Westpac Banking Corporation

Solutions

Using credit cards responsibly

When you use credit cards, you are borrowing money which you agree to repay over time, with interest. Every month you'll be required to make a minimum payment on any outstanding amount.

We are committed to responsible lending practices and to help our customers manage credit responsibly, we have prepared the following guidelines. You may find it helpful to read this before applying for a credit card.

Decide if you can afford the repayments

Before taking out a credit card, or any other form of debt, decide if you can afford to repay it.

One of the best ways of doing this is to work out a budget.  

  1. List your current commitments, such as existing loans, rent and other expenses.
  2. Determine if you can afford the amount you want to borrow.
  3. Determine if there are any extra costs you need to consider. For example, if you already have one or more credit cards, can you afford another one?

Think about the unexpected

There are a number of reasons why even the most responsible money manager might get into financial difficulty. Sickness, injury, disease, involuntarily losing your job can strike at any time and can affect your ability to meet your credit card repayments.

One way to protect yourself against these unexpected events could be to take out the appropriate insurances, such as Credit Card Repayment Protection.

Things you should know
  • Credit Card Repayment Protection Product Disclosure Statement (PDF 224kb)
  • Credit Card Repayment Protection is issued by Westpac General Insurance Limited ABN 99 003 719 319 (WGIL) and Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS) each of which is liable for seperate risks under the terms of the policy. This insurance product is distributed by Westpac Banking Corporation ABN 33 007 457 141 (the Bank). The policy is not an investment in or deposit with the Bank. No Westpac Group company (other than the Bank as policy distributor and WGIL and WLIS as the product issuers) has any liability in connection with the policy or this document. The Bank does not guarantee payments under the policy.
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