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Jargon Buster

Our credit card Jargon Buster has been designed to help you quickly understand any jargon that may have you stumped.

Up to 55 days interest free
All Commonwealth Bank personal credit cards have an interest-free period of up to 55 days. This means that whenever you buy something, you have a maximum of 55 days to pay it off before you are charged interest.

The actual number of interest free days you get depends when in your statement cycle you make the purchase.

For example, if your credit card balance is $0 at the beginning of the statement cycle, and you make a purchase on the 15th day of the cycle, you'll have 40 interest-free days (the 15 days left in the statement cycle plus the 25 extra days). But remember, you'll have to pay the closing balance of your next statement in full.

To take advantage of the interest-free period, you need to pay off your card in full each month, by the due date.

The interest-free period only applies to purchases, not to cash advances and balance transfers and Great Rates. These transactions attract interest from the date you make them, until they are completely repaid.

Activate
When we send your new credit card in the mail, it will be set as 'inactive'. This is to stop anyone else from using it.

Before you can use your card, you'll need to activate it and set a PIN. The fastest way to do this is in NetBank. Activate and set a PIN on your new credit card in NetBank. Or you can visit any branch or call us on 13 2221.

Additional cardholder
As the primary cardholder, you can ask to have a credit card for another person linked to your account. The person who uses this card (for example, your husband, wife or child) is called the additional cardholder.

Having an additional cardholder can help you earn more Awards points and keep track of your household spending. Just remember, as the primary cardholder, you're responsible for how your additional cardholder uses their card, including their transactions.

Request an additional cardholder

Annual fee
Each year, we charge you a fee to cover what it costs us to maintain your credit card. You need to pay this fee on the anniversary of the day you activated your card. This fee will appear on your statement every year.

Your annual fee may be anything from $0 to $349, depending on the type of card you have with us.

Assets
Whenever you fill in an application for a new credit card we ask you to tell us what your assets (the things you own) are worth. Depending on what you own, these may include the money in your bank account or term deposit, your house, any shares you own, and so on.

We need this information to work out the right credit limit to give you on your new card.

AutoPay
AutoPay is an automatic monthly payment from your bank account to your credit card. AutoPay payments are a great way to make sure you don't miss a payment, and avoid paying late fees on your credit card.

You can set up AutoPay for the minimum payment amount, the total amount you owe on your card, or a set amount each month. Learn more and set up AutoPay.

Awards
The CommBank Awards is the largest credit card rewards program in Australia1 offering you more choice, freedom and value for money. Every time you pay for something using your Awards credit card you'll earn Awards points2. You can then exchange them for your choice of thousands of items, including travel from Flight Centre, shopping vouchers, electronics or even cash back onto your card. 
 
Awards points
If you use an Awards card, you'll receive Awards points for most of the things you buy with it.

You can earn even more points by shopping at any one of our bonus partners.

The great thing about CommBank Awards points is that they never expire. This means you can save them up and exchange them for something from the CommBank Awards program at any time.

You can choose frequent flyers points, or use your points for travel through Flight Centre, gift cards, or electronics. You can even get cash back onto your card.

Balance transfer
To make a balance transfer, you move the money you owe on another Australian credit or store card to a new credit card — generally one with a special, lower interest rate. This is a great way to save money on interest. Special balance transfer rates usually apply to the transferred amount for a limited time — for example, five months.

Balance transfer interest
The interest rate we charge when you move money from another Australian credit or store card to your Commonwealth Bank credit card is called balance transfer interest. Special balance transfer rates usually apply for a limited time — for example, five months.

Cash advance
If you take cash from your credit card account (either at an ATM or a branch) this is known as a cash advance. Essentially, it's a loan of cash, which attracts a fee. There's no interest-free period on cash advances — as such you have to pay interest from the day you take out the cash.

As well as cash withdrawals, if you use your credit card to pay for cash equivalent items, such as travellers cheques, gambling tokens or online lottery tickets, these purchases will also be treated as cash advances.

Cash advance interest rate
This is the interest we charge you on a cash advance — that is, if you withdraw cash from your credit card, or buy cash equivalent items, such as travellers cheques, gambling tokens or online lottery tickets with it. We charge you interest on a cash advance from the day you take it out.

Cash back
If you're an Awards cardholder, you can exchange your Awards points to get cash paid back onto your card. It's easy to redeem cash back online — simply visit the Awards website through netbank.com.au or the CommBank app.

Closing balance
The total amount of money you owe on your credit card at the end of the statement cycle is known as the closing balance. You should try to pay off all the money you owe on your credit card by the due date. In this way, you'll avoid paying interest when you use your credit card.

CommBank app
The CommBank app is a revolutionary banking app, available for iPhone, Android and Windows Phone 8, that will change mobile payments forever. You can transfer money using just a mobile number and easily pay bills using BPAY®. Another great feature of the app - Tap & Pay lets you use your iPhone or Android phone to make Mastercard® Tap & go™ purchases of up to $100 in store by tapping your phone on any Tap & go terminal when you’re shopping.# Find out more and register here now.

Commonwealth Bank Awards
The CommBank Awards program is the largest credit card rewards program in Australia1 offering you more choice, freedom and value for money.

Every time you pay for something using your Awards credit card you'll earn Awards points2. You can then exchange them for your choice of thousands of items, including travel from Flight Centre, gift cards, electronics or even cash back onto your card. 
 
Conditions of Use
The Conditions of Use brochure explains everything you need to know about the terms and conditions of your Commonwealth Bank credit card and credit card account.
Download a copy here.

Contactless payment technology
Tap & go with Mastercard contactless - the faster, safer way to pay for purchases under $100.

Credit (CR)
An abbreviation we use in your NetBank account for 'credit'. If you see a dollar amount followed by CR in the Available Funds field, this is the amount of money that's available for you to spend on your card.

Credit Card Plus
Credit Card Plus insurance can make life easier if things go wrong, by paying the minimum payment on your credit card each month if you lose your job or can't work because of an accident or illness. View the complete terms and conditions.

Credit limit
The maximum amount you can spend with your credit card is called your credit limit. If you want to, you can apply to increase or decrease your limit at any time. Find out how.

Credit limit increase
You can apply to increase (or choose to decrease) the maximum amount you can spend with your credit card at any time. Find out how.

Credit limit increase invitation
If you register for credit limit increase invitations, we will let you know when you can apply for a new credit limit without having to complete a full application.

You can register for this service through netbank.com.au or by calling 13 2221. You can still apply for a credit limit increase if you don’t register but you would need to call, visit a branch or fill out a form.

Credit rating
Banks and finance companies use the system known as credit rating when assessing credit card applications. Credit ratings help us work out if people will be able to pay back the money they borrow from us.

We base your credit rating on information in your credit report, as well as what you tell us in your application. Your credit report has information from the electoral roll, details about any court judgments or bankruptcies in your name, and information about credit arrangements (such as credit cards, loans and mortgages) that you have held in the last six years.

CVC
CVC stands for Card Verification Code. It's a security code that's encoded or printed on your credit card. When you pay for something online, by mail order or over the phone you may be asked to quote the CVC to prove that you have the credit card in front of you.

Mastercard® and Visa cards have a three-digit number. You'll find it on the back of the card, on the right side of the signature strip.

American Express® cards use a four-digit number. You'll find it on the front right-hand side of the card, above the American Express logo.

Daily percentage rate
The daily percentage rate is the rate of interest you pay each day. We work it out by dividing the annual percentage interest rate for your credit card by the number of days in the year (365).

For example, if your daily percentage rate is 13.49% divided by 365 — that's 0.037%.

Remember, you'll only be charged interest on the things you buy with your credit card if you haven't paid all of your previous closing balance by the payment due date.

Debit (DR)
In NetBank, if you see a dollar amount followed by DR in the Available Funds field, this is how much your card is over its limit. You should try to pay this amount as quickly as you can to avoid potential fees and charges.

Delinquent
If you don't meet the payment conditions set out in the Conditions of Use — for example, you haven't paid the minimum payment by the due date, or you've missed a payment completely — we'll classify your account as delinquent.

Direct debits
A direct debit is when you set up an automatic payment for regular bills. Most people set up monthly or quarterly direct debits for things like health insurance, gym membership fees or strata payments.

By setting up a direct debit, you can pay bills automatically with your credit card, so you'll never need to worry about missing a payment again.

Emergency Travel Assistance
Emergency Travel Assistance is a service that provides help to American Express cardholders when they travel, 24 hours a day, seven days a week. Simply contact Emergency Travel Assistance for help with medical services, referrals to doctors, lawyers or interpreters, or an emergency ticket replacement. You can even find out about visas and immunisations for your destinations. Phone Number: +61 13 2221 or + 61 2 999 3283

Expenses
Expenses are your regular costs, such as rent and living expenses. We ask you to tell us what your expenses are when you apply for a new credit card, so we can work out the right credit limit for your new card.

Extended warranty
An extended warranty is a form of insurance that extends the manufacturer's Australian warranty on goods by up to 12 months. If you're a Gold, Platinum or Diamond cardholder it's automatically available to you.

For example, if you buy a TV with an Australian manufacturer's warranty that ends after 12 months, but your TV needs servicing after 13 months, the extended warranty insurance would cover this.

View full terms and conditions.

Google mapping
Ever seen a transaction on your statement from a store you don't remember shopping at? Using the power of Google maps, your NetBank statement lets you click to search and view the details of where you made the payment.

Watch the video demo.

Guaranteed Pricing Cover
If you're a Platinum or Diamond cardholder, you can take advantage of our Guaranteed Pricing Cover. The scheme gives you peace of mind when you shop, by guaranteeing you get the best price.

Here's how it works — if you buy an item then see it advertised in a printed catalogue at a lower price, you can claim the difference in price. Just make sure your claim is within 21 days of your purchase, the price difference is more than $75, and the stores are within 25kms of each other. View the other terms and conditions.

Interest
Whenever you borrow money, you generally need to pay the lender interest — a fee to use this money. The interest on your credit card is simply a fee for borrowing money. How your interest is calculated and when it is charged depends on:

  • The type of card you have
  • What you have paid for with your card, and
  • When you pay money off your credit card

International Travel Insurance included with your credit card
If you're one of our Gold, Platinum or Diamond credit cardholders, you receive the extra benefit of international travel insurance included. Simply activate your cover in NetBank or the CommBank app before you travel. The Credit Card Insurances Product Disclosure Statement and Information Booklet can tell you if you're eligible, how much cover you'll get and how to make a claim.
If you're eligible, our International Travel Insurance can cover you, your spouse and your dependent children for a range of expenses, including:
  • Medical and hospital expenses overseas
  • Losing your personal belongings
  • Damage to your personal belongings
  • Unexpected cancellation of your travel arrangements, and other unexpected expenses
  • The cost of resuming your journey if there is a death in the family
  • Alternative transport to a special event because of unexpected delays
  • Excess cover for rental vehicle insurance
  • Travel delays
  • Accidental death
  • Funeral expenses
  • Legal liability up to $2,500,000
  • Loss of income

Late payment fee
You'll be charged a late payment fee if we don't receive your minimum payment by the due date on your statement. The best way to avoid this fee is to set up AutoPay or sign up up to our payment reminder alerts.

Liabilities
When you fill in an application for a new credit card, we ask you to tell us your liabilities — how much money you owe. This could be on other credit cards, a home loan and so on. We need to know this to work out the right credit limit for your new card.

Mastercard Global Service
Mastercard Global Service is offered to all Mastercard ® cardholders, providing help for any card-related needs, 24 hours a day, 365 days a year. Simply call Mastercard's toll-free number and you can talk to a representative who speaks your language and can help you with lost or stolen cards, emergency replacement cards and more.
For US: 1-800-MASTERCARD (1-800-627 8372).
If in another country then +1 636 722 7111

Minimum payment
The minimum payment is the least amount of money you have to pay on your credit card each month. You'll need to make the minimum payment by the due date in order to avoid any late fees. The exact amount of your minimum payment is dependent on how much you spend on your credit card each month.

To find out what your minimum payment is, simply check your credit card statement each month.

Monthly payment
Each month, you need to decide how much to pay on your credit card. This can either be the minimum payment, the entire amount you owe on the card — or even an amount in-between.

Monthly statement
Each month, we'll send you a statement, summarising your credit card account for that month. This includes:
We'll mail your statement to the address on your application form, or you can choose to get your statements online via NetBank. Find out more information here.

NetBank
NetBank is a simple, convenient and secure online banking service. It offers a 100% security guarantee, which protects you from unauthorised transactions.

NetCode
NetCode, or Secure Internet Shopping, is a more secure way to shop online. It offers added protection to help stop anyone else using your card.

NetCode makes online shopping safer as it uses one-time passwords, so you don't have to try to remember a set password. NetCode will send out a 6 digit code straight to your mobile phone, making sure it is you making the transaction.

If you’re a NetBank customer, you can register for Netcode for free via the Security Tab. Not a NetBank customer? Register for NetBank.

Online statements
If you're a NetBank customer, you can choose to receive your credit card statement electronically via NetBank, instead of through the mail. The advantage of online statements is that you can view, save and print up to seven years of past statements, and two years of transactions, for your credit card account — all in a secure environment. Register for online statements.

Overlimit fees (applies to accounts opened before 1 July 2012 only)
If you exceed your credit limit in a credit card statement period, you'll have to pay an overlimit fee. If you don't want your card to be able to go over its limit, simply call us on 132221 and we'll arrange it for you.

Payment due date
To avoid paying a late payment fee, you must pay at least the minimum amount on your credit card balance on the payment due date. You'll find this date printed on your statement each month.

Tap & go 
Tap & go with Mastercard contactless - the faster, safer way to pay for purchases under $100.

Tap & go is ideal for paying for your morning coffee, petrol or convenience store purchases. Learn more.

Pending transactions
When you use your Commonwealth Bank credit card, your purchases will show up immediately in NetBank and Telephone Banking under Pending transactions. This means you won't have to wait for the information to appear the next business day — you'll see it instantly.

Watch the video demo.

Permitted transaction
If you permit a transaction, you give a merchant permission to take an upcoming payment from your credit card account. An example would be authorising a car rental company to use your card to pay for extra costs like parking fines or damages.

Personal Identification Number (PIN)
All credit and debit cards issued in Australia will require a PIN when making purchases in person. Learn more.

Creating or changing a PIN is easy. Here’s how:
Points capping
For most purchases made with your Awards card, you'll earn Awards points up until you reach a yearly limit, called your points cap. How fast you earn points and the maximum you can earn in a year depends on whether your card is an Awards, Gold Awards, Platinum Awards or Diamond Awards card, and whether you have joined Qantas Frequent Flyer Direct++. Remember that bonus points don't apply to your points cap.

To find out more about the current limits on your Awards points, check the Earning Points section of the Commonwealth Awards Program Terms and Conditions.

We reset your points cap on 1 January each year. All points that were put in your account from your January and December statement will count towards your points cap for that year. Points are allocated to your account each month and may include points you've earned from a previous month.

Purchase interest rate
The purchase interest rate is the rate of interest charged when you use your Commonwealth Bank credit card to buy goods and services, such as groceries from the supermarket, clothes from a store, paying bills or insurance.

How we calculate interest, and when it is charged, depends on the type of card you have, the transactions you make, and when you make payments.
Find out more from our Interest Explained Brochure

Purchase Protection
Purchase Protection is complimentary insurance available to our Gold Awards, Platinum Awards and Diamond Awards cardholders. It protects most of the purchases you make with your card, so if they are lost, stolen or damaged within 90 days we'll repair or replace them, free of charge. View the terms and conditions.

Purchases
Purchases are the things you buy with your credit card, such as clothes, groceries, petrol, and so on.

Qantas Frequent Flyer Direct++
If you have an Awards card, you can choose to have your CommBank Awards points converted to Qantas points each month by opting in to Qantas Frequent Flyer Direct.  This option has a $30 annual fee.
Your Awards points will be automatically redeemed each month at a conversion rate of 2.5 CommBank Awards points to 1 Qantas point. Please note that you cannot redeem points that you earned on your Awards card before you opted in.
To opt into Qantas Frequent Flyer Direct, simply call 13 1661.

Real time transactions
Real time transactions are available on your NetBank account. This means instant transaction updates, all day, every day. There's no more waiting overnight or until Tuesday to see your weekend transactions. With instant updates, you'll always know exactly how much you have spent on your credit card. Manual transactions and some contactless payments can take longer.

Secure Internet Shopping
Secure Internet Shopping (NetCode) is a more secure way to shop online. It offers added protection to help stop anyone else using your card.

NetCode makes online shopping safer as it uses one-time passwords, so you don't have to try to remember a set password. NetCode will send out a 6 digit code straight to your mobile phone, making sure it is you making the transaction.

If you're a NetBank user, you can register for NetCode for free. Register for NetCode.

SMS payment reminder
An SMS payment reminder is a free service we offer to our credit card customers. Once you're registered, we send you a text message five days before your credit card payment is due, reminding you to pay this. For more information and to register click here — it's free!

Statement cycle
The statement cycle is the time between the statement start date and the statement end date.

Credit cards work on a 30 day statement cycle.

Statement date
There are three important dates on your credit card statement. The first two, the statement start date and end date, shows the period that the statement covers. The third one, the payment due date, shows the date that you must pay at least the minimum payment by.

Uploading documents
When you apply for a new credit card, you'll need to provide proof of income. This could be a recent payslip or a bank statement.

The easiest way to do this is by uploading electronic copies of your documents via NetBank. By uploading your documents online, you'll avoid having to send your documents by mail. What's more, we will be able to process your application faster, so you'll get your card sooner.

Watch the video demo.

 

Things you need to know:


1. Source: Roy Morgan Research, customers 18+ with a rewards/loyalty card in the 12 months to February 2017.

2. Points are earned on eligible transactions and are subject to points capping. Refer to the CommBank Awards Program Terms and Conditions for more information.

++ Customers must be opted in to Qantas Frequent Flyer Direct to earn Qantas Points. To opt in to Qantas Frequent Flyer Direct, call 13 1661 or visit the Awards website Redeem Travel page. There is a $30 annual fee charged for opting in. Once a customer has opted in to Qantas Frequent Flyer Direct, all CommBank Awards points earned after opting in will be automatically redeemed for Qantas Points and transferred monthly to their Qantas Frequent Flyer account at the applicable conversion rate. It is important to note that any CommBank Awards points earned prior to the date of your opt-in cannot be transferred to your Qantas Frequent Flyer account. You must be a member of the Qantas Frequent Flyer program to earn and redeem Qantas Points. A joining fee may apply. Membership and the earning and redemption of points are subject to the Qantas Frequent Flyer program terms and conditions. Further information on the Qantas Frequent Flyer program including the terms and conditions of the program are available at qantas.com/terms or by calling 13 11 31

American Express is a trademark of American Express. The Commonwealth Bank American Express card is issued and administered by Commonwealth Bank of Australia pursuant to a license from American Express.

# In order to be able to perform contactless payments through Tap & Pay, customers need to purchase a PayTag through the CommBank app for $2.99 (including postage and handling) or have a Samsung Galaxy S4 S4 or later model Samsung smartphone. Mastercard and the Mastercard Brand Mark are registered trademarks of Mastercard International Incorporated. Tap & go is a trademark of Mastercard International Incorporated. iPhone is a trademark of Apple Inc, registered in the U.S. and other countries. Android is a trademark of Google Inc. Windows is a registered trademark of Microsoft Corporation in the United States and other countries.