What is changing?
Effective from 17 July 2024, we are changing how we charge the monthly account fee for credit cards that offer Interest Free payment plans. The changes are as follows:
Effective from 17 July 2024, the following is removed:
- the monthly account service fee will be charged if your closing balance is more than $10.
and is replaced with
- The monthly account service fee (currently $10.95) will be charged irrespective of your account balance.
Effective from 17 July 2024, the following is removed:
- the monthly account service fee will be charged if your outstanding balance is more than $10.
and is replaced with
- The monthly account service fee (currently $10.95) will be charged irrespective of your account balance.
Effective from 17 July 2024, the following is removed:
- the monthly account keeping fee will be charged if your outstanding balance is more than $10.
and is replaced with
- The monthly account keeping fee (currently $5.95) will be charged irrespective of your account balance.
Effective from 17 July 2024, the following is removed:
- the monthly account service fee will be charged if your outstanding balance is more than $10.
and is replaced with
- The monthly account service fee (currently $10.95) will be charged irrespective of your account balance.
Effective from 17 July 2024, the following is removed:
- the monthly account servicing fee will be charged if your outstanding balance is more than $10.
and is replaced with
- The monthly account servicing fee (currently $10.95) will be charged irrespective of your account balance.
Effective from 17 July 2024, the following is removed:
- the monthly account service fee will be charged if your outstanding balance is more than $10.
and is replaced with
- The monthly account service fee (currently $5.95) will be charged irrespective of your account balance.
Why did I receive this communication from Latitude?
You have received this communication to advise you of changes to how we are charging the monthly account service fee. Effective from 17th July 2024, the monthly account service fee will be charged on each statement, whether you have a debit, zero or credit balance.
What is this fee for?
An account service fee is generally charged across industry as a fee to maintain your credit card account, for example processing transactions or issuing account statements. This monthly fee also ensures that Latitude can continue to offer the features and benefits for your account.
How does this impact me?
Effective 17th July 2024, you'll see a monthly account service fee on every statement, whether you have a balance or not.
If you're using your account each month for everyday or interest-free purchases, there won't be any change, and the fee will continue to be charged as it is now. However, if your account balance is below $10, has a zero balance or is in credit (positive) balance, you will start to be charged a monthly account service fee.
Are the fees increasing?
No. At this point in time, the account servicing fee for your Latitude credit card is not increasing. However the monthly account service fee will be charged on each statement, whether you have a debit, zero or credit balance.
Will I need to pay the fee each month?
The fee will form part of your closing balance and a minimum monthly payment may be requested from you as outlined in your Conditions of Use booklet. Refer to your account statement to confirm if a minimum monthly payment is required.
What happens if I don’t make the payment?
If a payment is missed, a late fee will be charged and your account may go into arrears and in default. We offer a variety of payment options to make it easier for you. You can set up automated payments through BPAY or direct debits—just pick the one that works best for you.
Do I get charged this if I'm on Hardship?
No. If, at the date of this change you are under a temporary hardship arrangement, the terms of any variation notice previously provided for that temporary arrangement will continue to apply until they end.
Can you legally charge this?
Yes, Latitude is legally permitted to change the terms of your credit card contract, for example imposing new fees or changing how fees are charged, providing Latitude provides you with the relevant notice.
How can I close the account?
Closing out your account can be as easy as completing the steps via the Latitude Service Centre , online app or webform. We have all the details located here.
How can I reduce the impact of fees on my account?
There are several ways you can reduce the amount of fees you pay:
- You can switch your statement method to paperless to avoid the paper statement fee.
- Make fee free payments from the Latitude Service Centre.
- Note the due date on your statement and pay your amounts due on time to avoid the late payment fee.
- Set up a recurring direct debit so you don’t have to worry about due dates.
Why has Latitude decided to charge this fee now?
Currently this fee is being charged on your Latitude credit card account as per your financial table. We are now changing how this fee is being charged, effective 17th July 2024, this will now be charged if your account balance is zero, or has debit or credit balance.
Where can I get further support?
If you are experiencing financial hardship, head over to our Hardship Care page for more information.