Credit Card Repayment Protection
What if you can’t make your credit card repayments?
Credit cards are a great lifestyle convenience. But if you were to become sick or injured and can’t work or suddenly lose your job, that debt could quickly get out of control.
Having Credit Card Repayment Protection helps cover your repayments, so you’ll have one less thing to worry about.
- Get up to 6% of your balance owing paid each month if you unexpectedly lose your job, for up to 180 days or until you return to work, which ever happens first
- Get up to 6% of your balance owing paid each month while you’re sick or injured and can’t work
- Have the balance owing paid off up to $50,000 if you pass away (so loved ones aren’t left with this debt).
Of course, like all insurance, some exclusions, limits and conditions apply. For example, if you voluntarily resign or accept a voluntary redundancy you aren’t covered for job loss. Also, if you were not working at least 15 hours or more per week when you became unfit for work, you will not be covered.
Who can apply?
You are eligible to apply for Credit Card Repayment Protection if, in summary, you are:
- a Westpac consumer credit card accountholder,
- aged 18 to 65 years old (inclusive), and
- employed, and working for at least 15 hours per week in that employment for payment.
For further details refer to the Credit Card Repayment Protection Product Disclosure Statement (section 2.3, on page 10).
Credit Card Repayment Protection is easy to arrange
Apply for cover when you apply for a new credit card:
The lower your balance, the less it costs
Credit Card Repayment Protection costs 52 cents for every $100 owing on your monthly balance, and is:
- Calculated on the balance owing at the end of each statement cycle when your monthly statement is produced
- Automatically added to your credit card balance each month.
|If the balance owing at the end of your credit card statement cycle is||The monthly premium is|
How to claim
Lodging a claim is simple
- For Unemployment and Job Loss claims, download the or complete the Online Unemployment/Job Loss Claim form
- For Unfit for Work claims, download the
- Alternatively, you may visit a branch to collect and lodge a claim form.
Information needed when initially making a claim
|Job loss claims||
|Unfit for work claims||
|Death claims||A certified copy of the original death certificate (a claim form isn't required).|
What happens after you claim?
You'll be contacted within 10 working days to either:
- Confirm if your claim has been accepted, or
- Request additional information to help reach a decision on your claim.
Need claim help?
If you have any questions, or would like help completing the claim form, call 1300 369 989.
(8.45am - 5pm, Mon-Fri AEST/AEDT)
Things you should know
Credit Card Repayment Protection is issued by Westpac General Insurance Limited ABN 99 003 719 319 (WGIL) (who issues the unfit for work cover and the job loss cover) and Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS) (who issues the death cover). This insurance product is distributed by Westpac Banking Corporation ABN 33 007 457 141 (the Bank). The Bank does not guarantee payments under the policy. This information does not take into account your personal circumstances. Like all insurance, some exclusions, limits and conditions apply. Before making a decision about this insurance, read the for the full terms and conditions and to see if Credit Card Repayment Protection is right for you.