The practical guide to your BusinessChoice credit card. Answers, tips and more to make BusinessChoice easier than ever

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1 The practical guide to your BusinessChoice credit card Answers, tips and more to make BusinessChoice easier than ever

2 To ensure you get the most out of your BusinessChoice credit card, we ve put together this booklet which answers some frequently asked BusinessChoice questions. Contents It s designed to make your card easier to manage, whether you re a Principal or an individual cardholder. Keep it handy as it also contains useful phone numbers to call if you ever need any help with your BusinessChoice account. How is my BusinessChoice account set up? 5 How does my credit limit work? 6 How do I manage my credit limit? 8 Who gets what statements? 9 How do I pay the account each month? 10 What fees apply to my card? 12 Frequently Asked Questions 13 Contact us 15 BusinessChoice Credit Cards were recognised by Canstar Cannex in February 2009 as offering superior value. BusinessChoice Everyday cards and Business Choice Rewards cards were both awarded 5 stars for the Transactor category customers who pay off their cards in full every month. BusinessChoice Everyday cards scored 5 stars and BusinessChoice Rewards cards scored 3 stars for the Revolver category customers who carry an outstanding balance month to month. 1 For BusinessChoice help, talk to our Cards Service Centre on

3 How is my BusinessChoice account set up? Your BusinessChoice credit card is not just a single business card. It s attached to an overall BusinessChoice Facility a master Billing Account to which all cardholders in your business are linked. The master Billing Account has an overall credit limit, which is split between individual cardholders by the Principal. Master Billing Account Credit Limit: $5000 Principal decides how this limit is split between cardholders Cardholder 1 Limit: $3000 Cardholder 2 Limit: $2000 5

4 How does my card credit limit work? Because your card (and every other card) is linked to the master Billing Account, your credit limit is affected by the Available Funds in the Billing Account. Each month at the end of the statement cycle, the closing debit balance of each card is swept up into the master Billing Account balance and each cardholder s balance returns to $0, unless a cardholder has a credit balance in their account (see page 11 for details). Master Billing Account (Limit: $5000) $ $1500 = $3500 outstanding balance Cardholder 1 (Credit Limit: $3000) Closing balance: $2000 The entire closing balance of each card is swept up into the master Billing Account balance Cardholder 2 (Credit Limit: $2000) Closing balance: $1500 If the outstanding balance of the Billing Account is paid in full by the Principal each month, all cardholders will have their full credit limit available to them. If the Billing Account outstanding balance is not paid in full, this will reduce the overall pool of Available Funds in the Billing Account, and in turn, each cardholder may not have their full credit limit available to them. The funds available at any particular time to a cardholder is the cardholder s credit limit minus their outstanding balance, or whatever is left as Available Funds in the master Billing Account, whichever is lower. Master Billing Account (Limit: $5000) $1000 paid off outstanding balance of $3500, leaving Available Funds of $2500 When the Billing Account is not paid in full, this can reduce the Available Funds for individual cardholders. Cardholder 1 (Limit: $3000) Available Funds: $2500 Cardholder 1 spends $2000 Available Funds: $500 Billing Account available funds: $2500 In turn, the spending of one cardholder can affect the other(s). Billing Account available funds: $500 Cardholder 2 (Limit: $2000) Available Funds: $2000 Cardholder 2 spends $0 Available Funds: $500 REMEMBER: Check your Available Funds regularly to ensure you have adequate funds to cover your card purchases.

5 How do I manage my credit limit? Tips for Principals in managing your credit limits: If you choose not to pay the full outstanding balance on the Billing Account each month, it s advisable to ensure there s adequate Available Funds in the Billing Account to cover your cardholders spending requirements. If the Available Funds in the Billing Account are low, remember to keep your cardholders updated on how their credit limits may be reduced accordingly. You can change your cardholder limits at any time, with a minimum card limit of $1,000. For credit limit adjustments, simply complete and return the relevant forms available at westpac.com.au under Increasing Your Credit Limit in the Business Cards section, contact your Relationship Manager or call Business Direct on Tips for Cardholders in managing your credit limit: Check your individual cardholder account regularly to see if your available credit has been reduced by the overall Available Funds in the master Billing Account as well as your recent purchases. Remember, it s important to check not just your Balance, but the Available column next to it. Who gets what statements? If you re a BusinessChoice Principal, you ll receive: A Facility Billing Account statement, which details the Billing Account payment due date, opening and closing balances, overall Available Funds, as well as the amounts swept from individual cards. A copy of all individual card statements under the Facility, detailing all transactions made by cardholders that month. If you re a BusinessChoice Rewards cardholder, you ll receive: A monthly statement for your card that details your transactions and, if you ve registered your valid Qantas Frequent Flyer number with Westpac, the number of Qantas Frequent Flyer points to be transferred to your Qantas Frequent Flyer membership account. If you re a BusinessChoice Everyday cardholder, you ll receive: A monthly statement for your card that details your transactions, if your Principal has requested this. REMEMBER: If you re eligible to receive BusinessChoice statements, you can also access them online once you re registered for Westpac Online Banking. 8 9

6 How do I pay the account each month? Who should pay what? The Principal(s) are responsible for paying the amount due on the Facility statement into the Billing Account by the payment due date each month. Principals can refer to the back of their Facility statement or check online for a choice of convenient payment methods. PLEASE NOTE: As an individual cardholder, you re not responsible for paying outstanding balances on your card. Individual cardholder statements provided online or via post are merely available to advise you of your transaction history and rewards earned if applicable. What happens if an individual cardholder does make a payment to their card? Any payments made to an individual cardholder account (instead of the master Billing Account) are credited to that individual card account, and do not go toward paying off any outstanding balances in the Billing Account. A Principal may request that any payments made to individual card accounts be moved up to the Billing Account simply by calling the Cards Service Centre on What if a card account has a credit balance? If an individual card account is in credit at the close of the statement cycle, the credit balance will not be swept up to the Billing Account. Even if there is a credit balance in a card account, the minimum payment detailed on the Facility statement will still need to be paid by the statement due date because the credit is not automatically swept up to the Billing Account. Please be aware that any additional funds paid into an individual card account will be reflected in the Available Funds in the master Billing Account and be available to other cardholders to draw on. A Principal can apply a credit balance to the Billing Account outstanding balance simply by calling our Cards Service Centre and requesting a transfer. Can I pay my Billing Account automatically? As a Principal, you can use Card Autopay to automatically pay a set amount, minimum payment or the full closing balance of the Billing Account each month from a nominated account. To arrange Card Autopay, simply complete a written application form available on westpac.com.au, at any branch, or by calling our Cards Service Centre on REMEMBER: Principals should make minimum monthly payments to the Billing Account, not to any individual card account. Any payments made to individual card accounts will not be transferred automatically to the Billing Account and could cause you to incur a missed payment fee (see page 12 for details)

7 What fees apply to my card? Frequently Asked Questions Overlimit fee This fee is charged each time an individual card account exceeds its credit limit within a statement cycle. If the overlimit card accounts cause the Billing Account to exceed its credit limit, an overlimit fee will also be charged to the Billing Account in every statement cycle while the Billing Account remains overlimit. To ensure you stay within specified credit limits, check the Available Funds of your card account via Online or Telephone Banking. Missed payment fee This fee is charged to the Billing Account if the minimum payment due on the Facility statement is not received by the payment due date. Here are a few tips to help Principals avoid missed payment fees: Allow a few days for payment to reach us if paying by post or electronically from another bank. Ensure you pay the minimum payment into the Billing Account, not the card account. Consider using Card Autopay (see page 11). Cash advances and fund transfers Unless a Principal has placed a cash advance or fund transfer restriction on a card, the following transactions are available: If you have a valid PIN, your card can be used for cash withdrawals at any ATM or bank branch that accepts that card. Funds can be transferred from a card account via Online or Telephone Banking. Note that conditions and fees apply 2 and interest accrues from the date of the cash advance. Visit the Business Banking Credit Cards section at westpac.com.au for the latest information. Other fees Other fees may apply to your BusinessChoice Facility or card(s) from time to time. Please refer to the BusinessChoice Terms and Conditions for details. Why do I need to activate my card? To follow security guidelines and prevent card misuse, all new BusinessChoice Facilities need to be activated prior to use of any cards under the Facility. To do this, Principal(s) must call to identify themselves after receiving their cards to enable individual cardholders to use their cards. How do I take advantage of interest free days on my card? All BusinessChoice credit cards offer up to 45 interest free days on credit purchases for a statement period, provided the closing balance of the Billing Account for that statement period is paid in full by the payment due date. Interest free days do not apply to cash advances. Can I access cash with Online Banking? As a Principal registered for Online Banking, you can access cash via Online Banking using your own card or the Billing Account. Individual cardholders can also access cash if the Principal has authorised this function. How do I use the Internet reporting features on BusinessChoice? As a Principal registered for Online Banking, you can easily export all your BusinessChoice cardholder transaction histories into reporting software such as MYOB, simply by using the transaction tab. How do I get a new PIN? To obtain a new PIN, you can visit any branch and select a new number after identifying yourself, or call our Cards Service Centre on to have a new PIN mailed to you

8 How can I change my statement cycle date? As a Principal, you can request a change in your statement cycle date by calling our Cards Service Centre on How does a Principal apply for a new Facility credit limit and/or reallocate it to cardholders? To apply for a limit increase on your BusinessChoice Facility, Principals must complete and return a Limit Increase Request form, which can be found at westpac.com.au in the Business Cards section. Alternatively, you can contact your Relationship Manager or call Business Direct on How does a Principal apply for additional cardholders? To apply for additional cardholders, Principals must complete and return an Additional Cardholder Request form, which can be found at westpac.com.au in the Business Cards section. What if my company business name changes or the one of the Principals moves on? If the Principal(s) change or there is a change in your business structure, Westpac will reassess the provision of your Facility. For more details on what you need to do in the case of a change in Principal(s) and/or business structure, please call our Cards Service Centre. Is Third Party access possible? To protect your security, Westpac does not permit a third party such as an accountant to have managerial access to individual card accounts or the Billing Account on behalf of a Principal. Are there any control features on the cards? As a Principal, you can choose to restrict access to specific merchants at specific times or restrict cash access on individual cards. Simply call our Cards Service Centre on to find out more. Contact us if you need more assistance We re here to help you with your BusinessChoice cards and account, whenever you need us: Cards Service Centre Lost and Stolen Cards, calling from overseas Online Banking westpac.com.au Telephone Banking Face to Face Visit your local branch for assistance with your BusinessChoice cards in person. Got feedback? We re always open to suggestions that could help us assist our customers better in the future. That s why your feedback is important to us. If you have any complaints, compliments or any other comments in regards to a particular Westpac experience, we d like to know. You can either visit your local branch, phone us on or visit westpac.com.au For BusinessChoice help, talk to our Cards Service Centre on

9 Things you need to know: General advice in this brochure has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Consider our disclosure documents, which include Product Disclosure Statements (PDS) for some products. The PDS is relevant when deciding whether to acquire or hold a product. Information is current as at 9 April Fees and charges apply to Westpac credit cards. Full details of all terms and conditions are available on request. These may be varied, or new terms and conditions may be introduced in the future. For more information, call our Cards Service Centre on , drop in at a branch or visit westpac.com.au Westpac Banking Corporation is the issuer of the Telephone Banking and Online Banking services. 1. In awarding the star ratings Canstar Cannex considered Pricing and Features to be the key components in the card user s value equation. For more details see westpac.com.au 2. Cash withdrawals and funds transfers are subject to your available funds on the credit card and to the credit card account and the Billing Account being in good standing Westpac Banking Corporation ABN REE100 (04/09) WH0005