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increase credit card funds

Posted by Jinster Jinster
Message 1 of 6 1,095 Views

I have a Bankwest Platinum Mastercard with a limit of $10000.

 

I would like to make an overseas purchase worth approx $34000. The seller does not allow splitting of payments across multiple transactions or multiple cards.

 

Would I be able to deposit $24000 into my BW card via Bpay, thus giving me a total spending power of $34000 to allow for this one-off transaction?

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Re: increase credit card funds

Posted by DanaeC DanaeC
Message 2 of 6 1,086 Views

Hi @Jinster, thanks for getting in touch.

To put it simply, yes! You'll have full access to the available amount in your account at any time you are selecting "Credit" at a Point of Sale terminal. The only other thing to consider here, is if the merchant has a set floor limit. This limit being the amount of a transaction that cannot be exceeded from the merchant's side.

It's also good to note that interest will only be accrued on the amount accessed within the limit of the card itself, and not on the whole purchase in this instance. As you have mentioned that you hold a Platinum Mastercard, the 2.95% Foreign Transaction Fee will also not apply here.

Hope this helps, let me know if you require any further information.

 

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Re: increase credit card funds

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Posted by Jinster Jinster
Message 3 of 6 1,082 Views

Thank you for this very helpful answer.

 

Can I ask a follow-up question please.

 

When I go through a credit card purchase, can you please confirm that the exchange rates listed here does NOT apply? https://www.bankwest.com.au/personal/international/foreign-exchange/foreign-exchange-rates

 

My understanding is that the listed rates above is for buying and selling cash and/or dealing with money transfers.

 

BW Mastercard's exchange rate should just follow the universal Mastercard rate, which should be much better than the cash rates on that page, is this correct?

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Re: increase credit card funds

Posted by DanaeC DanaeC
Message 4 of 6 1,078 Views

You're exactly correct @Jinster.
The conversion rate for purchases and/or withdrawals will be listed on the Mastercard International website, and updated daily Smiley Happy

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Re: increase credit card funds

Posted by Jinster Jinster
Message 5 of 6 1,077 Views

Thank you again.

 

I just wanted to say that I feel I received genuinely useful answers here on this forum. I have used the "Chat" feature of many banks before, and most bank representatives who responded on those chats did not deserve to earn a paycheck to put it harshly.

 

You guys here give genuinely useful responses. Thank you.

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Re: increase credit card funds

Posted by DanaeC DanaeC
Message 6 of 6 1,075 Views

Oh you're so welcome, we do our best Smiley Happy Have a great day @Jinster, come back anytime!

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