You can ask to have an extra credit card for another person (like your partner) linked to your account. This person is called an additional cardholder. Remember, as the primary cardholder, you’ll still be responsible for any transactions they make.
This is a fee charged once a year on the anniversary of the day you activated your card. It covers the cost for us to maintain your card and will vary depending on the type of card you have - it might even be nothing.
Assets are the things you own - like your car, house or shares. We’ll ask you to tell us what your assets are worth when you apply for a credit card.
This is when you transfer the money you owe on an existing credit card to new credit card with a different provider - usually to get a special, lower interest rate.
Balance transfer rate
This is the interest rate you’re charged when you transfer your existing credit card balance to a new provider.
If you withdraw cash from your credit card at an ATM or a branch, or if you use your credit card to buy cash equivalent items like travellers cheques, it’s called a cash advance. You’ll be charged interest (cash advance rate) and a fee (cash advance fee) when you make one.
Cash advance fee
This is the fee you’re charged to make a cash advance – it might be a flat fee or a percentage of the amount of the cash advance.
Cash advance rate
This is the interest we charge you for making a cash advance.
The total amount of money you owe on your card at the end of your statement cycle is called the closing balance. If you pay this, you’ll avoid purchase interest.
Your credit limit is the maximum amount you can spend on your credit card before paying some off.
Credit limit increase/decrease
You can apply to increase or choose to decrease your credit limit at any time, depending on your needs.
The three digit number on the back of your Mastercard® or Visa credit card is the Card Verification Code (or CVC). It’s a security thing.
A direct debit is an automatic payment you can set up for your regular bills so you never miss a payment. Most people set up direct debits for things like rent, insurance or gym memberships.
When you apply for a credit card, we’ll ask about how much you regularly spend on things like rent, bills, food, entertainment, health and more.
During your application, we’ll also ask you to tell us about how much you earn. This includes things like your employment or rental income, Centrelink payments or share dividends.
Interest free days
Our credit cards have an interest free period of up to 44 or 55 days on purchases, depending on the card.
Your interest free period is the time between when you make the purchase and the payment due date on your statement (as long as you pay the full amount owing by the due date and don’t already owe money on your card from your previous statements).