When you apply for credit you hardly think about debts and other nasties in regards to your new card. Westpac offers credit card insurance for people in a dire financial situation. Credit Card Repayment Protection costs 52 cents for every $100 owing on your credit card with the monthly Westpac Credit Insurance Premium being calculated on the outstanding amount you still owe on your credit card at the end of each billing cycle.
How the Westpac Credit Insurance Premium Works
The Westpac Credit Card Insurance Premium was designed for people who find themselves in the unenviable position of not being able to repay their amounts owing on their credit cards. The Westpac credit card will cover the repayments on your card if you should become ill, injured or become jobless. In case of death, Westpac will pay the credit card balance up to an amount of $50 000. The benefits are paid directly into your card, and these advantages and benefits are accessible to all eligible Westpac account holders.
Who is Eligible?
Westpac MasterCard or Visa Credit card holders can apply for the Westpac Credit Card Insurance Premium. All claimants must be 18 years or older, and younger than 65 years. They must also work at least 15 hours per week.
Credit Card Repayment Protection costs 52 cents for every $100 owing on your credit card with the monthly Westpac Credit Insurance Premium being calculated on the outstanding amount you still owe on your credit card at the end of each billing cycle. An example would be: at the end of the billing cycle you owe $1 000 on your card, the monthly Westpac Credit Insurance Premium would be $5.20. If you should owe $3 000 then the premium would be $15.60, and if you owed $5 000 your Westpac Credit Insurance Premium would be $26.00.
Added benefits to having such a card are that you will not need a medical examination when applying and you don’t pay more because of your age, your health status or because of your job. Workers compensation, sick leave or Centerlink benefits owing to you do not affect your claim with Westpac.
To make a claim you just download the claim form (link is provided on website at, complete it and apply online (it takes about 15 minutes for existing card holders) or send it by post, fax or deliver it in person.
You will have to provide various information, depending on whether you have lost your job, are unfit for work or are submitting a death claim. All the information is provided on Westpac’s website. Westpac will send you a policy schedule within 14 days and will either pay your claim or ask you for additional information. Westpac also has a call center for queries (1300 369 989 office hours, AEST/AEDT) and you can track your claim by calling the same number. There is a Credit Card Repayment Protection Product Disclosure Statement in PDF form which you will have to download and read as well to make sure that the credit card protection insurance meets your needs.