Using a credit card is a convenient way to pay for purchases. In Australia there are hundreds of different types of credit card provided by dozens of banks and other financial institutions. Among the range of credit cards offered by Bankwest is the Zero Platinum MasterCard. Interest rates and charges currently offered on the Bankwest Zero Platinum MasterCard are:
Interest Rates, Fees & Charges
| Balance Transfer Rate |  |
4.99% p.a. for 12 months |
|---|---|---|
| Interest Rate on Purchases | |
1% p.a. for 6 months (reverts to 17.99% p.a.) |
| Annual Fee | |
$0 |
| Interest Free Period | |
up to 55 days |
| Cash Advance Rate | |
18.99% p.a. |
| Card Type | |
Platinum |
| Minimum Income Requirement | |
$15,000 p.a. |
| Credit Card Type | |
MasterCard |
| Rewards Program | |
No |
Features and Benefits of Bankwest Zero Platinum MasterCard:
If you’d like the convenience and flexibility of owning a credit card but want to minimise the cost involved, you may be interested in the Bankwest Zero Platinum MasterCard. Some of the main features of this card are:
- No annual fees. A card without annual fees is attractive to people who want to keep down the cost of owning a credit card. Perhaps you intend to use a credit card only occasionally, in emergencies or for the odd online purchase when credit card payment is the only option available to you. If you pay your credit card bill in full by the date it’s due you won’t incur any interest fees, so the use of your credit card will be free of either account or interest charges.
- Up to 55 days interest free. Depending on the date you make the purchase, you have up to 55 days before you start to be charged interest. To take full advantage of this interest-free period, you should plan to make a purchase at the start of the 55 day period; provided you pay your bill in full by its due date you won’t be charged any interest. In emergencies, obviously, you can’t pre-arrange the date of purchase; but if you need to buy something that costs a lot more than your usual day-to-day purchases and you’re sure of being able to cover the credit card bill in full, you can plan ahead and use this interest-free period without affecting your cash flow. As an example, even though you didn’t have spare cash on hand, you might be able to snap up an expensive consumer item at a bargain price, and have nearly two months to pay for it, free of interest.
- Balance transfer facility. If you’re paying high interest rates on credit card debt because you haven’t cleared the balance each month, a balance transfer allows you to move the debt into a credit card where a relatively low interest rate is offered for a limited period. The idea is to pay off the transferred amount in full during that limited period, before interest reverts to a much higher rate. Bankwest Zero Platinum MasterCard has an introductory balance transfer offer at 3.99% annual interest for 9 months. By taking advantage of the introductory deal you would make substantial savings if you could completely repay the debt within 9 months.
- Balance Transfer Handling fee: For balance transfers a 1% Balance Transfer Handling fee to a maximum of $50 is charged for each balance transferred.
Spending habits have changed since the Global Financial Crisis: even in Australia, where the GFC has had less impact, many of us are much more frugal than we used to be, and avoid spending thoughtlessly. If you’re looking for a credit card deal with minimal costs, or no costs at all, it’s important in your comparison of the various card offers to focus on those features that you might get for free, such as annual account fees and a reasonably long interest- free period: if you use a credit card prudently, and completely clear the balance each month, the interest rates charged by different credit card providers are irrelevant to you because you won’t be paying interest.
If you’re looking for a credit card deal with the best balance transfer facility, you should look at the balance transfer interest rates, the length of the low-interest period, and charges such as handling fees, to help you to work out whether paying off your debt before the low-rate period expires is a realistic option. Having done your sums and comparisons you’ll be in a position to choose the best credit card for your situation. To find out more about the features of the Bankwest Zero Platinum MasterCard view the comparison tables here and to find out whether you are eligible to apply, follow our secure link to Bankwest website.
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Posted on Wednesday, July 7th, 2010 at 3:16 pm
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