Latitude Gem Visa Credit Card
Offers long-term 0% payment plans at stores across Australia and no interest for 6 months on purchases of $250 or more, with an $8.95 monthly account fee.
The Latitude Gem Visa is a credit card that gives you a few different ways to shop interest-free. It has partnered with a range of stores around Australia to offer interest-free payment plans that range from 6 to 60 months, depending on the offer. It also offers 0% p.a. for 6 months automatically when you make purchases over $250 and up to 55 days interest-free on eligible everyday purchases.
Interest free period
|Product Name||Latitude Gem Visa|
|Purchase rate||19.95% p.a.|
|Interest-free period||Up to 55 days on purchases|
|Cash advance rate||24.99% p.a.|
|Min credit limit||$1,000|
|Foreign currency conversion fee||3%|
|Available to temporary residents||Yes - Conditions apply|
- 0% interest rate for 6 months on purchases $250 or more
- Up to 55 days interest-free to pay for purchases under $250 when you meet the criteria
- Up to 60 months interest-free payment plans
- A 19.95% p.a. purchase rate kicks in after the 6-month period
- Expired promotional purchase rate of 24.99% p.a. is high
- No rewards program and travel insurance
|Minimum monthly repayment||3% of the closing balance or $25, whichever is greater|
|Late payment fee||$30|
|Foreign currency conversion fee||3%|
|Cash advance fee||3% or $3, whichever is greater|
|Overseas cash advance fee||3%|
Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.
This can be a useful option if you need to pay for big expenses – like a new washing machine or holiday – but don’t have enough savings to pay for it in one go. But keep in mind that an interest rate of 24.99% p.a. applies if you don’t pay off the entire purchase by the end of the promotional period.
How to applyYou can apply for the Latitude Gem Visa online or in-store at participating retailers when you're taking out a 0% p.a. interest payment plan. With either option, it's a good idea to check that you meet the following eligibility criteria and have all the documents and details needed to complete the application.
- Residency. Australian citizens, permanent residents and temporary residents are eligible to apply. Temporary residents need to hold a visa that is valid for at least the next 12 months.
- Credit history. You should only apply for this card if you have a clean credit file without any black marks (such as defaults or previous bankruptcy listings). You can check your credit score for free through Finder.
- Age. You must be at least 18 years old to apply.
- Personal details. This includes your full name, date of birth, email address, contact number, residential address and marital status. You also need to provide a valid form of ID, such as your driver's licence or passport.
- Employment details. You need to provide details of your employment status, salary, job title and your employer's contact details. You may also be asked to provide recent payslips to verify these details.
- Financial details. This covers your other financial details, including any other forms of income, assets and savings, along with existing debts, loans, cards or other liabilities. You also need to give an estimate of your share of regular household expenses, such as rent, mortgage payments, bills and groceries.
- Interest-free payment plans. These plans vary by store and purchase, with three main options:
- Interest Free Plans. With this option, you need to make minimum monthly repayments and can get a 0% p.a. interest period starting from 6 months.
- Instalment Interest Free. This payment plan gives you a way to pay off purchases interest-free by making equal monthly repayments over a set period of time. These plans are only available at selected retailers during special promotional periods.
- Buy Now, Pay Later. With this plan, you can get the items that you want without any upfront payment or scheduled repayments. Instead, you can make payments at any time and won't be charged interest if you pay it off before the plan's end-date.
- 0% interest on purchases for 6 months. Any purchases you make that are worth $250 or more will automatically be eligible for a 0% p.a. interest rate for 6 months from the date of the purchase (19.95% p.a. interest rate applies thereafter). Note that minimum repayments still apply.
- Up to 55 days interest-free. This card offers up to 55 days interest-free on your other purchases, as long as you pay the full closing balance by the due date on each statement. This excludes the balance for any active 0% p.a. payment plans.
- Mobile payments. You can use this card to make payments straight from a mobile device with Apple Pay, FitBit Pay, Garmin Pay, Google Pay or Samsung Pay.
Rates & fees
- Monthly fee. The Latitude Gem Visa credit card charges a monthly account service fee of $8.95. This will be waived if your balance is less than $10. If you pay the monthly service fee each month, it would add up to $107.40 over a year.
- Purchase rate. Outside of any promotions, this card has a standard interest rate of 19.95% p.a. on purchases.
- Interest rate for expired long-term interest-free payment plans. If you get an interest-free payment plan through a participating retailer and do not pay it off in full by the end of the promotional period, an interest rate of 24.99% p.a. applies.
- Cash advance rate. If you use this card to withdraw cash or make cash advance transactions, an interest rate of 24.99% p.a. will apply.
- Foreign transaction fee. A fee of 3% applies for transactions made overseas or online with a merchant that's based overseas.
- Payment handling fee. A fee of $0.95 (online) and $2.50 (in-person) applies when you make payments towards the balance on this card. This includes BPAY payments. You can avoid this fee by paying via direct debit, mail or through the Online Service Centre.