Advise us immediately if your card, cheque book or passbook is lost or stolen, or you think someone else knows your PIN, password or has used your account. Otherwise, you may be responsible for any financial losses.
Sign the back of your card as soon as you get it
Memorise your PIN or password, then destroy or delete it
Some transactions – like cash withdrawals and gambling transactions – have extra charges associated with them. A cash advance fee and a higher interest rate will apply. What’s more, these types of transactions don’t have an interest-free period. To avoid any surprises, it’s a good idea to find out which types of transactions come with extra charges.
Avoiding fees by blocking ATM cash advances on your card is easy to do with the CommBank app or NetBank.
Your credit card makes international transactions a breeze, whether you’re shopping online or heading overseas on holidays. But it’s important to remember that these transactions can also attract extra fees. For instance, you may be charged an international transaction fee to convert a foreign currency to Australian dollars – and you may not even realise until you see your statement.
One way to reduce these fees is to set up a lock on overseas transactions. It’s easy to do via the CommBank app or NetBank – and you can turn it off whenever you like.
If your repayment is overdue by five or more business days, you’ll be charged a $20 late payment fee. You can avoid this fee by keeping track of your repayment due date via CommBank app or NetBank.
If you set up a direct debit, your loan repayments will come out of your account automatically. That way, the only thing you need to do is make sure there’s enough money in your account to cover each repayment.
To set up direct debit, simply visit your local branch.
Make extra repayments when you can
You can reduce the life of your loan by paying more than the minimum repayment amount. Every bit extra you put into you loan helps to reduce the balance and the amount of interest you need to pay.
But with certain loans, you may incur additional costs if you repay more than your annual limit or pay off your loan early.
If you have a Variable Rate Loan, any additional repayments you make will reduce the balance of your loan faster. What’s more, you can redraw money from your available balance if you need to access some additional funds.
There’s a $10 fee if you redraw in branch, but there’s no fee if you use the CommBank app or NetBank.
You can choose monthly, fortnightly or weekly repayments to suit your needs – for example, if your income is paid weekly or fortnightly. Changing you repayment frequency to match may help you manage your finances more effectively.
An Everyday Offset is a transaction account linked to your Standard Variable Rate home loan or investment home loan. Any money you put into your Everyday Offset reduces the balance on which we charge interest. This means you’ll only be paying interest on the difference.
The Everyday Offset account must be in the same name(s) as the borrowers on the home loan and you can open an Everyday Offset account in your name or jointly with your co-borrower(s). You do not earn interest on the balance in your Everyday Offset account, even if it exceeds the balance of your home loan.