Westpac will soon offer credit card customers the ability to pay for purchases in four instalments, providing greater control and flexibility.
In the coming months, Westpac credit card customers will be able to link their existing credit card to a new PartPay digital card, enabling them to split their purchases into an initial instalment, with a further three fortnightly instalments to follow.
Westpac Consumer and Business Banking Chief Executive, Chris de Bruin, said the new feature is about giving customers more control.
“We want to give our customers greater flexibility by providing different payment options to suit their changing circumstances. We know our customers want more choice when it comes to their finances and this new feature will put them in the driver’s seat.
“The payment landscape has changed and customers have told us they like the option of making payments in instalments. This new feature provides that flexibility in a fast and convenient way, via a digital card that can be downloaded in the Westpac app.
“PartPay complements Westpac’s existing offers for customers including our partnership with ShopBack to reward customers with bonus cashback when they make purchases using their Westpac debit and credit card,” Mr de Bruin said.
Customers with Westpac’s Low Rate, Lite, Low fee, Altitude Rewards Platinum and Altitude Rewards Black credit cards can opt into PartPay to make purchases with a digital PartPay card using their existing credit card limit.
As a credit card feature, PartPay will only be available to customers who have been previously approved for a credit card and PartPay will use the customer’s existing approved card limit.
About PartPay
- Purchases on the PartPay digital card must be $100 or more.
- PartPay is linked to an Australian bank account of the customer’s choosing, where fortnightly payments will be automatically deducted.
- Customers will receive a reminder three days before the auto payment due date.
- No late payment fees will be charged for missing an instalment.
- No interest or fees are charged to use PartPay, except for Foreign Transaction Fees.
- However, if a customer misses a PartPay payment, the instalment is transferred to their Westpac credit card purchase balance and standard interest rates will then apply.
- Customers will enjoy the same features where available on their existing credit card when using PartPay, including rewards, Westpac Extras and Westpac Credit Card Complimentary Insurances.
- In addition to PartPay, to help customers manage their repayments, is also available on eligible Westpac personal credit cards where customers can split credit card repayments on prior transactions into instalments over up to 12 months.
