COVID-19: Credit Card Payment Assistance

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 AssistanceContact details
ANZMore detailsGeneral financial hardship assistanceRequest a call back
CommBankMore details
  • General financial hardship assistance
  • Refunding March 2020 late payment fees
  • Request financial hardship assistance in the CommBank app
  • Call 13 30 95 
NABMore details
  • General financial hardship assistance
  • Reducing minimum monthly payments to 0.5% of the closing balance or $5 (whichever is greater) starting 27 April 2020
  • No late payment fees for April, May and June 2020
WestpacMore details3 month pause on interest charges and repayments
Provider AssistanceContact details
American ExpressMore detailsGeneral financial hardship assistanceCall 1300 660 562
Bank AustraliaMore details
  • Debt consolidation
  • General financial hardship assistance
Bank FirstMore detailsOptions to reduce payments or defer paymentsApply for assistance
Bank of MelbourneMore details3 month pause on interest charges and repayments
Bank of QLDMore details
  • Installment plan
  • 3 month pause on repayments with no late fees (but interest will accrue)
Bank of SydneyMore detailsGeneral financial hardship provisionsCall 13 95 00
Bank SAMore details3 month pause on repayments & interest charges
Bank VICMore detailsGeneral financial hardship provisions
BankwestMore detailsOption 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)
    Call 13 17 19
    Apply online in internet banking or the Bankwest app
Bendigo BankMore detailsFinancial relief for up to 6 monthsApply online
Beyond BankMore detailsGeneral financial hardship provisionsApply online
BOQ SpecialistMore detailsOption to defer repayments for 3 months
option to increase your limit to cover additional expenses
Call 1300 160 160
CitiMore details
  • Installment plans
  • Defer repayments for 3 months with no late payment fees, but interest will accrue
Apply online
ColesMore detailsGeneral hardship provisionsCall 1800 931 356
CUA (Credit Union Australia)More details
  • Late fees waived
  • Other assistance may be available on a case by case basis
Credit Union SAMore detailsGeneral financial hardship provisions
Greater BankMore detailsOption to pause repayments and interest for 6 months
Heritage BankMore detailsOption to defer repayments for 3 months (interest will accrue)1300 726 100
HSBCMore detailsOption to pause repayments and interest charges for 6 monthsApply online
INGMore details6 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 detailsRepayment pause for 6 monthsApply for assistance
Latitude
28 Global Platinum
Infinity Rewards
Gem Visa
Go Mastercard
Creditline
More details
  • Reduced monthly payments
  • Reduced interest rate
  • General hardship provisions
Apply online
Macquarie BankMore details6 month repayment pauseApply for assistance
ME BankMore detailsContact by phoneApply for assistance
Newcastle PermanentMore detailsRepayment pause for 6 months (interest accrues)Request a call back
People’s Choice Credit UnionMore detailsGeneral hardship provisionsCall 08 8124 2148
PN BankMore detailsGeneral hardship provisionsCall 13 25 77
Police BankMore detailsOption to pause repayments for 6 monthsCall 131 728
Qantas MoneyMore details
    Varying repayments
    Reducing frequency of repayments
    General financial hardship provisions
Call 1800 288 496
Qudos BankMore detailsGeneral financial hardship provisionsEmail creditcardassistance@
qudosbank.com.au
Skye MastercardMore detailsGeneral financial hardshipApply online
St GeorgeMore details3 month pause on repayments and interest (you will be able to use your card during this period)Apply for assistance
SuncorpMore detailsGeneral financial hardship provisionsCall 1800 225 223
Teachers Mutual BankMore detailsGeneral financial hardship provisionsEmail creditassistance@tmbl.com.au
Virgin MoneyMore detailsFlexible repayment amounts and frequencyCall 1800 225 304
Woolworths (cards provided by Macquarie)More detailsRepayment pause for up to 6 monthsApply 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

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