We know you may have some questions about paying your account. Let’s get down to business!
Q. How will I know when my payments are due?
You'll receive a statement every month, showing the minimum monthly payment amount you're required to make and the due date, plus any overdue payments and over-limit amounts. You can choose to receive email alerts to remind you when your payments are due. Simply log on to the Online Service Centre to set up alerts. Alternatively, you can keep track of your due dates on the Latitude App or on the Latitude Service Centre.
Q. How are the minimum monthly repayments calculated?
The amount you need to repay appears on your monthly statement. If monthly payments are required, it's calculated at 3% of the total outstanding balance or $25, whichever is greater (plus any overdue payments and over-limit amounts and any instalments payable on instalment purchases).
Q. There’s information on my statement about paying more than the minimum monthly payment. Can I keep paying the minimum each month?
Yes - the minimum monthly payment is the minimum amount that you need to pay to keep your account up to date. To avoid any interest charges at the end of your interest-free period, it is recommended to pay more than the minimum monthly payment each month if you can afford to. To figure out what you may need to pay each month to pay your interest-free purchases before expiry, all you need to do is divide the term by the amount.
Q. What’s the difference between the 'Managing Your Repayment' and the 'Payment to Reduce Further Interest' sections on my statement?
The "Managing Your Repayment" section takes a long-term view of your repayments. With it, you can better understand how paying above your minimum payment each month makes a difference.
The Payment to Reduce Future Interest (PRFI) tells you how much you might like to pay to reduce your interest - or avoid it altogether.
It includes everyday purchases, cash advances and balance transfers, plus any payments owed on interest-free purchases that are expiring/have expired, up to the next payment due.
Either way, make sure to pay the total amount due each month.
Q. Will you remind me when my payment is due?
You can receive a Payment Reminder email which is sent to you 7 days before your payment is due. You can set this up in "Manage My Details" through the Online Service Centre.
Q. How can I avoid late fees on my account?
We understand that nobody likes a late fee! To avoid them, you need to ensure you’re making your payment on time, as indicated on your statement. Choosing to pay by direct debit will help to avoid fees from missed or late payments. Make sure you have sufficient funds in your account so all direct debits and other scheduled payments can be made. You can manage your due dates and your statements via the Latitude App, Latitude Service Centre or the Online Service Centre anytime.
Q. Can I use my credit card for a Direct Debit?
Unfortunately, you are not able to pay credit with credit. Direct debit payments cannot be made by credit card or charge card.
Q. What do I do if I cannot afford to make my repayments?
We understand that times get tough. If something changes and you're finding it hard to manage your repayments, don't worry - our Hardship Care team are here to help. We may be able to tailor an arrangement to suit your needs. To learn more, visit our Hardship Care page.