making sense of your credit card statement

product news

30 March 2011

Making sense of your Bankwest credit card monthly statement is simple once you familiarise yourself with the important pieces of information on the statement.

At Bankwest we work hard to make our statements as easy to use as possible. And our friendly Bankwest staff are always available to explain in detail all aspects of your credit card statement.

Your statement contains valuable information about purchases, payments and interest. The first item to look for is the billing period, which is the range of dates that the statement covers. Then there is the opening balance, which shows how much was owed at the beginning of the billing period. Lastly, keep an eye out for the closing balance, which is how much is now owed including new purchases this month and any payments you may have made.

The first thing to do when you receive your credit card statement is to check that the purchases listed on the statement are correct - let us know immediately if there are any unusual charges on your card, by calling 13 17 18. You can also log onto Bankwest Online Banking to check your purchases at any time to make sure there are no unusual transactions on your credit card account.

The statement also tells you the minimum amount due and when that amount should be paid. It is important to make this minimum payment on or before the due date to avoid a late payment fee.

Your statement will also tell you how much credit is available on your credit card before you reach your credit limit. This is the total amount available on your credit card for cash and purchases, less the amount you have already spent.

If you have missed a previous payment or owe interest on the purchases, there may be a late payment fee and a fee for interest. Note: there are different interest rates for purchases and for cash advances, these will also be shown on the statement.

Included in your Bankwest credit card statement are a number of options for making payments, so choose the one that is most convenient for you.

Our statements have a list of ways that you can contact Bankwest customer service, report stolen or lost cards, or to discuss any aspect of your statement.

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