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CreditCard Plus can pay a benefit if:

  • You become involuntarily unemployed
  • You become temporarily or permanently disabled
  • You become terminally ill or you pass away.

The major benefits include:

  • Paying 20% of your credit card balance, as at the date of your event, each month, for up to 5 months, if you become involuntarily unemployed or temporarily disabled
  • Paying off your credit card balance, up to $25,000, in a single payment if you become permanently disabled, suffer a terminal illness or pass away
  • A cash payment, up to $25,000, for terminal illness, permanent disablement and death. For example, if a $25,000 permanent disablement benefit is paid to your credit card, an additional $25,000 lump sum will be paid to you or your estate.

It’s important you understand the benefits payable are based on your credit card balance at the time of a claim. For example, if your credit card balance is $2,500 at the time of a claim and you add another $2,000 to it in the months following the claim, you’ll only be covered for the initial balance of $2,500. Read the Product Disclosure Statement to learn more.

Your premium is $0.45 for every $100 (or part of $100) that’s owing on your credit card at the time your monthly statement is generated. For example, if you owe $3,000 on your statement then your monthly premium will be $13.50. This will be charged even if you pay off your credit card balance by the due date.

CreditCard Plus offers cover for balances up to $25,000, so if you owe more than $25,000 we won’t charge a premium on any amount over this. This means we’ll never charge you a monthly premium of more than $112.50 ($0.45 x $25,000/$100).

Some important points to note:

  • Your premium is calculated using the date your statement is generated, not the date your minimum payment is due
  • The premium will be charged to your credit card and will appear on your monthly statement with the description “CreditCard Plus Premium"
  • As the premium is charged to your credit card monthly, you may pay interest on it if you don’t pay the total amount owing on your credit card in full each month
  • Your premium includes stamp duty and you don't have to pay GST on it. Find out more about how stamp duty is calculated.

You need to be a primary Commonwealth Bank credit card account holder aged between 18 and 64 to be eligible for CreditCard Plus. If you have one, you can apply for CreditCard Plus:

  • Online
  • By visiting any branch
  • By calling 13 2221

If you’re not working, working less than 15 hours a week on average or if your employment is seasonal then CreditCard Plus may not be appropriate for you. Before applying you should consider other important conditions and exclusions set out in the PDS  that may affect your ability to make a claim.

If you don't have a CommBank credit card, you can learn more about our range of credit cards.

To make a CreditCard Plus claim, call 13 3982 (between 8am - 5pm, Sydney time, Monday to Friday) as soon as possible.

Where possible, your claim will be processed over the phone. Otherwise, the claims team will send you a claim form and a letter outlining the supporting evidence required to assess your claim.

Learn more


We’re always looking at ways to provide you better value and service for your products.

We’ve made some changes to your CreditCard Plus policy. These changes were available from 3 September 2016.

Learn more

CreditCard Plus costs just $0.45 for every $100 of the closing balance on your monthly credit card statement date (that is, the date your credit card statement is issued) each month. This is different to the payment due date.

Learn more

You can find the answers to your Credit card Insurance questions by checking out the full list of FAQs.

Learn more

Other insurance options

Loan Protection can help you repay your loan should something unforeseen happen to you. It’s quick and easy to apply, with no medical questions asked.

Learn more

Insurance for life-changing events, made simple. Cover is available to Australian permanent residents aged 18-50, with no medical questions asked.

Learn more

Important information

This advice has been prepared without considering your objectives, financial situation or needs. Before acting on the advice, please consider its appropriateness to your circumstances. This information is provided by CMLA and where we refer to ‘we’ and ‘our’, we mean CMLA.

CreditCard Plus is issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA) and is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. A Product Disclosure Statement (PDS) for CreditCard Plus is available online, from any Commonwealth Bank branch or by calling 13 3982 and should be considered in making any decision about CreditCard Plus. You can also download a Financial Services Guide (FSG).