From Wednesday 12th June 2024, we are increasing the annual account fee by $10 for two of our credit card products.
Gem Visa:
- The annual account fee will increase by $10 from $55 to $65 and will be charged half yearly in instalments of $32.50 (previously $27.50).
Gem CreditLine:
- The annual account fee will increase by $10 from $55 to $65 and will be charged half yearly in instalments of $32.50 (previously $27.50).
Annual account fees are charged in arrears for the previous 6 months. To ensure the correct half yearly annual account fee instalment is charged to your account:
If your most recent half yearly annual account fee instalment is due:
- before 12th December 2024, then you will be charged as per the existing annual fee instalment of $27.50 and $32.50 half yearly thereafter.
- on or after 12th December 2024, then you will be charged the revised annual fee instalment of $32.50.
Important: If, at the date of these changes, you are under a temporary arrangement (such as hardship), the terms of any variation notice previously provided for that temporary arrangement will continue to apply until the end date of that temporary arrangement.
Gem Visa:
- The interest rate applied to a balance transfer will change to the current annual interest rate for cash advances (currently 29.95%) from the current annual interest rate for purchases (currently 29.49%). Interest at this rate will begin to accrue at the end of any promotional period applicable to any balance transfer made on your account where the transaction amount has not been repaid in full at the expiry of the promotional period.
If, at the date of these changes, you are under a temporary arrangement (such as hardship), the terms of any variation notice previously provided for that temporary arrangement will continue to apply until the end date of that temporary arrangement.
Gem Visa:
- The annual interest rate payable on purchases will increase by 0.50% p.a. from 28.99% p.a. to 29.49% p.a.
Gem Essential:
- The annual interest rate payable on purchases will increase by 0.50% p.a. from 21.99% p.a. to 22.49% p.a.
Important: This change only applies to customers currently on the published interest rates.
If, at the date of these changes, you are under a temporary arrangement (such as hardship), the terms of any variation notice previously provided for that temporary arrangement will continue to apply until the end date of that temporary arrangement
Wednesday 11th October, 2023:
Gem Visa
Effective from the 11th of October 2023, the annual interest rate payable on cash advances will increase by 0.96% p.a. from 28.99% p.a. to 29.95% p.a. The annual interest rate for purchases remains unchanged at 28.99% p.a.
Wednesday 2nd August, 2023:
On Wednesday 2nd August, 2023, the following changes came into effect i.e. the following definitions in section 1 of the Gem Visa Conditions of Use changed as set out below:
Existing Condition | Have been replaced with |
cash advance means any withdrawal of cash from your account but does not include a cash equivalent transaction; | cash advance means any withdrawal of cash from your account or cash equivalent transaction; |
cash equivalent transaction means a transaction involving the issue of substitutes for cash, including, the purchase of travellers cheques or money orders, the purchase of casino gambling chips or tokens, funds transfers debited to your account (except balance transfers) or the purchase of, or loading of value onto, a pre-paid or stored-value card; |
cash equivalent transaction means a transaction involving the issue of substitutes for cash, including: (a) the purchase of travellers cheques, (b) any transaction in the nature of a wager, gaming, gambling transaction or game of chance, including a purchase of gambling chips or tokens or any lottery, raffle or sweepstake ticket, (c) the purchase of, or loading of value onto, a pre-paid or stored-value card, (d) any other transactions (including Cryptocurrency transactions), that we notify you will be treated as cash equivalent transactions, or (e) any transactions which a merchant or card scheme identifies as a cash advance; |
purchase means a purchase of goods or services and includes a promotional purchase, a retail purchase, a cash equivalent transaction and any Gem Visa Shopper’s Protection premium, but excludes any cash advance or balance transfer; | purchase means a purchase of goods or services and includes a promotional purchase, a retail purchase, a funds transfer debited to your account including foreign remittances and any Gem Visa Shopper’s Protection premium, but excludes any cash advance, cash equivalent transaction or balance transfer; |
From Wednesday 2nd August, 2023, the following changes are effective:
- The annual interest rate payable on purchases and cash advances will increase by 1.00% p.a. from 27.99% p.a. to 28.99% p.a.
- The Payment Handling Fee for over the counter payments at NZ Post Shop branches will increase by $1.00 from $1.70 to $2.70.
- The Gem Visa Conditions of Use have been updated so that a cash equivalent transaction will now be treated as a cash advance. As such interest will be applied from the date of the transaction, as disclosed in the Initial Disclosure Statement, or as notified to you from time to time. A funds transfer debited to your account including foreign remittances and money transfers are not impacted by this change and will continue to be treated as a purchase.
The following definitions in section 1 of the Gem Visa Conditions of Use have changed as set out below:
Existing Condition | Have been replaced with |
cash advance means any withdrawal of cash from your account but does not include a cash equivalent transaction; | cash advance means any withdrawal of cash from your account or cash equivalent transaction; |
cash equivalent transaction means a transaction involving the issue of substitutes for cash, including, the purchase of travellers cheques or money orders, the purchase of casino gambling chips or tokens, funds transfers debited to your account (except balance transfers) or the purchase of, or loading of value onto, a pre-paid or stored-value card; |
cash equivalent transaction means a transaction involving the issue of substitutes for cash, including: (a) the purchase of travellers cheques, (b) any transaction in the nature of a wager, gaming, gambling transaction or game of chance, including a purchase of gambling chips or tokens or any lottery, raffle or sweepstake ticket, (c) the purchase of, or loading of value onto, a pre-paid or stored-value card, (d) any other transactions (including Cryptocurrency transactions), that we notify you will be treated as cash equivalent transactions, or (e) any transactions which a merchant or card scheme identifies as a cash advance; |
purchase means a purchase of goods or services and includes a promotional purchase, a retail purchase, a cash equivalent transaction and any Gem Visa Shopper’s Protection premium, but excludes any cash advance or balance transfer; | purchase means a purchase of goods or services and includes a promotional purchase, a retail purchase, a funds transfer debited to your account including foreign remittances and any Gem Visa Shopper’s Protection premium, but excludes any cash advance, cash equivalent transaction or balance transfer; |
Gem Essential
From Wednesday 2nd August, 2023, the following changes are effective:
- The annual interest rate payable on cash advances will increase by 4.96% p.a. from 24.99% p.a. to 29.95% p.a.
- The Gem Essential Conditions of Use have been updated so that a cash equivalent transaction will now be treated as a cash advance. As such interest will be applied from the date of the transaction, as disclosed in the Initial Disclosure Statement, or as notified to you from time to time. A funds transfer debited to your account including foreign remittances and money transfers are not impacted by this change and will continue to be treated as a purchase.
The following definitions in section 1 of the Gem Essential Conditions of Use have changed as set out below:
Existing Condition | Have been replaced with |
cash advance means any withdrawal of cash from your account but does not include a cash equivalent transaction; | cash advance means any withdrawal of cash from your account or cash equivalent transaction; |
cash equivalent transaction means a transaction involving the issue of substitutes for cash, including, the purchase of travellers cheques or money orders, the purchase of casino gambling chips or tokens, funds transfers debited to your account (except balance transfers) or the purchase of, or loading of value onto, a pre-paid or stored-value card; |
cash equivalent transaction means a transaction involving the issue of substitutes for cash, including: (a) the purchase of travellers cheques, (b) any transaction in the nature of a wager, gaming, gambling transaction or game of chance, including a purchase of gambling chips or tokens or any lottery, raffle or sweepstake ticket, (c) the purchase of, or loading of value onto, a pre-paid or stored-value card, (d) any other transactions (including Cryptocurrency transactions), that we notify you will be treated as cash equivalent transactions, or (e) any transactions which a merchant or card scheme identifies as a cash advance; |
purchase means a purchase of goods or services using a card and includes a cash equivalent transaction and any Shopper’s Protection premium, but excludes any cash advance or balance transfer; |
purchase means a purchase of goods or services using a card and includes a funds transfer debited to your account including foreign remittances and any Shopper’s Protection premium, but excludes any cash advance, cash equivalent transaction or balance transfer; |
Wednesday 1st March, 2023:
We're making some important pricing changes to our Gem Visa Credit Card.
From Wednesday 1st March, 2023, the following changes will be effective:
- The annual percentage rate is increasing from 26.99% to 27.99% on purchases and cash advances.
- The annual fee will increase by $3 from $52 to $55 but will be charged half yearly in two instalments of $27.50 each (previously $26).
How and when annual fee will be charged in instalments?
Annual fees are charged in arrears for the previous 6 months. To ensure the correct half yearly annual fee instalment is charged to your account:
If your next half yearly annual fee instalment is due:
- before the 1st of September 2023, then you will be charged as per the existing annual fee instalment of $26 and $27.50 half yearly thereafter.
- on or after the 1st of September 2023, then you will be charged the revised annual fee instalment of $27.50.
Where can you go for additional support?
If you have any questions or concerns regarding these changes, please click here to raise your query.
Wednesday 27 July, 2022:
We're making some important pricing changes to our Gem Visa Credit Card.
From Wednesday 27 July, 2022, the following changes will be effective:
- The annual percentage rate is increasing from 25.99% to 26.99% on purchases and cash advances.
- The annual fee will remain at $52 but will be charged half yearly at $26.
Why are we changing the way we charge the annual fee?
We have made changes to the payment structure of the annual fee by splitting the fee into two instalments to make the payments more manageable for our customers.
You received a notice advising that you will be charged your annual fee in instalments, why have you received a charge for the full annual fee amount?
Annual fees are currently charged in arrears. As such, if your last annual fee was charged prior to January 27, 2022, the full amount of $52 will be due on the anniversary of your last annual fee. The next annual fee instalment of will be charged six months later.
Where can you go for additional support?
If you have any questions or concerns regarding these changes, please click here to raise your query.
How can you reduce the amount of interest you pay each month?
There are several ways you can reduce the amount of interest you pay:
- Refer to the Modified Closing Balance which tells you the amount you need to pay in order to qualify for interest free days on general purchases.
- You can choose to pay more than the minimum monthly payment each month where you have transactions that are incurring interest.
- Set up a direct debit, for the minimum each month and make extra payments whenever you like.
Where can you go for additional support?
If you have any questions or concerns regarding these changes, please click here to raise your query.