HELP TO MANAGE YOUR CREDIT CARD BALANCE
Here's a few strategies that could help reduce your credit card balance.
1. Paying on time
Paying at least the minimum payment on time means you'll keep your balance down, avoid any late fees and extra interest charges. It could also help maintain your credit score. If you're unsure what the next due date and minimum payment amount are, you can find them on your latest credit card statement. Access your statement via Online Banking or call us on 1300 651 089 for more information.
2. Paying more than the minimum repayments
You could repay as much as possible above the minimum payment shown on your statement each month to decrease your balance and save on interest.
Use the Australian Government's MoneySmart credit card calculator* to see how different repayment amounts could play out.
3. Check if your card is still right for you
Depending on what type of credit card you have (such as a rewards credit card), there may be other credit cards available with lower purchase rates that could better suit your current needs. Make sure you read the Terms and Conditions for any new card, so you understand exactly what to expect.
You can find your current purchase rate on your latest statement.
4. Automatic repayments
Autopay^ can help reduce the chance of missing a payment. You can choose to pay the full closing balance, the minimum payment, a percentage of the closing balance, or a set amount of the closing balance.
You may wish to consider setting an Autopay amount that helps you manage your repayments and reduce your balance over time. If you set up an Autopay amount but don't think you’ll be able to manage it, call us on 1300 651 089 to change or cancel it at least 2 business days before the statement closes.
Learn more about Autopay and how to set it up.
Other resources
Check out repayment strategies from MoneySmart.
Experiencing financial difficulty?
Chat to our Westpac Assist team. They’ll help you find options that are right for your circumstances to manage your repayments.
Alternatively, you can contact the National Debt Helpline from anywhere in Australia for free independent advice from a Financial Counsellor.
Things you should know
Conditions, credit criteria and fees and charges apply, credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. 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 for the information to your own circumstances and, if necessary, seek appropriate professional advice.
*MoneySmart’s Credit Card calculator: While such material is published with permission, Westpac is not responsible for its accuracy or completeness. The recommendations as a result of you using this tool is intended as a guide only. It is for illustrative purposes only and is based on the accuracy of the information provided.
^ Autopay: A fixed amount or percentage of your monthly credit card statement “closing balance” will be paid. If the “closing balance” is less than your nominated amount, only the “closing balance” will be paid. If your nominated amount falls below the “minimum payment due”, Westpac will debit the “minimum payment due”, which may not cover your SmartPlan Repayments due. Westpac Online Banking registration required. Refer to the Online Banking Terms and Conditions.