Particulars of Change
Latitude Finance Australia ABN 42 008 583 588 Australian Credit Licence number 392145 (“Latitude”) has undertaken a review of its agreements and gives notice of the changes set below.
Part A of this notice sets out changes that take effect from 8 November 2023.
Part B of this notice sets out other changes that will take effect on 9 January 2024.
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/
We have also made some important pricing changes to our Latitude Financial credit cards.
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Standard Annual Percentage (Purchase) rate will increase from 24.95% to 26.99%
-
Cash Annual Percentage Rate will be increased from 24.95% to 29.99%
- BPAY® fee of $0.95 will be charged to customer account each time payment is made to the account.
- The following changes have been made to the Latitude Infinity Rewards Visa Conditions of Use clause and Credit Guide clause outlined below:
Clause 14.1 is deleted and replaced with the following clause:
14.1 Your minimum monthly payment for a statement period is:
- nil if your closing balance is $5 or less;
- the closing balance if it is more than $5 but less than $25; and
- otherwise 3.00% of the closing balance or $25 (whichever is greater), PLUS any instalment payment due for that statement period and (if applicable) any IIF-related special promotion fee and IIF-related account service fee.
Why are you introducing BPAY® fee on Latitude Infinity Rewards Visa?
We regularly review our pricing structure and rates for all our products. The introduction of online payment handling fee using BPAY® is the result of an internal pricing review. This will align the fee with other Latitude credit card products.
Why are you increasing the minimum monthly payment on Latitude Infinity Rewards Visa?
Your minimum monthly payment will now be 3.00% of the closing balance of your account or $25 (whichever is greater). This will align the Latitude Infinity Rewards Visa minimum monthly payment to other Latitude credit card products.
Do I have to make any changes to how I pay?
- Please refer to ‘Minimum Monthly Payment’ and ‘Total Due’ amount stated on your monthly statement.
- You can continue to make payments using your preferred method.
- If you have an automatic direct debit set up this will automatically update with the new payment amount. Please ensure you have sufficient funds in your nominated bank account.
- If you have established a regular payment from your Bank using BPAY® you should consider reviewing the amount you pay to ensure it covers the new payment amount.
How can I track when my minimum monthly payment is due and how much I need to pay?
Your payment due date is not changing.
Your due date and minimum monthly payment due are accessible on your statement, the Latitude Service Centre or the Latitude Mobile App.
What if I am having trouble affording the new minimum monthly payment?
If you are finding it hard to manage your repayments, our Hardship Care team can help and review your situation. To learn more, visit our Latitude Hardship Care page or speak to one of our Hardship Care Specialists on 1800 220 718.
How do I access updated Condition of Use?
For the latest Conditions of Use, please visit Latitude Infinity Rewards Visa product page under section for Rates, Fees and Conditions/other information.
Visit Product page link –
Latitude Infinity Rewards Visa: https://www.latitudefinancial.com.au/credit-cards/latitude-infinity-rewards-credit-card/
- The following changes have been made to the Latitude Low Rate Mastercard® Conditions of Use and Credit Guide outlined below:
Clause 13.1 is deleted and replaced with the following:
13.1 “Your minimum monthly payment for a statement period is: 3.00% of the closing balance or $25 (whichever is greater) if the closing balance is $25 or more.”
We have created a list of the following FAQs:
Why are you increasing the minimum monthly payment on Latitude Low Rate Mastercard?
Your minimum monthly payment will now be 3.00% of the closing balance of your account or $25 (whichever is greater). This will align the Latitude Infinity Rewards Visa minimum monthly payment to other Latitude credit card products.
Do I have to make any changes to how I pay?
- Please refer to ‘Minimum Monthly Payment’ and ‘Total Due’ amount stated on your monthly statement.
- You can continue to make payments using your preferred method.
- If you have an automatic direct debit set up this will automatically update with the new payment amount. Please ensure you have sufficient funds in your nominated bank account.
- If you have established a regular payment from your Bank using BPAY® you should consider reviewing the amount you pay to ensure it covers the new payment amount.
How can I track when my minimum monthly payment is due and how much I need to pay?
Your payment due date is not changing.
Your due date and minimum monthly payment due are accessible on your statement, the Latitude Service Centre or the Latitude Mobile App.
What if I am having trouble affording the new minimum monthly payment?
If you are finding it hard to manage your repayments, our Hardship Care team can help and review your situation. To learn more, visit our Latitude Hardship Care page or speak to one of our Hardship Care Specialists on 1800 220 718.
How do I access updated Condition of Use?
For the latest Conditions of Use, please visit Latitude Low Rate Mastercard product page under section for Rates, Fees and Conditions/other information.
Visit Product page link –
Latitude Low Rate Mastercard: https://www.latitudefinancial.com.au/credit-cards/latitude-low-rate-mastercard/
CreditLine
- The monthly account service fee will increase from $8.95 to $9.95. (As per the Notice of Variation dated 25/01/2023, effective from 29/03/2023, the monthly account servicing fee was increased from $6.95 to $8.95, however the fee increase has not been implemented and monthly fee of $6.95 is currently being charged. The new fee of $9.95 will come into effect from 05/09/2023.)
Buyer’s Edge
- The monthly account service fee will increase from $8.95 to $9.95. (As per the Notice of Variation dated 25/01/2023, effective from 29/03/2023, the monthly account servicing fee was increased from $6.95 to $8.95, however the fee increase has not been implemented and monthly fee of $6.95 is currently being charged. The new fee of $9.95 will come into effect from 05/09/2023.)
Latitude Gem Visa:
- Cash Annual Percentage Rate will be increased from 26.99% to 29.99%
Latitude GO Mastercard®:
- Cash Advance Rate will be increased from 26.99% to 29.99%
Latitude GO Mastercard® / Latitude GO Platinum Mastercard®:
- The Credit Card Annual Percentage rate, Expired Promotional Purchases Annual Percentage rate and Cash Annual Percentage rate will increase from 25.90% p.a. to 26.99% p.a.
Latitude Gem Visa:
- The Card Purchase rate, Expired Promotional Purchase rate and Cash Advance rate will increase from 25.90% p.a. to 26.99% p.a.
Latitude 28° Global Platinum Mastercard®:
- The Standard Annual Purchase rate will increase from 22.99% p.a. to 26.99% p.a.
- The Cash Annual Percentage rate will increase from 22.99% p.a. to 29.99% p.a.
Latitude Eco Mastercard®:
- The Standard Annual Purchase rate will increase from 22.49% p.a. to 26.99% p.a.
- The Cash Annual Percentage rate will increase from 22.49% p.a. to 29.99% p.a.
Latitude Mastercard®:
- The Standard Annual Purchase rate will increase from 24.50% p.a. to 26.99% p.a.
- The Cash Annual Percentage rate will increase from 24.50% p.a. to 29.99% p.a.
Latitude Low Rate Mastercard®:
- The Standard annual percentage rate will increase from 12.89% p.a. to 13.74% p.a.
- The Cash annual percentage rate will increase from 21.89% p.a. to 29.99% p.a.
This notice is given by the credit provider Latitude Finance Australia (ABN 42 008 583 588), Australian Credit Licence Number 392145.
Please refer to your statement issued from 5th July 2023 onwards.
Why have we changed our Conditions of Use?
The changes we’ve made to the Conditions of Use are to ensure Latitude continues to comply with the Australian Unfair Contract legislation. The changes are all positive changes for our customers.
Why has the cost of a Cash Advance increased?
Given our rising cost environment associated with Cash Advances, we’ve made the difficult decision to increase the fees for a Cash Advance across all our credit cards.
Is it lawful to increase the fees?
Yes, it is lawful to increase fees and charges. Please refer to your Conditions of Use booklet 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:
- 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.
- Make extra payments whenever you like.
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For Latitude GO Mastercard credit card: Enjoy 6 months Interest Free on everyday purchases of $250 or more. Select your purchases in the Latitude app withing 30 days. Read more about it here.
- For Latitude Gem Visa credit card: Instant 6 months Interest Free on everyday purchase of $250 and over.
Want to learn more?
- Read these tips and articles on how to manage your money, including this one that provides some great tips on how to stay on top of interest and repayments
- 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.
