Westpac SmartPlan. Terms & Conditions. Effective as at 13 August 2017
A. About these terms and conditions. These SmartPlan Terms and Conditions ( SmartPlan Conditions ) apply to each SmartPlan you activate on your Card Account. They were last updated on 23 May 2017. These SmartPlan Conditions should be read together with, and in some cases they amend, the standard conditions of use that apply to your Credit Card. For most Credit Card accounts, these are the Combined Conditions of Use and Credit Guide. The other condition of use is Earth Condition of Use. We refer to each of the conditions of use as the Card Conditions. Where relevant, this document refers to clauses in the Card Conditions and Items in these SmartPlan Conditions. Capitalised words used in these SmartPlan Conditions have the same meaning as in the Card Conditions except that in these SmartPlan Conditions: Eligible Amount means each large individual purchase and each other balance on your Card Account that is eligible for a SmartPlan as shown in the Card Account details in Online Banking. Estimated Total Repayment means the sum of the Eligible Amount for which you apply to set up a SmartPlan as well as any fees and the estimated interest charges that will be charged to the SmartPlan Remaining Balance during the SmartPlan Term. Main Account Balance means your Card Account balance not covered by a SmartPlan. Minimum Payment Due means the Minimum Payment Due as shown on your Card Account statement. Monthly Payment Balance means the Monthly Payment Balance as shown on your Card Account statement, calculated as the amount required to repay your SmartPlan Repayments and your Main Account Balance. Monthly Payment Due means the Monthly Payment Due as shown on your Card Account statement. This is calculated as the amount required to repay your SmartPlan Repayments and an amount to reduce the Main Account Balance by the minimum amount required (calculated according to the clause headed What is the minimum payment required? in the Card Conditions). SmartPlan Annual Percentage Rate means the fixed Annual Percentage Rate that applies to a SmartPlan. SmartPlan Daily Percentage Rate means the rate determined by dividing the SmartPlan Annual Percentage Rate by 365. SmartPlan Remaining Balance means the amount outstanding on a SmartPlan. SmartPlan Repayment means the monthly repayment for a SmartPlan calculated by dividing the Estimated Total Repayment by the number of repayments that apply to the SmartPlan Term, rounded to the nearest cent. SmartPlan Term means the period during which the SmartPlan will apply. B. What is a SmartPlan? B1. A SmartPlan is a repayment plan for Credit Card debt designed to enable you to repay an Eligible Amount owing on your Card Account and any applicable SmartPlan fees and interest by making a number of regular monthly repayments. B2. If you are eligible for interest free days on your Card Account, you will continue to be eligible when you set up a SmartPlan. The only change is that, instead of being required to pay your closing balance in full, you must pay at least your Main Account Balance and your SmartPlan instalments in full by the due date shown on your statement. The terms and conditions that apply to eligibility for interest free days otherwise remain the same. C. How do I request to set up a SmartPlan? C1. Your Card Account details in Online Banking will show the Eligible Amounts on your Card Account, which may include: large individual purchases (although SmartPlans are not available for purchases which you are disputing with the provider of the goods or services); and certain other categories of balances on your account, including Cash Advance Balances, Purchase Balances, and Promotion Plan balances. C2. For any Eligible Amount, you may be offered a range of available SmartPlans. For each SmartPlan offered we will tell you: the SmartPlan Term. This is based on the number of Credit Card statement periods in which SmartPlan repayments will be due; if there is an up-front establishment fee - this may differ depending on the SmartPlan Term and the value of the Eligible Amount. Any establishment fee will be added to the value of the Eligible Amount when you set up a SmartPlan; if any interest charges will be payable on the SmartPlan Remaining Balance while any part of it remains outstanding the SmartPlan Annual Percentage Rate that applies to a SmartPlan Remaining Balance will be fixed and will not change for the duration of the SmartPlan Term. This is used to determine the SmartPlan Daily Percentage Rate for the SmartPlan; the Estimated Total Repayment, which is calculated at the time you apply to set up your SmartPlan. It assumes that you will pay each SmartPlan Repayment when it becomes due and will make no additional repayments to reduce your SmartPlan Remaining Balance during the SmartPlan Term; and the monthly SmartPlan Repayment. Each of these is confirmed on the Westpac Online acceptance screen where you choose and confirm your SmartPlan. 2
C3. We tell you through your Message inbox in Online Banking and by email to your nominated email address when your SmartPlan has been processed and activated. This may take up to 2 business days after you request the SmartPlan. Until your SmartPlan is activated, interest (if any) for the Eligible Amounts will continue to accrue and will be charged to your Card Account at the Annual Percentage Rate applicable to that Eligible Amount. These interest charges (if any) will not become part of your initial SmartPlan Remaining Balance. C4. A Card Account can have up to 8 active SmartPlans at any time. Each may have a different SmartPlan Term, SmartPlan Annual Percentage Rate, and monthly SmartPlan Repayment amount. C5. Each SmartPlan ends on the earlier of the date you repay the SmartPlan Remaining Balance, or on the due date shown on the last Card Account statement issued during the SmartPlan Term. If any part of the SmartPlan Remaining Balance has not been repaid by that due date, the SmartPlan ceases to apply to that unpaid part and Item H3 applies. C6. From the day a SmartPlan is activated, interest (if any) applies to the SmartPlan Remaining Balance under Item F1 instead of under the clause headed Interest charges in the Card Conditions. Any interest that has been calculated on the Eligible Amount for any days prior to activation will be charged to the Card Account on the next statement date under the clause headed Interest charges in the Card Conditions. C7. When you have one or more active SmartPlans, your Card Account Balance is treated as being split into two or more amounts the SmartPlan Remaining Balance for each active SmartPlan and the Main Account Balance. The Main Account Balance is simply any part of the Card Account Balance that is not part of any SmartPlan Remaining Balance. C8. Activating a SmartPlan does not change the credit limit of your Card Account the clause headed How much credit can you obtain? in the Card Conditions continues to apply to your Card Account Balance as a whole. D. Your SmartPlan repayment amount options. D1. While you have an active SmartPlan on your Card Account, you can choose to pay: the Minimum Payment Due shown on a Card Account statement to comply with the clause headed What is the minimum payment required? in the Card Conditions. This option may not pay the whole of all SmartPlan Repayments due; the Monthly Payment Due shown on a Card Account statement (which includes all SmartPlan Repayments for the month and reduces the Main Account Balance by the minimum amount calculated according to the clause headed What is the minimum payment required? ); or if you wish to qualify for interest free days and further interest free days on new purchases, you must pay the Monthly Payment Balance shown on a Card Account statement by the due date for the statement period. The Monthly Payment Balance is the sum of all SmartPlan Repayments due in that month, plus the Main Account Balance. Under the Card Conditions, you will be taken to have paid the closing balance in full for the relevant month even though you may have outstanding SmartPlan balances. D2. If you pay more than the Monthly Payment Balance in a month, some of the SmartPlan Remaining Balance will be repaid early. E. Change to payment order while a SmartPlan applies. E1. Despite the clause headed How we apply your payments in the Card Conditions, by activating a SmartPlan, you request that we apply any payment made to the Card Account statement in the following order: 1. unpaid SmartPlan Repayments shown on the most recent Card Account statement, in the order in Item E2 below, then 2. the Main Account Balance in accordance with the clause headed How we apply your payments in the Card Conditions, then 3. any other SmartPlan balance in the order in Item E2. This means that any additional payments you make will be applied to your SmartPlans only after any unpaid SmartPlan Repayments have been paid and your Main Account Balance has been cleared. E2. Payments are applied to SmartPlans in order based on the SmartPlan Annual Percentage Rate that applies, from highest to lowest (and if any SmartPlans have the same SmartPlan Annual Percentage Rate, payments are applied in order based on their activation date, from earliest to latest). E3. Your request that we apply any payment to unpaid SmartPlan Repayments first means that any other balances that attract a higher interest rate may be repaid later and as a result may attract greater interest charges. You have a legal right to withdraw a request that payments be applied in a particular way. If you withdraw the request while you have an active SmartPlan, this means that you are also requesting that we cancel the SmartPlan under Item H1. F. What interest applies to a SmartPlan? F1. If you activate a SmartPlan to which an interest rate applies, we charge interest on the SmartPlan Remaining Balance in the same way as under the clause headed Interest charges in the Card Conditions, as though the SmartPlan Remaining Balance is a purchase (without interest free days ), and the SmartPlan Daily Percentage Rate applies to that purchase. Any interest charges are calculated daily and are charged to the SmartPlan Remaining Balance at the end of the statement period at the same time as other interest charges are applied to the Card Account. 3
F2. Depending on how long it takes for your SmartPlan to be activated after we receive your request, the Estimated Total Repayment, which is determined on the date of your request to set up a SmartPlan, may overestimate the projected interest on your SmartPlan. An adjustment may be made at the end of the SmartPlan Term to take account of any difference between the estimated interest included in the Estimated Total Repayment and the actual interest charged. G. What if you miss a SmartPlan Repayment or do not pay it in full? If you miss a SmartPlan Repayment or do not pay a SmartPlan Repayment in full, the outstanding amount will remain in your SmartPlan Remaining Balance and will continue to accrue interest under Item F1. The additional interest will be charged to your SmartPlan Remaining Balance. Your remaining SmartPlan Repayments will not be adjusted. Unless you make extra repayments which reduce your SmartPlan, your SmartPlan Remaining Balance will not be repaid in full when your SmartPlan Term ends and the outstanding balance will be treated according to Item H3. H. If a SmartPlan is ended or cancelled. H1. You can cancel a SmartPlan at any time through your Online Banking account, or by asking us to change the order of payments set out in Item E1. H2. We may cancel a SmartPlan if: you make an arrangement with us to pay less than the Minimum Payment Due; or you do not comply with your obligations under the Card Conditions or these SmartPlan Conditions; or you withdraw the request described in Item E; or you fail to pay the Minimum Payment Due by the due date. We reserve the right to cancel a SmartPlan under this Item, but we will notify you promptly if we do so. H3. From the date that a SmartPlan ends under Item C5 or H1, or we cancel a SmartPlan under Item H2, any SmartPlan Remaining Balance (and any SmartPlan interest that has accrued but has not yet been charged to the Card Account) will be treated as the same type of balance on your Main Account Balance as the Eligible Amount used to set up the SmartPlan, being either a cash advance, purchase or Promotion Plan balance. The variable Annual Percentage Rate that applies to the relevant type of balance will apply to the amount. If a Promotion Plan rate applied to the amount before the SmartPlan was activated, and the Promotion Plan offer has expired at the time the SmartPlan balance is transferred back to the Main Account Balance, the variable Annual Percentage Rate that applies to purchases will apply to the amount. I. Does a SmartPlan change autopay instructions? I1. Activating a SmartPlan will change any automatic payments ( Autopay ) arrangements that apply to your Card Account as follows: Autopay payment option selected Amount repaid if no SmartPlan is active Amount repaid if a SmartPlan is active "Full balance" option Closing Balance Monthly Payment Balance Minimum payment option Minimum Payment Due Monthly Payment Due You should consider how this will affect your Autopay repayments. You can change your Autopay arrangements at the same time as you set up a SmartPlan. I2. If you select the fixed payment or minimum percentage Autopay options, the amounts repaid will not change if you activate a SmartPlan. This may mean that you will not repay your monthly SmartPlan Repayment in full and Item G will apply. I3. From the date that your last active SmartPlan ends under Item C5 or H1, or we cancel your last active SmartPlan under Item H2, Autopay will revert to your original arrangements. J. Changes to the SmartPlan conditions. We can change these SmartPlan Conditions in the same way as we can change the Card Conditions as set out under the heading Variation of the Card Conditions. 4
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