[arun]

I recently missed a Westpac card payment by about 4 days as I was ill and did not bother to pay. After 4 days I paid the statement balance in full. In the next statement I was charged interest. As I knew that every subsequent purchase now will carry an interest (though I do not charge much to WP), I immediately paid the full outstanding amount (not just the statement balance) to make the balance zero. I thought that will wipe the slate clean and I can start enjoying the interest-free purchases. But, I just wanted to check, so I called.....

I am told that to get back the "previlege" of interest-free days, I have to pay two future consecutive statements in full by the due date. Until then all my purchases will carry an interest charge!!!

Do the other banks also charge interest like this?

[dajop]

Sounds like you should immediately cancel your card (or at least threaten to) and start again elsewhere.

[NM]

Gee, that does sound a bit tough. I have not heard of it elsewhere, but that does not mean it does not exist in the fine print with other cards/banks. They certainly know how to make the rules favoure the bank rather than the customer.

[kristo]

Yes, arun, that is the interest rate policy on this type of Credit Card with ALL Australian banks.
The idea is to pay by the due date no matter what.
As a example, when I was in hospital with a heart attack 2 years ago, after surgery the first thing I said to my wife was " Pay the Westpac card today as it is due!"
Having said that you could ring the bank as there IS a period of grace, unpublicised of course, 2 days usually with Westpac.
If you are a good customer you could ring up and say " I did not receive the statement in the mail please as a one off please waive the interest and other penalties.
I have done this a couple of times and it CAN/MAY work, if you say the right things to the right staff member and have not done it before recently.
Good luck and let us know how you go .

[arun]

Thanks guys.
I do not charge more than $300 on this card as I use my AMEX and CBA Platinum. So I will just give it a go. I will be more careful in the future.
Regards
Arun

[alien]

arun,

is there any reason why you have Westpac and CBA platinum?

[kpc]

My credit card payments are direct debited from my bank account on the last day they are due...this is the way to go! you maximise your interest free days and you don't have to woorry about missing a payment!! Of course, this is not an option if you only want to pay the minimum repayment but anyone who does this is mad as the interest rates they charge are extortional!!

[arun]

Alien,
I have the Westpac card for the last 6 years and it is free (due to my mortgage package). I got CBA Platinum because Altitude became less attractive and wanted a Platinum flavour!.
Arun