Hi guys,
So it goes a little like this. I’ve had a Bankwest Qantas Platinum Mastercard for a few years. I make sure I pay off any purchases each fortnight, and with some weeks the account goes into credit.A couple of days ago I was charged .29 cents. I considered calling to enquire about the charge (and felt a bit silly over the small amount!) but in the end did. Luckily I did though. This afternoon I was told that it was due to a cash advance I made… nearly 3 years ago and that I owe $1200!!
If I have made purchases or withdrawn funds, I know I need to pay those off but this seems like they try and hide these amounts from consumers. So here are a couple of things I don’t understand:
- How is it legal that if you pay off your credit card, these amounts aren’t payed off?
- I was told the only way consumers find out the total amount the ‘truly’ owe on their card is if they contact the bank and then not use the card until the next statement. Why are consumers forced to contact the bank before these fees/charges/interest is payed off? Why doesn’t the bank contact them? Why isn’t there a limit that once it gets hit, the bank is required to contact the consumer to inform them?
I think this is really misleading and I asked the bank’s rep what other people do and she said they just pay it off when they close the account. I can imagine there’s lots of people walking around not knowing they owe these amounts. I mean, when do people close their account if they’re seemingly happy with it?!?
Anyway, is there anything I can do about this? Is there any way I can tell other people about this so it doesn’t happen to them? Hubby and I are trying to buy our first house atm and I can’t imagine having an even bigger bill that we didn’t know about and it affecting our credit rating!
Thanks for your help/advice.
Mod: Issue was resolved, see comment
Wouldn't the cash advance show up on your monthly statement?