Bankwest Transaction account [General Discussion]

[Kangol]

Platinum to standard is to reduce the deposit amount ($2K per month, not $4K) and standard to platinum is because you want a platinum card - obvious I would have thought.

I can't believe you asked for the same type of card and gave the reason as because I lent it to a relative. I'm surprised they didn't cancel the card you gave to your relative, immediately.

Thanks. I think someone else here used the same reasons. But when you asked to go from platinum to standard, wouldn't they have seen on the system that you already have a standard card?
And vice versa?
So when they send you a second card of the same type, then they would at least enquire about the existing one and then cancel it (or were you just lucky)?
How about the reason for keeping the original platinum card until the "new" standard one arrives?
Surely their system has a series of checks to not allow multiple cards of the same type to be issued to the one account... or like I mentioned, you might have been lucky

I didn't say I lent anything. I said it was with a relative, ie. "the card is safely secured in a bag at my relative's house, who lives interstate and I am not going back there for a few months".

 

[Nerv]

I think it's odd, that for a Platinum card you need to deposit $4,000 each month and for the standard card $2,000 each month, to avoid the account keeping fee. But that fee is $6 each month, regardless of which card you have.

The monthly account fee is related to the account and independent of the type of card you have. There is no deposit requirement system check related to the Platinum Debit card... the 4k deposit requirement is in words only and never followed up.

 

[DanZilla]

Yes, I have only ever used this one. I do find it needs at least 10 minutes for a repeat of the same transaction (account number and amount) but 1c, 2c, 3c etc can be done following each other. A month or so ago they stopped requiring the 10 minute pause but last week that requirement came back. They are obviously changing their system because out of the blue they have started to send me text messages for payments received for the mobile phone account. These came in batches anytime up to 24 hours later.

Optus payments appear to be working again for myself. Did notice that when the 10 minute wait for next payment of same amount to same account was happening, I was intentionally putting the account into credit, however when this months bill came through, have been allowed to do the same payment, same account again (different card).

 

[ETA_2022]

The monthly account fee is related to the account and independent of the type of card you have. There is no deposit requirement system check related to the Platinum Debit card... the 4k deposit requirement is in words only and never followed up.

Just want to be sure. You're saying even if you don't deposit $4K a month when you (only) have a Platinum card, you won't be charged the monthly account fee - interesting.

 

[ETA_2022]

But when you asked to go from platinum to standard, wouldn't they have seen on the system that you already have a standard card?
And vice versa?
So when they send you a second card of the same type, then they would at least enquire about the existing one and then cancel it (or were you just lucky)?
How about the reason for keeping the original platinum card until the "new" standard one arrives?
Surely their system has a series of checks to not allow multiple cards of the same type to be issued to the one account... or like I mentioned, you might have been lucky

They don't leave you without a card while the new one is being sent, so the original has to be cancelled after the new card has been received (and used). Apparently, they don't always complete that the last step.

 

[mhen]

Thank heavens optus have stopped sending me an sms for each payment. Also the 10 minute wait for same account, same amount is not being applied at the moment.

 

[DanZilla]

Question regarding MyPost Digital Mailbox, has anyone setup their Westpac Credit Card through it, and does it work (with regard to earning points via BW through a macro). I haven't got a Westpac CC and wanting to know if its worth the effort. If someone has got it to work, whats the minimum payment amount. I have a feeling that payment will be via BPay (which will be no good), but curious to know if not and if it works in favor of earning points.

 

[lilkid28]

Anyone got a Bill to pay 1c each time? Please PM me details

 

[get me outta here]

Newby alert. I have been told that I need to pay in $2,000 pmonth and that I'll get 12 QF points per $100 at the end of the month.

What's the best day of the month to make the pay-in for max points, or does it not matter?

I started out with the best of intentions reading the whole lot of this, but it defeated me as I don't intend to do the multiple charges.

 

[coles525]

Multiple charges/payments = up to 7,500 points each month.

90k a year for sloowwlllyyyyy paying a bill?

 

[serfty]

Newby alert. I have been told that I need to pay in $2,000 pmonth and that I'll get 12 QF points per $100 at the end of the month.
....

The $2000 deposited each month is to avoid the $6 monthly fee. The $ can go in and out the same day, but deposits must total at least $2000 per calendar month. I have done it with 2 x $1000 deposits.

Earn is effectively 4 QFF point per $1000 each night, every night.

"12 Qantas Points per month per $100 balance in your account" - I think that's spin - it really seems to point to earn based on your average (nightly) balance in a 30 day month.

I still see this:

You will earn 0.4 Qantas Points each day for every $100 of your account balance and 5 Qantas Points per eligible transaction.

i.e. Leave a balance of $1000 in the account every night during November and earn 120 QFF points.

http://www.bankwest.com.au/library/pdf/PDS_20120824-143838.pdf

[TABLE="class: grid"]
[TR]
[TD="colspan: 2"]Qantas Points accrued on credit balances[/TD]
[/TR]
[TR]
[TD]Rate of accrual[/TD]
[TD] 0.4 Qantas Points for every whole amount of
$100 making up the daily balance at the end of
each day[/TD]
[/TR]
[TR]
[TD]Time of accrual and
crediting[/TD]
[TD]Qantas Points accrue daily and whole Qantas
Points are credited on the first business day of
the next month.
Fractions of a Qantas Points carry over to the
next month.[/TD]
[/TR]
[/TABLE]

 

[get me outta here]

Thanks serfty. Seems that the Transaction account is really only useful for people paying small multiples. Otherwise, it's a 2K balance over 30 days is 240 points a month which I guess is worth it, just about.

What I'm really looking for is a way to get points on a bpay for $800 pw rent for a relo which cannot be paid by cc. Any suggestions for me to look into? (Perhaps I should ask this is the BW World MC thread).

The $2000 deposited each month is to avoid the $6 monthly fee. The $ can go in and out the same day, but deposits must total at least $2000 per calendar month. I have done it with 2 x $1000 deposits.

Earn is effectively 4 QFF point per $1000 each night, every night.

"12 Qantas Points per month per $100 balance in your account" - I think that's spin - it really seems to point to earn based on your average (nightly) balance in a 30 day month.

I still see this:

i.e. Leave a balance of $1000 in the account every night during November and earn 120 QFF points.

http://www.bankwest.com.au/library/pdf/PDS_20120824-143838.pdf

[TABLE="class: grid"]
[TR]
[TD="colspan: 2"]Qantas Points accrued on credit balances[/TD]
[/TR]
[TR]
[TD]Rate of accrual[/TD]
[TD] 0.4 Qantas Points for every whole amount of
$100 making up the daily balance at the end of
each day[/TD]
[/TR]
[TR]
[TD]Time of accrual and
crediting[/TD]
[TD]Qantas Points accrue daily and whole Qantas
Points are credited on the first business day of
the next month.
Fractions of a Qantas Points carry over to the
next month.[/TD]
[/TR]
[/TABLE]

 

[NoName]

If it wasn't for the 5pts per 1c transaction I wouldn't bother with this account. As it is though it's been a lovely little points earner and far beyond even my most optimistic expectations.

 

[lilkid28]

Anyone has a telstra account bill to pay?

 

[lilkid28]

Or Anyone's Telstra account got banned for making 1c payments?

 

[coles525]

Mine is still active

 

[burmans]

If it wasn't for the 5pts per 1c transaction I wouldn't bother with this account. As it is though it's been a lovely little points earner and far beyond even my most optimistic expectations.

Hmm, yes, well I agree that the 5 pts per transaction is the draw and, the account does have that feature so not sure the relevance. That's a bit like saying if sex wasn't fun I wouldn't do it. Totally true but largely irrelevant because it is.

 

[NoName]

Hmm, yes, well I agree that the 5 pts per transaction is the draw and, the account does have that feature so not sure the relevance. That's a bit like saying if sex wasn't fun I wouldn't do it. Totally true but largely irrelevant because it is.

Actually it's entirely relevant given there are similar bank accounts out there that earn QF points and the previous posts discussing the point earn on balances.

 

[dcw]

I can see this account is best used for the 5 points per transaction feature, but wondering if it might be ok for general savings too (especially for high rate tax payers)?

If QFF points are valued at approx 1c per point, this account is paying approx 1.44% (post tax). Savings accounts generally only pay around 2.5% or so for ongoing savings (excluding special offers). So on the top tax bracket this would only be 1.28% cash or so on a post tax basis? - which is less than the bankwest account.
Even if you are getting 3.37% on a USaver, then using the bankwest account would be costing you around 1.19c per point - which may or may not be worth it.

So wouldn't it be worth considering using this account as a 'savings account' for high rate taxpayers? - or am I missing something?

 

[burmans]

I can see this account is best used for the 5 points per transaction feature, but wondering if it might be ok for general savings too (especially for high rate tax payers)?

If QFF points are valued at approx 1c per point, this account is paying approx 1.44% (post tax). Savings accounts generally only pay around 2.5% or so for ongoing savings (excluding special offers). So on the top tax bracket this would only be 1.28% cash or so on a post tax basis? - which is less than the bankwest account.
Even if you are getting 3.37% on a USaver, then using the bankwest account would be costing you around 1.19c per point - which may or may not be worth it.

So wouldn't it be worth considering using this account as a 'savings account' for high rate taxpayers? - or am I missing something?

Everyone's calculation of worth is different but yes, in a low interest environment some may see some benefit in this. Its not great but comparatively its not cough either.