Credit Limit Split

What is Credit Limit Split?

We’ve introduced a new feature that lets you split your approved credit limit across select Latitude credit card products. This gives you more flexibility to manage your spending and make the most of your available credit. Once split, you’ll have two sub-accounts under one credit contract, each with their own credit card.

• Right now, you can only split from Latitude Gem Visa or Latitude GO Mastercard into Latitude 28° Global Platinum Mastercard or Latitude Low Rate Mastercard.
• You cannot split the other way around. 
   

What to know before splitting

• One-time option: You can only split your account once.
• Not reversible: At this time, it’s not possible to move the credit limit back once it’s been split
• What’s not carried over: Direct debit arrangements, additional cardholders and credit card insurance do not automatically carry over to your new card product. You’ll need to set these up separately on your new sub-account if required.
• Fees apply: Standard fees and interest rates apply to your new card unless waived by a campaign or special offer.
• Account visibility: Both your original and new cards will appear in your Latitude app dashboard.
• No additional credit checks to access this feature: There is no additional credit application required to use this feature, as it forms part of your existing credit contract. Any new applications outside of this product feature (for example, applying for a new credit product), will still be subject to the standard credit check process.
   

How it works

Check eligibility

• If you’re eligible, you’ll see a “Split your current credit limit to another Latitude credit card” purple banner under the Accounts section in the Latitude App or Latitude Service Centre.

Choose your new card

• Select from 28° Global Platinum Mastercard or Low Rate Mastercard.
• Review product features, fees, and terms and conditions.

Allocate your limit

• Use a slider to decide how much of your credit limit you want to move to your new sub-account.
• Minimum and maximum amounts apply depending on your available credit and product minimum limits.

Fraud and security checks

• A quick security check runs in the background.
• The system allocates the sub-limit to your new sub-account based on the selection you have made.

Confirmation

• If successful, you'll see a Congratulations page confirming your credit limit split. We’ll email you your updated credit sub-limit along with your new sub-account details. Remember, you still have one credit contract with Latitude however your credit limit has been split into two sub-accounts, each with its own credit card.
• Your new card will be sent to your nominated address, and you will be able to add it to your digital wallet. See https://www.latitudefinancial.com.au/digital-wallets/apple-pay/ for more information. 

How to get started

• Log in to your Latitude App (iOS or Android) or the Latitude Service Centre.
• If you see the “Split your credit limit” banner, you’re eligible to apply.
• Follow the steps to choose your product and allocate your limit.
   

Important Scenarios

• Changing your mind: Once the split is done, it can’t be reversed.
• Closing a sub-account: At this time, closing a sub-account does not automatically restore its credit sub-limit to your total credit limit. This means your overall credit limit may be permanently reduced. Closed sub-accounts cannot be reopened.
• Statements & repayments: Each card will have its own monthly statement and due date. You’ll need to keep track of both and make separate payments to each account.
• Direct debits & ACH payments: These don’t carry over. You’ll need to set them up again on your new sub-account.
• Fees, rates & promotions: Standard (and separate) fees and interest rates apply to your new card unless waived by a campaign or special offer.
   

FAQs

Can I split more than once?

No. You can only split your account once.

Example: If you split a $10,000 limit into $6,000 on GEM Visa and $4,000 on a new 28° Mastercard, you can’t change that split later or make another split in future.

Can I reverse a split? 

No. Once you split your credit limit, it cannot be moved back.

Example: If you move $3,000 into a Low Rate Mastercard, you cannot transfer that $3,000 back to your GEM Visa.

What happens to my direct debits?

They don’t transfer. You’ll need to set them up again on your new card or update them with your bank.

Example: If you have a direct debit set up to repay your GEM Visa balance from your bank account, and you split your credit limit to open a 28° Mastercard, that direct debit will not be set up to automatically pay your 28° Mastercard balance. You’ll need to set up a separate direct debit arrangement to make automatic repayments on your new 28° Mastercard.

What about Additional Cardholders (ACH)? 

They don’t transfer automatically. You’ll need to add them to your new card manually.

Example: If you had an additional cardholder set up on your GO Mastercard, you’ll need to add them separately for your new Low Rate Mastercard if desired.

What about ACH payments?

They don’t transfer automatically. You’ll need to add them to your new card manually.

Example: If you had an ACH payment set up for insurance on your GO Mastercard, you’ll need to set up a new ACH arrangement for your new Low Rate Mastercard.

What happens if I close one of my sub-accounts?

The credit limit on that sub-account will not return to your total credit limit. This means your overall limit could be permanently reduced. Closed sub-accounts cannot be reopened.

Example: If you split $8,000 into $5,000 on GEM Visa and $3,000 on a Low Rate Mastercard, then later close the Low Rate Mastercard, your overall limit will stay at $5,000 instead of returning to $8,000.

Do I need a credit check to use this feature?

No. There are no additional credit checks. However, you will see both products on your credit report. 

Example: Splitting $5,000 into two sub-accounts won’t trigger a new credit application.

Will I get separate statements?

Yes. Each card will generate its own statement, and you’ll need to check and pay both.

Example: If you split into two cards, you’ll receive one statement for GEM Visa and one for 28° Mastercard. Each will show its own balance, due date, and repayment amount.