a guide to common credit card terms
07 April 2011
Here is a handy guide to common credit card terms that you will find useful when searching for a credit card to suit your lifestyle.
At Bankwest we offer a range of credit cards with different features and rewards so you can find the credit card that's right for you.
Credit Card Types
The three main types of credit cards that Bankwest offer include no annual fee, rewards and low interest credit cards.
“Low Rate” Credit Card
The Bankwest Lite MasterCard is Bankwest’s low rate credit card. New customers who sign up for the Bankwest Lite MasterCard can take advantage of the low interest rate offer on purchases and balance transfers.
“Rewards” Credit Card
Getting more rewards for your dollars will definitely make you happy.
The Bankwest More MasterCard offers you the best rewards and benefits for your transactions from the range of Bankwest credit cards. You can earn 1.5 to 2 points for each dollar spent on eligible purchases using your Bankwest More MasterCard.
When you are ready to redeem the points you have earned, browse the Bankwest More Rewards Catalogue online to choose the reward you deserve.
“No Annual Fee” Credit Card
At Bankwest, we believe that being smart makes people happy.
The Bankwest Zero MasterCard is an intelligent choice for people who prefer not to pay any annual fees and pay off their cards every month. This popular card was awarded the “Best Transactor Credit Card” by the Money magazine 2011 Best of the Best Awards for being the best credit card in Australia in its category. As well as having no annual fees, you can obtain up to 3 additional cards for members of your family free of charge.
Interest Rate & Terms
The interest rate is the rate charged for the use of your credit card. It is calculated based on the average daily unpaid balance from your previous statement using the percentage rates outlined in your credit card schedule.
Different interest rates will apply based on the type of transaction – such as purchases, balance transfers and cash advances using your credit card.
To check the current interest rates applicable to your Bankwest credit card, log on to Bankwest Online Banking to access your online transaction history. Many of our credit cards offer a special introductory low interest rate for new customers.
Interest Free Period
This is the time between making a purchase and being charged interest. You can enjoy a 55 days interest free period on your credit card by paying your credit card statement in full on (or before) its due date.
The applicable fees for each Bankwest credit card are specified in the schedule that accompanied your credit card when your account is opened.
The annual fee is the fee charged on the anniversary date when you signed up for your card and is a payment made in advance to allow Bankwest to maintain your credit facility each year.
A late fee will apply if the minimum balance on your monthly credit card statement is not paid on time. To avoid incurring late fees, call the Bankwest Contact Centre to set up an automatic direct debit facility from your cheque or savings account in order to pay your credit card each month. You can also do this by logging into Bankwest Online Banking and setting up an automatic direct debit schedule.
Foreign Transaction Fee
A foreign transaction fee will be incurred while travelling overseas or if the merchant transacts in a foreign currency. The foreign transaction fee is calculated based on 2.95% of the transaction amount. Other fees may also apply, for example, if your credit card is used to draw cash advances.
We hope that this guide to Bankwest credit cards and some common credit related terms has been useful. For more information or queries about specific Bankwest credit cards, please call the Bankwest Contact Centre on 13 17 18.