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Features and benefits

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, or 10 times the minimum amount due,  each month 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.

What it costs

Your premium is $0.55 for every $100 that’s owing on your card at the time your monthly statement is generated. For example, if you start the month with a $0 balance and over the month spend exactly $1,000, then your premium will be $5.50 ($0.55 x $1,000/$100) and the closing balance on your statement will be $1,005.50.

CreditCard Plus offers cover for balances up to $25,000. If you owe more than $25,000 we’ll only charge a premium for the balance we cover. This means we’ll never charge you a monthly premium of more than $137.50 ($0.55 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 "Card Repayment Insurance".
  • Your premium includes stamp duty and you don't have to pay GST on it. Find out more about how stamp duty is calculated.

How to apply

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 don't have a CommBank credit card, you can learn more about our range of credit cards or apply online now.

FAQs and Support

To learn more about CreditCard Plus:

  • Browse our database of FAQs
  • Visit the Support Community where you can ask questions and search for answers.

How to make a claim

To make a CreditCard Plus claim, call 13 3982 (between 8am - 8pm, 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

FAQs

FAQs

Yes. As long as there’s an outstanding balance on your credit card, you'll be charged a premium. 

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CreditCard Plus has a few exclusions you need to know about, as these may result in you not being able to make a claim on your policy.

Learn more

CreditCard Plus costs just $0.55 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.

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

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Related products

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

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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).

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