Not sure why a fee appeared on your statement? We’re here to help. Knowing how and when fees are charged can help you avoid unnecessary costs and stay in control of your account.
Where can I see what I’ve been charged for?
Fees and charges vary depending on your card type. You’ll find a breakdown of any charges in your monthly statement, available via the Latitude App or Latitude Service Centre.
Common Credit Card Fees – And How to Avoid Them
| Type of fee | How do I avoid this fee? | Is interest accrued on this fee? |
| Late fee |
|
Yes |
| Payment handling fee |
|
No |
| Paper statement fee |
|
No |
What is interest and how can I avoid it?
Interest is a charge that accrues over time and is calculated by applying a rate to the unpaid balance under a contract. This means that you need to pay a percentage of your balance for borrowing money.
To reduce the interest billed on your next statement, you need to pay your monthly minimum payment along with any remaining interest-bearing balances.
If you pay in full every month by the due date, you will avoid interest on the account balance (excluding cash advances and balance transfers).
What type of transactions is interest charged on?
- Cash balances
- Retails balances not paid in full in the last 2 cycles
- Expired promotions
- Instalment interest bearing promotions
- Balance transfers
What happens if I miss a payment?
If you miss a payment:
-
You’ll be charged interest that was deferred on last month’s new purchases
-
Interest will apply to the unpaid balance for the month
-
A late fee will be charged
-
Interest will continue to accrue until your payment is made in full
To return to receiving interest-free days, pay your full closing balance by the due date on your next statement.
Why am I being charged interest in the second month?
To receive interest free days on any purchase, you must:
- Have paid your previous statement in full and on time; and
- Pay the statement on which the purchase appears in full and on time.
If you have paid your previous statement in full, then interest on the new transactions of your current statement period will be deferred.
If you do not pay your current statement in full, the deferred interest will be charged to your account as well as interest accrued on the balance for the month.
What do you mean by finalised?
Credit card purchases have two stages:
- Authorisation: when your card is swiped at the register, the register (or EFTPOS machine) runs a check to make sure you have enough available credit for the purchase.
- Finalised (posted): at the end of the trading day, the store will start the process to finalise the purchase. This process can take a few days. When a purchase is finalised, we receive the full details from the store, and it becomes a charge on the account. Finalised purchases appear on your statement.
What if I can’t afford to pay my credit card?
If you’re finding it hard to meet your repayments, our Hardship Care team is here to help. Visit our support page to learn more about financial assistance and how to apply.