I have an ongoing problem with Bpay for my credit card. I suspect that it is an attempt by the credit card company to extract interest from us, as we pay the full balance, on time.
Our latest was this week, where the payment had been due on 25 March. I set up a future payment, using two different banks, splitting the balance due between them, for the 23rd. One went through on time, and one went through, according to the credit card people, a day late, thus incurring a retail interest on the outstanding balance.
When we called to query this (the same query every 2-3 months) they asked what time we transferred the funds. As if that made a difference. The time of the transfer is something I have limited to no control over. In my experience of the Australian banking system, payments are often not updated until midnight and in the event of a payment occurring on a Friday, Saturday or Sunday, the money is often only seen by the recipient on a Tuesday.
However, the credit card company insists that we should pay earlier to avoid this. I think that paying on the Friday when the payment is due on the Monday is appropriate. Especially for Bpay.
What makes this more annoying, is that we do a lot of banking transactions in the New Zealand banking system, as we have financial interests there. If I transfer something there, the money is in the recipient’s account, usually within the hour and certainly within the same day, whether it is a weekend or not. Additionally, I can pay into my NZ credit card’s bank account (they don’t have Bpay) and the payment time holds true there.
I enquired of my Australian credit card supplier as to the ability to transfer directly into their account, not using Bpay and was told I could only do this as a direct debit transaction, which removes the control of payment from me. This I am not willing to do.
Our frustration level with the credit card company is coming to an end. I am busy sourcing a new option with another bank. The final crunch came when we advised our current credit card company that we are going on an overseas holiday and they told us that this would incur a 3% charge on each transaction, over and above the conversion fees. My NZ card? Nothing but the conversion fee.
And the NZ card has actually reversed an interest charge, without me asking, when I inadvertently paid a day later that I ought to have, apparently because I always pay on time, and this must have been an oversight (I called to check the reversal). And the card in NZ is supplied by one of the big 4 in Australia’s NZ branch.