At present, COVID-19 is creating a difficult situation for many Australians. We have a number of options available to help you manage your cash flow and create some breathing room during this uncertain and evolving time:
1. Reduce your repayments to the minimum amount Did you know that you can reduce your monthly outgoings for a period of time if you need to, by only paying the Minimum Payment Due, as well as any Overdue Amount and any Overlimit Amount, by the Minimum Payment Due Date? You will accrue interest on the remainder of the Closing Balance, however you won’t be charged any late fees. This may be a tactic to help you to manage your cash flow during the month. |
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2. Set up an automatic payment so you don't miss your due date There are a number of methods to avoid late fees on your account. You could set a recurring reminder in your phone or diary. Or you could set up a recurring payment to your account from your transaction account. Alternatively, you could set up an Easi-Pay to automatically pay either your Closing Balance, or the Minimum Payment Due, plus any Overdue Amount and any Overlimit Amount, every month on the Minimum Payment Due Date from the bank account of your choice. |
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3. Defer your repayments for 3 months If your circumstances have changed due to COVID-19, we can help you by allowing you to defer your repayments for three months on your Credit Card account(s). We may give you the option to extend for a further three months at the end of your initial deferral period. During the deferral period, you may make payments at any time without impacting your deferral program, but no payments are required, no late fees will be charged and your account will not be overdue, although you will continue to accrue interest on your outstanding balance. We will not report any missed payments to the credit bureau during the period of your payment deferral. You will be able to continue to spend on your card, provided you are up to date in your repayments at the point of applying for a deferral and you have available credit limit. To apply, complete this simple online application form. In most circumstances, you will automatically qualify. |
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