Minimising fees and charges
The following simple steps are ways you can easily minimise or even avoid credit card fees altogether.
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The following simple steps are ways you can easily minimise or even avoid credit card fees altogether.
Depending on the type of card you have, there may be an annual card fee. As a rule of thumb, the more rewards or features your card has - such as rewards points or complimentary insurance - the higher the annual card fee is likely to be.
If you don’t pay the minimum monthly payment by the due date on your statement, you’ll be charged a $15 missed payment fee.
If you have a BusinessChoice Everyday credit card or Rewards credit card:
Cash advances are cash withdrawals from your credit card account at any ATM, merchant facility or any Westpac branch.
If your credit card account is in credit (has a positive balance) after a cash advance transaction, a flat fee of $2.50 is payable.
If your account is in debit after a cash advance transaction, you will be charged 2% of the cash advance amount, with a minimum fee of $2.50 and a maximum fee of $150 ($75 for BusinessChoice Everyday).
There’s a $15 fee every time you exceed your credit limit during a statement cycle. The fee may also be charged whenever your account is over the limit at the beginning of a statement cycle.
A Foreign Transaction is any Purchase or Cash Advance made using the Card:
Note: It may not always be clear to you that the Merchant or entity processing the transaction is located outside Australia.
A Foreign Transaction Fee is payable as a percentage of the Australian dollar value of any Foreign Transaction.
The percentage will vary depending on the applicable credit card scheme:
Transactions in foreign currency
Transactions in Australian dollars and the merchant or financial institution accepting the card is
located overseas:
Note: It may not always be clear to you that the Merchant or entity processing the transaction is located outside Australia.*
Although not a Westpac fee, using your card in a non-Westpac Group ATM may result in a charge to you.
Luckily, you can use Westpac’s extensive network of 2,900 ATMS across Australia (including any St.George, BankSA and Bank of Melbourne ATMs) with no ATM fee charge.
In some instances, businesses may administer a ‘surcharge’ for credit card payments. Usually, these are a percentage fee of your purchase amount.
It’s a good idea to always ask about any surcharges with the use of your credit card before paying, as these fees can built up.
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