We've made some important pricing changes to our Latitude Financial credit cards.
- On the 13th April 2022, the Annual Percentage Rate (APR) for our Latitude GO Mastercard and Latitude Gem Visa cards increased to 21.45%
- On the 8 June 2022, the late fee on all credit cards increased from $30 to $35.
The interest rate on expired interest free purchases and cash has not changed.
A notice of variation was published in the Australian Newspaper on Wednesday, April 13, 2022. We also issued a Statement Message on credit card statements issued from April 13, 2022.
Why are you increasing the interest rate on Latitude GO Mastercard and Latitude Gem Visa?
We regularly review our pricing structure and rates for all of our products. These changes are the result of an internal pricing review.
Don't forget that you can still take advantage of "Up To 55 Days interest free" on eligible everyday purchases, provided you pay the full closing balance (excluding unexpired interest free payment plans) on each statement of account by the applicable due date.
Why is the late fee increasing?
Similar to the interest rate, this fee change is the result of an internal pricing review on our credit card products.
Remember, you can avoid the late fee altogether by being aware of when your payment is due each month and paying at least the minimum monthly payment by the due date on your statement.
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.
For Latitude GO Mastercard: A new Interest Free feature is now available in the Latitude App, allowing 6 months interest Free on eligible everyday purchases of $250 or more. Read more about it here.
- For Gem Visa: Every eligible Visa purchase of $250 or more currently receives 6 months interest free