If you have a Latitude Gem Visa, you might want to read this…
On 21 July 2021, we made changes to the Annual Fee, Account Service Fee, and Interest Rate.
- Say goodbye to the $99 Annual Fee – from 21 July 2021 we will no longer have an Annual Fee on Latitude Gem Visa.
- A monthly account service fee of $8.95 will be introduced, however, we will only charge it when your account has a balance of $10 or more.
- The interest rate for everyday purchases will drop from 24.99% p.a. to 19.95% p.a. An everyday purchase is for things like your morning coffee, monthly Netflix charge or cheeky Friday afternoon drink! It also includes any balance left owing on an expired 6-month Interest Free purchase over $250.
- Cash advance rate and expired interest Free purchase rate will remain at 24.99% p.a. This means cash from an ATM or any expired Interest Free payment plans made through a retailer.
Hang on – You paid your annual fee?
Don’t worry. We’ve refunded it back to you.
If you were charged an Annual Fee before 1 July 2021, we organised a pro-rata refund on to your account. You won’t need to do anything.
You'll be able to see the refund in your transactions list on the Latitude App and Online Service Centre, or on your next statement.
If your account is in credit because of the pro-rata refund, you can request for this credit amount to be transferred to your bank account by clicking here.
How we calculated your pro-rata refund?
Your annual fee is charged in advance. The refund amount you’ll receive will depend on a number of factors, the main consideration being:
- When your last annual fee was charged
- If your last annual fee was waived
As an example, if you were charged your annual fee 3 months ago, you may be eligible for a refund up to the equivalent of 9 months of your annual fee.
Why was there a $0.01 debit and credit applied to my account before I got my refund?
If you hadn’t used your account in a while it could have been sitting dormant. To allow our system to refund your account we had to apply a $0.01 debit and credit before we could process your refund.
We haven’t forgotten those of you who love to read the legal stuff, here is the Notice of Variation for the changes.
