Gem Visa Card
Information correct at 11/09/2016.
“The loan you want, the latitude you need.”
Product Features: What Gem Visa offers
- Card type: Visa
- Interest free payment plans: Three types of 0% interest payment plans available: interest free for 6 months for purchases over $250, buy now pay later, and installment interest free. 12-month, 18-month, and 24-month interest free plans available.
- Contactless payments: Visa payWave chip technology allows you to use this card for payments of less than $100.
- Online: Card can be managed through online banking.
- Insurance (optional): Purchases protected by Shopper’s Protection Insurance. Costs greater of 1% of monthly closing balance or $50/month. Insurance covers:
- Price protection – If price of purchased item drops within 6 months of purchase, card provider repays the difference onto the card.
- Merchandise protection – If purchased item is lost, stolen, or damaged within 6 months of purchase, card provider will pay repair or replacement costs for item onto the card.
- Stolen card protection – If card is stolen, card provider will pay $200 to your account for the inconvenience.
- Balance protection – If you can’t work due to sickness or injury, or if you lose your job, card provider pays the balance of your account, up to $5,000. If you pass away, card provider pays the balance of your account in full, up to $20,000. This prevents the unfortunate scenario where your family or your estate must pay your credit card debt in your place.
- Security: Card protected by fraud protection, Verified by Visa for online purchases, and money back guarantee on fraudulent transactions.
Rates and Fees
- Interest rate on purchases: 99%
- Interest free days: 55 for purchases under $250; 6 months for purchases over $250
- Cash advance rate: 99%
- Cash advance fee: Greater of 3% (to a maximum of $30.00) or $3
- Annual fee: $99
- Payment handling fee: $2.50 in person or $0.95 online (avoid this fee by paying via mail, direct debit, or Online Service Centre)
- International fees: 3% fee on all purchases and cash advances overseas
- Paper statement fee: $2.50/statement
- Late fee for overdue minimum payment: $20
Eligibility to apply for Gem Visa
To apply for Gem Visa, you must be able to satisfy the following criteria:
- At least 18 years old.
- Permanent resident of Australia.
The inclusions mentioned represent a selection of what is covered at the time of writing. Additional terms and conditions may apply to different features. Additional fees may apply to the product. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement to determine all the current options and inclusions for the product you are considering.
CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular credit product. If you decided to apply for a credit card you will deal directly with a financial institution, and not with CANSTAR. Rates and product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes, and additional information.
About Gem Visa
Gem Visa is a credit card product provided by Latitude Financial Services, a financial institution in Australia and New Zealand that also offers other credit cards, personal loans and car loans, personal insurance, and interest-free and promotional retail finance.
Latitude Financial Services is the new owner of GE Money, and has taken over management of GE Money’s existing products including the GO MasterCard.
Latitude Financial Services has more than 2.5 million customers and employs more than 2,200 employees.
Written by: TJ Ryan