Every credit card has a credit limit, which is simply the amount of money a bank is prepared to lend you. At the end of each month, the bank asks you to pay back some of the money. If you pay back everything you borrowed, they won’t charge you a thing. But if you don’t, you are charged interest on the outstanding amount. The rate charged depends on the bank, the type of card you have, and what you’ve used the card for.
Before you decide on a card, you need to consider three types of rates:
As the name suggests, this is the rate charged for purchases: be it your phone bill, a new pair of jeans or the rare collector’s item you found on eBayTM.
If you don’t always pay your balance off in full each month, a card with a low purchase rate, like Bankwest’s Breeze MasterCard®, will mean you pay a lot less interest.
However if you normally pay off your credit card every month, you’re better off looking for a card with no annual fee or reward points .
If you owe money on credit cards with other banks, you can transfer the outstanding balance over to your new credit card. Consolidating your balances on one card, with a low balance transfer rate, can save you serious dollars in repayments.
At Bankwest, we welcome our new credit card customers with a low introductory rate on balance transfers. It’s our way of saying, “Thanks for giving us a go.”
There are times when you need cash, especially when travelling. Using the cash advance facility on your credit card, you can get money anytime, anywhere at selected ATMs worldwide. Cash advance rates tend to be higher than purchase rates, so it pays to investigate what they are first.
At Bankwest, we strive to offer the most competitive rates around. Check out our range of credit cards and see how we rate.
Want to know more about any of our credit cards?
1.00% p.a.
introductory purchase rate offer for 6 months.
Credit Card Protection - outstanding cover for your outstanding balance.
© 2012 Copyright Bank of Western Australia Ltd (Bankwest) ABN 22 050 494 454 AFSL / Australian credit licence 236872. All rights reserved.To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). These products are issued by Bankwest unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.
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