below details to share with you.
Bankwest MasterCards offer up to 55 days interest free on purchases - 30 days of purchasing and then 25 days until the due date to pay your statement balance in full before interest is charged. Providing your statement balance is paid in full by the due date, there will be no interest charged. Interest is calculated on the average daily unpaid balance from the previous statement using the annual percentage rates outlined in the relevant credit card schedule.
With the interest free option, if the balance is paid by the due date which is 25 days from the statement issue date, then no interest will be charged on purchases. However, if the account is not paid in full by the due date, then interest is calculated on each purchase from the date on which the transaction was debited to the account.
Does this help clarify for you?
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on 20-11-2015 09:03 AM
Basically I have to pay the outstanding amount back into Credit card within 55 days as I will keep on getting charged
I thought with a credit card as long as you made payments back into the credit card you wouldn't be charged interest.
on 20-11-2015 03:11 PM
The only way to make sure you avoid purchase interest charges @Lucy is to ensure you always pay the full statement balance by the due date each month.
If you don't make the full payment by the due date, you'd need to obtain a payout figure to stop interest from accruing further, or pay 2 consecutive monthly statements in full by the due dates.