Easy Instalments Terms and Conditions 

1. About these Terms and Conditions 

These Easy Instalments Terms and Conditions apply to each Easy Instalments plan you activate on your Card Account.

These Easy Instalments Terms and Conditions should be read together with:

  1. The Credit Cards Conditions of Use - Privacy Statement and Consent to Use your Information ("Credit Card Conditions of Use");

  2. The Credit Card Schedule; and

  3. The Credit Card Account Access Conditions of Use. 

2. Definitions 

Capitalised words used in these Easy Instalments Terms and Conditions have the same meaning as in the Credit Card Conditions of Use unless defined below.

Easy Instalments also referred to as Easy Instalments plan
means an arrangement whereby the Estimated Total Easy Instalments Repayment Amount is paid off in a specified number of Monthly Instalments for the Easy Instalment Term.

Easy Instalments Term
means the period during which the Easy Instalments applies.

Easy Instalments Annual Percentage Rate
means the fixed rate that applies to your Easy Instalments plan which, on a daily basis, is the rate divided by 365 (or 366 in a leap year).

Eligible Amount
means each individual purchase and each other balance on your Card Account that we make eligible for Easy Instalments.

Estimated Total Easy Instalments Repayment Amount
will consist of the Eligible Amount and the estimated interest (charged at the Easy Instalments Annual Percentage Rate) that will apply to your Easy Instalments plan which will be set out in your application and confirmed in writing.

Monthly Instalment
means the monthly payments required over the Easy Instalments Term to pay the Estimated Total Easy Instalments Repayment Amount as shown on your Card Account statement. 

3. What is an Easy Instalments plan? 

From time to time you may request and we may agree in our discretion to set up an Easy Instalments plan on your Card Account for an Eligible Amount. If a purchase or balance is an Eligible Amount it will be displayed in the Bankwest App or by such other means that we make available.

The Easy Instalments plan forms part of the credit provided to you on your Card Account and will reduce the amount of available credit.

There is a limit of 5 Easy Instalments plans for each Card Account.

4. How is interest calculated? 

Once the Easy Instalments plan has been activated we will provide you with the following details:

(a) The amount of the selected Eligible Amount which will form the Easy Instalments plan;

(b) The Estimated Total Easy Instalments Repayment Amount

(c) Easy Instalments Term

(d) Easy Instalments Annual Percentage Rate

(e) The Monthly Instalment amount

(f) Any fees or charges that apply under the Easy Instalments plan. 


These details will be set out as part of your Easy Instalments application and confirmed in writing. It may take up to 2 business days for an Easy Instalments plan to commence.

From the day the Easy Instalments plan is opened, the Easy Instalments Annual Percentage Rate will apply to the Eligible Amount.

Subject to the interest free period set out in your Schedule for Annual Purchase Percentage Rate items, at the end of the Easy Instalments Term, any outstanding Easy Instalments balance will be charged interest at the Annual Purchase Percentage Rate until the balance is paid in full in accordance with clause 24 of the Credit Cards Conditions of Use. The assigned date for calculating the Annual Purchase Percentage Rate on any outstanding Easy Instalments balance will be the next day after the Easy Instalments plan ends.

If you have an Easy Instalments plan, this will not affect interest charges which may accrue on other amounts debited to your Card Account in accordance with clause 24 of the Conditions of Use.

5. What are my repayments? 

The Monthly Instalment due will be shown on your Card Account Statement. If you miss a Monthly Instalment or do not pay the full amount of the Monthly Instalment by the due date, the outstanding balance of the Eligible Amount will accrue interest at the Easy Instalments Annual Percentage Rate for the Easy Instalments Term.

The Monthly Instalment amount is different to the minimum monthly payment required. If you only pay the minimum monthly payment, you may not be paying the full amount of the Monthly Instalment, which may mean that your Easy Instalments plan will not be paid in full at the end of the Easy Instalments Term. See further, Section 6 for how we apply payments.

6. Application of Payments 

When you apply for an Easy Instalments plan, you are requesting us to apply payments in the following order for the duration of the Easy Instalments plan:

(a) First be applied to your Easy Instalments plan up to the amount of the Monthly Instalment plus any outstanding Monthly Instalment amount. If you have more than one Easy Instalments plan for your Card Account:
 

(i) Payments will be applied first to the Easy Instalments plan that has the highest Easy Instalments Annual Percentage Rate as at the statement date and then in descending order down to the Easy Instalments plan which has the lowest Easy Instalments Annual Percentage Rate; and

(ii) If Easy Instalments plans have the same Easy Instalments Annual Percentage Rate payments will be applied to the Easy Instalments plan that was opened first and then in descending order down to the Easy Instalments plan that was opened last.

(b) Second, to the remainder of your Card Account balance in accordance with the clause headed “How do we apply payments from you” in the Credit Card Conditions of Use.

(c) Finally, any further excess payments will be applied to your remaining Easy Instalments plan balance. If you have more than one Easy Instalments plan open, payments will be applied in the same order as set out in (a) above.

Your request that we first apply any payment to the Monthly Instalment means that any other balances that attract a higher interest rate may be repaid later which may result in you paying higher interest charges.

You have a right to withdraw a request that payments be applied in this way at any time, which will mean that the Easy Instalments plan will end in accordance with clause 8.

7. Interest free period on other purchases 

Your Easy Instalments plan will not affect the interest free period which may apply on other Annual Purchase Percentage Rate items, provided you pay the Monthly Instalment plus any outstanding Monthly Instalment amount and Card Account balance not covered by the Easy Instalments plan in full by the due date, and have paid the previous statement’s closing balance in full by its due date.

8. Ending the Easy Instalments plan 

The Easy Instalments plan will end on the earlier of the following:

(a) the date you repay the Eligible Amount (including any interest charged at the Easy Instalments Annual Percentage Rate up to and including that day); or

(b) at the end of the Easy Instalments Term.

You may cancel the Easy Instalments plan at any time by calling us on 13 17 19. Cancellation may take up to 3 business days. We may cancel your Easy Instalments plan if you do not pay the minimum monthly payment amount owing under your Card Account.

If your Easy Instalments Plan is cancelled, any remaining outstanding Easy Instalments balance will accrue interest at your Annual Purchase Percentage Rate in accordance with Section 4 of these Terms and Conditions.

The Easy Instalments plan will not be automatically cancelled if the selected transaction is reversed or charged back at a later date. We will apply any credits or payments in accordance with clause 6 of these Terms and Conditions.

9. Changes to the Easy Instalments Terms and Conditions 

We may change these Easy Instalments Terms and Conditions in the same manner as we can change the rest of your Card Contract as set out under the heading “Changes to your Card Contract” of the Credit Card Conditions of Use.