Particulars of Change
From Wednesday 20th November 2024, Latitude Finance Australia ABN 42 008 583 588 Australian Credit Licence number 392145 will be re-launching its Latitude Low Rate Mastercard credit card and making some important changes to this product.
Effective from 20th November 2024, we will be re-launching our Latitude Low Rate Mastercard credit card to new customers as well as making some important changes to the Latitude Low Rate Mastercard product, impacting new and existing customers.
These changes include:
- The introduction of a rewards program and balance transfers
- Removal of the complimentary insurances provided by Mastercard
All other existing card features will remain the same.
Effective from 31st October 2024, the following changes will apply to the CreditLine, CreditLine (available through Apple), Buyer’s Edge and CareCredit.
EFTPOS functionality is being removed from your credit card account and will not be available at point-of-sale and ATM withdrawals. References to EFTPOS have been removed in your Conditions of Use Booklet. Cash advances will still be available where a BPAY payment is treated as a cash advance. These changes will not impact your ability to make purchases at participating retailers, with an interest free payment plan subject to terms and conditions.
Learn more here.
Effective from 17th September 2024, the following changes will apply to the credit card products issued by Latitude as listed below:
For Latitude GO Mastercard, Latitude GO Platinum Mastercard, Latitude Gem Visa, Latitude 28° Global Platinum Mastercard, Latitude Eco Mastercard, Latitude Mastercard and Latitude Infinity Rewards Visa
- The annual purchase interest rate will increase from 27.49% p.a. to 27.99% p.a.
Effective from 17th September 2024, the following changes will apply to the 28 Degrees Global Platinum Mastercard credit card issued by Latitude:
- A card fee of $8 per month will be introduced. You will see this fee being charged on your first statement following this date.
- Interest rate on purchases - This rate is increasing from 27.49% p.a to 27.99% p.a.
- You can redeem a $10 gift card from a retailer of your choice via the Latitude App when they spend $1000 or more on eligible purchases in each statement period.
- Complimentary Purchase Protection Insurance will now be available covering the loss of purchases due to accidental damage or theft - up to $1500.
- Complimentary E-Commerce Protection Insurance will now be available covering the non-delivery and/or incomplete delivery of online purchases - up to $1500.
Learn more here.
All other existing card features will remain the same.
Effective from 17th July 2024, Latitude will be changing how the monthly account fee will be charged. From this date, the monthly account fee will be charged on each statement, whether the account is a debit, zero or credit balance. The following changes will apply to the relevant credit card products issued by Latitude as listed below:
Latitude GO Platinum Mastercard® and Latitude GO Mastercard®
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.
Latitude Gem Visa®
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.
CreditLine available through Apple
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.
CreditLine
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.
Buyer’s Edge
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.
Care Credit
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.
Learn more here.
Effective from 22nd May 2024, the following changes will apply to the relevant credit card products issued by Latitude listed below:
Latitude GO Platinum Mastercard®, Latitude GO Mastercard®, Latitude Gem Visa, Buyer’s Edge, CreditLine.
- The monthly account service fee will increase from $9.95 to $10.95
Care Credit , CreditLine available through Apple.
- The monthly account service fee will increase from $4.95 to $5.95
Effective from 15th May 2024, the following changes will apply to the Latitude credit card products listed below:
Latitude GO Mastercard® and Latitude GO Platinum Mastercard
- The interest rate for the expired balance transfer balance will change from the credit card annual percentage rate to the cash annual percentage rate of 29.99%.
- A balance transfer fee may be charged up to 3% of the balance transfer amount (disclosed to you at time of offer) which will form part of the balance transfer balance.
- Modified closing balance definition has been changed to now include the balance transfer offer.
Latitude Gem Visa
- The interest rate for the expired balance transfer balance will change from the card purchase rate to the cash advance rate of 29.99%.
- A balance transfer fee may be charged up to 3% of the balance transfer amount (disclosed to you at time of offer) which will form part of the balance transfer balance.
- Modified closing balance definition has been changed to now include the balance transfer offer.
Latitude 28° Global Platinum Mastercard
- The interest rate for the expired balance transfer balance will change from the standard annual percentage rate to the cash annual percentage rate of 29.99%
- A balance transfer fee may be charged up to 3% of the balance transfer amount (disclosed to you at time of offer) which will form part of the balance transfer balance.
- Modified closing balance has been introduced to the Conditions of Use as a new definition.
- Section headed “Latitude 28° Global Platinum Mastercard Balance transfer offer terms and conditions” and clause 4.5 are deleted.
If, at the date of these changes, you are under a temporary arrangement (such as hardship), the terms of any variation notice previously provided for that temporary arrangement will continue to apply until the end date of that temporary arrangement.
Effective from 24th April 2024, the following changes will apply to the relevant credit card products issued by Latitude listed below.
CreditLine, Buyer's Edge and Care Credit
- The payment handling fee (online) will increase from $0.95 to $1.95
- The late fee will increase from $35 to $45
- The paper statement fee will increase from $2.50 to $5.00
Latitude 28° Global Platinum Mastercard®, Latitude GO Mastercard® / Latitude GO Platinum Mastercard®, Latitude Gem Visa, Latitude Infinity Rewards Visa, Latitude Low Rate Mastercard®, Latitude Eco Mastercard® and Latitude Mastercard®.
- The payment handling fee (online) will increase from $0.95 to $1.95
- The late fee will increase from $35 to $45
- The paper statement fee will increase from $2.50 to $5.00
Latitude GO Mastercard® / Latitude GO Platinum Mastercard®:
- The credit card annual percentage rate will be increased from 26.99% p.a. to 27.49% p.a.
- The expired promotional purchases annual percentage rate will increase from 26.99% p.a. to 29.99% p.a.
Latitude Gem Visa:
- The card purchase rate will increase from 26.99% p.a. to 27.49% p.a.
- The expired promotional purchase rate will increase from 26.99% p.a. to 29.99% p.a.
Latitude 28° Global Platinum Mastercard®:
- The standard annual percentage rate will increase from 26.99% p.a. to 27.49% p.a.
Latitude Eco Mastercard®:
- The standard annual percentage rate will increase from 26.99% p.a. to 27.49% p.a.
Latitude Mastercard®:
- The standard annual percentage rate will increase from 26.99% p.a. to 27.49% p.a.
Latitude Low Rate Mastercard®:
- The standard annual percentage rate will increase from 13.74% p.a. to 13.99% p.a.
Latitude Infinity Rewards Visa:
- The standard annual percentage rate will increase from 26.99% p.a. to 27.49% p.a.
Latitude recently undertook a review of its agreements and gave notice of the changes set out below:
1) Acting reasonably
Where we have a discretion (for example to vary a term or authorize or decline a transaction), our discretion is qualified by words under which we may only exercise that discretion acting reasonably and to the extent reasonably necessary to protect our interests.
2) Set-off
Words have been included to expressly recognize certain rights of set-off you may have which cannot be excluded.
3) Limitation of Liability & Indemnities
Terms which:
a) limit Latitude's liability; or
b) require you to grant an indemnity in favour of Latitude,
have been qualified to ensure you will not be liable for losses to the extent caused by negligence, mistake, wilful default or fraud of Latitude or its employees or agents.
4) Card return
Terms which required the return of cards to Latitude on Latitude's demand or on cancellation or account closure have been removed - it is sufficient for the cards to be securely cut and destroyed.
5) Linked Credit Provider
The terms have been changed to expressly recognize that we may have responsibility as a linked credit provider for certain card transactions.
6) Default Events
Latitude has limited its ability to take enforcement action for certain events of default unless they are material or reasonably considered to have or likely to have a material impact on your ability to meet your obligations, Latitude's credit risk or legal or reputation risk or Latitude's ability to assess these things. This is not applicable to monetary events of default.
7) Clarification of drafting
Revisions have been made to clarify clauses by being more specific, to ensure consistency and to correct minor errors.
A copy of the updated Conditions of Use can be found online at: https://www.latitudefinancial.com.au/forms/
The cash advance fee will increase to the greater of 3.5% or $4.00 for Latitude 28° Global Platinum Mastercard®, Latitude GO Mastercard® / Latitude GO Platinum Mastercard®, Latitude Gem Visa, Buyer’s Edge, CreditLine and Care Credit, Latitude Infinity Rewards Visa, Latitude Low Rate Mastercard®, Latitude Eco Mastercard® and Latitude Mastercard®.
The ability to make a direct credit transfer will be removed for Latitude GO Mastercard® / Latitude GO Platinum Mastercard®, Latitude Eco Mastercard®, Latitude 28° Global Platinum Mastercard®, Buyer’s Edge and CreditLine.
The $30 cap for a cash advance fee will be removed for Latitude GO Mastercard® / Latitude GO Platinum Mastercard®, Latitude 28° Global Platinum Mastercard®, Latitude Gem Visa, Buyers Edge and CreditLine.
These changes were advertised in The Australian Newspaper on 8 November 2023.
For further information about all these changes, including some Frequently Asked Questions, visit: https://latitudefinancial.com.au/credit-card-changes
A copy of the updated Conditions of Use can be found online at: https://www.latitudefinancial.com.au/forms/
Is it lawful to increase the fees?
Yes, it is lawful to increase fees and charges. Please refer to your General Terms and Conditions booklet (applicable to Latitude Low Rate Mastercard, Latitude GO Mastercard, Latitude GO Platinum Mastercard, Latitude Gem Visa, Latitude 28° Global Platinum Mastercard) or the Conditions of Use booklet that is applicable to any of our other cards, regarding increases in fees and charges.
Why are you increasing the interest rate on Latitude Credit Cards?
We regularly review our pricing structure and rates for all our products. These changes are the result of an internal pricing review.
How can I reduce the amount of interest I pay each month?
There are several ways you can reduce the amount of interest you pay:
- Make extra payments whenever you like.
- If you pay your account earlier, you reduce the interest-bearing balance, which will reduce the interest calculation for the remainder of your statement cycle.
How can I reduce the amount of fees I pay each month?
There are several ways you can reduce the amount of fees:
- You have two options to receive your statements: Online Statements (no additional charges) or a Paper Statement (insert fee)
- You can make payments via the Latitude Service Centre (no additional fees apply), the Latitude Mobile App (no additional fees apply), Australia Post (Insert fee that applies) or BPAY (insert fee that applies).
- Note the due date on your statement and pay your amounts due on time to avoid the late payment fee.
- Making the Minimum Monthly Payment on time can help you avoid late fees. You may do this by setting up automated BPAY payments or setting up a direct debit on your account – choose whichever suits you best.
Want to learn more?
- Find out more about credit cards and lending on ASIC’s MoneySmart site
- Use the MoneySmart calculator to find out how much you could save when you pay off your credit card sooner.
Where can I get further support?
If you are experiencing financial hardship, head over to our Hardship Care page for more information.