Making credit card repayments
Whenever you have an outstanding balance showing on your credit card statement, you'll need to make a minimum payment each month.
How much will I have to pay every month?
If you don't want to pay the full amount of the Closing Balance shown on your statement every month, you need to pay at least the minimum payment shown on your statement by the due date. Your monthly statement will let you know how much your minimum monthly payment will be and when it's due.
Your minimum monthly payment will be:
- 3% of the closing balance (rounded to the nearest dollar) or $10, whichever is greater; and
- The greater of any unpaid past due amounts from previous statements or any amount that exceeds your credit limit.
If your Closing Balance is less than $10, then you must pay the full amount.
How do I make a payment?
There are a number of different ways you can make payments:
- Paying amounts owing on your Billing Account with Card Autopay
You can take the hassle out of making credit card repayments by setting up an automatic payment from an Australian savings or transaction account to pay your credit card each month. Choose to pay a set amount, minimum payment or closing balance in full each month from a nominated account. To set up:
1. Complete and return the BusinessChoice Card Autopay request form (PDF 1MB) or Altitude Card Autopay form (PDF 655KB) to your nearest Westpac branch
2. Contact your Relationship Manager
3. Calling the Cards Service Centre on 1300 650 107
- Pay via BPAY® using biller code: 5181 and your reference number (found on your statement, for BusinessChoice this is your billing account number, and for Altitude this is your credit card number)
- Pay from your Westpac transaction account by transferring your funds (for Altitude Business Platinum and Altitude Business Gold credit cards only) via Online Banking
- Pay via telephone banking
- Pay at a Westpac branch.
Who is responsible for paying a Business Choice credit card?
If your BusinessChoice Card facility has Joint and Several Liability structure the Business and the Principal cardholder(s) are liable to pay at least the minimum amount due each month, not individual additional cardholders.
If your BusinessChoice Card facility has a Business Liability structure the Business is liable to pay at least the minimum amount due each month, not individual additional cardholders.
Any payment made to an individual cardholder's account is credited to that account only and is not considered a payment to the Billing Account.
What happens if an individual cardholder makes a payment on their card?
Unlike your personal credit card, any payment made to an individual cardholder's account is
credited to that card account only. The amount paid doesn't go toward paying off any outstanding balance in the Billing Account (the account that aggregates and records the transactions of all of the Cards issued under the BusinessChoice facility).
If you’ve paid to the Card Account instead of the Billing Account, any account holder can request that (or any other) specific payment(s) be reallocated to the Billing Account by calling the Cards Service Centre 1300 650 107.
What if a credit card account has a credit balance?
If the balance of a Card Account for a specific card issued under the BusinessChoice facility is in 'credit' at the close of the statement cycle, this will not be included in calculations of the monthly Closing Balance. This means payments to a specific Card Account isn’t considered a payment to the Billing Account.
How much should I aim to pay off every month?
If you don't pay off your full Closing Balance, you'll incur interest charges. Credit cards are a convenient way to borrow money but you need to be responsible with your repayments to ensure you don't get yourself into too much debt.
We strongly recommend that you aim to pay off more than your minimum repayment. If you rely on paying only your minimum repayment, it may take years to pay off your outstanding balance and you will have incurred extra costs in interest charges.