How will I track when my payments are due?
You'll receive a statement every month, showing the minimum monthly payment amount you're required to pay and the due date.
What is a minimum monthly payment?
For more information or if you have a query about your statement, simply call us on 0800 500 505. You can also access your statement using the Gem Visa Online Service Centre 24/7. You just need your account number and credit limit to register.
A minimum monthly payment is the amount you need to pay as shown on your monthly statement. You must pay the minimum monthly payment amount, to avoid late payment fees. Providing you do this, you will always have the option of not paying your monthly statement balance in full. You can also pay more than the minimum monthly payment at any time, if you want to clear your balance more quickly. For more information about minimum monthly payments, please read your Conditions of Use booklet or call our Customer Services team on 0800 500 505 with any queries you may have.
How are the minimum monthly repayments calculated?
The minimum monthly payment is calculated at 3% of the total outstanding balance or $20, whichever is greater (plus any overdue payments, over limit amounts and instalment fixed monthly payments due).
How do I manage all my different interest free purchases and when they expire?
You can set up a direct debit to make sure your minimum monthly payments are made on time automatically. Call us on 0800 500 505 to arrange this or complete a direct debit form.
Remember, to avoid any interest charges at the end of your interest free start-up period, you may need to pay more than the minimum monthly payment each month.
We make it really easy for you to keep track of your interest free purchases. Each month you'll receive a statement outlining your unexpired interest free purchases and the expiry date to help you easily manage your payments to avoid paying interest.
When I make a payment, which promotion gets paid off first?
When you make a payment we make sure that any fees and charges are paid and then your payments are applied so that any expired interest free promotions are paid before starting to pay off your unexpired promotions. So if you have an interest free promotion that's expired, you will need to pay that amount before any repayments start contributing to your unexpired interest free promotions.
Can I make a payment on a particular interest free purchase?
Call Customer Services on 0800 500 505 for more details.
Unfortunately you can't choose which interest free promotion is paid off first. We may be able to make an adhoc alteration to your payment allocations; please call our Customer Services on 0800 500 505 to discuss further.
Are there penalties for early repayments?
No. You can make additional payments or pay out the balance of your account in full before the interest free period expires at any time with no penalty.
What happens if I don't pay off my purchase within the interest free start-up period?
You’ll begin to incur interest on any outstanding amount from the date your interest free period expires. The interest will not be backdated but you should try and pay off this purchase as soon as you can to minimise your interest.
How can I avoid paying interest?
You can continue to make other purchases, up to your available credit limit, even if you have an expired promotion on your account.
To avoid interest when your promotional period expires you need to pay the total purchase amount during the period of your promotion. Remember to make sure you at least pay the minimum monthly payment each month.
How can I avoid paying late payment fees?
Your statement will also detail all your unexpired interest free purchases, what the balance is and when they expire to help you avoid paying interest. But if you have any queries, please call Customer Services on 0800 500 505.
There are some options available to help you reduce or avoid charges altogether. These include:
Make sure you have enough funds in your account so all direct debits and other scheduled payments can be made.
Pay special attention when using payment methods such as Direct Debit and personal cheques, which can take between three to five business days to process.
Avoid late fees by making sure you have paid at least your minimum payment by the due date.
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.