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Managing your cash flow during COVID-19

Supporting our customers by providing flexibility and cash flow management solutions during this uncertain time. 

COVID-19 is creating a difficult situation for many Australians. We have options available to help you manage your cash flow and create some breathing space  during this uncertain 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 help you to manage your cash flow during the month.

  1. Set up an automatic payment so you don't miss your due date 

There are methods to avoid late fees on your account. You could set a recurring reminder in your phone or diary.

Alternatively, you could set up 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.

  1. 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. 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.

Defer My Payments

FAQs

My financial difficulties extend beyond COVID-19. What do I do?

 If COVID-19 has impacted or exacerbated your situation, you are entitled to apply for the three month payment deferral for your Credit Card account(s). 

If you need more information or a different kind of support, you can read about our Financial Hardship assistance here.

Will I be able to continue using my card if I apply for the payment deferral program? 

Provided you are up to date in your repayments at the point of applying for a deferral, and you have an available credit limit, you will be able to continue to spend on your card during the payment deferral period. 

However, please note that there will be a period of up to 48 hours during which your credit card will be suspended from usage while your payment deferral is put in place. This may mean you have recurring payments from your credit card rejected during this time.

Will my credit report be impacted by the payment deferral program?

We will not report any missed payments to the credit bureau during the period of your payment deferral.

How will my existing Instalment Plan (or "Fixed Payment Option") be affected by a payment deferral application?

Your Instalment Plan, or Fixed Payment Option (FPO), will effectively be paused for the duration of your approved payment deferral, meaning you will not be required to make any repayments.

Some more information you should know:

  • Any instalments that were due in the statement you received prior to the commencement date of your deferral period, and which remain unpaid, will be added to your outstanding balance and interest will be charged at the applicable APR in accordance with your product Terms and Conditions.
  • During the payment deferral period you will be charged interest at the applicable FPO rate on the outstanding principal component of your FPO balance.
  • This interest will appear on your first monthly statement after the deferral period ends, as a separate instalment plan with the same remaining term as your original FPO.
  • At the end of the payment deferral period, your monthly FPO payments will resume with the same number of remaining monthly instalments to be paid at the same amount.
  • Please refer to your first statement after the payment deferral period for the new instalment amounts.

For more information about your Fixed Payment Option, please refer to the Terms and Conditions.

Should I wait to see if my situation is going to improve before submitting an application?

If you are not sure that your situation will improve, we encourage you to contact us at your earliest convenience, so that we have time to tailor a solution for you. You can also call us any time to withdraw your application in the event your circumstances change (for example, your financial situation has improved and you are able to resume your repayments).

If you have a question we haven't answered here, please send us an email.

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