What is interest free?

Interest free is often used by retailers and credit providers to describe their promotional finance offers. Gem Visa cardholders can receive interest free promotions of 6 months on all Visa purchases over $250, and even longer on purchases made through a wide network of 2,500 retail stores. Interest free lets you buy what you want now and pay for it over time, without paying interest during the interest free period.

The purchase amount that you pay is referred to in the Gem Visa Conditions of Use as an " interest free start –up advance". The period over which you pay no interest is referred to as an "interest free start-up period". In many retailers you will see these type of interest free offers promoted with a year or month period on a specific product and/or amount – e.g. "18 months interest free on electrical goods over $500". In that case, you could buy a TV for $1,000 and pay no interest on that purchase for 18 months providing you make any minimum monthly payments (see "What are minimum monthly payments?" for more details). Remember, you may need to pay more than the minimum monthly payment to pay off within the promotional period and to avoid paying interest on your purchase.

What interest free options are available?

Gem Visa has two great interest free options.

6 months interest free on any purchase over $250
Every time you make a Gem Visa credit card purchase over $250, you'll automatically receive 6 months interest free. That's every time you pay a bill, buy a gift, update your wardrobe, book flights or concert tickets – it's that simple.
So when you're next making a Visa purchase over $250, pay using your Gem Visa card and we'll automatically give you 6 months interest free on that purchase.

Long term interest free for those bigger purchases
If you're making a large purchase such as a new 3D-TV, fridge or even jewellery, you might like a longer interest free period. There are around 2,500 stores and healthcare providers who often provide longer terms (12, 18, 24 months, or even longer). Use the store locator to find your nearest store, check with them to find out what promotional terms are available then present your Gem Visa to staff at point of purchase.

What types of purchases are eligible for 6 months interest free?

Any Visa purchase over $250 will be eligible for 6 months interest free. This also includes multiple items totalling more than $250 processed in the one Visa transaction. For example, if you purchase a pair of jeans for $180 and a top for $70 at the same shop, the total purchase price is $250 and you'll automatically receive 6 months interest free.

Anywhere, anytime you make a Gem Visa credit card purchase over $250, you'll automatically receive 6 months interest free.

Examples of purchases that receive 6 months interest free:

✔ $260 on school uniforms and shoes

✔ $380 return flights for two people

✔ $412 Electricity bill

Examples of purchases that do not receive 6 months interest free because the purchase is less than $250:

✘ $150 pair of jeans

Can I use my card for everyday purchases as well?

Yes, your Gem Visa can be used for everyday purchases, just like a normal credit card and receive up to 55 days interest free. anywhere Visa is accepted both in-store and online. To receive up to 55 days interest free you must pay the proportion of the Minimum Monthly Payment relating to any unexpired promotional transactions, plus your closing balance, less the outstanding balances of all unexpired promotional transactions by the Due Date. Call Customer Services on 0800 500 505 for details.

What types of purchases are eligible for longer interest free terms?

Longer interest free terms are available at participating stores including,

• Electrical

• Furniture

• Bedding

• Computer

• Tyres

• Jewellery

• Exercise and sports equipment

• Bikes

• Carpets

• Home Improvement

• Stationery

• and many more

We even have your healthcare covered, from people to pets, we provide flexible patient payment plans for the following health care services:

• Dentistry (including Orthodontics)

• Vision Care

• Audiology

• Veterinary Care

How do I make an interest free purchase?

To receive 6 months interest free on any Visa purchase over $250, all you need to do is pay using your Gem Visa credit card in the usual way (swipe and select 'credit' at EFTPOS) – it's that simple. The 6 months interest free is then automatically applied to your purchase.

For longer interest free terms, if you're already a cardholder, present your Gem Visa or your driver licence at any participating stores. The sales person will advise you which interest free promotions are currently available. You can then purchase up to your available credit limit.

If I spend over $250, how do I know that 6 months interest free has been applied?

We'll send you a monthly statement which outlines all your transactions, where you'll be able to clearly identify your 'Gem Visa promotional purchases' and your 'Other promotional transactions' along with any other transactions.

No matter how you use your Gem Visa card, all your purchases and interest free purchases will be clearly explained on your monthly statements.

I've heard the term buy now pay later, what does this mean?

"Buy now pay later" is a payment option that requires no payments during the "buy now pay later" promotional period. It's also referred to as "deferred payment" and sometimes as "No interest or repayments". Always check in-store if you're unclear of the promotional terms.

The other payment option is an interest free start-up promotion, where monthly payments are required during the interest free period. See "What is interest free?" for more details.

Can I choose which repayment option I use?

Interest free and buy now pay later payment options are often available at participating retailers; ask in-store about the promotional offers and payment options they have available.

Your Gem Visa can also be used just like any other credit card at any retailer that accepts Visa.

Can I only make a further finance promotional purchase at the store I made my initial purchase?

No, you can access a range of finance promotions at a wide network of 2,500 stores and you can purchase again up to your available credit limit without having to re-apply.

Your Gem Visa can also be used just like any other credit card at any retailer that accepts Visa.

What is the minimum purchase amount for interest free promotions?

For 6 months interest free on your Gem Visa purchases, the minimum purchase amount is $250. For longer term interest free promotions, the minimum amount varies depending on the promotional term. Talk to the salesperson in the store to find out more.

Do I have to pay off my promotional finance purchase before I can use my card again?

No. You can shop again, up to your available credit limit and make additional promotional finance purchases or just use the card as you would a normal credit card.

What interest free period is available for purchases under $250?

Up to 55 days interest free may apply to your Gem Visa purchases under $250. To receive up to 55 days interest free you must pay the proportion of the Minimum Monthly Payment relating to any unexpired promotional transactions, plus your closing balance, less the outstanding balances of all unexpired promotional transactions by the Due Date.

Call Customer Services on 0800 500 505 for details.

When would I pay interest?

Interest will be charged at the current applicable rate, on any promotional purchase balance that remains after the expiry of the interest free period. Promotion Expiry Dates can be found on your statement.

You may receive up to 55 days interest free for non-promotional Visa purchases, when the statement balance, excluding any promotional transactions, is paid in full by the statement due date. Otherwise interest will be charged at the current interest rate and applied to the account from the date of the transaction. See "What interest free period is available for Visa purchases under $250?" for further detail.

Some retailers also offer instalment plans where interest is included within the fixed monthly payment amounts (please ask in store for availability).

Interest will also be charged on any cash advance from the date of withdrawal.

The applicable interest rate on all transactions will be shown on your monthly statement.

Always read your statements carefully, refer to your Conditions of Use for further details and remember you can also call our Customer Service team on 0800 500 505 for further help.

What is Visa payWave?

Visa payWave is a new method of payment - the latest evolution in Visa payments.

Featuring a distinctive contactless mark your Gem Visa card has a tiny antenna embedded into the chip, which securely transmits payment instructions to and from payWave enabled terminals.

What are the benefits?

Your Gem Visa payWave enabled card is a quicker and more convenient way to pay:

• Avoid the queues and be on your way faster

• It's more convenient - you no longer need to worry about carrying around pockets of cash.

• The card doesn't leave your hand at checkout when making a contactless purchase.

• You don't have to sign anything or enter a PIN for purchases under $80.

How do I use Gem Visa payWave?

1. Look for the payWave symbol in-store

2. When prompted, hold the card near the card reader

3. Four green lights will appear in less than a second

4. You're done and can be on your way

Is there a limit on the value of goods I can purchase with Gem Visa payWave?

You can use your Gem Visa payWave-enabled card for any amount in New Zealand. For purchases under $80 you can wave and go. For purchases over $80 a PIN or signature is required.

How do I know that my transaction information is secure?

The Visa payWave platform is based on secure EMV chip technology, which provides both data protection and transaction security via the use of keys, and the latest encryption technology. Transactions are processed through the same, reliable payment network as magnetic strip transactions.

Why should I choose a Gem Visa?

Gem Visa is the only credit card in New Zealand that offers 6 months interest free on any Visa purchase over $250, plus access to long term interest free at a wide network of 2,500 stores and healthcare providers New Zealand wide.

What's the approval criteria for a Gem Visa?

Like most financial institutions, we use a credit scoring system. We need to make sure we identify the right person, to prevent fraud. And be satisfied that you can make any necessary payments. We take many things into consideration when considering an application. And, while we don't disclose the specific details of our lending criteria, if you're declined we'll let you know as soon as we can.

What will my credit limit be?

Credit limits vary from person to person. The information you supply in your application will help us determine your credit limit. If your application is approved, we'll then let you know your credit limit. You can also apply for a credit limit change at any time.

When can I expect to receive an answer on my application?

If you apply online, we can give an answer on your application within 60 seconds in most instances. If you apply in-store you'll also receive an instant response.

What is a chip card?

A chip card is a credit or debit card that uses an embedded security microchip to protect confidential data stored on your card. It sits on the front of your card, towards the left hand side, and is in the shape of a small gold square.

How does the chip provide better security?

The microchip on your card encrypts your account information in a more secure format. This enables an increased level of card protection, reducing the chances of your personal details being copied fraudulently. This coupled with our additional security features like Falcon™ monitoring, works to better protect your card.

FALCON™ FRAUD PROTECTION software is a product of Fair Isaac Corporation and is used under licence from Fair Trade Isaac Corporation. FALCON™ and FALCON™ FRAUD PROTECTION are trademarks owned by Fair Isaac Corporation and used with the permission of Fair Isaac Corporation

Will I have to use my PIN with my chip card?

In New Zealand, you currently have the choice of using your PIN or signing to authorise the transaction. In other countries, you may be required to enter your PIN. Please make sure you have one before leaving New Zealand.

You can select your own PIN by calling us on 0800 500 505.

What do I do if I notice unauthorised transactions on my account?

If you've noticed unauthorised transactions on your account, please call us immediately on 0800 500505 so we can investigate the issue. We strongly recommend that you contact us no later than the due date on your current statement to assist us with a prompt investigation.

We offer a money back guarantee, so providing you've followed the COUs and the transaction is proved to be fraudulent, we will credit the amount back onto your account.

What steps do you take to protect my account?

Your Gem Visa card and account are protected by some of the toughest possible card security measures – on the card itself, whenever you shop and when you access your account.

Gem Visa is protected by the FalconTM fraud monitoring system 24/7. The Falcon system detects unusual transactions on your account and we will contact you if we suspect fraudulent activity.

FALCON™ FRAUD PROTECTION software is a product of Fair Isaac Corporation and is used under licence from Fair Trade Isaac Corporation. FALCON™ and FALCON™ FRAUD PROTECTION are trademarks owned by Fair Isaac Corporation and used with the permission of Fair Isaac Corporation

How are my online purchases protected?

Verified by Visa helps protect your transactions when you shop at participating online stores. When transacting on these sites you may be asked to verify your transaction by entering a code sent directly to your mobile phone. As a Gem Visa customer you are automatically protected with Verified by Visa.