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Credit card pricing changes: Increases to our credit card interest rates

From 20 June 2024, we’re making some changes to our credit card rates.

  1. The variable purchase interest rate on our Rewards and Low Fee credit cards will increase.
  2. The variable cash advance interest rate on all of our credit cards (Rewards, Low Fee & Low Rate products) will increase.

The tables below illustrate the upcoming changes.

Variable purchase interest rate increase

Product name From 20 June 2024 Current
Altitude Black
20.99% p.a. 19.99% p.a.
Altitude Platinum  20.99% p.a. 19.99% p.a.
Low Fee 20.99% p.a. 19.74% p.a.
Low Rate No change  13.74% p.a.

Variable cash advance interest rate increase

For all of our consumer credit cards.

Product name From 20 June 2024 Current
Altitude Black
21.99% p.a. 21.49% p.a.
Altitude Platinum  21.99% p.a. 21.49% p.a.
Low Fee 21.99% p.a. 21.49% p.a.
Low Rate 21.99% p.a. 21.49% p.a.

Frequently asked questions

When will the change take effect?

These changes will take effect on 20 June 2024.

Will the changes still apply if my application was approved before 20 June 2024?

Yes, these changes are effective from 20 June 2024. 

Will these changes impact the Lite Card or Flex Card?

The changes do not apply to the Lite Card or Flex Card as cash advance transactions are not permitted on these particular cards. 

Will I be impacted if I have a Cash Balance?

Yes, the new variable cash advance interest rate applicable to your Cash Balance will take effect from 20 June 2024.

Will this impact my existing Balance Transfer arrangement?

The variable cash advance rate will apply to any unpaid balance transfer amount remaining at the end of the promotional period unless the amount is paid off earlier. 

Will this affect my existing SmartPlan arrangement?

These changes will not impact your existing SmartPlan arrangement. When a SmartPlan ends, any remaining balance will revert to the variable annual interest rate for your balance type or special offer rate as applicable.