Westpac overcharges card holders

Some 600,000 members of Westpac’s new loyalty credit card scheme have been overcharged after the bank did not pass on its interest rate cut due to a computer program error.

Visa card holders in the bank's new Altitude rewards program have been charged 16.9 per cent instead of 16.65 per cent since January 1.

The bank's marketing general manager, Peter Hanlon, said overcharged card holders would be compensated in their next statements. About $250,000 is to be repaid nationally.

Adminstration of the banks credit card base was complicated further by the fact that a special 2 per cent interest rate discount for Westpac Visa Global Rewards customers had expired on January 1.

Customers alerted the bank after they had noticed incorrect interest rate charge on statements.

Herald Sun 25/01/2002