Credit Card Repayment Insurance

Credit card repayment insurance is an optional policy that you can activate to cover the monthly repayment of your card in the event that you’re unable to pay.

0% p.a. on balances transferred for 22 months, with a 2% balance transfer fee.
Annual fee refunded – a potential saving of $99 a year (conditions apply)
Earn 1 Rewards Point for every dollar you spend on eligible purchases and choose your own rewards.
Comes with Apple Pay.
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Credit Card Repayment Protection Insurance is a type of insurance that takes care of credit card repayments when you can’t make them as a result of circumstances beyond your control. Such circumstances include losing your job involuntarily or becoming unfit for work through illness or injury. Your credit card debt will also be covered in the event of your death, giving your family one less financial worry. This means that a credit card with repayment protection insurance can provide real of peace of mind.

Some business credit cards have complimentary repayment protection insurance as part of their travel insurance cover, while some personal credit cards offer it in return for a small monthly premium cost, usually a percentage of the closing balance of your credit card statement.

The credit cards listed on this page all offer repayment protection insurance, either as a complimentary benefit or as an optional extra you can pay for. It’s very important to read the terms and conditions of the policy before you decide whether the cover offered is suitable for your circumstances.

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Westpac Altitude Black Credit Card Exclusive Offer
APPLY BY 26 oct 17
EXCLUSIVE OFFER
80,000 + Bonus 20,000 Qantas or Altitude Points. New cards only. Min spend and T&Cs; apply.
$200 off the first year annual card fee (bringing the fee to $195).
2 complimentary passes per year to use at over 700 VIP Priority Pass airport lounges worldwide.
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Yes
20.24% p.a.
ongoing
$195
1st year
then $395
HSBC Platinum Credit Card
APPLY BY 31 oct 17
14 reviews
0% p.a. on balances transferred for 22 months, with a 2% balance transfer fee.
Earn 1 Rewards Point per $1 spent.
Annual fee refunded – a potential saving of $99 a year (conditions apply)
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No
19.99% p.a.
ongoing
$99
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Enjoy $100 back when you spend $500 on eligible purchases in the first 60 days of approval.
Low 12.49% p.a. ongoing rate on purchases.
Low annual fee of $58 p.a.
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Yes
12.49% p.a.
ongoing
$58
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NAB Low Rate Card
APPLY BY 12 nov 17
77 reviews
0% p.a. on balance transfers for 16 months.
Make purchases with NAB’s lowest interest rate card and longest interest-free period.
Low $59 p.a. annual fee.
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Yes
13.99% p.a.
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$59
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NAB Low Rate Platinum Card
APPLY BY 12 nov 17
0% p.a. on balance transfers for 16 months.
Platinum Concierge Service plus seven complimentary travel insurances.
Up to 55 days on purchases.
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Yes
13.99% p.a.
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$100
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No international transaction fees on purchases.
No currency conversion fees.
$0 p.a. annual fee.
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Yes
21.99% p.a.
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$0
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Citi Simplicity Card
APPLY BY 31 jan 18
No annual fee.
Enjoy up to $50 cash back: 5% cash back on all retail purchases (up to $1000 spend) in the first 90 days from approval.
0% p.a. for 15 months on balance transfers. (1.5% BT fee applies).
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19.99% p.a.
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$0
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Westpac Lite Card
APPLY BY 26 oct 17
Low ongoing purchase rate of 9.90% p.a.
Keep your credit under control with credit limits between $500 and $4,000.
No fees for foreign transactions or missed payments.
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9.90% p.a.
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$108
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Westpac Low Rate Credit Card
APPLY BY 26 oct 17
43 reviews
Choose between 0% p.a. for 18 months or $200 cashback. (Conditions Apply)
An annual fee of $59.
Up to 55 days on purchases
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Yes
13.49% p.a.
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$59
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Westpac Low Rate Credit Card Balance Transfer Offer
APPLY BY 26 oct 17
0% p.a. for 24 months on balance transfers. (2% balance transfer fee applies).
Low variable balance transfer revert rate of only 13.49% p.a.
An annual card fee of $59 p.a.
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Yes
13.49% p.a.
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$59
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0% p.a. for 12 months for balance transfers and a one-off credit plan establishment fee of 1%.
Start your holiday with a $200 Travel Credit every year.
Range of travel insurances including overseas medical emergency expenses, travel cancellation cover and more.
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Yes
20.74% p.a.
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$195
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80,000 + Bonus 20,000 Qantas or Altitude Points.
Plus $200 off the first year annual card fee.
80,000 Qantas or Altitude Points when you spend $5,000 on eligible purchases on a new Altitude Black credit card within 90 days from card approval + BONUS 20,000 Points on card approval.
$200 off the first year annual card fee.
Earn 1.25 pts per $1 spent on the Amex worldwide and 0.625 pts per $1 spent on the Mastercard in Australia.
24/7 Altitude Black Card Priority Service line.
Redeem Altitude points through Altitude Black Travel Service or convert your points into Virgin Australia’s Velocity, Malaysia Airline’s Enrich, Air New Zealand Airpoints, Singapore Airlines KrisFlyer, Cathay Pacific AsiaMiles.
2 complimentary passes per year to use at over 700 VIP Priority Pass airport lounges worldwide.
2 complimentary Qantas Lounge invitations per year after your first Altitude Black Card spend on selected Qantas products and services.
2 complimentary American Express Sydney international Airport lounge passes.

Promotion: The bonus points promotion is available when you apply for a new Westpac Altitude Black credit card via this page between 4 September 2017 and 26th October 2017. The bonus points will be credited to your points balance as follows: 20,000 points within 8 weeks of card approval and 80,000 points within 12 weeks after the eligible spend criteria being met. Spend criteria is a minimum amount of $5,000 on eligible purchases within 90 days from card approval. Eligible purchases do not include fees, cash, cash equivalent transactions, BPAY, refunds and balance transfers debited from the card account. To be eligible, the account must be open and not in arrears at the time of crediting points. Existing Westpac customers who currently hold an Altitude Platinum credit card, or who have held one in the last 12 months are not eligible for this offer. You must be a member of the Qantas Frequent Flyer program to earn Qantas Points. A joining fee may apply. Membership and Qantas Points are subject to the Qantas Frequent Flyer Terms and Conditions.

Q&As about Repayment Protection Insurance from Customers

Q: How does credit card repayment protection insurance work?

The insurer will pay each month a portion of the credit card debt you had at the time you first became unable to work or lost your job. The amount covered will be only a portion of the total debt, e.g. a monthly payment of 6% of the balance owing at the time you stopped work, plus any interest charged, payable until you return to work. The amount paid is certainly likely to be a sum in excess of the minimum monthly repayment required by the card provider.

There may be a cap on the total amount claimable (e.g. $50,000), or on the length of time for which repayments are covered.

Q: How much does repayment protection insurance cost?

Some prestige cards, particularly American Express business cards, offer repayment protection insurance (in the event of an injury or illness sustained while travelling) as a complimentary benefit, so there is no specific charge to pay, only the card’s annual fee.

Where a card offers more comprehensive repayment protection insurance as an option to be paid for, premium rates and policy conditions vary depending on the insurer. The exact costs and conditions are covered in the product disclosure statement.

The premium will usually be calculated as a percentage of the credit card statement closing balance each month. This may be expressed as 'x cents per $x’. For example, if the premium cost was stated to be ’60 cents per $100’, the monthly premium for a closing balance of $1,937 would be $11.62. The monthly premium thus calculated will be automatically charged to your credit card.

Q: Do all credit cards offer repayment protection insurance?

No. Only individuals holding eligible cards have the option of repayment protection insurance. Where there is a payment involved, there is no obligation to purchase the repayment protection insurance offered.

Complimentary repayment protection insurance is limited to only a very few prestige cards. If the cover is complimentary, you will not need to do anything specific to activate it. It is simply there if you need it.

Q: Why should I need repayment protection insurance?

Consider the benefits of repayment protection insurance if you regularly have a large credit card debt (even if it is only the current month’s purchases) that you or your family would struggle to repay if:

  • You lose your job
  • You become unfit to work as a result of illness, injury or disability
  • You die, and your family no longer has your income to rely on
  • You don’t have a life insurance policy that would enable your family to repay your debts
Q: Who is eligible for credit card repayment protection insurance cover?

You will be eligible if you:

  • Are aged between 18 and 65
  • Are employed, or self-employed, either full time or part time, when you apply for cover
  • Work more than 15 hours per week
  • Are an Australian citizen or visa holder
Q: Who receives the repayment amounts?

If your claim is successful the monthly repayment amounts will be made directly to your credit card provider, not to you.

Q: Can I still make a claim if I get sick pay, workers’ compensation or Centrelink payments?

Yes. Even though you may be receiving one of these other payments as a result of illness, injury or unemployment, you should still be able to claim against your repayment protection cover.

Q: Could my repayment protection insurance claim fail?

Yes. You are unlikely to be covered if:

  • You normally work less than 15 hours per week
  • You become unfit for work as a result of a pre-existing medical condition
  • You resign or take voluntary redundancy
  • You lose your job as a result of pregnancy or childbirth
  • Your employment ceases at the end of a contract or season
  • You are under 18 or over 65 years of age

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We welcome your questions but we cannot help if you need personal financial advice or if have lost your card or need to resolve a dispute with your bank.
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