Westpac PartPay

Like others here it’s an extremely confusing process made out to look simplistic when really it’s just more or less using the regular features of your credit card. Your credit card is still charged as normal, it’ll just set up some regular direct debits. Useless product.

Misleading – I used part pay for the first time and find it incredibly misleading! In top of that the staff couldn’t even explain why the full amount was deducted from my card. Won’t be using this again.

Extremely confusing – It took us quite some time to understand how this system worked practically. If you think this will come off in four installments from your credit card (or cash account), you will be mistaken... the full amount comes off your credit card immediately. This is followed by an immediate transfer of 25% of the purchase value from your linked account (e.g. cheque) back into your credit card, which is repeated three more times over the following three fortnights. These subsequent internal transfers from my cheque account to the credit card, does not save interest on the original purchase amount. A person can make transfers at any point in time between your accounts too. This system made it much more complex for us to maintain a minimum amount of money in our linked account. Since they got rid of relationship managers, it has become extremely difficult to find a real person (forget about one that knows you) to discuss this upfront. Beware, this is not really a BNPL system, you pay the full amount upfront.

Seems clear but isn't. Full amount debited from my card balance straight away – I tried PartPay for the first time, expecting the first payment debit to be 25% of the purchase price. The full amount was debited from my credit balance straight away, with a credit back into the account equivalent to 25% overnight. Very confusing, especially as Westpac promote this as a pay in 4 option. Have used pay in 4 services before, and will definitely steer clear of this one again.

Misleading ….clever marketing – Part pay in 4’s first amount is immediately deducted from your linked debit account. So essentially the 3/4 left is on the payment part pay and is only to the amount of your credit card limit. the 55-60 days payment is the same as what’s essentially on your card. You cannot defer payment. You do not gain additional credit and cannot gain points so that your first payment for purchases under $500 is deferred for two weeks (afterpay).

There are some advantage’s as far as I can see, for those that do not pay their credit card immediately. The amount owing will go onto your credit card if you do not have the $$ in your linked debit account and interest will be charged. You may gain a little by two weeks of not being charged interest. How non payment of the part pay affects your credit rating is not clear. For those that pay off not sure it’s worth it especially if you’re already using Afterpay. Devil is in the detail !!