Visa Platinum Credit Card FAQs
How is interest calculated?
Interest is calculated daily by applying the interest rate to the unpaid daily balance of the account after interest free transactions are deducted and is debited to the account on the last day of the month.
How does the interest free period work?
Nexus Mutual provides up to 46 days interest free for Visa purchases. All other transactions including but not limited to ATM, EFTPOS, direct debits and recurring payments incur interest from the date they are debited to the credit card account. If the full closing balance of the statement is paid by the due date (15th of each month) interest is not incurred on Visa purchases.
What happens if I don’t pay the full closing balance?
If you don’t pay the full closing balance by the due date, you will lose your interest free period on Visa purchases for the current statement and the next - this includes paying just the minimum repayment amount. Therefore interest will be payable on each Visa purchase listed on your statement from the date it is debited to your credit card account until it is repaid in full.
Can I transfer the balance of my credit card from another bank?
Yes. After you accept the Nexus Mutual Credit Card, you may request us to transfer the outstanding balance of a credit or charge account held by yourself or any other person from another financial institution, provided that the balance transfer does not exceed the available credit amount, the balance transfer is $1,000 or more and the account is not delinquent.
What is meant by accept the Nexus Mutual Credit Card?
Your Nexus Mutual Credit Card contract is called an acceptance by conduct contract. This means that you accept the terms of the contract when your first transaction is debited to the credit card account (excluding the annual card fee).
Is there a fee to transfer my credit card balance from my other bank?
No, we do not charge a fee to transfer your balance from another credit or charge card with another financial institution/credit provider.
Does Nexus Mutual provide any interest free period on balance transfers?
No, Nexus Mutual does not provide any special offer to waive interest on balances transferred from another credit or charge card.
How long does it take to get the credit card?
Once the application has been received, allow 7-10 days for assessment of the application and receipt of the card.
What do I do if my credit card has been lost or stolen?
Please contact Nexus Mutual on 1300 65 33 28 or +61 3 9608 8301 from overseas.
Alternatively contact Visa Global Customer Assistance on + 1 303 967 1090.
How is the rewards amount calculated?
You earn cash rewards each time you or an additional cardholder uses the card for eligible transactions, whether in Australia or overseas. The rewards are calculated on the pro-rata basis of $1 cash reward for each Australian $250 spent on eligible transactions that are charged to your credit card.
What does it mean by ‘eligible transaction’ for the rewards program?
Eligible transaction means a purchase of goods or services from merchants accepting your credit card. Refer to the Terms and Conditions on the Platinum Cash Rewards for more information.
How often are my reward funds paid?
Cash rewards will be credited to your Cash Rewards account at the end of each calendar month. Details of the Cash Rewards Account will be incorporated on your usual Nexus Mutual statement of accounts.
How can I access my reward funds?
You can access your funds by using mobile or internet banking to transfer funds to any account, including your credit card account at any time.
How do I use my own funds before having to use credit?
Nexus Mutual’s Visa Platinum Credit Card provides you with dual functionality for ATM and EFTPOS transactions which are performed within Australia. When the Savings or Cheque button is selected, your Access Plus (S1) account will be automatically debited, avoiding any cash advance fees and interest charges.
This functionality is not available in the same manner for ATM withdrawals conducted overseas. Overseas ATM withdrawals are automatically processed as a Visa Cash Advance and the cash advance fee and interest will apply. This functionality is not automatically available to additional cardholders. (Please discuss with a Member Engagement Officer if you require this functionality).
Do I still need to have both a Visa Debit/rediCARD and a Visa Credit Card?
This is a personal choice and may depend largely on whether you plan to travel overseas at any time.
As Nexus Mutual’s Visa Platinum Credit Card provides dual access to your Access Plus (S1) account for ATM and EFTPOS transactions which are performed within Australia you may decide that you no longer need to have both cards in your wallet. You may also save $5.00 per month if you are not entitled to receive the card access fee rebate on your debit card. However, while the credit card can access cash at an overseas ATM, this will be recorded as a cash advance on your credit card, not drawn from your Access Plus (S1) account.
If you’re travelling overseas we recommend that members carry an alternate card in case of loss or theft. Retaining your Nexus Mutual debit card may be helpful for this purpose and provides you with the option of drawing funds at an overseas ATM from your Access Plus (S1) account instead of the credit card account (cash advance fees apply). However, there are a number of alternatives to cater for this requirement which you should discuss with one of our Member Engagement Officers.
Does the credit card have to be linked to my Access Plus (S1) account?
No, Nexus Mutual can deactivate this facility; however you will incur cash advance fees if you perform certain transactions on your Visa Platinum Credit Card account which are categorised as a cash advance - refer Nexus Mutual’s Terms and Conditions for the Visa Credit Card and Fees and charges brochure. Please contact one of our Member Engagement Officers on 1300 65 33 28 or send a secure email via internet banking to have this facility deactivated.
What is a cash advance?
A cash advance is any debit transaction on the credit card account other than a purchase, including but not limited to ATM, EFTPOS, direct debit and regular payments arrangements.
Can I have surplus funds on my credit card?
Yes, however we will not pay you any interest on any credit balance on the credit card account.
Can I have additional cardholders on my account?
Yes. An additional cardholder does not have to be a member but they must be added as a signatory to your credit card account and satisfy Nexus Mutual’s identity verification requirements. There is no limit to the number of additional cardholders that can be attached to your account.
Additional credit cardholders are not automatically linked to your Access Plus (S1) account for dual access purposes. (Please discuss with a Member Engagement Officer if you require this functionality).
What are the liabilities for an additional cardholder?
All transactions undertaken by an additional cardholder will be treated as having been authorised by you and you will be responsible for them. You must ensure that each additional cardholder is aware of their obligations in respect of the Nexus Mutual credit card. If an additional cardholder does not comply with the terms and conditions of the credit card contract, you will be liable to us. Refer Nexus Mutual’s Terms and Conditions on the Visa Credit Card for more information.
How much will my repayments be and when will they be due?
The minimum repayment will be specified on your monthly statement and is calculated at the amount of 3% of the outstanding balance or $20.00 whichever is the greater. Repayments are due on the 15th of each month.
How are repayments to my credit card allocated?
We will apply payments we receive on your account first to amounts owing which attract the highest interest rate and then to the next highest rate and so on. Refer Nexus Mutual’s Terms and Conditions on the Visa Credit Card for more information.
How do I set up automatic repayments?
Nexus Mutual provides a number of options to make repayments. The simplest way is to complete the electronic repayments form and nominate whether you wish to repay the full closing balance, a set amount or the minimum repayment each month. You can also make additional repayments at any other time via mobile or internet banking.
What do I do if I’m having trouble making my credit card repayments?
If you are having trouble making your credit card repayments, you should contact us immediately on 1300 65 33 28.
How can I increase my credit limit?
You can request an increase to your credit limit by completing the credit card application form available at nexusmutual.com.au or from our branches in Melbourne and Sale.
What does the Visa Premium Service offer me?
As a Visa Platinum credit cardholder, you may receive the following premium service lifestyle, travel and entertainment benefits from Visa:
- Travel, medical and legal referral assistance when overseas
- 24/7 Concierge service
- Travel accident insurance
- Airport benefits
- Hotel benefits
- Exclusive offers