What is a Purchase transaction vs a Cash Advance transaction?
Answer: A purchase transaction is any payment for goods and services. For example, when you pay for your groceries/petrol etc using your credit card.
A cash advance transaction includes when you withdraw cash from your credit card account whether that is through an ATM, at a branch or obtain cash from a merchant. They also include ‘cash like’ transactions such as transferring money from your credit card account, making direct debit payments, certain bill payments and gambling transactions.
How will interest be calculated on a Purchase transaction?
Answer: Interest is charged on purchases made on your credit card if you do not pay the full closing balance shown on your statement by the due date. The interest charge commences from the day after the Due Date shown on the statement.
What is my Due Date?
Answer: The Due Date for our credit cards is 24th of each month. The amount due will be shown on your statement.
Will I still get up to 55 days interest free on purchases?
Answer: Yes. Importantly this will occur for every purchase transaction.
How do you determine the number of interest free days that apply to a purchase?
Answer: The maximum number of interest free days for any transaction is 55. The specific length of the interest free period is determined by when you made the transaction. Purchases on the 1st of the month benefit from up to 55* interest free days as interest will only apply if payment is not made by the 24th of the following month. Purchases made on the last day of the calendar month, will receive up to 24 interest free days. (* note that if the calendar month is less than 31 days then the maximum interest free days will be less than 55).
Are you changing the Conditions of Use for my credit card?
Answer: Yes. This will be available on 31st January 2019.
Do I have to do anything for the reforms to apply to my card?
Answer: No. You don’t have to do anything. All changes are made by the Bank.