Important changes to your credit card

Frequently asked questions

Overview of changes

  • What are the changes and how will they affect me?

There are five key changes being introduced. These are listed below.

    1. $0 international transaction fees
    2. Up to 55 days interest free on purchases while you have a balance transfer within the promotional period
    3. Restricting gambling and lottery transactions
    4. Reducing the cash advance interest rate
    5. Limiting cash advances to $1,000
  • Why are these changes taking place?

Helping you maintain your financial wellbeing is a priority for us. These changes have all been made to proactively help you manage your credit card.

 

$0 international transaction fees

  • What are international transaction fees?

International transaction fees are charged when you make a purchase overseas or online from an international merchant or take a cash advance overseas. This fee is charged at 3% of the value of the transaction or cash withdrawal. From 1 July 2019, this fee will no longer be charged.

Please note that a cash advance fee still applies on overseas cash withdrawals.

  • If I withdraw cash at an international ATM or over the counter at a merchant overseas, will I be charged?

From 1 July, for international ATM and over the counter cash advances, you won’t be charged the 3% international transaction fee. You’ll be charged a cash advance fee plus any additional fees charged by the overseas ATM or bank (if applicable).

 

Introducing up to 55 days interest free on purchases while you have a balance transfer

  • What’s changing?

This change impacts you if you have a balance transfer within the promotional period.

Currently, you must repay your closing balance in full, including your balance transfer but excluding any interest free finance amounts, to be eligible for up to 55 days interest free on purchases.

From your first statement period that begins after 21 October 2019, you'll be eligible for up to 55 days interest free on purchases if you pay your closing balance (less any balance transfers and interest free finance amounts) by the payment due date each month.

This change could mean you pay less interest on your purchases while you have a balance transfer within the promotional period.

  • Why is this change being made and how could it impact me?

This change is being made to improve customer outcomes by making balance transfer interest calculations fairer.  If you have a balance transfer that’s within the promotional period and make purchases on your credit card, this change could reduce the amount of interest you’re charged.

  • Where can I see my balance transfer promotional period?

If you have a balance transfer that’s within the promotional period, you’ll see this located on your statement. This is to allow customers with a balance transfer to track when a balance transfer promotional period is set to expire.

Keep in mind you won’t be eligible for up to 55 days interest free on purchases if your balance transfer hasn’t been paid off in full after the promotional period has expired.

 

Restrictions on gambling and lottery transactions

  • How do gambling and lottery restrictions work?

From 1 July 2019, we’ll be blocking the authorisation of transactions that are classified under the gambling merchant category code. This applies to transactions made on an EFTPOS terminal and online. That means from this date, you’ll no longer be able to use your credit card to make most transactions relating to gambling or lotteries.

Gambling and lottery transactions are identified by us based on their merchant categorisation. This categorisation is done by the merchant or their bank, and from time to time may be incorrect. As a result, it may be possible that we incorrectly identify or don’t identify a transaction as being related to gambling or lotteries.

  • Are all gambling and lottery transactions restricted?

We endeavour to block the majority of gambling and lottery transactions on our credit cards. However, we can’t block transactions that aren't registered under the gambling merchant category code, as we use this code to identify transactions of this type.

If a merchant processes gambling and lottery transactions but their primary business is categorised under another merchant category code, we may not be able to differentiate between a gambling or non-gambling transaction at this merchant e.g. where a customer purchases lottery tickets from a newsagent whose terminal is not classified under the gambling merchant category code.

There will be other instances where we are unable to block the authorisation of gambling or lottery related transactions. You'll continue to be responsible for these, and all charges on your card.

  • My transaction wasn’t related to gambling or lotteries, but it was declined. What should I do?

If you believe that a transaction you made on your card was declined in error, please give us a call and we’ll investigate it for you.

  • Gambling help

If you’re worried about your gambling, or someone else’s, and you’d like to speak to an independent person, please call the Gambling Help Line on 1800 858 858 or visit https://www.gamblinghelponline.org.au for information and support.

 

Reducing the cash advance interest rate

  • What’s changing?

On 1 July 2019, we’ll be reducing the standard interest rate on cash advances to match the standard interest rate on purchases that’s applicable for your product.

  • When will this new rate apply to me?

The new cash advance rate will be applied to your account in the statement cycle that begins after 1 July 2019. This means that the latest this will apply to your account is 1 August 2019.

Please see your next statement for more details.

  • How will this impact the amount of interest I’m charged?

This change could reduce the amount of interest you pay. Please read the Understanding Interest brochure for more information.

 

Limiting cash advances to $1,000

  • What’s changing?

From 27 August 2019, cash advance balances will be capped at $1,000 in total. Once you reach this limit, you’ll need to pay down your cash advance balance before you can withdraw cash again.

  • What if I currently have a cash advance balance above $1000?

If you have a cash advance balance of above $1,000 prior to 27 August 2019 you’ll not be able to take out any more cash advances until you pay down this balance to below $1,000.

If you have a cash advance balance, any repayments you make will generally be allocated to your cash advance balance first. For more details about repayment allocations, please read the Understanding Interest brochure.