Apply for the Gem Visa credit card to take advantage of 0% interest payment plans at scores of merchants across Australia.
If you're looking for a credit card that supports your spending, you might want to consider the Gem Visa Credit Card. This card offers innovative payment plans and long-term interest-free terms on purchases over $250, helping you save on interest when you spend on your card. Take a look at the features of the card below and see if it's right for you.
|Product Name||Gem Visa Credit Card|
|Purchase rate (p.a.)||0% p.a. for 6 months (reverts to 24.99% p.a.)|
|Annual fee||$99 p.a.|
|Interest Free Period|
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
|Up to 55 days on purchases|
|Cash advance rate (p.a.)||24.99% p.a.|
|Min credit limit|
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|Foreign Currency Conversion Fee (VISA)|
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
|3% of transaction value|
|Complimentary Travel Insurance||No|
|Minimum Age||18 years of age|
|Available To Temporary Residents||No|
|Annual fee||$99 p.a.|
|Minimum Monthly Repayment||3% or $25 whichever is greater|
|Late Payment Fee||$20|
|Cash Advance Fee||3% of the cash advance or $3, whichever is greater, capped at $30|
|Overseas Cash Advance Fee||3%|
|Foreign Currency Conversion Fee|
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You'll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
|Gambling Transactions Allowed||No|
- An introductory rate of 0% p.a. for 6 months on purchases over $250.
- For purchases under $250, you have 55 days interest free to pay back the amount owing provided you have been paying your card off in full by the statement due date.
- If you choose to shop within the thousands of GEM partner stores, you may be eligible for an extended interest free period of up to one or two years.
- The 24.99% p.a. purchase rate is extremely high.
- You can't earn rewards on the purchases you make with this card.
Gem Visa Credit Card review
If you’re looking to make purchases on credit and without the burden of interest, you could benefit from the Gem Visa credit card. Keep costs to a minimum with the 0% payment plans available with thousands of retailers and service providers nationwide. Plus, if you spend over $250 with any retailer, you can look forward to 0% p.a. for 6 months. Spend with convenience using Visa PayWave and manage your account on-the-go with your online account.
Benefits of using the Gem Visa credit card
The benefits of using this Latitude credit card primarily revolve around interest-free shopping, and here’s what you can expect as a cardholder.
- Interest-free payment plans. One option requires that you make minimum monthly payments, and you are free to make additional payments at any time. Another option is where you don’t have to make any payments during the promotional period, and you pay one lump sum payment before the promotional period expires. The third option is where you make equal monthly payments during the course of the promotional period.
- 0% p.a. on purchases for 6 months. When you use this card outside the partner network to make a purchase of more than $250, you don’t have to pay any interest for 6 months.
- Shopper’s protection insurance. You can get optional shopper’s protection insurance by paying one percent of your monthly closing balance, not to exceed $50. This insurance provides cover in the form of price protection, merchandise protection, balance protection, and stolen card cover.
Features of the Gem Visa Credit Card
- Annual fee. This Latitude credit card attracts an ongoing annual fee of $99, which you have to keep paying for the life of the card.
- Interest rate. This card charges a standard interest rate of 24.99% p.a. This rate applies on all interest bearing balances, which include outstanding balances from payment plan purchases when promotional periods end.
- Access to funds. You can use this card at any EFTPOS terminal or ATM that displays the Visa logo, in Australia and overseas. You can also use this Visa credit card to make purchases and pay bills, online and over the phone.
- Access to account information. The Gem Visa online platform gives you the ability to view your statements and keep track of transactional details. You can also use this platform to bills via BPAY.
- Making repayments. You can choose to set up direct debits so you don’t have to worry about making timely repayments, and you can also make repayments via BPAY.
- Visa payWave. If you see the Visa payWave symbol at any merchant, you can use this card to make contactless payments of less than $100.
- Eligible for Samsung Pay. Enjoy the convenience of making contactless payments when you shop just by tapping your qualifying Samsung device on a contactless terminal.
How to apply for the Gem Visa Credit Card
You can apply for the Gem Visa card online. Just fill up the secured online application form, but only after ensuring that you meet the following eligibility criteria.
- You are over 18 years of age
- You are a permanent Australian resident
- You have good credit history
You’ll have to provide different kinds of information to complete the application, so prepare to part with the following:
- Copies of your Australian driver’s license, passport, or proof of age card
- Your employer’s name, phone number, and address, along with your duration of employment
- Details of your income from all sources
- Information about your everyday expenses
- Details of assets like property, vehicles, savings, and investments
- List of your liabilities including credit cards, loans, and overdrafts
The Gem Visa card can work in your favour if you manage to pay off your purchases before their promotional periods come to an end, failing which you’ll have to start paying reasonably high interest. Don’t forget that this is not the only card of its kind, so it is in your best interest to compare a few before applying.