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Balance Transfer

Posted by clmarketing clmarketing
Message 1 of 2 913 Views

I am a holder of the Bankwest Zero Platinum MasterCard and currently has an ongoing 12 month Balance Transfer oustanding, say $5000. If I use this credit card to make new purchases say $1000 which enjoys a 55-day credit free period and if I make full payment of $1000 prior to the due date for new purchases as shown on the statement, will I be charged for interest on the Balance transfer amount of $5000?

 

Also, if I do not make any payment by the due date, will I be charged interest on both the current purchases of $1000 plus interest on the Balance Transfer of $5000 as well?.

 

I have tried to clarify this issue with one of the Bankwest branches in Perth, she assured me that these are 2 separate transactions. ie on new purchases interest will be charged after the due date and there will be no interest charges for the Balance Transfer until after the Balance Transfer due date.

 

Please clarify

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Re: Balance Transfer

Posted by MegB MegB
Message 2 of 2 891 Views

Hi @clmarketing, purchase interest is charged when the full statement balance isn't paid by the due date of each statement. This will only charge on purchases, not the balance transfer. 

If you have a 0% balance transfer, no interest will be charged on this until the offer expires.

To ensure no fees are charged, please ensure at least the minimum monthly repayment is paid by the due date on each statement. 

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