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Interest free days

Helping you understand recent changes relating to credit cards

As a Westpac customer, we want to help keep you up to date with changes that are happening.

From 1 January 2019, new legislation will come into effect that will change the way interest free days are calculated on consumer credit cards. We are also applying the same changes to Altitude business credit cards.

During December 2018, we will be moving your Westpac credit card onto our new method of offering interest free days. Depending on how you use your credit card, in some cases you may see a reduction in the amount of interest you pay.

Your new interest free period will start when you pay your closing balance in full (by the due date). To continue to enjoy interest free days, make sure you pay your closing balance in full, by the payment due date.  

Things to remember to make the most of your interest free period

  • Any purchase you make may receive up to 45 or 55 days interest free. This will depend on your choice of credit card and if you pay the closing balance by the payment due date.
  • Because the interest free period starts when you pay your statement balance in full, and ends on your next payment due date, purchases made earlier in the statement cycle will receive more interest free days than ones made later.

Tips to help you stay on top of interest

When it comes to credit cards, there’s no better feeling than being in control. Here are a few tips that may help.

  • Select an interest free period credit card and always pay the closing balance on your statement, in full, by the due date.
  • Set up reminders to make payments on time.
  • Set up Card Autopay to automatically pay off your account every month.
  • Consider taking up a SmartPlan1, that helps you pay your balance down the smart way.
  • Only use cash advances in emergencies.
  • Find out how promotional offers work before you accept them.

Manage your credit card the smarter way

SmartPlan1 is an online banking tool that helps you take control of your credit card debt. Find out how adding a SmartPlan to your credit card could help you pay down your balance.
Setup now

Minimise fuss with automatic payments

Learn how setting up Autopay can take the hassle out of remembering your monthly repayments.
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Every customer is different and depending on the way you use your credit card, you may notice less interest being charged on purchases. By paying off your entire balance on time every month, you can really make the most of your interest free period in the best way possible.

No. There will be no change to the look of your statement.

Although the legislation will come into effect on 1 January 2019, Westpac customers may notice changes to the way interest is calculated on their credit card from 1 December 2018 as we transition customers to the new interest calculation method.

No. The changes will be automatically applied. You can simply continue to enjoy the benefits of your credit card in a way that suits you best.