Key Points
- Credit card holders may find themselves unable to make their repayments due to the financial impact of COVID-19
- Most credit card providers are offering specific assistance, including repayment pauses of 3 – 6 months to deal with COVID-19
- Assistance varies by provider – most are waiving late payment fees, some are pausing interest, some will continue to charge interest, some will allow you to use your card whilst providing assistance and some won’t. The specific details can be found in the tables below
- All card providers have general financial hardship provisions that may help
- If you need help with credit card repayments contact your credit card provider asap – the details are in the tables below
Assistance by Credit Card Provider
| Major Banks | Assistance | Contact details | |
|---|---|---|---|
| ANZ | More details | General financial hardship assistance | Request a call back |
| CommBank | More details |
|
|
| NAB | More details |
|
|
| Westpac | More details | 3 month pause on interest charges and repayments |
|
| Provider | Assistance | Contact details | |
|---|---|---|---|
| American Express | More details | General financial hardship assistance | Call 1300 660 562 |
| Bank Australia | More details |
|
|
| Bank First | More details | Options to reduce payments or defer payments | Apply for assistance |
| Bank of Melbourne | More details | 3 month pause on interest charges and repayments |
|
| Bank of QLD | More details |
|
|
| Bank of Sydney | More details | General financial hardship provisions | Call 13 95 00 |
| Bank SA | More details | 3 month pause on repayments & interest charges |
|
| Bank VIC | More details | General financial hardship provisions |
|
| Bankwest | More details | Option to reduce interest rate to 9% pa and no monthly repayments for at least 2 repayment periods (you won’t be able to use your card during this time) | |
| Bendigo Bank | More details | Financial relief for up to 6 months | Apply online |
| Beyond Bank | More details | General financial hardship provisions | Apply online |
| BOQ Specialist | More details | Option to defer repayments for 3 months option to increase your limit to cover additional expenses | Call 1300 160 160 |
| Citi | More details |
| Apply online |
| Coles | More details | General hardship provisions | Call 1800 931 356 |
| CUA (Credit Union Australia) | More details |
| |
| Credit Union SA | More details | General financial hardship provisions | |
| Greater Bank | More details | Option to pause repayments and interest for 6 months | |
| Heritage Bank | More details | Option to defer repayments for 3 months (interest will accrue) | 1300 726 100 |
| HSBC | More details | Option to pause repayments and interest charges for 6 months | Apply online |
| ING | More details | 6 month payment pause (interest and fees continue to accrue and your card will be inactive during this period) Potential to apply for assistance for a further 4 months if you are not in a position to resume full repayments | Call 133 464 |
| Jetstar Mastercard (provided by Macquarie) | More details | Repayment pause for 6 months | Apply for assistance |
| Latitude 28 Global Platinum Infinity Rewards Gem Visa Go Mastercard Creditline | More details |
| Apply online |
| Macquarie Bank | More details | 6 month repayment pause | Apply for assistance |
| ME Bank | More details | Contact by phone | Apply for assistance |
| Newcastle Permanent | More details | Repayment pause for 6 months (interest accrues) | Request a call back |
| People’s Choice Credit Union | More details | General hardship provisions | Call 08 8124 2148 |
| PN Bank | More details | General hardship provisions | Call 13 25 77 |
| Police Bank | More details | Option to pause repayments for 6 months | Call 131 728 |
| Qantas Money | More details | Call 1800 288 496 | |
| Qudos Bank | More details | General financial hardship provisions | Email creditcardassistance@ qudosbank.com.au |
| Skye Mastercard | More details | General financial hardship | Apply online |
| St George | More details | 3 month pause on repayments and interest (you will be able to use your card during this period) | Apply for assistance |
| Suncorp | More details | General financial hardship provisions | Call 1800 225 223 |
| Teachers Mutual Bank | More details | General financial hardship provisions | Email creditassistance@tmbl.com.au |
| Virgin Money | More details | Flexible repayment amounts and frequency | Call 1800 225 304 |
| Woolworths (cards provided by Macquarie) | More details | Repayment pause for up to 6 months | Apply online |
General information on applying for Hardship Assistance
Lenders and Credit Card providers have Hardship Teams. They are in place to help people who are struggling to meet their repayments. Their job is to help you find a payment plan that you can manage.
To do this they will need to understand your situation. You can expect to put in an application for assistance and answer multiple questions. This is mostly done online and followed up with a phone call. If you are not in a position to complete your application online, you can have a paper application mailed to you.
Ordinarily, you will need to provide written confirmation of your financial situation.
You will need to provide details about the following
- Your income and employment status
- Your living arrangements – do you own your home, rent or live with family and friends?
- Your family situation – are you single, married, do you have a family?
- What you own – superannuation, household items, vehicles and shares
- What you owe – all outstanding liabilities including mortgages, personal loans, other credit cards, utilities, rates
- What has changed to cause you financial difficulty
- The changes you expect in the future
