Published on September 8, 2016 4:30 pm, by Pete Lalor
How well do you understand your credit card fees and charges? Do you read your terms and conditions or do you trust your bank to get it right? The way interest and fees are calculated is complex and can be difficult to understand. Even the banks get it wrong sometimes!
Westpac has just refunded $20 million in overseas transaction fees to credit card customers.
Up until recently the terms and conditions for Westpac credit cards didn’t make it clear that customers would be charged these fees. The terms and conditions have been updated now, so you can expect these fees for future transactions.
If you are a Westpac customer we suggest you check any fees you have been charged on your credit card. Even if you aren’t a Westpac customer we suggest you regularly check the fees you have been charged on your bank products. Mistakes are easily made resulting in you being overcharged.
MoneyBriliant makes it easy to stay on top of fees and charges. We automatically categorise the fees and charges on our account and make it easy for you to spot them. And we do this across all your accounts so you can review all your fees and charges in one place on your phone or tablet.
On our web app you can create detailed reports of all your fees and charges.
Finally if you want to transact at overseas merchants at no costs there are credit cards on the market that will allow you to do that.
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Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.