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Make the most of a reduced SmartPlan interest rate.*

To help you manage your repayments during these uncertain times, we’re offering a reduced rate (as found in the email we recently sent you) when you set up a new SmartPlan to pay off all or part of your credit card purchase balance over 6 monthly instalments before 30 July 2020.

Simply set up a SmartPlan for your purchase balance using the promo code found on the email we recently sent you.*

How does a reduced-rate SmartPlan work?

You can set up a SmartPlan to repay your purchase balance in structured, manageable instalments at a lower interest rate than your current credit card purchase rate.

 

  • You can set up a SmartPlan for an existing credit card purchase balance of $200 or more.
  • There’s no establishment fee or monthly fee with this offer.
  • Take advantage of the reduced rate offer with a six month SmartPlan using the offer code found on the email we recently sent you.*

It's easy to get started.

  1. Sign in to Online Banking or the Westpac App.
  2. Under ‘More’ in Online Banking (or ‘Services’ in the Westpac App), click ‘Set up SmartPlan’.
  3. Go to ‘Credit Card Balance’ and select ‘Purchase Balance’.
  4. Follow the prompts to set the details of your SmartPlan.
  5. Below the ‘Your balance details’ section, click ‘Enter a promotional code’ and type in the promotional code found on the email we recently sent you.
  6. Once you’ve added all the details, select ‘Confirm’.

 


What are my repayment options?

You have the choice to repay your balance in several ways. You can find your balance and repayment options listed on your latest credit card statement. You can also find more details in the Credit Card Conditions of Use and the Westpac SmartPlan Terms and Conditions.#

 

1. Repay the ‘Monthly Payment Due’ each month.

If you set up a SmartPlan, this payment will include your SmartPlan instalments for each month on top of your minimum monthly repayment.#

 

2. Repay only the ‘Minimum Payment Due’ each month.

By choosing to pay only the Minimum Payment Due, you’ll comply with the Credit Card Conditions of Use and avoid late payment fees. If you don’t make the Minimum Payment Due by the due date each month, your SmartPlan will be automatically cancelled and a late credit card payment fee will apply (according to the Credit Card Conditions of Use).

 

3. Repay the ‘Monthly Payment Balance’ each month.

If you choose to pay the Monthly Payment Balance, you’ll retain the interest-free period on new purchases made on your Card Account. The Monthly Payment Balance includes your main account balance and your SmartPlan repayments, but doesn’t include any outstanding balance transfers.

 

4. Repay your ‘Closing Balance’ in full.

This includes all balances owing on your credit card statement as at the last statement date.


Some important details.

Any payments you make will be allocated to your unpaid SmartPlan balance first. This means that any other balances that attract higher interest rates may be repaid later, so these may accrue higher interest charges. You can find full details in the Westpac SmartPlan Terms and Conditions (PDF 51KB).

Missing a SmartPlan repayment won’t incur any fees, but interest will be charged on the unpaid amount. To avoid a late payment fee, you’ll still need to pay at least the Minimum Payment Due by the due date each month.

 

Once your SmartPlan term is finished, any remaining balance from it will be transferred to your main account balance and will accrue interest at the annual percentage rate applicable to your credit card.

If you don’t pay the Minimum Payment Due by the due date, your SmartPlan will be automatically cancelled, and you may be liable for a missed payment charge (in accordance with the Credit Card Conditions of Use). Any remaining SmartPlan balance and any interest applicable to it will still be payable as part of your main account balance and it may accrue interest at the annual percentage rate applicable to your credit card.

Any extra repayments you make above your Monthly Payment Due will be applied to your main account balance first. Once your main account balance is cleared, any extra repayments will be applied to your SmartPlan balances (in order from highest to lowest based on the SmartPlan annual percentage interest rate that applies, or from earliest to latest activation date if the SmartPlans have the same interest rate).

If you don’t repay your SmartPlan in full by the due date, we may cancel it. Any remaining balance, along with any interest applicable to it, will be transferred to your main account balance and will still be payable, accruing interest at the Annual Percentage Rate that applies to the relevant type of balance.

Things you should know

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.

*Balance SmartPlan promotional rate offer: The promotional offer to set up a SmartPlan for purchase balances (offer details can be found in the direct Westpac communication sent to you) is available when you set up a new 6 month SmartPlan with a minimum of $200 of your existing card purchase balance and choose to repay the amount over 6 monthly instalments using the provided promo code between 1 June 2020 and 30 July 2020. You must use the promotional code which was included in the communication sent to you to be eligible for this offer. Offer excludes cash advance balances, balance transfer balances, balances relating to other Promotion Plans, and any existing SmartPlan balances. The standard variable purchase rate will apply to any SmartPlan Remaining Balance at the end of the promotional Balance SmartPlan term or if your Balance SmartPlan is cancelled before the promotional Balance SmartPlan term ends. For more details, refer to the ‘If a SmartPlan is ended or cancelled’ section of the SmartPlan Terms and Conditions. All plans set up under the offer are subject to the SmartPlan Terms and Conditions (PDF 51KB).

Conditions, fees and credit criteria apply. This offer is only available to customers who received the related direct communication from Westpac and is not transferrable. Westpac Group staff are ineligible. The promotion may be varied or withdrawn at any time and is not available in conjunction with any other promotion.

# Repayment options: For full repayment options, please refer to Section D in the Westpac SmartPlan Terms and Conditions (PDF 51KB).

SmartPlan Terms

You need to register for Online Banking before you can set up a SmartPlan. SmartPlan requires cardholders to make regular monthly payments for the full term and at the interest rate that applies when the SmartPlan is created.

All payments made to your credit card account will be applied first to any SmartPlan instalments. Therefore, debts accruing a higher interest rate may be left unpaid during the SmartPlan term. SmartPlan cancellation takes up to 2 business days. When a SmartPlan ends, any remaining balance will revert to the variable annual interest rate for your balance category. Read the Westpac Online Banking Terms and Conditions and Westpac SmartPlan Terms and Conditions (PDF 51KB) before making a decision and consider whether the product is right for you.

Westpac is the credit provider and credit licensee under National Consumer Credit Laws.

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