Important changes to the St

Important changes to the St. George ‘Credit Card Conditions of Use and Credit Guide’

As a St. George credit card customer, we want to ensure that you’re always aware of changes that are happening. From 1 January 2019, new legislation will come into effect that will change the way interest free days are calculated on consumer credit cards. During December 2018, we will be moving your St. George credit card onto a new method of offering interest free days. Your interest free period will start when you pay your closing balance in full (by the payment due date) and continue to the next payment due date. To continue to enjoy interest free days, make sure you pay your closing balance in full, by the payment due date. The Credit Card Conditions of Use and Credit Guide will be updated to reflect these changes. For more details on the changes, or helpful advice on how to make the most of your credit card’s interest free days, visit www.stgeorge.com.au/interestfreedays .

Upcoming changes to Credit Card Conditions of Use and Credit Guide for St. George credit cards

These Conditions of Use forming part of your credit card contract will change with effect on and from the start date of your statement period commencing in December 2018 or, if none, 31 December 2018 (Effective Date) as set out below.

This means the changes will apply to transactions first listed in statements issued from January 2019.

The Conditions of Use, as changed below, will apply, including as they relate to interest free periods on purchases.

• The following is added after the definition of ‘promotion plan’ in “Important Words”: “

“purchase balance” includes any purchases, any fees (excluding fees that result from a cash advance), and any interest charges from any such amount that are debited to your card account.”

• The following new third paragraph in clause 13 is added:

“Where you have made a purchase that is subsequently returned or reversed, subject to the application of any interest free period, you will be charged interest on that purchase in respect of the period up to the effective date of the return or reversal.”

• The second paragraph of clause 18 is replaced with:

“The total amount of interest charges debited to the card account is the sum of the interest charges on the cash advance balance, the purchase balance and the balance of balance transfers (subject to any terms we agree with you in relation to a balance transfer).”

• Clause 18.1(a) is replaced with:

“If the Offer states that you have interest free days on your card account, an interest free period will apply to purchases and our fees (excluding fees that result from a cash advance):

(i) if you pay the closing balance in a statement in full by the due date for payment listed in that statement or if there is no closing balance in that statement that you owe us. That interest free period will commence on the day on which that closing balance is paid in full by the due date (or if there is no closing balance in the statement that you owe us, from the day after the end of the statement period for that statement). It will end on the earlier of:
• the date the closing balance in the next statement is paid in full; or
• the due date for payment listed in the next statement; and

(ii) from the date this credit card contract is entered into until the due date for payment listed in the first statement.

If an interest free period applies, interest will not be charged on purchases and our fees (excluding fees that result from a cash advance) on any day during the interest free period. Otherwise interest will be calculated and charged on the unpaid purchase balance in accordance with the remainder of clause 18.

Example
The closing balance listed on a statement is $500 and it is due for payment on 28 June in a particular year. If that $500 closing balance is paid on 20 June in that particular year, an interest free period will apply to purchases and our fees (excluding fees that result from a cash advance):
• from 20 June of that particular year;
• until the earlier of: − the date the closing balance in the next statement of account is paid; or − the payment due date listed in the next statement (28 July of that particular year).

If you do not pay the closing balance by the due date for payment listed on a statement, unpaid purchases and fees that are outstanding (excluding fees that result from a cash advance, which are dealt with in accordance with clause 18.2) as well as new purchases and fees (excluding fees that result from a cash advance, which are dealt with in accordance with clause 18.2) debited to your card account will be included in the calculation of the interest charge from the day after that due date for payment. If you did not pay the closing balance by the due date for payment listed in the immediately preceding statement, any of that amount that remained unpaid will be included in the calculation of the interest charge.”

• The following new third paragraph in “Calculating interest on purchases, fees and interest charges on purchases and fees” in clause 18.1(c) is added:

“We calculate the interest in any statement cycle on purchases and our fees (excluding fees that result from a cash advance which are dealt with in accordance with clause 18.2) for each day that is not included in an interest free period:

• from the date the relevant transaction is made or from the date assigned to the transaction in accordance with condition 13 (the purchase transaction date); or

• if the purchase transaction date is prior to the start of the statement cycle, from the first day of the statement cycle. There is no interest free period for these interest charges.”

• The first paragraph of clause 18.3 is replaced with: “We charge interest on balance transfers and on interest charges on balance transfers debited to your card account in accordance with the terms you accept under the relevant balance transfer offer. Unless agreed otherwise, there is no interest free period
for either balance transfers or for interest charges on balance transfers. Interest is charged from the date shown on your statement for balance transfers and interest charges on balance transfers until they are paid in full.”

• The first paragraph of clause 18.4 is replaced with: “Interest charges are added (debited) to your card account every statement date (but interest charges debited on the statement date are not included in the balance on which interest is calculated for that statement date).”

• Clause 18.5 is deleted.

• The following new sentence is added at the end of the second last paragraph of clause 9: “If you ask us to, we will reduce your credit limit (subject to any minimum credit limit that applies to the Card Account).

” In addition, if the offer states that you have interest free days on your Card Account, an interest free period will apply to purchases and our fees (excluding fees that result from a cash advance, which are dealt with in accordance with clause 18.2) if:

a) you paid, in full, by the due date for payment occurring immediately before the Effective Date (the “last payment due date”), the closing balance shown on the statement to which that last payment due date related; or

b) there was no closing balance in that statement that you owed us. That interest free period will commence on the last payment due date and end on the first due date for payment occurring after the Effective Date.

Example If your Offer states you have interest free days and:

• the Effective Date is 5 December 2018;

• the due date for payment immediately before 5 December 2018 was 29 November 2018;

• the closing balance on the statement to which that due date of 29 November 2018 related was $500; and

• the first due date for payment after 5 December 2018 is 29 December 2018, and you paid that $500 closing balance on 29 November 2018, an interest free period will apply from 29 November 2018 and end on 29 December 2018.

Terms in place prior to the Effective Date will continue to apply before the Effective Date (including the calculation of interest in accordance with any applicable interest free period).

Other changes to the St. George ‘Credit Card Conditions of Use and Credit Guide’.

On 1 December 2018, the following change to the St. George Credit Card Conditions of Use and Credit Guide applicable to your account will become effective. Please read this change with the Credit Card Conditions of Use.

In the Credit Card Conditions of Use, the third sentence of clause 40(b) will be amended from “When a cancellation request is made to us, we will tell the Primary Cardholder the period that will elapse before the cancellation request will be implemented” to “When a cancellation request is made to us by the Primary Cardholder, a period of up to two business days may elapse before the cancellation request will be implemented”.