What is the ‘Monthly Payment Balance’ and how is that different from my normal statement Closing Balance in SmartPlan?
The Monthly Payment Balance is the sum of all SmartPlan Repayments due in that month plus the Main Account Balance. This amount is less than the closing balance as it doesn’t include the SmartPlan Remaining Balance, which you will pay off over the SmartPlan Term.
When you have a SmartPlan on your account you need to pay the Monthly Payment Balance by the due date each month to maintain interest free days on new purchases, if applicable.
SmartPlan is available now on all Westpac personal credit cards.