About the Adelaide Bank Visa

At Adelaide Bank, we’re all about doing the right thing for our customers.
 
The Australian Government has introduced a reform to the current Credit Card legislative requirements. These changes, effective 1 July 2012, are in place to ensure that Australian cardholders receive a fair deal on their credit card accounts, both current accounts and during the application process. All lenders are required to make these changes and this brochure is about understanding what’s changed, and how it impacts you, the customer.


We’ll provide more information about your repayments


You’ll have noticed that your credit card statement now has a Minimum Repayment Warning table.
This information is specific to your account.  It outlines how long it would take you to pay off your entire balance if you only make the minimum repayments required, based on your closing balance each month.
This will help you make more informed decisions about how much you choose to pay off each month and aims to assist you in managing your credit card debt.



We’ll remove credit card overlimit fees


We understand that sometimes things aren’t always under control. So in the event that your credit card account has gone over your limit, we’ll let you know sooner, but no fees will be added.



We’ll ensure that you make an informed decision


When applying for a credit card account with Adelaide Bank, you’ll be provided with a Key Fact sheet to help you understand the product features, benefits, interest rates and charges of the product.  This will assist you to make the right decision based on your current banking needs.



Why has the Government introduced the credit card reform?


The Australian Government is introducing a range of measures to increase competition to help Australians get a better deal within different areas of the financial services sector. The Australian Government is committed to supporting Australians to make better, and more informed decisions about managing their money and enhancing their financial wellbeing. Adelaide Bank is supports these initiatives of the Government and looks forward to supporting our customers to make better banking decisions.

For more information on the banking reforms, please visit www.bankingreforms.gov.au.



Why has the Minimum Repayment Warning table been added to all Credit Card statements?


The Minimum Repayment Warning table helps you to be aware of the result of only making minimum payments each month on your credit card account.
It’s important to understand that the lower the repayment, the more interest accrues, and the longer it will take to pay off the entire balance of your credit card.

Whilst these figures can be daunting, we hope that it assists you to make the necessary decisions when managing your finances.



Have you changed my minimum repayment amount?


No – All Adelaide Bank credit cards have a minimum repayment requirement of 3% of the closing balance or $5, whichever is greater. This hasn’t changed, we’re simply providing you with additional information.



What do the figures in the Minimum Repayment Warning table mean?


The warning estimates how long it will take you to repay your credit card debt only making the minimum repayment and how much interest it will cost you. The table estimates how long it will take you to repay your credit card debt if you only maintain the minimum monthly repayments required. The table also estimates the interest charges applicable over the period of time that it takes to repay your closing balance.



What is a credit card Key Facts sheet and where can I find it


The Key Facts sheet helps you understand and compare our credit card products to assist you to choose the most suitable product for your needs.
The credit card Key Facts sheet is located on our website.



Is the Bank able to charge credit card overlimit fees?


The legislation requires the removal of credit card overlimit fees from 1 July 2012 for new cardholders only.  We’ve decided to remove the overlimit fee altogether, that is for all our existing cardholders in addition to our new cardholders.



Where can I get more information?


The government website offers a calculator for consumers to help you work out:

How much money you will save by paying off your credit card faster
How long it will take to pay of your credit card, making only minimum repayments
How much you save by making slightly higher repayments

www.moneysmart.gov.au


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