Westpac 55 Day VIsa card.
similar to the December offer;
0% p.a. for 12 months on balance transfers requested at card application. Calculate how much you could save
0% p.a. on purchases for up to 6 months from card approval
$0 annual fee in the first year. then $30. $0 annual fee in subsequent years when you spend $5,000 or more on purchases in each 12 months from the date of the first transaction on your account.
Yes. Pay the minimum,all comes off the principle as there is no interest.
if you pay the minimum you are not entitled to 6months or 55 days interest free.
they will back charge the interest if you don't pay 100% of the card off before the due date including the balance transfer
This line is dodgy
- Purchase rate promotion: The introductory rate of 0% p.a. on purchases is available when you apply for a new Westpac credit card between 31st January 2017 and 20th April 2017. The introductory rate will be applied from the date of the first purchase on your account and expires 6 months after the date of card approval.—-
Assuming I apply for Card and it gets approved by 15th Feb but I made a transaction on 15th Apr - how long will the interest free days be?
Ideally till 15th Sep but its only till 15th Jul - and as such you just got 4 months interest free….
Is the title above justified?
Yeah. I think it's up to six months, ie. from 1st purchase. Similar to the 55 days is "up to"
It's the 0% on balance transfers for 12 months that is attractive to me after a big Christmas/new year January holiday pelted.
be very mindful Bank of Melbourne was deliberately misleading
0% on purchases first 6 months
second 55 days interest free
and have no doubt this is the same.
DO NOT USE THIS CARD, stick it in the drawer and don't use the 0% 55 DAYS or 6 Months
55 days interest free
[Interest free days
Up to 55 days interest free on purchases when you pay the closing balance (including any balance transfer amount) in full by the due date shown on your statement.]
It used to be in the fine print, this means it is impossible to maintain a balance transfer and be eligible for 55 days interest free.
[6th interest free starts from the date of the first purchase on your account]
You need to ensure you pay off 100% of the 6 months of purchases before the last day of the 6 months as they start charging interest part way through a statement not on the day of the statement date.
so i opened my account 1st January however my statement date was the 14th
the interest started in 180 days from the first purchase (not the 1st and not the 14th) 4th in my case
so I incurred $100 interest in the space of 4th and the 14th.
Next after the support lectured me that they always recommend you don't use balance transfer cards for purchases, (funny considering the 6 months 0%) they waived the interest for me.
agreed.
dont use balance transfer cards
—0% p.a. on purchases for up to 6 months from card approval —-
Based on this statement, can I simply swipe for lets say $8000 and just pay $2000 for the nxt 4 months and still not pay\avoid interest on this $8000 transaction I made?
yes but no need to pay $2000 per say in the first 4 months
you must cover the minimum repayment of 3% per month for all 6 months or you will breach the terms.
you will start incurring interest from the day of 5th statement so you need to pay off the entire balance of the card before the 5th statement or you will continue to incur residual interest for months
Thanks Mate :-) that answers my question
Does it mean that we’ll still need to pay the minimum repayments every month along the way?