Gem Visa Credit Card – Review & Application
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The Gem Visa Credit Card offers a unique 6 months interest free on any Visa purchase over $250
Credit cards can be a very helpful form of short term finance for purchases. The interest free terms on the Gem Visa are quite attractive making it a good card to consider, particularly if you’re making a large purchase.
Introducing the Gem Visa Credit Card
| Product Name | Gem Visa Credit Card | |
|---|---|---|
| Interest Rate on Purchases | 6 months interest free on any Visa purchase over $250 (reverts to 22.99% p.a.) | |
| Annual Fee | $99 p.a. | |
| Interest Free Period | up to 55 days | |
| Interest Rate on Cash Advances | 22.99% p.a. | |
| Minimum Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|
$1,000 | |
| Minimum Monthly Repayment | 3% | |
| Credit Card Type | Visa | |
| Late Payment Fee | $25 | |
| Complimentary Travel Insurance | No | |
| Available to Temporary Residents | No | |
| Joint Application | No |
6 months interest free on purchases over $250
The Gem Visa Credit Card offers 6 months interest-free on any Visa purchases over $250 – anywhere, anytime, no catches.
In other words if you need to do a big grocery shop, or perhaps need to get your car repaired but don’t have the money to hand, use your Gem Visa card and you won’t have to worry about paying interest for 6 months after.
It’s a great way of making those one off purchases and paying them off over time. Of course like any interest-free period you need to pay the debt off before interest is charged, otherwise any savings you make are lost immediately.
Long term Interest Free Periods of 1 year, 2 years or more
If you happen to make a bigger purchase with your Gem Visa, you may be able to access even longer interest free periods. As long as you shop with one of Gem’s 9,000 partner stores or health care providers you could benefit from one year, two years, or even longer payment terms.
If you had been contemplating making a large purchase – be it a brand new 3D television, or tropical beach holiday, then this could be a card to consider. Having said this you want to make sure you can actually pay for your purchase in full before you are due to pay interest – otherwise your purchase will attract interest charges.
Here are some of the questions people have been asking about the interest free terms on Gem Visa purchases:
Q: Where do I need to shop to get these interest free benefits?
A: Literally anywhere Visa is accepted for 6 months interest free on any purchases over $250. For longer interest free terms, shop at any of Gem’s 9,000 retail and healthcare partners Australia wide.
Q: Do I have to purchase something specific to get 6 months interest free?
A: No you can make any purchase as long as it’s over the value of $250
Q: How do I know when my individual interest free periods are over?
A: Every month you will be sent a statement which will outline all purchases and will show you any unexpired interest free periods, along with ending dates so you can easily track what is due, and when.
Q: Is there anywhere I won’t be entitled to use my card and get 6 months interest free?
A: You can use your Gem Visa anywhere in the world that accepts Visa, and as long as your purchase is over $250 you will be entitled to your 6 months interest free period.
PayWave Contactless Payment Technology
Modern credit card technology is making life even easier for us consumers, giving us a revolutionary way to shop and pay for our purchases. payWave is a new system that allows you to pay for your purchases simply by swiping your credit card against a particular type of card reader. It means you can beat the queues and pay for your goods without having to worry about signing your name or entering your pin number.
The Gem Visa credit card is payWave ready so you will be able to swipe your card wherever you find a payWave card reader.
Credit Card Security
With card crime and fraud on the up it’s little wonder people pay a whole lot of attention to the security features of potential new credit cards.
Here’s a look at how they keep their customers safe:
- Online Protection: Shopping online can be risky unless your credit card company does all it can to keep you secure. The Gem Visa credit card takes precautions when it comes to online transactions, and looks for suspicious activity to help you shop safer online.
- Money Back: If your credit card is lost or stolen then you will not be held liable for any transactions made, as long as you let them know as soon as possible, and have not behaved in an irresponsible manner and have abided by their conditions of use.
- Pin Protection: Your card will have it’s own unique number that only you should have access to. Remember this number and keep it safe. Don’t let anyone else know the number as it’s there to reduce the likely hood of anyone using your card without your permission.
- Chip Protection: another popular security measure that makes it harder for fraudsters to clone your card in the event you lose it or have it stolen.
You can also take out Shopper’s Protection, an optional insurance cover to give your Gem Visa another layer of protection, features include:
- Price Protection: Buy something on your Gem Visa now and if within 6 months it drops in price at the same retailer, Shopper’s Protection will refund the difference.
- Merchandise Protection: If any of your purchases are lost, stolen, or damaged within 6 months of purchase, then Shopper’s Protection will pay you the original cost back so you can replace it.
- Balance Protection: With the economy still uncertain this insurance is there to help you if you lose your job, or become unable to work through illness or injury. In fact if you qualify and have to claim you may even have your overall outstanding balance reduced by up to $5000.
- Life Cover: Have the peace of mind that your family will not be stuck with a big credit card bill should the unthinkable happen. God forbid, if you do die your balance will be paid up to $20,000.
- Stolen Card Cover: Having your credit card stolen is a very stressful and upsetting experience. Let Shopper’s Protection cheer you up by giving you $200 just for your troubles.
How much does it cost for the additional insurance? The premium is 1% of the monthly closing balance capped at $50 per month. So even if you spend a bit more you’ll be certain it won’t cost you more than $50 a month.
Manage Your Account Online For Easy Access
In today’s busy society very few of us have the time to wait around in bank queues, or on telephone calls trying to access our money and financial accounts. Gem Visa appreciate this and offer full 24 hour account management online.
Now whether it’s first thing in the morning or in the middle of the night you will be able to:
- Access and print all of your statements
- Pay any bills
- Change and update your details
- Keep track of any interest free periods
Using the Gem Visa online service also makes perfect sense security wise as they watch for any suspicious activity, and alert you if they suspect anything untoward is going on.
Who Will Benefit Most From This Card
Without a doubt this card will be enjoyed by almost anyone – think of all the times you make a purchases over $250. With Gem Visa you’ll now receive 6 months interest free on all those purchases and never have to worry about having the cash up front.
Those who enjoy a shopping spree will be able to take advantage of 6 months interest free when they make a purchases over $250. Even if you only use a credit card in emergencies such as your car breaking down you might even be eligible for longer interest free terms depending on where you get your car fixed.
Because of the card’s standard interest rate of 0% for 6 months on purchases over $250 – reverts to 22.99% p.a , you will need to make sure you are organised enough to keep track of purchases and interest free periods. Any balance that remains unpaid once the interest free period ends will be charged interest and could end up costing you much more than you intended.
The annual fee is average compared to most cards at $99 so anyone looking for a cheap annual fee card may want to give this a look.
Hopefully this has given you a good overview of this excellent product, but here are some frequently asked questions just in case you need to know that little bit more.
FAQ
How do I apply? The fastest way to apply for your Gem Visa credit card is by filling in the online application form. As long as you have all the correct details at hand it shouldn’t take you more than 15 minutes to complete and in most cases you will get an answer in principle in about a minute.
How high will my credit limit be? This really depends on the individual. Your credit limit will normally be determined by the information you put on your application. Normally things like present income, and any outstanding debts will be considered.
Optional Insurance Cover
The Gem Visa comes with an optional Shopper’s Protection insurance option where you can opt to be protected against future price increases.
Let’s say you opt to buy a new computer at a particular store; if you choose Shoppers Protection (calculated at 1% of your monthly closing balance capped at $50 per month) you will be protected for any future sales (up to 6 months) in the same store for the same product.
What this means is if your computer is on offer for cheaper within the 6 month window (at the same retailer, but can include different locations) you get the difference reimbursed to your account with this insurance. Pretty cool deal if you tend to buy a bit of stuff.
In addition you also get Stolen Card Protection ($200 paid to your account if your card gets stolen), Merchandise Protection (covers you against lost, damaged or stolen products – up to 6 months), and Balance Protection (covers you against unexpected job loss, illness or injury for up to $5000 – or in the event of death up to $20,000.
The additional insurance is definitely worth a closer look.
Read the Gem Visa Credit Card terms and conditions.
| Minimum Age | 18 years of age | |
|---|---|---|
| Available to Temporary Residents | No | |
| Credit Rating Requirement | Good | |
| Min Credit Limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $1,000 |
| Annual Fee | $99 p.a. | |
|---|---|---|
| Minimum Repayment | 3% | |
| Late Payment Fee | $25 | |
| Over Limit Fee | $5 | |
| Foreign Currency Conversion Fee | 3% | |
| Gambling Transactions Allowed | No |
Pros
- The GEM Visa Credit Card offers 6 months interest free on any Visa purchase over $250 on your card, no questions asked.
- For purchases under $250, you have 55 days interest free to pay back the amount owing provided you have been paying your card off in full when the statement arrives.
- If you choose to shop within the thousands of GEM partner stores, you may be eligible for an extended interest free period of up to one or two years. *Conditions apply
Cons
- You can't earn rewards on the purchases you make with this card.
Read the Gem Visa Credit Card terms and conditions.
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what is the maximum limit
Hi Michael. Your assigned a limit based on the financial information you provide to the lender at the time of application. Thanks for your question.
Hello. I have $3000 remaining from a $5500 online FOREX education programme to pay for. I am currently paying $500 on the 4th of each month. I have been offered a %20 discount if i clear my balance by Wednesday, April 17th at 6pm ET (GMT-4). Your 6 months interest free on purchases over $250 looks quite attractive. Im also having a house built and your card may be a lifesaver toward the final stages. Is your card appropriate for my situation and can it be finalised by the previously mentioned time and date?
HI James. Thanks for your question. Yes, you can get the interest free promotion provided the merchant does not treat the BPAY payment as a cash advance. Double check how the payment is going to be received with the FOREX program before applying. The promotion applies to all purchases you can make the with the card, exclude the aforementioned BPAY payments. Compare your options with other 0% purchase credit cards. Once approved, it will take up to two weeks maximum before you receive your card – at least 5-7 business days. Jacob.
Could you pay off a personal loan with this card?
I am having substantial dental treatment organised, I have already applied for the GEM Visa card to pay for this treatment interest free, I have not heard from GEM does this mean my application was unsuccessful?
Hi Mark. No, but you will have to chase them up with your application reference number. You can find information on how to do this on this page. Jacob.