on 21-09-2017 09:00 AM
I just fail to understand why you have to pay your balance of your credit card in full to avoid high interest for cash advance,surely you should only have to pay the high interest until the amount of the cash advance is paid in full ,??? i am still paying interest on a cash advance that i didnt realise was a cash advance from 2013. I transferred money to a business as they didnt have credit card facilities , I never realised that this would be a cash advance , I thought a cash advance would be withdrawing money as cash. So because my balance on this card has never been zero does this mean i have been paying the cash advance interest from 2103 til now on my entire balance. Can you please clear this up .Thank you .
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on 21-09-2017 03:52 PM
Hi @jhen65, thanks for your enquiry.
A cash advance is anytime you withdraw cash from your card via an ATM, Bankwest Store or Online Banking transfer, excluding BPAY.
When you make payments to the accounts, they are first applied to the last statement’s closing balance, starting with transactions which attract the highest annual percentage rate, and then in descending order down to the amounts which attract the lowest annual percentage rate. Once the last statement’s closing balance has been paid, any transactions that have not been issued on a statement will be paid in order of the lowest rate first.
To stop cash advance interest from accruing, you would need to obtain a payout figure. This figure represents the current outstanding balance and accrued debit interest on your account. As interest calculates on a daily basis, this figure changes from day to day. For security reasons we can't see your account via the Forum, so please call our Contact Centre on 13 17 19 for assistance with this.
For further information on how interest is calculated and how payments are applied to your account, please refer to your Credit Card Conditions of Use booklet, which was issued with your card. You can also access this information by clicking here, then selecting your credit card product type and opting to read the 'Small Print'.