Whether you’re making the minimum payment or aiming to stay interest-free, it's important to understand how your Latitude credit card payments work. Here is some useful information to stay on top of your account - so you can avoid unnecessary interest and fees.
Your Monthly Statement Explained
Each month, you'll receive a statement outlining what you need to pay and when. Here’s what to look out for:
- Minimum Monthly Payment: This is calculated as outlined in your Key Facts Sheet and is the minimum amount that you need to pay to keep your account up to date.
- Full or Modified Closing Balance: This amount includes your everyday purchases, cash advances, balance transfers and any interest-free purchases that are expired or expiring soon. Paying this amount each month can help avoid unnecessary fees and interest but we understand that it isn’t always possible.
- Managing your repayments section: This section gives you insight into how paying above the minimum each month can reduce your balance faster and help you save on interest in the long run. Click here to read more.
Staying on Top of Payments
Here are some helpful tips to make sure your payments are on time:
- Set up Payment Due reminders: You can receive email alerts 7 days before your payment is due. Set this up in the Notifications section of the Latitude Service Centre.
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Pay by the Due Date: You can:
- Track the amount due and due dates anytime via the Latitude App or Latitude Service Centre.
- Check out how to make a payment. You can’t use another credit card to pay your Latitude card.
- Set up a direct debit to automate payments and avoid late fees. Don’t forget to ensure you have enough funds in your account to cover your payments.
- Allow Time for Payment Processing: Payments can take a few days to reflect on your account balance:
| Payment Method | Processing Time |
| Bank Transfer via the Latitude App and Latitude Service Centre | 3 - 5 business days |
| Direct Debit | Usually the same day |
| BPAY® | Up to 3 business days |
| Australia Post | 2–3 business days |
| Over the Phone Payment | Within 24 hours |
- Optional Extra Repayments to Avoid Interest: You can choose to pay more than the minimum monthly payment each month to avoid any interest charges at the end of your interest-free period. To estimate what you may need to pay each month to pay your interest-free purchases before expiry, divide the amount by the term.
How We Allocate Your Payments
We automatically apply your payments to reduce interest – starting with the balances that are attracting the highest interest rate and ensure any minimum monthly payments are met first.
Here's how different plans work:
- General purchases, cash advances, expired payment plans & any fees, charges or insurance premiums (if applicable): These require a minimum monthly payment based on the outstanding balance.
- Minimum Monthly Payment Plans: Each of these plans requires a minimum monthly payment on the owing balance.
- Equal Monthly Payment Plans: You’ll have a fixed monthly payment to ensure the full amount is paid by the end of the interest-free period.
- Deferred Payment Plans: No payment is needed during the promotional term, unless you choose to make one.
If you choose to manually allocate your payments, you may end up with outstanding balances when your interest-free periods expire - which could lead to additional interest. You can:
- Use the Latitude App or Latitude Service Centre to make extra repayments towards specific plans using the Pay this plan feature.
- Call us if you’d like to request a custom payment allocation.
Need Help with Payments?
We know life doesn’t always go to plan. If you're finding it hard to make repayments, our Hardship Care team is here to help. We may be able to set up a personalised plan that suits your situation. Visit our Hardship Care page to learn more.