Bankwest Credit Cards – Frequently Asked Questions (FAQ)
Posted January 18th, 2010 and last modified May 12th, 2011
With its PIN requirement and chip-installed cards, VISA cards will make credit card fraud cease being a threat to cardholders and credit card companies alike.
Best Bankwest Credit Card
The Bankwest Breeze MasterCard is the best card amongst all Bankwest credit cards as it combines all the best features in one card. This includes an amazingly low purchase and balance transfer offer to mention the least plus much much more.
- $69 annual fee
- 10.99% p.a. on purchases
- 4.99% p.a. for 12 months on balance transfers
- Cash Advance Rate of 21.99% p.a.
- 55 days interest free
- Minimum Income Requirement of $20,000 p.a.
- Winner of Money Magazine’s ‘Cheapest Credit Card’ and ‘Cheapest Balance Transfer Credit Card’ for 2010
If you have been thinking about getting Bankwest credit cards, but have a few questions you want answered first, then here is your chance. This article covers the most frequently asked questions about Bankwest cards.
If you have Bankwest credit cards, or are considering getting one, then you will find this list of frequently asked questions more than helpful. It can be quite confusing to first receive a credit card, or to decide on one you’d like to get. If you have any questions about these cards you will probably find your answers here.
Bankwest credit cards – FAQ:
How can I take advantage of advertised promotions for balance transfers if I am already an existing customer?
These promotions for balance transfers that have been advertised are for new customers. You can still apply for this product but you will be assessed the same way that a brand-new customer would be.
Existing credit card customers will not be sent balance transfer promotions so you will have to check with Bankwest to make sure that you are opted in to receive any available offers.
What is the allocation of my payments?
The allocations of payments are in this order: interest, followed by fees and then finally transactions. These payments will be applied to your most recent statement first, following that order, and then to other items added since the most recent statement.
Payments will first be allocated by Bankwest to the balances that have the lowest rate of interest, and then to balances with a higher interest rate in ascending order.
When does the annual fee go up?
Your annual fee will raise one year from the opening of your card. It will rise automatically and is paid in advance. There will be no refunds on any part of the fee if you close your account before the year is over.
If you have just been charged your annual fee you might as well keep using your Bankwest card so that you can see all of the benefits.
How long does it take for an application for a balance transfer on a credit card to be processed?
The processing of a balance transfer will occur when your credit card has been activated. You will be contacted if there is any problem processing the balance transfer.
The Bankwest More Rewards program – where can I find out more information about it?
You can find out more information about this rewards program on their website at www.bankwestmorerewards.com.au.
When does the introductory offer for balance transfers expire?
You will see a number displayed at the bottom of your statement. This is a summary box that shows you how many months remain on your balance transfer. When the number has gone down to one you will need to make sure that the entire balance has been paid off to avoid having to pay interest at the standard rate the next month.
Am I able to increase the credit limit?
You may be eligible to get an increase on your credit limit, and your account will be assessed every month. You will be advised if you are eligible from our customer service department, and you will also be told what your new limit will be.
How does Bankwest calculate the interest?
Interest is calculated using annual percentage rates that can be found in your Schedule. It is based on the daily average of your unpaid balance from your last statement. If you have an outstanding balance and interest has been charged, it will be shown on your statement like this:
- Debit Interest Purchase – This interest will appear for any purchases that you have made on your card.
- Debit Interest Cash – This interest charge is for cash advances. Cash advances do not have an interest-free period and the charges begin from the date the advance was made.
- Debit Interest Special – If you have an introductory rate on purchases or balance transfers you will see this charge. If you have more than one promotional rate there may be more than one entry appearing.
My balance has gone over the limit – why was this allowed?
Sometimes transactions will be approved to save you any embarrassment when you’re doing a transaction with Bankwest credit cards. This decision will depend upon what kind of risk Bankwest identifies with your account and how you manage your credit card payments.
How often should payments be made?
Payments must be made between the date of your statement and the payment due date. You need to make sure that a payment reaches Bankwest between these 2 dates and that it is at least the minimum payment due.
Why was a late fee charged?
All payments are due by the payment due date or else you will be charged a late fee. A simple way to avoid any late charges is by setting up a direct debit for the full balance on the statement, or at least for the minimum payment.
How can I make the best use of the 55 days free of interest benefit on purchases?
This benefit is available to anyone that pays off their balance in full by the payment due date. Interest charges will apply if there is any outstanding balance after this date, and they will be charged from the date of purchase.
Is there any way to change the date my statement is received?
You are able to get that date changed if it is better suited for your lifestyle. If you change the date you receive the statement it will also change the payment due date, so make sure your record the new due date to avoid any interest charges.
Can I use a P.O. Box address?
Bankwest is only able to send Bankwest credit cards to residential addresses for security reasons. You need to make sure that you give a residential address when you apply for the credit card.
If I use my credit card for a cash advance what happens?
Interest will start to accrue for a cash advance from the date of the advance. This fee for a cash advance will depend on how much money is withdrawn. In order to stop interest from occurring on a cash advance you will have to obtain a payout figure.
If you are using Bankwest credit cards, or are planning to get one, you can refer back to this page often to get your questions answered. This article is intended to help you make the best use of your Bankwest card.
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