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How are payments and refunds applied to my credit card account?
When it comes to which items on a credit card statement are paid first, or when refunds and other credits are applied to your credit card statement and minimum payment calculation, the rules are the same for all Westpac credit cards.
How credit card payments are applied to different kinds of transactions.
Payments made to your credit card account are applied in this order:
1. All charges
First all charges are paid – including from past statements, on the current statement or since the statement date.
2. Interest
Then all interest shown on the current statement and on any earlier statement are paid.
3. Cash advances
After charges and interest, then all cash advances on the current statement, and from any previous statement are paid.
Learn more about cash advances.
4. Purchases
Once charges, interest and cash advances have been paid, your payment is applied to purchases on the current statement, and any previous statement.
5. Balance transfers
Then the payment is applied to any balances transferred from accounts at other banks or companies shown on the current statement or any previous statement. If your account has more than one balance transfer, the balance transfer with the highest interest rate will be paid off first. More about balance transfers.
6. New cash advances since the current statement
Once those types of transactions have been taken care of, then the payment will be applied to any cash advances you made since the current statement. Learn more about cash advances.
7. New purchases since the current statement
Then the payment will be applied to all purchases you made since the current statement.
8. Balance transfers since the current statement
Finally, any remaining payment will be applied to all balance transfers from accounts at other banks and companies that have been made since the current statement. If your account has more than one balance transfer, the balance transfer with the highest interest rate will be paid off first.
How are payments and refunds applied to my credit card account?
If the refund was processed before the closing balance for your statement was calculated, the refund has been taken from the closing balance, and your minimum payment is reduced.
If your refund was processed after the closing balance was calculated for your statement, you will still need to pay the minimum payment shown on that statement as refunds are not treated as credit card payments under your card’s Conditions of Use.
