[JohnK]

Originally Posted by locomotion

Sounds like a bit of a trap in my opinion, a few traps you will need to look out for. Interest charged on purchases through Qantas. Not bad for Cash advance rate though. balance transfer attractive. which do you pay off first though?

To ensure that your Qantas purchases qualify for the 5.99% interest rate you need to call Westpac and tell them which purchases need to be changed to the lower interest rate.

The statement is set out nicely stating outstanding amounts broken down by the applied interest rate.

Any payments made towards credit card set-off outstanding amounts on the lowest interest rate first. So watch out if you have any balance transfers that convert to 18.99% after 6 months is over.

As with any credit card with outstanding balance cash withdrawals are always paid off last.

[locomotion]

Originally Posted by JohnK

To ensure that your Qantas purchases qualify for the 5.99% interest rate you need to call Westpac and tell them which purchases need to be changed to the lower interest rate.

The statement is set out nicely stating outstanding amounts broken down by the applied interest rate.

Any payments made towards credit card set-off outstanding amounts on the lowest interest rate first. So watch out if you have any balance transfers that convert to 18.99% after 6 months is over.

As with any credit card with outstanding balance cash withdrawals are always paid off last.

Cash advances are paid off last?
What a rip off!
So your lowest interest rate items get paid off first?
And highest interest earners last?
That is discraceful!
With the Commonwealth Bank, Cash advances get paid of first (Standard interest rate)
Followed by Purchases (Standard interest rate)
Followed by Balance transfers (Currently 5.99%)
Followed by Great Rate items (Currently 0.99%)

I cannot beleive that Westpac would do the reverse!

[JohnK]

Originally Posted by locomotion

Cash advances are paid off last?
What a rip off!
So your lowest interest rate items get paid off first?
And highest interest earners last?

That is what I read on the website when I first applied and has been confirmed by a customer service agent.

Originally Posted by locomotion

I cannot beleive that Westpac would do the reverse!

Why? They tried to sneak in the $49 annual fee even though it was supposed to be waived in the first year.

[locomotion]

I just did some hunting about this


Westpac on balance transfers:
Please note that payments made to your credit card account are first applied to any amounts transferred from other credit cards, charge cards or store cards under this offer, before they are applied to any other cash advance or purchase amount. This will mean that the portion of your outstanding account balance that is subject to a lower interest rate will be paid off first.

Commonwealth bank on balance transfers
Commonwealth Bank Group - Personal - Credit Cards - Important Information about Credit Cards
Payments are used to pay off:

• first, interest and government charges shown on any statement of your card account;
• second, any credit fees and charges and enforcement expenses shown on any statement of your card account;
• third, any cash advances other than balance transfers;
• fourth, purchases not transferred to Great Rate and permitted transactions shown on any statement of your card account and prior to the last statement;
• fifth, purchases not transferred to Great Rate and permitted transactions shown on the last statement of your card account;
• sixth, purchases not transferred to Great Rate and permitted transactions not shown on any statement of your card account;
• seventh, interest, any credit fees and charges, enforcement expenses and government charges not shown on any statement of your card account;
• eighth, interest on balance transfers shown on any previous statement of your card account;
• ninth, balance transfers shown on any previous statement of your card account paying off balance transfers in order from the highest interest rate to the lowest;
• tenth, balance transfers not shown on any previous statement of your card account;
• eleventh, interest on Great Rates shown on any previous statement of your card account;
• twelfth, Great Rates shown on any previous statement of your card account paying off Great Rate transfers in order from the highest to the lowest; and
• last, Great Rates not shown on any previous statement of your card account.

[locomotion]

Originally Posted by Mal

Nope, as long as you're willing to wait about 2 weeks for it.

(Skip over the paid stuff at the top of the link below, and go to the "free service" section at the bottom.)

Discover your credit history - My Credit File - Australia

If you're a Tasmanian resident, then I believe there is another Credit Reporting agency based there. Can't recall their name now, and not even sure if they are still around.

Tasmainian Collection Services, however banks don't use them. its mainly for real estate

[oz_mark]

Originally Posted by locomotion

Cash advances are paid off last?
What a rip off!
So your lowest interest rate items get paid off first?
And highest interest earners last?
That is discraceful!
With the Commonwealth Bank, Cash advances get paid of first (Standard interest rate)
Followed by Purchases (Standard interest rate)
Followed by Balance transfers (Currently 5.99%)
Followed by Great Rate items (Currently 0.99%)

I cannot beleive that Westpac would do the reverse!

I actually think Commonwealth is the odd man out here. Most other banks I have dealt with apply payments to amounts carrying the lower interest rates first.